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Award a contract to Cherry Bekaert Advisory LLC for GASB Consulting Services May 20, 2025 Page 2 5 0 4 2 To comply with GASB 87 and 96, the City’s Accounting Division reviews over 200 lease and technology subscription contracts each year, researches payment records, prepares detailed documentation, and makes the necessary accounting adjustments. For the current fiscal year, the Division is also responsible for implementing GASB 101, which requires a detailed review of all employee labor contracts and a new method for calculating the City’s liability for compensated absences. To help manage this additional workload and ensure the City remains in compliance with GASB requirements, staff is recommending the use of a qualified consultant to assist with implementation efforts. This approach would provide the necessary technical support to meet complex reporting requirements without delaying the City's financial reporting deadlines. A total of seven consulting firms submitted proposals in response to the Request for Proposal (RFP) No. 25-025 (Exhibit 2): Badawi & Associates, BerryDunn LLC, Cherry Bekaert Advisory LLC, Eide Bailly LLP, LSL LLP, Macias, Gini & O’Connell LLP, and The Pun Group. The seven proposals were evaluated and ranked by a Review Committee (Committee) comprised of Accounting Manager, Supervising Accountant, and Senior Accountant. The evaluation was based on the following factors: •Compliance with the requirements of the RFP, including thoroughness of proposed scope of work, value to new and/or innovative product or service suggestions, or other new ideas and enhancements •Experience, resources, and qualifications of the firm and assigned staff •Experience with similarly sized governmental agencies in providing the types of services outlined in the RFP •Reasonableness of cost budget Based on the Committee’s evaluation and interviews with top-ranked proposers, Committee selected Cherry Bekaert Advisory LLC (Cherry Bekaert) as the most qualified firm to provide the consulting services (Exhibit 3). Cherry Bekaert demonstrated a high level of technical knowledge regarding all aspects of the City’s engagement and experience in the field of governmental accounting with similarly sized governments. Unlike other consultants that share their staff across audit engagements, Cherry Bekaert has a dedicated government accounting advisory team that provides only advisory services year-round, with implementation of new GASB standards as one of the core services. In addition, they have developed templates and tools for GASB 101 that can be tailored to align with the City’s needs. Their highly experienced team will allow the City to meet its financial reporting deadlines and ensure continued compliance with complex GASB standards. As such, staff recommends contracting with Cherry Bekaert to perform GASB consulting services for a two-year period, with the option to renew for up to three additional one-year terms. A contingency of $26,000 is included to account for potential increases in City Council 12 – 2 5/20/2025