Title
Audit Services Proposal - Approval
History
On July 20, 2018, the Village issued an RFP for Professional Auditing Services. In response to this RFP, seven (7) audit firms submitted proposals, including Baker Tilly Virchow Krause, BKD, Clifton Larson Allen, Crowe, John Kasperek Co, Lauterbach and Amen, and Sikich. Baker Tilly Virchow Krause has been the Village's auditor for the last six (6) years. Of these firms, two (2) were selected for an interview, BKD and Sikich. The most important criteria for selecting firms for interviews was the number and complexity of current municipal clients listed in the firms proposal and staff's comfort level with the firm's ability to provide quality audit services.
Based upon the results of the interviews, as well as feedback received from references listed in the proposals, staff recommends BKD. BKD has extensive experience in providing audit services to a large of number of municipal clients, including the Villages of Bolingbrook, Downers Grove, and New Lenox. Staff recommends entering into a two (2) year contract for the FY18 and FY19 audits, with the option to renew for three (3) additional fiscal years. Audit fees quoted in the proposal are as follows: FY18 - $51,325, FY19 - $53,105, FY20 - $55,945, FY21 - $56,835, FY22 - $58,795. The fee amounts listed include Single Audit services; if a Single Audit is not required, actual fees will be approximately $6,000 less each fiscal year.
On October 1, 2018, this item was reviewed and approved by the Finance Committee and referred to the Board of Trustees for approval.
Financial Impact
Sufficient funds will be included in each fiscal year budget to cover annual audit fees.
Recommended Action/Motion
I move to approve BKD to provide professional auditing services to the Village for FY18 and FY19, in an amount not to exceed $51,325 and $53,105, respectively, with the option to renew for an additional three (3) years in the amount not exceed $55,945 for year three (3), $56,835 for year four (4) and $58,795 for year five (5).