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.
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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.
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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.
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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.
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