To: Honorable Mayor and Members of City Council
From: Rajneil Prasad, Finance Director
Prepared By: Paul Phangureh, Deputy Finance Director
TITLE:
Title
Financial Audit Services
LABEL
RECOMMENDED ACTION:
Recommendation
Approve an agreement with Lance, Soll & Lunghard, LLP for financial audit services for five fiscal years, from fiscal year 2024 through fiscal year 2028, in an amount not to exceed $536,903 and authorize the Finance Director to sign the agreement on behalf of the City.
Body
DISCUSSION:
The City's agreement with The Pun Group, LLP for financial audit services for fiscal year 2018-2023 concluded in February 2024 upon issuance of the financial statements for the fiscal year ended June 30, 2023. Government Finance Officers' Association (GFOA) recommends a competitive Request for Proposal process every five years.
In January 2024, the City issued a Request for Proposal for financial audit services for a three- year contract for fiscal years 2024, 2025, and 2026 with an option to extend two additional fiscal years, 2027 and 2028. The City received six proposals. The proposals were evaluated based on qualifications and experiences of the audit team to be assigned to this project, experience of the firm in providing audit services to other similar California municipalities, proposed audit approach, and cost. The evaluation of the proposals was completed by the Finance Director, Deputy Finance Director, Accounting Supervisor, and Senior Accountant. Of the six proposals received, the top four firms were interviewed. Interviews were held on March 4th, 2024. Based upon the proposals received, the information provided during the interview process, and reference checks, Lance, Soll & Lunghard, LLP was selected as the firm most qualified to provide financial audit services to the City.
Lance, Soll & Lunghard, LLP provides auditing, accounting, and consulting services to over 100 municipal clients, including cities, counties, water and electric util...
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