HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2016-10RESOLUTION NO. FWHFC-2016-10
A RESOLUTION RATIFYING THE ENGAGEMENT OF DELOITTE
&TOUCHE LLP TO PERFORM AN AUDIT
WHEREAS, the City Council of the City of Fort Worth (the "City") created the
Fort Worth Housing Finance Corporation (the "Corporation") in 1979 pursuant to the
Texas Housing Finance Corporation Act to facilitate the development of decent, safe
quality, affordable, and accessible housing for low and moderate income City residents
through lending and construction activities;
WHEREAS, the Corporation is a public instrumentality of the City and its daily
operations and activities are conducted for and on its behalf by City staff acting as
borrowed servants;
WHEREAS, the Corporation's operations and activities frequently involve
consummation of financial transactions, execution of related documents, and keeping of
associated records;
WHEREAS, sound business practice dictates periodic auditing of financial and
other records of any business enterprise to ensure accuracy and completeness of records
and to identify any material weaknesses in the entity's financial and record -keeping
practices;
WHEREAS, in light of the relationship between the Corporation and the City and
of the fact that the Corporation is classified as a "component unit" of the City for
accounting purposes, a review of the records of the Corporation has historically been
included as a part of the City's comprehensive annual financial report and single audit;
WHEREAS, it has been determined that a separate audit of the records of the
Corporation is advisable in order 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, the Corporation desires to engage the firm of Deloitte & Touche
LLP ("Deloitte") to furnish necessary audit services and Deloitte is capable and willing
to do so;
WHEREAS, Deloitte requires certain personal information of individuals who
execute audit engagement letters, including, but not limited to, social security numbers
and home addresses;
WHEREAS, David Cooke as City Manager of the City, has previously provided
all such necessary information to Deloitte in connection with Deloitte's engagement to
provide audit services to the City;
RESOLUTION NO. FWHFC-2016-10
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WHEREAS, the Board finds that the most efficient and expeditious manner to
engage Deloitte to provide its services would be to authorize David Cooke to execute the
audit engagement letter and any other necessary documents as a borrowed servant of the
Corporation;
WHEREAS, it was in the Corporation's best interest for Deloitte to commence
its work on the audit prior to a Board meeting being scheduled, and David Cooke, acting
in his capacity as a borrowed servant of the Corporation, executed the engagement letter
so that Deloitte could begin its audit of the Corporation in a timely manner; and
WHEREAS, the Board desires to ratify the engagement of Deloitte and Touche
LLP to perform an audit for the Corporation, ratify the execution by David Cooke of the
audit engagement letter on behalf of the Corporation, and ratify all actions taken and
work performed on the audit.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE FORT WORTH HOUSING FINANCE CORPORATION
THAT:
The Board approves the engagement of Deloitte & Touche LLP ("DeLoitte") to
complete an audit of the records of the Fort Worth Housing Finance Corporation
(the "Corporation") for a total fee amount not to exceed $40,000.00 and further
authorizes Deloitte's use of qualified subcontractors in conducting the audit; and
2. The Board authorizes David Cooke, as a borrowed servant, to execute and deliver
any engagement letters or other documents for and on behalf of the Corporation
that are necessary to engage Deloitte as auditor, provided, however, that Deloitte
shall be required to report all of its findings directly to the Board; and
3. The Board ratifies and confirms any actions that have been taken to date to the
extent such actions are consistent with Paragraphs 1 and 2 above, as the valid
actions of the Corporation effective as of the date such actions were taken.
4. This Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted February 2, 2016.
FORT WORTH HOUSING FINANCE CORPORATION
By: IL, ()J,.4
Salvador Espino, President