AGENDA CAPTION:
Title
Consider approval of Resolution 2022-181R, awarding and approving a professional services contract with ABIP, P.C. for the provision of Financial Auditing Services to the City of San Marcos in the estimated amount of $377,525.00 over a period of five years; authorizing the City Manager or her designee to execute the agreement on behalf of the City; and declaring an effective date.
Body
Meeting date: August 16, 2022
Department: Finance Department - Anna Miranda, Interim Finance Director (by Lynda Williams, Purchasing & Contracting Manager)
Amount & Source of Funding
Funds Required: $377,525 (average of approximately $75,500 annually)
Account Number: 10001105.52245
Funds Available: Incorporated in future budgets; FY23 - $73,250
Account Name: Professional Services - Audit Services
Fiscal Note:
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Background Information:
On April 28, 2022, the City of San Marcos received three (3) proposals in response to #222-082 for Financial Auditing Services. A City-staffed evaluation team comprised of subject matter experts thoroughly evaluated and scored all proposals and determined the most highly qualified firm to be ABIP, PC, located in San Antonio, Texas.
The contract term will consist of five (5) years with no extension options. The all-inclusive audit costs are listed below based on fiscal year:
• 2022 - $71,053
• 2023 - $73,235
• 2024 - $75,466
• 2025 - $77,746
• 2026 - $80,025
The total estimated cost of the annual audit services for the five (5) year contract term is $377,525. The hourly rate for additional services and special projects beyond that which is included in the annual audit costs is $288 per hour.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
City staff recommends award of a contract to ABIP, PC, for financial auditing services for a five (5) year period in the estimated amount of $377,525 for the full term of the contract.