Report to Mayor and City Council
Tuesday, July 18, 2023
Consent
SUBJECT:
Title
CONSIDER ADOPTION OF RESOLUTION NO. 23-109, APPROVING AMENDMENT NO. 1 TO AGREEMENT WITH VASQUEZ AND COMPANY, LLP FOR AN ADDITIONAL $70,664 FOR FISCAL YEAR 2023-24 FOR THE NEW PRONOUNCED IMPLEMENTATION OF GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB).
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I. SUMMARY
The purpose of this staff report is to seek Council's adoption of Resolution No. 23-109 approving additional funding of $70,664.00 for fiscal year 2023-24 to cover the additional audit services performed by Vasquez and Company LLP for the new pronounced implementation of Governmental Accounting Standards Board (GASB), which extends beyond the scope of services specified within the original contract.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. ADOPT Resolution No. 23-109 APPROVING AMENDMENT NO. 1 WITH VASQUEZ AND COMPANY, LLP FOR AN ADDITIONAL $70,664 FOR FISCAL YEAR 2023-2024 FOR THE NEW PRONOUNCED IMPLEMENTATION OF GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)."
2. AUTHORIZE the Mayor to execute Amendment No. 1 following approval as to form by the City Attorney.
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III. ALTERNATIVES
TAKE another action as deemed appropriate by the City Council.
IV. BACKGROUND
City and Consultant entered into that certain Agreement for Contract Services dated June 15, 2021 ("Agreement"), whereby Consultant agreed to audit City's financial statements for a three year term for fiscal years ending June 30, 2021 through June 30, 2023 ("Original Scope of Services"), and through fiscal years ending June 30, 2024 and June 30, 2025, if City should exercise its two one-year options to extend the term of the Agreement.
Although the Agreement provided for a not-to-exceed Contract Sum of $215,132, there was an inadvertent error when the City Council awarded the Agreement on June 15, 2021, for a not-to-exceed amount of $213,003, which amount is $2,129 less than the $215,132 amo...
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