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CC - CONSENT ITEM: (1) Approval of a Three-Year Professional Services Agreement with Lance, Soll & Lunghard, LLP for Financial Audit Services for a Total Amount Not to Exceed $339,480; and (2) Authorization for the City Manager to Exercise Two One-Year Options to Extend the Agreement for a Total Amount Not to Exceed $228,980.
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Meeting Date: July 8, 2024
Contact Person/Dept: Lisa Soghor/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (07/02/2024)
Department Approval: Lisa Soghor, Chief Financial Officer (07/02/2024)
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RECOMMENDATION
Staff recommends the City Council (1) approve a three-year professional services agreement with Lance, Soll & Lunghard, LLP for financial audit services for a total amount not to exceed $339,480; and (2) authorize the City Manager to exercise two one-year options to extend the agreement for a total amount not to exceed $228,980.
BACKGROUND
The City prepares its financial statements in conformance with Generally Accepted Accounting Principles (GAAP). Responsibility for the accuracy and completeness of the financial statements rests with the City. However, the City retains the services of an external accounting firm to audit the financial statements on an annual basis. On March 21, 2024, the City released a Request for Proposals (RFP) for financial audit services. The RFP was posted online on the City's PlanetBids webpage. Proposals were due on April 18, 2024.
As part of the scope detailed in the RFP, firms are asked to provide independent audit and report preparation for the City, Other Postemployment Benefit Plan, Municipal Bus Lines, Single Audit as required by the federal government, review of the Gann Appropriations Limit, and preparation of various State Controller...
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