Agenda - 05-03-2007-4d - Laserfiche WebLink

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The firm that did respond was McGladrey & Pullen, a highly recognized firm in the governmental auditing arena. In fact, the County worked with the McGladrey & Pullen firm in the past on the Y2K project. The committee chose to interview this firm, requesting that the firm bring to the interview those individuals proposed to work on the County's audit. This step was extremely important in determining the quality of service and level of experience to be provided. Evaluation criteria included, but was not limited to: • Experience levels of both the individuals and the firm with County audits; • Audits of Counties of comparable size and program type; • Ability to provide services which are required by the County from time to time and may fall outside the audit process; and • Other factors, such as degree of automation which would provide a more efficient means for producing the audit schedules and work papers, as well as the comprehensive annual financial report document. After interviewing McGladrey & Pullen representatives, the Audit Committee agreed that the firm meets the County's needs and is recommended for the following reasons: • Overall experience with audits of County governments; • The Firm's commitment to governmental accounting and other public finance issues; • This firm demonstrated extensive of knowledge regarding the new and existing GASB pronouncements; and • Further, the firm has demonstrated the ability to provide automation capabilities that will provide more efficient financial statement and audit schedule preparation that will save the County staff time in the production of the Comprehensive Annual Financial Report. The RFP asked for fee quotes on the County Audit as well as a separate audit of the SportsPlex. The fees proposed by McGladrey & Pullen were very competitive. For the 2007 audit, McGladrey & Pullen has proposed $73,500 for the Courity audit and $5,000 for the SportsPlex audit yielding a total cost of $78,500. As a point of comparison, the County paid Cherry Bekaert a total of $94,000 for the 2006 County and SportsPlex audits. The McGladrey & Pullen proposal represents a savings of $15,500 from the 2006 audit. The RFP requested quotes for a three year period. McGladrey & Pullen has proposed $82,425 for 2008 and $86,460 for 2009. Both quotes are below the $94,000 paid for the 2006 audit. The Board is requested to approve a contract for cone-year engagement,.with the intent to renew annually for each of the next three to five years. As a matter of policy, the Audit Committee has recommended that the RFP process be repeated every three (3) to five (5) years, as in the past. FINANCIAL IMPACT: As mentioned above, the first year cost of the audit will be $78,500 which includes the SportsPlex. The amounts proposed for years two and three ($82,425 and $86,460) will require approval by the Board each year for that year's audit. Funding will be included in the 2007-2008 budget to pay the costs of the 2007 audit. RECOMMENDATION(S): The Manager recommends that the Board award the audit contract for the fiscal year ended June 30, 2007 to McGladrey & Pullen and authorize the Chair to sign on behalf of the Board.