03-25-2019 BPU RPT 12 - Laserfiche WebLink

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PJ A r F R F N F R c v L I F E RIVERSIDE PUBLIC UTILITIES W& Board Memorandum P U B L I C U T I L I T I E S BOARD OF PUBLIC UTILITIES DATE: MARCH 25, 2019 ITEM NO: 12 SUBJECT: PROFESSIONAL SERVICES AGREEMENT WITH EADIE AND PAYNE, LLP, IN RESPONSE TO REQUEST FOR PROPOSAL NO. 1880 FOR AUDIT SERVICES OF RIVERSIDE PUBLIC UTIITIES ELECTRIC AND WATER FUNDS FOR A TERM ENDING JUNE 30, 2020 IN AN AMOUNT NOT TO EXCEED $60,000 ISSUE: Approve and recommend that the City Council approve a Professional Services Agreement for audit services of Riverside Public Utilities Electric and Water Fund with Eadie and Payne, LLP, for a term ending June 30, 2020, in an amount not to exceed $60,000 in response to Request for Proposal No. 1880. RECOMMENDATIONS: That the Board of Public Utilities: 1. Approve and recommend that City Council approve a Professional Services Agreement for audit services of Riverside Public Utilities Electric and Water Fund with Eadie and Payne, LLP, of Riverside, California, in response to Request for Proposal No. 1880 for a term ending June 30, 2020 in an amount not to exceed $60,000; and 2. Authorize the City Manager, or designee, to execute all documents pursuant to the Professional Services Agreement with Eadie and Payne, LLP, and any other documents as necessary to effectuate the Agreement including making minor non -substantive changes. BACKGROUND: On May 14, 2018, the Board of Public Utilities (Board), with all members present, conducted a Public Hearing to receive public input related to the electric and water utility five-year rate proposal. Following discussion, the Board recommended that the City Council adopt a resolution approving the 2018-2022 Electric and Water Rules and Rates and conduct an annual review of the adopted rates. On May 22, 2018, following discussion, the City Council received input on the 2018-2022 Electric and Water Rules and Rates and adopted a resolution approving the 2018-2022 Electric and Water Rules and Rates as outlined in the staff report, with water rates effective July 1, 2018 and Electric Rates effective January 1, 2019. The Council also approved an annual review of the adopted rates. During the May 22, 2018 City Council meeting, a request was made by Councilmembers for an external financial audit to be conducted of the Riverside Public Utilities (RPU) Water and Electric funds. Subsequent to the meeting, additional requests for an audit of the RPU funds have been received.