Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors (Sitting as the Board of Commissioners for the Housing Authority of the County of San Mateo)
From: Ken Cole, Executive Director, Housing Authority
Subject: Agreement for Annual Audit Services
RECOMMENDATION:
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Acting as the Governing Board of Commissioners of the Housing Authority of the County of San Mateo, adopt a resolution authorizing the Executive Director of the Housing Authority to execute an agreement with Rubino & Company to provide independent annual audit services for a term of five years beginning with Fiscal Year Ending 2017 through Fiscal Year Ending 2021 in an amount not to exceed $154,600.
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BACKGROUND:
The Housing Authority of the County of San Mateo (HACSM) is funded by the U.S. Department of Housing and Urban Development (HUD) and is required to complete an independent annual audit of its programs and financial statements. For over 20 years, HACSM has engaged with Patel & Associates to conduct its annual audits; however, with this proposed action, HACSM is selecting new auditors that will remain in place for a term of five years.
DISCUSSION:
In May 2017, HACSM issued a Request for Proposals to solicit proposals from qualified independent certified public accounting firms or accountants for the purpose of performing independent annual audit services. HACSM received four proposals from accounting firms; based on a review of all the proposals, Rubino & Company was selected as the organization, which would provide the best overall value for its services.
Rubino & Company will conduct audit services for fiscal years ending 2017 through 2021.
County Counsel has reviewed and approved the resolution and the agreement as to form.
Approval of this resolution contributes to the Shared Vision 2025 outcome of a Livable Community by enabling HACSM to administer its programs in a fiscally responsible manner in order to continue to provide housing subsidy to low and very low income households.
FISCAL IMPACT:
There is No Net County Cost associated with this action. HACSM is funded 100% by the U.S. Department of Housing and Urban Development.