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06. Macias, Gini, O'Connell auditing servicesADIVIINISTRATIVE SERVICES ©EPARTMENT CUPERTINC~ s Agenda Item No: ~_ SUBJECT AND ISSUE Si~MM~~RY Meeting Date: March 2, 2010 Authorize the City Manager to execute an agreement with Macias, Gini and O'Connell to provide financial auditing services. BACKGROUND Maze and Associates has been providing audits to the City for the past ten years. The current agreement expired with the completion of the June 30, 2009 audit. The City must issue annual financial reports audited by a certified public accounting firm. Five firms, including Maze and Associates, re:;ponded to the City's request for proposal. Finance staff and the Audit Committee reviewed the proposals and interviewed three finalists. The Committee unanimously recommended that the City enter into an agreement with Macias, Gini and O'Connell for fYnancia[ auditing services for the next five years beginning with the 2009110 fiscal year audit. Macias, Gini and O'Connell specializes in government audits and has Large Bay Area cities as current clients. FISCAL IMPACT The contract is performed and expenses are budgeted and incurred annually. Maximum annual costs start at $71,800 in the first year and. increase 3.5% per year to $52,390 in the final year for afive-year total of $385,015. Annual costs are up to 14% lower than the fnal year of the contract just completed. Audits are c~~rrently budgeted in General Fund account 110-4100-7014. RECOMMENDATION Authorize the City Manager to execute an agreement for audit services with Macias, Gini and O'Connell. Submitted by: David Woo Finance Director CITY HALL 10300 TORRE AVENUI~ • CUPERTINO, CA 95014-3202 {408} 777-3220 • FAX {-108} 777-3109 Approved for submission: Darid W. Knapp City Manager 6-1