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070 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. F I 1 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: JUNE 6, 1988 <br /> SUBJECT: 1987-88 AUDIT CONTRACT <br /> DEPARTMENT: FINANCE PUBLIC HEARING: Yes X No <br /> ATTACHMENT(S) : INFORMATION CONTACT: <br /> ET.T,EN LISTON, X490 <br /> CONTRACT TELEPHONE NUMBER: <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To consider awarding a contract to develop the audit for the <br /> fiscal year ending June 30, 1988. <br /> BACKGROUND: Local governments are required to have an annual audit of <br /> their financial records by an independent auditor. Since <br /> 1983, the firm of Touche Ross has performed the audit for <br /> Orange County. Their record over the period has been <br /> excellent. Touche Ross has performed the audit in a profes- <br /> sional and timely manner and has been readily accessible <br /> throughout the year. Also, its fees have been competitive <br /> with other firms which perform audits of governments such as <br /> Orange County. Changes in the fee structure have merely <br /> reflected normal cost escalation due to inflation. Finally, <br /> the quality of the work can be attested by the fact that for <br /> five consecutive years the audits have received the highest <br /> awards possible. <br /> Given this record, only one proposal was solicited to do the <br /> report for fiscal year 1987-88. Touche Ross' proposed con- <br /> tract for the Comprehensive Annual Financial Report and <br /> Certificate of tax levy is $25,750, an increase of $750 from <br /> 1986-87. The fee for the single audit of grant funds is <br /> $11,850, an increase of $300 from 1986-87. Preliminary audit <br /> work can begin as early as mid-June. <br /> RECOMMENDATION(S) : <br /> Approve contract for fiscal year 1987-88 and authorize the <br /> Chair to sign. <br />