HomeMy WebLinkAboutResolution AllianceAirport Authority (AAA) AAA-2020-02 RESOLUTION NO. AAA-2020-02
ALLIANCEAIRPORT AUTHORITY, INC.
RESOLUTION
OF THE BOARD OF DIRECTORS '
Authorizing an Agreement with Weaver and Tidwell, LLP in an Amount up to $3,000.00 for
Fiscal Year 2020 Financial Review of the AllianceAirport Authority, Inc.'s Financial
Accounts as Part of the City of Fort Worth's Annual Financial Audit
WHEREAS, AllianceAirport Authority, Inc. ("Corporation") is an industrial
development corporation created in 1989 to benefit the City of Fort Worth("City")and to, among
other things, issue bonds to promote and develop new and expanded business enterprises in the
City, to promote and encourage employment, and otherwise to benefit the public welfare in
accordance with the Development Corporation Act of 1979, as amended;
WHEREAS, the Bylaws of the Corporation authorize the Board of Directors ("Board")
to exercise all powers of the Corporation;
WHEREAS, sound business practice dictates periodic auditing of financial and other
records of any business entity to ensure accuracy and completeness of records and to identify any
material issues in the entity's financial and record-keeping practices;
WHEREAS,the Corporation is classified as a"component unit"of the City for accounting
purposes under the rules of the Governmental Accounting Standards Board;
WHEREAS, an audit of the records of the Corporation, as separate from the City, is
advisable to better memorialize and reflect the status of the Corporation as a distinct entity
existing separate and apart from the City for legal purposes;
WHEREAS, on August 18, 2020, the Board adopted a resolution authorizing an
agreement with CohnReznick, LLP, to perform an independent audit of the Corporation for an
amount up to $10,000.00 ("CohnReznick Resolution");
WHEREAS, Weaver and Tidwell, LLP ("Weaver"), who acts as the outside auditor for
the City of Fort Worth, has agreed to perform a financial review of the Corporation for an amount
up to $3,000.00;
WHEREAS, after further consideration, the Board desires to engage Weaver as its
independent auditor instead of CohnReznick, LLP and repeal the CohnReznick Resolution; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD:
RESOLUTION NO. AAA-2020-02
PAGE 2
Section 1. That the Board hereby repeals the CohnReznick Resolution in favor of entering
into an agreement with Weaver to perform a financial review of the financial records of the
Corporation as part of the City of Fort Worth's Annual Financial Audit for a total amount not to
exceed $3,000.00.
Section 2. That the Board authorizes the President of the Board to execute and deliver any
related agreements, engagement letters, or other documents for and on behalf of the Corporation
that are necessary to engage Weaver as auditor; provided, however, that Weaver will be required
to report all of its findings directly to the Board.
Section 3. That the President of the Board is authorized to sign this Resolution on the
Board's behalf.
Section 4. That this Resolution shall take effect immediately from and after its passage.
onald P. Gonzales, Co or to Secretary