Item - 2008.AU7.4
Tracking Status
- City Council adopted this item on May 26, 2008 without amendments and without debate.
- This item was considered by the Audit Committee on April 22, 2008 and adopted without amendment. It will be considered by City Council on May 26, 2008.
AU7.4 - Request for Proposal 9171-08-7025, External Audit Services for Arenas, Community Centres and Miscellaneous Entities
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on May 26 and 27, 2008, adopted the following motions:
1. Authority be granted to enter into an agreement in the amount of $646,095.00 net of GST to Grant Thornton LLP having submitted the highest scoring proposal meeting the requirements of the RFP for external audit services to perform the financial statement audits for City Arenas, Community Centres and Miscellaneous Entities for the years 2008 to 2012 inclusive.
2. The appropriate City officials be authorized and directed to take the necessary action to give effect thereto.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2008/au/bgrd/backgroundfile-12051.pdf
AU7.4 - Request for Proposal 9171-08-7025, External Audit Services for Arenas, Community Centres and Miscellaneous Entities
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Audit Committee recommends that:
1. Authority be granted to enter into an agreement in the amount of $646,095.00 net of GST to Grant Thornton LLP having submitted the highest scoring proposal meeting the requirements of the RFP for external audit services to perform the financial statement audits for City Arenas, Community Centres and Miscellaneous Entities for the years 2008 to 2012 inclusive.
2. The appropriate City officials be authorized and directed to take the necessary action to give effect thereto.
Origin
Summary
Financial Impact
The total contract award identified in this report is $678,399.75, including all applicable taxes and charges. The cost to the City net of GST is $646,095.00. The total annual audit fees for the three categories of entities (Arenas, Community Centres and Miscellaneous Entities) listed in Attachment 1 for the years 2008 to 2012 inclusive are shown in the table below. The cost of audit fees (excluding 2008 fees for the Clean Air Partnership and the Toronto Atmospheric Fund) for 2008 is $108,100.00, representing a 55% increase over 2007 audit fees. Audit fees will increase by $190 per year per entity for the years 2009‑2012, representing annual increases of approximately 3‑4%.
Arenas (net of GST) | Community Centres (net of GST) | Miscellaneous Entities (net of GST) | Total (net of GST) |
$219,450.00 | $307,895.00 | $118,750.00 | $646,095.00 |
Each entity is responsible for providing for these fees in their respective budgets.
The Deputy City Manager and Chief Financial Officer has reviewed this report and concurs with the financial impact statement.
Background Information
https://www.toronto.ca/legdocs/mmis/2008/au/bgrd/backgroundfile-12051.pdf