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Item 4KM E M O R A N D U M January 8, 2019 To: Shana Yelverton, City Manager From: Sharen Jackson, Chief Financial Officer Subject: Approve a professional services agreement with Weaver L.L.P., for audit services, in the amount not to exceed $130,000. Action Requested: Approval of Weaver L.L.P. professional services agreement. Background Information: City Charter requires the City at the close of each fiscal year have an independent audit performed by a Certified Public Accountant. The objective of the audit is the expression of an opinion as to whether the financial statements are fairly presented, in all material respects, in conformity with GAAP- generally accepted accounting principles. Weaver L.L.P. will also provide a report on internal control related to the financial statements and compliance with laws, regulations, and the provisions of contracts or grant agreements. Financial Considerations: The total amount is not to exceed $130,000 (same as prior year). The agreement is within budgeted funds. Strategic Link: F1 Adhere to financial management principles and budget F4 Establish and maintain effective internal controls Citizen Input/ Board Review: None required Legal Review: Not considered necessary-a standard agreement. Alternatives: None Supporting Documents: Professional Service Agreement Staff Recommendation: Approve professional services contract with Weaver L.L.P.