Summary
To: Town Commission
From: Stefan Massol, Director of Support Services
Date: 10/2/2018
______________________________________________________________________
Subject:
Title
Resolution 2018-41 Town Audit Committee
Summary:
Discussion of proposed audit committee and selection process
End
Body
Previous Commission Action: Town Commission passed Resolution 2009-38 previously for establishing an audit committee.
Background/Problem Discussion: At the beginning of each fiscal year the Town Commission must select an external auditor. In previous years the Town Commission has also served as the Audit Committee with the role of recommending an auditor to the Town Commission for selection. This year town staff is recommending that the town solicit for proposals from interested firms for audit services to ensure that our contracts in the future are consistent with state requirements and recommended best practices.
Florida Statute requires that the Audit Committee establish the terms of the Request for Proposals, evaluate the proposals and make a recommendation to the Town Commission for their selection of an auditing firm. This audit committee can be comprised of any individuals selected by the Town Commission. Staff recommends that the Audit Committee consist of at least one Commissioner, the chairperson of the Finance Board, an at-large member of the Finance Board designated by the Town Commission, the Town Manager and the Town Finance Director.
Financial Implications: N/A
Recommendation: Approval of Resolution 2018-41 Town Audit Committee.
Proposed Motion: Move approval of Resolution 2018-41: Restructuring the Town Audit Committee, and further that Commissioner _____________________ and Finance Board member ______________________ be appointed for the initial term of the committee.