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Item 4O Audio♦ � SOUTHLAKE Honorable 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. City of Southlake Strategy Map The City of Southlake provides municipal services that support the highest quality of fife. for our residents and businesses. We do this by delivering outstanding value and unrivaled quality in everything we do. 1 t - Safety& Mobility infrastructure Quality Partnerships& Performance Management Security Development Volunteerism & Service Delivery II ustom Ct A[hievethe C3 pmvidnetbam —& C<At dIs keep top -tier hlghaai staedsrds P-1111 c2.P- 11etrmel UndgUl Spattifer businessestodrives dynamo[& LSPrpmnte ppportuni�,: o{ is ev& cu nvenl<ncewkhN s enjoyment of Rem nal ustalnetileecanomtc {or partnerships& security Clty&n.H nvlronment yplUntaerinvolv<menr Manage the Business 51AChlevebest- 81 C011atiorafawlFh B3 Enhance resident Be Provide 851mprm 1i60pti 1- 1— status In fire select partners to I, J.1 l ty of ltlfe &business high quehry performen[a pf 11 disci IIneS < Uty p Implementeervica austelnabiliryshmYgh me delivery &ppere[lanel lechmiogv solutions taurtlsm servlcc prpusus Provide Financial Stewardship F1Adheretpfi —dal ma nagement F3 lme— provide &maintain FBAChievefiecal we I I.— F4 —blish &maintain nples &budget highgveltlty and r& rNecnve infernal controls Promote Learning & Growth Ll Ensur<our people L2 Enhance leadership L3 Attle<t. develop6 L9fta[opnl[ <& LSEmpower lnloem<d derstsnd the strmtegy& i how they rontrlbute to It I capabllltiesrodeliver retalna Skilled I rcw.erd high f results y ,i warkfarcr { { pvrformars drNSlon- makingal ell levels Intheorao —ottlen II City Council • City Charter requirement • Audit objective — expression of an opinion as to whether the financial statements are fairly presented — report on internal control • The total amount is not to exceed $110,000 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 PP PPP NORM SOUTHLAKE Questions? Sharen Jackson 817- 748 -8042 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. M