HomeMy WebLinkAbout2020-0218 Summary of ActionsAPPROVED
OVL FEB 18 2020
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DANVILLE TOWN COUNCIL
FINANCE COMMITTEE
AGENDA
Tuesday, February 18, 2020
7:20 p.m.
Town Meeting Hall, 201 Front Street, Danville
Materials related to any item oil. this agenda are available for the public at the meeting, on the Town Website at
Danville.ca.gov, and at the Danville Town Offices, 510 La Gonda Way, Danville, CA during normal business hours.
Members of the public may provide input on any item. listed on the agenda. Comntents should not exceed three (3)
ntinutes.
1. CALL TO ORDER
2. PUBLIC COMMENT - At this time, tnetnbers of the public may address the Committee
about a subject u)hich is not listed on the agenda. Coni vents should not exceed three (3)
minutes.
3. ACTION ITEMS - Members of the public may provide input on any of the follo?ving itenis
listed on the agenda. Continents should not exceed three (3) minutes.
3.1 Consider authorizing execution of contract extension with The Pun Group for
auditing services for FY 19-20 and 20-21 (L. Ha).
4. ADJOURNMENT
CERTIFICATION
I hereby certify that the foregoing agenda was posted at the Danville Town Offices and
Edv
Danville ebsite at www.danville.ca.gov, in the Town of Danville 72 hours in
ance.
Marie Sunseri, City Clerk
In compliarice with the Americans Tvith Disabilities Act, the Town of Danville will provide special assistance for
disabled citizens. If you need special assistance to participate in this meeting, please contact the City Clerk (925) 314-
3388. Notification 48 hours prior to the meeting will enable the Town to snake reasonable arrangements to ensure
accessibility to this meeting, [28CFR 35.102-35.104 ADA Title II]
APPROVED
A, FEB 18 2020
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FINANCE COMMITTEE MEMORANDUM J. 1 "fLi A
TO: Mayor and Town Council February 18, 2020
SUBJECT: Authorize a Contract Extension with the Pun Group for auditing services
for FY 2019/20 and 2020/21
BACKGROUND
The Town staff is currently in the process of scheduling for interim and final audit for FY
2019/20 and is planning to work with the Town's independent auditors, the Pun Group,
to complete the audits and prepare the annual Comprehensive Annual Financial Report
(CAFR) for FY 2019/20. Funding to complete the CAFR was appropriated as part of the
2019/20 Operating Budget. However Finance Committee authorization is necessary in
order to execute a contract extension with the Pun Group.
DISCUSSION
The Town has been contracting with the Pun Group for audit services since FY 2012/13.
The State Controller's Office has established guidelines for how local government
agencies must perform their annual audits. While there are no requirements that dictate
the frequency with which local agencies must change or rotate independent auditing
firms, the State Controller requires that the engagement (managing) partner in charge of
the audit must be rotated a minimum of every six years, for a minimum of at least one
year. The current management partner assigned to the Town was most recently rotated
in FY 2018/19, and was overseeing his first Town CAFR. The Pun Groups practice has
been to rotate the staff assigned to performing the technical work needed to complete the
CAFR each year, in order to ensure that fresh eyes are viewing the Town's financials.
Prior to engaging the Pun Group in 2012/13, the Town used a total of four different firms
(Caporicci and Larsen, Markum, Maze and Associates and Parodi and Cropper).
For FY 2018/19, auditing costs for the Pun Group totaled $45,900.00 with no Single Audit
services. For FY 2019/20 Single Audit services may be required, depending on
expenditures spent on Capital Improvement Projects that involve federal grant.
It is recommended that the Finance Committee authorize the approval of contracts not to
exceed $49,500 per fiscal year with the Pun Group for audit services for FY 2019/20 and
FY 2020/21. This expense amount is consistent with the budgeted amount shown in the
yearly budget.
Prepared by:
Lani Ha
Finance Manager/ Treasurer
Approved by:
ioswn
ph Calabrigoo Manager
Finance Committee 2 February 18, 2020