Loading...
HomeMy WebLinkAboutContract 48167-AD5 weaver CITY SECRETARY Q t Assurance-Tax-Advisory L{V.. January 21, 2021 David Cooke, City Manager City of Fort Worth, Texas 200 Texas Street Fort Worth,TX 76102 Dear Mr. Cooke: This letter sets forth our understanding for applying agreed-upon procedures in accordance with Ordinance number 10968, Master Ordinance Establishing the City of Fort Worth (the City), Texas Water and Sewer System (the System) Revenue Financing Program (the Ordinance), related to the City's compliance with Section 4(j) of the Ordinance for the year ended September 30, 2020. This engagement is solely for the purpose of reporting our findings in regards to the results of the procedures performed as compared to the requirements of the Ordinance. The procedures we will perform have been agreed to by the City. This engagement letter accompanies Contract 48167, as amended by 48167-R1A1 and renewed by 48617-R2 (collectively,the Contract) and outlines updated and restated terms and standards of our firm's agreed upon procedures and audit services as of and for the year ended September 30, 2020. If there is any conflict in this engagement letter and the terms of the Contract, the terms of the Contract shall prevail over the terms of this engagement letter. Our Responsibilities We will apply the following procedures: 1) Obtain an understanding of the types of insurance required to be maintained by the City for the System per the Ordinance. 2) For each of the types of insurance in number 1 above, obtain an understanding if such insurance is purchased commercially or if the City is self-insuring any types of insurance. 3) For all policies for which the City is purchasing commercial insurance coverage, determine that the premium covering the period September 30, 2020 was paid. 4) For areas of coverage the City is self-insuring against risks, provide a listing of such areas. We will conduct our engagement in accordance with the attestation standards for agreed-upon procedures engagements of the American Institute of Certified Public Accountants and, the standards applicable to attestation engagements contained in Government Auditing Standards issued by the Comptroller General of the United States. We are responsible for carrying out the procedures and reporting findings in accordance with these standards. The sufficiency of these procedures is solely the responsibility of the specified parties. Consequently, we make no representation as to the sufficiency of these procedures for the purposes of the specified parties or for any other purpose. The agreed-upon procedures to be performed do not constitute an examination or review of the subject matter.Accordingly,we will not express an opinion or conclusion on the subject matter. If we did perform additional procedures, other matters might come to our attention that would be reported to you. Weaver and Tidwell, L.L.P. � 2821 West 7th Street, Suite 700 1 Fort Worth, Texas 76107 Main: 817.332.7905 CPAs AND ADVISORS I WEAVER.COM City of Fort Worth, Texas January 21, 2021 Page 2 Your Responsibilities With respect to any nonattest services we may provide, the City's management is responsible for (a) making all management decisions and performing all management functions; (b) assigning a competent individual, preferably within senior management, to oversee the services; (c) evaluating the adequacy of the services performed; (d) evaluating and accepting responsibility for the results of the services performed; and (e) establishing and maintaining internal controls, including monitoring ongoing activities. As part of our engagement, we will request from management written confirmation concerning representations made to us in connection with the agreed upon procedures. Engagement Fees Our fees for our agreed upon procedures will be$6,500. Our engagement fees do not include any time for post-engagement consultation with your personnel or third parties, consent letters and related procedures for the use of our reports in offering documents, inquiries from regulators or testimony or deposition regarding any subpoena. Charges for such services will be billed separately. Our engagement fees do not include consulting on the adoption of new accounting standards and any increased duties because of any future regulatory body or an unknown or unplanned significant transaction. We will consult with you in the event any of these take place that may affect our fees. Our Report and Other Relevant Information Our report will list the procedures performed and our findings. Our report will be addressed to the City and will be intended for use by and restricted to the use of the specified parties as identified above.Our report will contain such restricted-use language. Should we have any reservations with respect to the subject matter,we will discuss them with you before the report is issued. We have no responsibility to update our report for events and circumstances occurring after the date of our report. During the course of our engagement, we will request information and explanations from management regarding the City's operations, future plans, specific transactions and accounting systems and procedures. At the conclusion of our engagement, we will require, as a precondition to the issuance of our report, that management provide certain representations in a written representation letter. The City agrees that as a condition of our engagement that management will, to the best of its knowledge and belief, be truthful, accurate, and complete in all representations made to us during the course of the engagement and in the written representation letter. The procedures we perform in our engagement and the conclusions we reach as a basis for our report will be heavily influenced by the written and oral representations that we receive from management. False or misleading representations could cause us to expend unnecessary efforts in our engagement; or, worse, could cause a material error or a fraud to go undetected by our procedures. City of Fort Worth, Texas January 21, 2021 Page 3 In the unlikely event that circumstances occur which we in our sole discretion believe could create a conflict with either the ethical standards of our firm or the ethical standards of our profession in continuing our engagement,we may suspend our services until a satisfactory resolution can be achieved or we may resign from the engagement. We will notify you of such conflict as soon as practicable, and will discuss with you any possible means of resolving them prior to suspending our services. The hiring of or potential employment discussions with any of our personnel could impair our independence. Accordingly, you agree to inform the engagement partner prior to any such potential employment discussions taking place. During the course of the engagement, we may communicate with you or with your personnel via fax or e-mail, and you should be aware that communication in those mediums contains a risk of misdirected or intercepted communications. Mr. Kevin Sanford is the engagement partner for the services specified in this letter. His responsibilities include supervising the engagement and signing the report or authorizing another individual to sign if. We plan to begin our procedures in December 2020, and unless unforeseeable problems are encountered, the engagement should be completed by February 2021. We look forward to a continued relationship with your organization, and we are available to discuss the contents of this letter or other professional services you may desire. Please sign and return the attached copy of this letter to indicate your acknowledgment of, and agreement with, the arrangements for our engagement including our respective responsibilities. If you have any questions, please let us know. / - WEAVER AND TIDWELL, L.L.P. City of Fort Worth, Texas January 21, 2021 Page 4 RESPONSE: This letter correctly sets forth our understanding. Acknowledged and agreed on behalf of the City of Fort Worth by: By: Printed Name: Dayld Cooke Title: City Manager Date: Z/.2- APPROVED AST FORM AND LEGALITY: By: — I'� (L"' Denis C. McElroy Assistant City Attorney Approval: NA Contract Compliance Manager: By signing, I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. Printed Name:., Title: Assistant Finance Director ATTEST: By: Mary J. Kayseri City Secretary E RECORDRETARYTH, TX