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Item 4K AudioHonorable Mayor and members of City council, Item 4K is presented to you as a request to approve a professional services agreement with Weaver and Tidwell, L.L.P. for the City’s annual audit requirements. 1 As outlined in the City of Southlake Strategy Map, this item meets the goal of providing Financial Stewardship and achieves two of the objectives recommended therein: F1 Adhere to financial management principles and budget and F4 Establish and maintain effective internal controls. 2 Chapter 9, Subchapter D Section 9.42 of the City of Southlake Charter requires the provision of an independent audit by a Certified Public Accountant at the close of each fiscal year. The objective of the audit is to express an opinion as to whether the financial statements of the City are fairly presented in accordance with GAAP or generally accepted accounting principles. A secondary objective is to provide a formal report on the city’s compliance with local, state and federal regulations as well as contractual obligations. Finally, an assessment of the internal controls and internal control environment are provided. The total amount of this contract is not to exceed $110,000 and is currently budgeted in the Finance Department professional services line item. 3 This concludes the presentation for Item 4K. Staff recommends approval of the contract. Should you have questions or require additional information, please contact Sharen Jackson at 817-748-8042. Thank you for your time. 4