Item 12 Contract to Cherry Bekaert Advisory LLC for Governmental Accounting Standards Board

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Exhibit 1 AGREEMENT FOR GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) CONSULTING SERVICES BETWEEN CHERRY BEKAERT ADVISORY, LLC AND CITY OF SANTA ANA THIS AGREEMENT is made and entered into on this 20th day of May, 2025 by and between Cherry Bekaert Advisory, LLC, ("Consultant"), and the City of Santa Ana, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California ("City"). RF.C1TAT,C A. On February 24, 2025, the City issued a Request for Proposal No. 25-025 ("RFP"), by which it sought a qualified consultant to provide special skill and knowledge in the field of Governmental Accounting Standards Board (GASB) consulting services, more specifically assist in implementation of Statement No. 101 (Compensated Absences) and reviewing the GASB 87 (Leases and 96 (Subscription -Based Information and Technology Arrangements (SBITA) contracts/agreements. B. Consultant submitted a responsive proposal that was selected by the City, which is referenced herein as if set forth in full. Consultant represents that Consultant is able and willing to provide such services to the City that were described in the scope of work included in the RFP. C. In undertaking the performance of this Agreement, Consultant represents that it is knowledgeable in its field and that any services performed by Consultant under this Agreement will be performed in compliance with such standards as may reasonably be expected from a professional consulting firm in the field. NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the terms and conditions hereinafter set forth, the parties agree as follows: 1. SCOPE OF SERVICES Consultant shall perform during the term of this Agreement, the tasks and obligations including all labor, materials, tools, equipment, and incidental customary work required to fully and adequately complete the services described and set forth in Scope of Services - Exhibit A, attached hereto and incorporated by reference. 2. COMPENSATION a. City agrees to pay, and Consultant agrees to accept as total payment for its services for City, the rates and charges identified in Compensation - Exhibit B. The total amount to be expended during the term of this Agreement shall not exceed $156,000. This includes a base amount of $130,000 and a contingency amount of $26,000, for additional services, to be exercised at the City's sole discretion. Page 1 of 9 42048781v4