Lake Worth to hire new External Auditors

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We are hiring a new external auditor.  TCBA Watson Rice LLP has been with us for years.  The external auditor just audits information provided to him/them  BY the city. They don't do any investigative work to see if the numbers jive but if they see any irregularities or illegal acts they will make a written report to the Finance Director (he left mysteriously in the middle of the night), the city manager and to the commission. TCBA knows the inner workings of our departments and all the staff but the city is hiring a new firm.

The City’s contract for financial auditing services with TCBA Watson Rice LLP expired at the conclusion of the Fiscal Year 2012-2013 annual financial audit. The City issued a request for proposals for financial audit services and received seven proposals. These proposals were evaluated based on technical qualifications, audit approach and fees. The proposals received were reviewed and three firms short-listed. The firms short listed were (alphabetically) TCBA Watson Rice LLC, Cherry Bekaert LLP and Keefe McCullough. These firms made their presentations to the staff Audit Committee on July 22, 2014. After the presentations concluded the staff Audit Committee discussed the presentations and ranked the firms. Keefe McCullough received the top ranking. Negotiations by City staff proceeded with the top-ranked firm.

MOTION:
I move to approve/disapprove an Agreement with Keefe McCullough (out of Ft. Lauderdale) for auditing services for: 1) an initial three year agreement with fixed fees of $82,500 for Fiscal Year 2014, $84,500 for Fiscal Year 2015 and $86,500 for Fiscal Year 2016; and 2) upon mutual agreement of both parties, optional renewal of two additional one year terms. Option Year One at a fixed fee of $88,500 and Option Year Two at a fixed fee of $90,500.