HCPS FL Logo Business
Action Item
DATE: Tuesday, July 26, 2011
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS
Renew the Existing Proposal Submitted by KPMG, L.L.P. - Request for Proposal (RFP) #4951-TWS Audit Services (Business Division)
EXECUTIVE SUMMARY
On April 10, 2007, the Board approved the highest ranked firm of KPMG, L.L.P. to provide independent auditing services to the district. The agreement covers two audits, which are the financial and the single.  The primary purpose of the financial audit is to express an opinion on the financial statements of the district and to review the Comprehensive Annual Financial Report (CAFR) compliance with the Government Finance Officers Association (GFOA) guidelines.  The single audit is an audit of federal grants completed by KPMG in the years when the single audit is not performed by the Auditor General.

The initial term of the contract was from April 11, 2007 through April 10, 2012, with two additional one-year periods provided all terms and conditions remain unchanged and in full force and effect.  The renewal is for one year beginning April 11, 2012, and ending April 10, 2013.  The contract may be renewed by the Superintendent, per the terms of the specifications.
STRATEGIC OBJECTIVES
• Align financial resources to support the district’s strategic goals • Demonstrate best financial practices
FINANCIAL IMPACT (Budgeted:  Yes)
The cost of the financial audit is $217,000.  The cost of the single audit, which includes six major programs, is $61,500.  A total of $278,500 is budgeted in districtwide expenditures.
EVALUATION
SUBMITTED BY:  Ed Nicholson, Manager of District Accounting
Jean Bowman   Gretchen Saunders
General Manager, Procurement Department
813-272-4374		   Chief Business Officer
(813) 272-4270
    A 5.16
Hillsborough County Public Schools (Florida) * Mtg.#20110726_468 (Board Meeting followed by Public Hearing) * Section A Item# 5.16