TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Continued Financial Audit Services
ACTION ITEM
AGENDA PLANNING REQUEST: ☐
RECOMMENDED ACTION(S):
Title
Consider authorizing the General Manager to exercise the first option year of the contract with Crowe LLP for continued financial auditing services.
Staff Contact:
Chris Andrichak, Chief Financial Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
Continuing audit services are necessary and required for assessing and reporting on the District’s financial health and processes.
BUDGETARY/FISCAL IMPACT:
The cost of the option year for audit services of the Fiscal Year ending June 30, 2024, is $153,800. This expenditure is included as a Finance expense in the operating budget.
BACKGROUND/RATIONALE:
The District is required by a number of entities to have its financial statements audited annually. The Board approved a three-year contract with two option years with Crowe LLP in 2021 to provide the required audit services for Fiscal Years 2020-21 through 2024-25. Staff recommends the Board exercise the first option year for audit services for Fiscal Year 2023-24 as noted.
ADVANTAGES/DISADVANTAGES:
There are no advantages or disadvantages to this request.
ALTERNATIVES ANALYSIS:
There is no alternative analysis.
PRIOR RELEVANT BOARD ACTION/POLICIES:
SR 21-318 - Consider approving the award of a three-year contract to Crowe LLP with options for two one-year renewals for auditing services.
Board Policy 465 - Procurement Policy
ATTACHMENTS:
None
Prepared by:
Ken Myers, Controller
Approved/Reviewed by:
Chris Andrichak, Chief Financial Officer
Shayna van Hoften, Interim General Counsel/Chief Legal Officer