Audit Advisory Committee

51 Bald Eagle Drive City of Marco Island Florida Marco Island, Florida cityofmarcoisland.com Meeting Minutes - Final Audit Advisory Committee Chair: Bill Schroeder Vice-Chair: Willam Rogers Committee Members: Dick Adams, Robert Hughes, Jim Karter, Jim Miller City Staff: Guillermo Polanco, Lori Rizzo Thursday, April 25, 2019 9:00 AM Community Room (1) CALL TO ORDER (2) ROLL CALL Present: 5- Chair Schroeder, Member Adams, Vice-Chair Rogers, Member Miller and Member Hughes Absent: 1- Member Karter (3) APPROVAL OF THE AGENDA MOTION by Member Hughes, seconded by Member Miller, that this be approved. MOTION CARRIED BY THE FOLLOWING VOTE: Yes: 5- Chair Schroeder, Member Adams, Vice-Chair Rogers, Member Miller and Member Hughes Not Present: 1- Member Karter (4) APPROVAL OF THE MINUTES ID 19-249 March 29, 2019 Audit Advisory Committee Meeting Minutes MOTION by Member Adams, seconded by Member Miller, to approve the March 29, 2019 Audit Advisory Committee Minutes. MOTION CARRIED BY THE FOLLOWING VOTE: Yes: 5- Chair Schroeder, Member Adams, Vice-Chair Rogers, Member Miller and Member Hughes Not Present: 1- Member Karter (5) NEW BUSINESS a. Mauldin and Jenkins ID 19-297 Final Scoring Worksheet City of Marco Island Florida Page 1 Audit Advisory Committee Meeting Minutes - Final April 25, 2019 i. Audit Report Daniel Anderson is now present 9:13 AM to present the audit report. Daniel reported: Daniel gave the history and background of M&J. The 2018 Audit Results: -M&J issued their unmodified opinion, which is the highest level of assurance to the City of Marco Island -There was 1 Federal and 1State single audit. -Management is responsible for financial statements and accounting policies. -No issues -No difficulties working with Management -No Audit adjustments -One uncorrected mistatement noted; the police pension investment & investment income. It was a timing difference between statements. -No material weakness ii. Required Communications to the Audit Advisory Committee/City Council M&J will be present at the City Council meeting to give the CAFR presentation to City Council. There are 2 recommendations that will be presented: 1. Disaster preparedness 2. Information Technology iii. Commentary on City’s financial results and benchmarking M&J supplied to the AAC a spreadsheet that benchmarked several Cities similar in size to Marco Island pulled from the Auditor General's Website. The Audit Advisory Committee suggested M&J simplify the spreadsheet before presenting it to City Council. b. Review of audit services proposals and scoring Professional Audit Services RFP 19-010 The Audit Advisory Committee will score the 8 RFP Submittals from Auditing Firms by the following categories:(Maximum 25 pts per category) 1.Ability and experience of the assigned personnel 2.Experience of the firm 3.Ability to furnish required services 4.Total compensation proposed Firm #1Caballero Fierman Llerena Garcia Total score for 4 categories: Dick Adams =80 Bob Hughes =76 Jim Karter=0 Jim MIller =75 Rogers =72 Schroeder=74 City of Marco Island Florida Page 2 Audit Advisory Committee Meeting Minutes - Final April 25, 2019 Total Score for Firm #1 = 377 Firm #2 Carr Riggs & Ingram Adams = 85 Hughes =85 Karter =0 Miller =75 Rogers =83 Schroeder =78 Total Score for Firm #2 = 406 Firm #3 - Cherry Bekaert Adams =75 Hughes =87 Karter =0 Miller =74 Rogers =93 Schroeder =73 Total Score for Firm #3=402 Firm #4 Christopher Smith Leonard Bristow & Stanell Adams =75 Hughes =80 Karter =0 Miller = 73 Rogers =75 Schroeder =72 Total Score for Firm #4=375 Firm #5 Clifton Larson Allen Adams = 80 Hughes =88 Karter =0 Miller =73 Rogers =75 Schroeder = 93 Total Score for Firm #5= 408 Firm #6 Keefe McCullough Adams =80 Hughes =89 Karter =0 Miller =72 Rogers =88 Schroeder =85 Total Score for Firm #6 = 414 Firm #7 M&J Adam =95 Hughes =86 Karter=0 Miller =74 Rogers =92 Schroeder =92 City of Marco Island Florida Page 3 Audit Advisory Committee Meeting Minutes - Final April 25, 2019 Total Score for Firm #7=439 Firm #8 Moore Stephens Lovelace Adams = 85 Hughes = 84 Karter=0 Miller = 82 Rogers =91 Schroeder =80 Total Score for Firm #8 =422 For Total Score M&J scored highest at 439. Karter absent - Committee can not accept his scoring sheet Committee concurred c. Selection of 2-3 Firms to present oral presentations, if necessary May 21 - Oral Presentations for the 2 or 3 highest ranked firms. d. AAC hours – All (provide the number of hours spent on AAC efforts, including today’s meeting) Dick Adams-7 Hours Robert Hughes- 8 Hours Jim Miller-8 Hours William Rogers-7 Hours Bill Schroeder-8 Hours Jim Karter - Not Present The Audit Advisory Committee thanked the Finance staff on doing a great job on the CAFR. (6) PATH FORWARD a. Presentation to City Council – M&J and AAC Chair on May 6, 2019 at 5:30 PM b. Presentation to City Council on Auditor selection recommendation on June 3, 2019 at 5:30 PM c. Next meeting date will be oral presentations from Audit Firms on May 21, 2019 at 9:00 AM (7) PUBLIC COMMENT None (8) ADJOURNMENT There being no further business, the meeting adjourned at 10:22 AM Respectfully, Lori Rizzo NOTE: TWO OR MORE CITY COUNCILORS OR OTHER COMMITTEE MEMBERS MAY BE PRESENT City of Marco Island Florida Page 4 Audit Advisory Committee Meeting Minutes - Final April 25, 2019 City of Marco Island Florida Page 5