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Board of Trustees Meeting January 8, 2008 |
Agenda Item: Old Business
Discussion and/or Recommendation on Appointment of Annual Auditor in an amount not to exceed $21,000 from Account # 6095.01.225 - Misc. Professional Fees – Dr. Underwood, Chair, Finance Committee
Background:
On October 15, 2007, the District issued a request for qualifications for auditing services.
The District has been using the same auditing firm since fiscal year 2002/2003. The audit for fiscal year 2006/2007 was the fifth annual audit conducted by the same firm. It is normal practice for government agencies to periodically seek bids for auditing services to ensure fees are competitive and to provide a fresh perspective as the District’s records and procedures are reviewed. The District received proposals from three companies who specialize in auditing government agencies: Charles Z. Fedak & Company, Mayer Hoffman McCann P.C., and Teaman, Ramirez and Smith, Inc.
Charles Z. Fedak & Company is currently the auditor for
a number of mosquito and vector control districts and performed work for our
District in 2003. Mayer Hoffman McCann P.C., has experience in auditing special
districts, i.e., Coachella Valley Recreation and Parks District, and they are currently
the auditors for the Cities of La Quinta, Rancho Mirage, and
Staff Recommendation:
Because the Finance Committee meeting is scheduled following
the distribution of the Board Packet, the Finance Committee will review and
make its recommendations to the Board of Trustees at the January 8, 2008
meeting.
Fiscal Impact:
The following is a list of the cost proposals from each of the auditing firms for three years. The funds will come from Misc. Professional Fees budget line # 6095.01.225.
|
Auditing Firm |
First Year |
Second Year |
Third Year |
Total |
|
Charles Z. Fedak & Company |
$13,000 |
$13,590 |
$14,180 |
$40,770 |
|
Mayer Hoffman McCann P.C |
$21,000 |
$21,630 |
$22,280 |
$64,910 |
|
Teaman, Ramirez and Smith, Inc |
$12,000 |
$12,500 |
$13,000 |
$37,500 |