Annual Financial Auditing Services

The Vendor is required to provide annual financial auditing services beginning with the fiscal year ending June 30, 2026, and continuing for the fiscal years ending June 30, 2027 and June 30, 2028, with the option of three (3) subsequent one year renewal periods (fiscal years ending June 30, 2029, June 30, 2030, and June 30, 2031).
- Financial reporting entity
•    The financial reporting entity includes the primary government of the city and it’s discretely presented component unit, city. 
•    City provides public primary and secondary education services to residents of the city. 
•    The school division does not have independent taxing authority and receives a significant portion of its funding from city appropriations, state funding, and federal programs.
- General government information
•    Provides a full range of municipal services including police, fire and rescue, public works, planning and development services, parks and recreation, and social services.
•    General fund operating budget is approximately $81,918,240 and the city employs approximately 315 full-time and part-time employees.
- Retirement systems
•    City employees participate in the system, an agent and cost-sharing multiple employer defined benefit pension plan administered by the agency. 
•    Actuarial information and reporting schedules are provided annually by system.
•    The city may also offer additional retirement or deferred compensation plans, including a plan established in accordance with internal revenue code
- Fund structure
1. Governmental funds
•    General fund
•    Capital projects funds
•    Debt service funds
•    Special revenue funds
2. Proprietary funds
•    Water and sewer fund
•    Storm water fund
•    Solid waste fund
3. Fiduciary funds
•    Other postemployment benefit (OPEB) trust fund
•    Community development authority fund
•    Other fiduciary funds as applicable
- Financial statement audit
•    Express an opinion on whether the basic financial statements are fairly presented in conformity with generally accepted accounting principles.
•    Perform the required limited procedures related to management’s discussion and analysis and other required supplementary information. 
•    Report on supplementary information, including combining and individual fund statements and supporting schedules, as applicable.
•    Read the introductory and statistical sections of the annual comprehensive financial report (ACFR) and report as required by professional standards. 
•    Consider internal control over financial reporting and compliance in connection with the audit as required by government auditing standards. 
•    Communicate all required matters to management and those charged with governance.
- Audit planning, coordination, and technical assistance
•    Provide a detailed planning letter or prepared-by-client (PBC) list for interim fieldwork by May 15 of each audit year. 
•    For the first year of the engagement, there will be reasonable flexibility in this deadline to accommodate the contract execution and onboarding process. 
•    Provide a detailed planning letter or prepared-by-client (PBC) list for final fieldwork by august 15 of each audit year. 
•    Meet with city staff before interim or preliminary work begins to review scope, timeline, expectations, and key risk areas. 
•    Maintain regular communication with city staff throughout the engagement regarding progress, issues, and requested follow-up. 
•    Notify the city promptly of any changes in key audit personnel assigned to the engagement.
- Working papers and successor auditor access
•    The auditor shall retain working papers for at least five years after issuance of the final audit reports, or longer if required by law or professional standards. 
•    The auditor shall make working papers available, as appropriate, to the city, governmental oversight agencies, and successor auditors in accordance with applicable professional standards and legal requirements.
•    The auditor shall respond to reasonable inquiries from successor auditors and permit review of working papers relating to matters of continuing accounting significance.