Title
Recommendation to Authorize the City Manager to Execute a First Amendment to the Agreement with F.H. Black & Company Inc. for Training and Software Support for the Financial Statement Implementation Project, Increasing Total Agreement Compensation by $10,336 for a Total Amount Not-to-Exceed $85,036; and
Adoption of Resolution Amending the Fiscal Year 2023-24 Operating Budget Appropriating $10,336 from the Information Technology Fund. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
The City of Alameda (City) is subject to annual financial and compliance audits performed by licensed certified public accountants. As a product of this annual audit, the City is required to produce an Annual Comprehensive Financial Report (ACFR) each fiscal year. Due to limited resources, this document has been compiled by the City's contracted financial auditors up until this year. In an attempt to streamline and expedite this process, the Finance Department has brought the ACFR creation in-house utilizing Workiva software and F.H. Black & Company (FHB) to provide additional implementation support to train Finance staff on using the new software and to provide additional technical support.
BACKGROUND
The City is required by the City Charter Article IV, Section 4-2, various financing covenants, and rules associated with restricted funding sources to publish annual financial statements presented in conformance with Generally Accepted Accounting Principles. These audited financial statements, known as the ACFR, are a comprehensive document reflecting the financial position of the City at the fiscal year-end.
Historically, the Finance Department did not have sufficient resources to produce this document in-house, instead having to rely on contracted auditing staff for document production. In January 2022, the City hired a Controller with extensive auditing and financial statement preparation a...
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