SUBJECT:
title
Approval of a resolution authorizing the President & CEO, or her designee, to finalize and execute a contract modification with RSM US LLP for external auditing services to add $450,000 and extend the term by six (6) months from October 1, 2025 to March 31, 2026 for a new contract total of $1,719,774.
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FISCAL IMPACT:
Funding for this action is available in the FY2025 Operating Budget.
STRATEGIC PLAN:
Strategic Goal Alignment:
? 1. Customer ? 2. Community
? 3. Workforce ? 4. Organizational Effectiveness
EXPLANATION OF STRATEGIC ALIGNMENT: Completion of the Annual Comprehensive Financial Report (ACFR) Audit and Federal Single Audit helps ensure that CapMetro is operating as a fiscally responsible and transparent steward of public funds.
BUSINESS CASE: Extension of the contract end date from September 30, 2025, to March 31, 2026, will provide continuity of services and help ensure timely completion of fiscal year 2025 (FY25) audits. A new solicitation for external audit services covering FY26-FY30 has begun.
COMMITTEE RECOMMENDATION: The item was presented and recommended for approval by the Finance, Audit and Administration Committee on July 16th, 2025.
EXECUTIVE SUMMARY: In September 2020, RSM was awarded Contract #200616 for External Auditing Services via a competitive procurement process with Board resolution AI-2020-1226. This contract is for professional auditing services including financial statement audits of CapMetro and its retirement plans, Federal Single Audit, and other services. The financial audit reports include a report on internal controls, which informs the Board of Directors and management about areas of the organization that could benefit from improvements in policy and processes. The Single Audit culminates in a report on compliance and internal control over federal financial assistance programs in accordance with guidance published by the U.S. Office of Management...
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