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HomeMy WebLinkAboutCRA-R-10-0049 Cover Memo 6-28-2010SEOPW Board of Commissioners Meeting June 28, 2010 SOUTHEAST OVERTOWN/FARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Richard P. Dunn 11 and Members of the CRA Board Date: June 18, 2010 File: 10-00796 Subject: Resolution Ratifying the CRA's Exercise of its First Option to Renew the Agreement for External Auditing Services. From: James H. Villacort References: Executive Director Enclosures: Legislation BACKGROUND: It is recommended that the Board of Commissioners of the Southeast OvertownlPark West Community Redevelopment Agency ("CRA") approve and adopt the attached Resolution ratifying the exercise of the first one (1) year option term under the agreement with Sanson, Kline, Jacomino & Company, LLP to provide external auditing services to the CRA, at a cost not to exceed $33,000, with an option to include single audit services, if required, for an additional fee not to exceed $7,000 per year. The Boards of Commissioners of the Southeast Overtown/Park West and Omni Redevelopment District Community Redevelopment Agencies ("CRAs") desired to have the CRAs employ an external auditor to perform an annual audit in accordance with generally accepted accounting principles, as required by the Florida Statutes. Consequently, the Boards of Commissioners, by Resolution No. CRA-R-08-0008, authorized the issuance of a Request for Proposals ("RFP") for external auditing services, and the CRAs issued the RFP on May 8, 2008. The RFP selection committee and the Executive Director evaluated the responses and recommended that the Boards of Commissioners authorize execution of an agreement with Sanson, Kline, Jacomino & Company, LLP ("SKJ"). The Boards of Commissioners, by Resolution No. CRA-R-08-0033, passed and adopted on June 30, 2008, authorized the CRA to negotiate and execute an agreement, in a form acceptable to General Counsel, with SKJ for external auditing services for an initial term of two (2) years with an option to include single audit services if required, for an additional fee not to exceed $7,000 per year, and with options to renew for three (3) additional one (1) year periods. To ensure uninterrupted service: the CRA exercised the first one (1) year renewal option, commencing July 31, 2010, at no increase in cost. JUSTIFICATION: Section 163.387(8), Florida Statutes, mandates that "[e]ach community redevelopment agency shall provide for an independent financial audit of the trust fund each fiscal year ...." This Resolution allows the CRA to comply with the requirements of Florida Statutes. FUNDING: $40,000 from SEOPW Tax Increment Fund, "Accounting and Auditing," Account Code No. 10050.920101.532000.0000.00000.