Report Prepared by: Kuljit Singh, Deputy Finance Officer
Title
SUBJECT: Approval of a Third Amendment to the Professional Services Agreement with Eide Bailly LLP for Financial Auditing and Related Services for an Additional $9,120 for a Total Not-to-Exceed Amount of $242,970
REPORT IN BRIEF
Considers approving a Third Amendment to the Agreement with Eide Bailly LLP for Professional Auditing and Related Services, adding $9,120 for a total not-to-exceed amount of $242,970.
RECOMMENDATION
City Council - Adopt a motion:
A. Approving the Third Amendment with Eide Bailly LLP to provide financial audit services of the Successor Agency for an additional $9,120 for a total not-to-exceed amount of $242,970; and,
B. Authorizing the City Manager to execute all necessary documents.
Body
ALTERNATIVES
1. Adopt the motion as recommended by staff; or
2. Modify the action (specify in motion); or
3. Deny the action.
AUTHORITY
Section 1118 of Article XI of the Charter of the City of Merced.
CITY COUNCIL PRIORITIES
As provided for in the 2024-25 Adopted Budget.
DISCUSSION
The former Merced Redevelopment Agency was dissolved in February 2012 following legislation passed in 2011. The City of Merced opted not to act as the Successor Agency, leading the State to form a Designated Local Authority to handle the oversight and closeout of the former Redevelopment Agency's operations. After nearly 10 years, the Designated Local Authority members proposed transitioning the closeout responsibilities to the City of Merced as the Successor Agency. On July 3, 2023, the City of Merced elected to act as the Successor Agency to the Redevelopment Agency of the City of Merced.
Per HSC Section 34177(n), the Successor Agency, as a separate legal entity under HSC Section 34173(g), must conduct an annual post-audit of its financial transactions and records. To fulfill this requirement, the City of Merced engaged Eide Bailly, its current auditors, to perform the necessary audit. Follow...
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