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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, Chief Financial Officer |
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PRESENTER(S): |
Rob Lamph, Comptroller |
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TITLE:
title
Contract: External Financial Audit Services (Crowe, LLP)
end
AGENDA ITEM TYPE:
Procurement Contract/Change Order
RECOMMENDATION:
Approve and authorize the Executive Director to execute contract 25-03981 and associated disbursements in the amount of $657,820 with Crowe, LLP for the contract period through November 3, 2030.
BACKGROUND:
State law requires that the Authority cause an independent audit to be performed on an annual basis. The Authority also has a single audit of all federally funded programs administered by the agency as a requirement for continued funding eligibility. The Single Audit is mandatory for most local government including the Utah Transit Authority. Staff prepared a Request for Proposal with qualified audit firms. UTA received proposals from 6 audit firms.
DISCUSSION:
A selection committee reviewed and rated each of the proposals based on each firm’s experience with governmental auditing, including transit agencies, qualification of staff, ability to deliver the agreed upon services, and cost. Crowe, LLP was determined to be the most advantageous to award. The audit committee will review the selection process and provide a recommendation for the selection of an external auditor in their meeting on December 15, 2025, prior to the proposed Board approval of this contract. The selection committee recommends the engagement of Crowe, LLP as the independent auditor for the firm for an initial 3-year period with two (2) one-year options to extend the agreement for a Contract period not to exceed 5 years.
CONTRACT SUMMARY:
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Contractor Name: |
Crowe, LLP |
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Contract Number: |
25-03981 |
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Base Contract Effective Dates: |
Effective after last Signature received - November 3, 2030 |
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Extended Contract Dates: |
N/A |
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Existing Contract Value: |
$0 |
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Amendment Amount: |
$0 |
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New/Total Contract Value: |
$657,820 |
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Procurement Method: |
RFP |
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Budget Authority: |
Approved 2025 Operating Budget |
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ALTERNATIVES:
Should the Board not approve the selection of Crowe, LLP the RFP process would need to start over and could possibly delay the 2025 audit.
FISCAL IMPACT:
Ongoing expenses of approximately $122,000 to $143,000 per year for audit services. This amount is a required expenditure and is budgeted for by the Accounting Department.
• 2025 Contract Total: $121,450
• 2026 Contract Total: $126,310
• 2027 Contract Total: $131,360
• 2028 Contract Total: $136,620
• 2029 Contract Total: $142,080
Total Contract Value: $657,820
ATTACHMENTS:
• Contract: External Financial Audit Services (Crowe, LLP)