Agenda

Back to Calendar Return

Consent

Brentwood City Commission Agenda

Meeting Date:	04/22/2019
Resolution 2019-39 - Authorizing an Agreement with Crosslin and Associates for the Comprehensive Annual Financial Report (Audit) for Fiscal Year 2019
Submitted by:	Karen Harper, Finance
Department:	Finance

Information

Subject

Resolution 2019-39 - Authorizing an Agreement with Crosslin and Associates for the Comprehensive Annual Financial Report (Audit) for Fiscal Year 2018-2019

Background

Please find attached the proposed annual audit contract with Crosslin & Associates, PLLC, for the City’s independent auditing services for the fiscal year July 1, 2018 through June 30, 2019. The contract fee of $52,900 covers the base auditing services and preparation of financial statements. The contract fee represents a small increase of $1,200 from the previous year's audit.

In the interest of good governance, in FY 2015, it was decided to solicit proposals from firms interested in performing financial audits for the City. A request for proposals (RFP) was distributed and after evaluating each of the proposals received, the highest composite score of 95 out of 100 was given to Crosslin & Associates PLLC, earning Crosslin the recommendation from staff to be awarded the contract for audit services. The audit for FY 2018-2019 is the fifth and final of the five one-year renewal options, with Crosslin. The first four audits performed by Crosslin went very smoothly.

For FY 2019, Crosslin will assist with the following GASB Statements: No. 84, Fiduciary Activities, No. 87, Leases, No. 88, Certain Disclosures Related to Debt, No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period, and No. 90, Majority Equity Interests. We do not expect any significant impacts from these new standards.

The proposed audit fee is reasonable for the scope of work and is consistent with the fifth year fee as proposed in Crosslin's original five-year fee proposal. The Finance Department staff will continue to work with Crosslin to keep the hours on the engagement as low as possible. The cost of the audit is allocated to four funds, including the General Fund, Water and Sewer Fund, Municipal Center Fund and Post Employments Benefits Trust. If approved by the Board of Commissioners, the Mayor will electronically sign the agreement with a copy going to the TN Comptroller's Office also.

Should you have any questions or need additional information, please contact the City Treasurer.

Staff Recommendation

The staff recommends approval of the accompanying resolution.

Fiscal Impact

Amount :	$52,900
Source of Funds:	Multiple
Account Number:	Various

Fiscal Impact:

General Fund	$28,765
Water Services Fund	$18,400
Municipal Center Fund	$3,580
Post-Employment Benefits Trust	$2,155

Attachments
Resolution 2019-39
Contract No. 2019-046
Signed Resolution
Fully Executed Contract