Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve Contract #20230026 for Auditing Services.
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Submitted By: Nathaniel Rubel, Assistant Procurement Director
Strategic Plan Link: The City's Mission to be financially responsible.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Nathaniel Rubel, Procurement Management Division.
2. Parties: City of Port St. Lucie and MSL, P.A.
3. Purpose: To conduct the required annual financial audit.
4. New/Renewal/Modified: New.
5. Duration: The initial Contract term is for five (5) years with the audit for fiscal years ending September 30, of 2023, 2024, 2025, 2026, and 2027. The Contract includes a renewal option that may be negotiated for 1 (one) additional three (3)-year term.
6. Benefits to Port St. Lucie: The Auditor will perform an annual examination of the City's basic financial statements to express opinions on the fairness with which the statements present the financial positions, results of operations, and changes in financial position in conformity with generally accepted accounting principles.
7. Cost to Port St. Lucie (Annual and Potential): The cost of the annual financial audit for the Fiscal Year (FY) ending September 30, 2023, is $95,000.00. The cumulative cost to conduct the annual financial audits for the initial five-year Contract term is $500,000.00.
Presentation Information: N/A.
Staff Recommendation: Move that the Council approve Contract #20230026 for Auditing Services with MSL, P.A.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve Contract #20230026.
2. Move that the Council not approve Contract #20230026 and provide staff with direction.
Background: As a governmental agency, the City must adhere to statutory requirements to audit all financial activity. Under the direction of the City Manager, the Finance Department prepares an Annual Comprehensive Financial Report (ACFR) every year. The audit firm will perform ...
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