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2011-041-1434 - Accepting FY 2009-2010 Anual Audit Report City of Miami Gardens Agenda Cover Memo Council Meeting Date: March 9, 2010 Item Type: (Enter X in box) Resolution Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading X Public Hearing: (Enter X in box) Yes No Yes No X Funding Source: General Fund Advertising Requirement: (Enter X in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: X (Enter #) Strategic Plan Related (Enter X in box) Yes No Strategic Plan Priority Area: Enhance Organizational Bus. & Economic Dev Public Safety Quality of Education Qual. of Life & City Image Communication Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address) N/A X Sponsor Name City Manager Department: Finance Short Title: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI GARDENS, FLORIDA, AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE AND ATTEST RESPECTIVELY, AN ADDENDUM TO THAT CERTAIN AGREEMENT WITH HARVEY, COVINGTON & THOMAS, L.L.C., TO PROVIDE FISCAL YEAR 2011 & 2012 ANNUAL FINANCIAL AUDITING SERVICES IN AN AMOUNT NOT TO EXCEED SIXTY-ONE THOUSAND FIVE HUNDRED DOLLARS ($61,500.00), AND A GENERAL OBLIGATION BOND AUDIT IN AN AMOUNT NOT TO EXCEED SEVEN THOUSAND FIVE HUNDRED DOLLARS ($7,500.00); PROVIDING FOR THE ADOPTION OF REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE. Staff Summary: In May 2008, the Council selected Harvey, Convington & Thomas, LLC as the City’s external auditor to perform annual auditing services according to Florida Statute 218.39 for fiscal year 2008, 2009 and 2010. ITEM K-1) CONSENT AGENDA RESOLUTION Agreement w/Harvey, Covington & Thomas, LLC 1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 The agreement also allows the City to renew the agreement for a period of two years under the same terms and conditions. For fiscal year 2011, the City is required to implement GASB Statement 54 “Fund Balance Reporting and Governmental Fund Type Definitions”. Staff believes that the current auditor who is familiar with the City’s financials can assist staff in this implementation and as such recommends to extend the engagement of Harvey, Convington & Thomas, LLC for two years with the stipulation that the same audit staff and director be assigned to the City. Harvey, Convington & Thomas, LLC has to inform the City immediately of any staff changes and will present the City’s the new staff on the engagement their education and experience. Should the City feel uncomfortable with the staff assigned, the City has the right to terminate the extension. The fee charged by the auditing firm for FY 2010 audit is $61,500 for the annual audit, and $7,500 for the General Obligation Bond single audit required by the County. Harvey, Convington & Thomas, LLC will perform the audit for FY 2011, and FY 2012 for the same fees as set forth in FY 2010. Proposed Action: It is recommended that Council approve the extension of two year engagement with Harvey Convington & Thomas to perform the City’s FY 2011 and FY 2012 annual audit. Attachment: Attached A: Addendum to the agreement