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