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Agenda Item: 13(a) |
Prepared By: Guillermo A. Polanco, CPA, Director |
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Business: Resolution |
Department: Finance |
Subject:
Title
Resolution - Appointment of a City Councilor to Serve as Chair of the Audit Advisory Committee - Guillermo A. Polanco, CPA, Director, Finance
Body
BACKGROUND:
Resolution 20-06 created the Audit Advisory Committee to serve in an advisory capacity to the City Council, and to assist the governing body in selecting an auditor to conduct the annual financial audit as required by Florida Statutes.
State Statutes now require that a member of the Governing Body serve as Chair of the Audit Advisory Committee as defined below:
“Per Chapter 218.391 of the Florida Statutes, it is the Auditor Selection Committee’s duty to develop an RFP (request for proposals) document to solicit for the professional auditing services. The State Statute now requires that a member of the Governing Body, i.e. City Councilor, serve as chair of the auditor selection committee.”
FUNDING SOURCE / FISCAL IMPACT: The City has been budgeting $63,500.00/year for annual audits at a 30/70 split between the general fund and utilities enterprise fund.
RECOMMENDATION: Appoint a governing board member to serve as Chair of the Audit Advisory Committee.
POTENTIAL MOTION: “I move to approve Resolution 23-45, appointing Councilor _______ to serve as Chair of the Audit Advisory Committee.”