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Res 03-01 Authorizing an Agreement with Whitley Penn Professional Financial ServicesA RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS AUTHORIZING STAFF TO ENTER INTO A PROFESSIONAL SERVICES AGREEMENT WITH WHITLEY PENN TO SUPPLEMENl PROFESSIONAL FINANCIAL SERVICES FOR THE TOWN. BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That the Board of Aldermen of the Town of Westlake does hereby authorize staff to enter into a professional services agreement with Whitley Penn to supplement professional financial services for the Town, as attached as Exhibit A. SECTION 2: That this Resolution shall become effective upon the date of its passage. PASSED AND APPROVED ON THIS 27TH DAY OF JANUARY 2003. ATTEST: Glnger(rosswy, Town Sec@tary APPROVED AS TO FO L" Scott Bradley, Mayor Trent O. Petty, Town, -M ager Dear Mr. Petty: We are very pleased to submit our proposal for consideration as the Professional Consultants for Town of Westlake, Texas ("Westlake" or the "Town"). You will be a highly valued client and our firm welcomes this opportunity to describe our management consulting services and to provide evidence of our sincere desire to serve you. Our firm strategy is to develop a professional services firm staffed by professionals with national firm expertise and resources, which is priced at local firm rates. Angela Chilcutt will consult with management on their accounting and reporting on a monthly basis, which will be billed at her standard hourly rate of $120 per hour. We estimate approximately 6 to 10 hours per month depending on the Town's developments and activities involved and approximately 30 to 50 hours at year-end to prepare the Town for the annual audit of the Town's financial statements. Based on discussion with management and our experience with the Town, our management consulting services would include, but not necessarily be limited to the following: (J Consulting with management regarding responses to management letter comments and implementing suggestions or findings from the Town's Independent Auditors. ❑ Implementing internal controls to decrease the risk of fraud. ❑ Putting procedures in place to ensure that all assets are properly recorded in the general ledger and the General Fixed Asset Account Group in a timely manner. ❑ Putting procedures in place to reconcile court generated transactions to the general ledger to ensure the financial statements are capturing all transactions that are occurring. ❑ Setting up the appropriate governmental funds based on the Town's current and future activities. ❑ Calculating depreciation on those assets where depreciation is required under governmental accounting. ❑ Developing the necessary communications between the Town's engineer and management and between management and accounting to ensure the accounting department is informed of all activities of the Town that have financial reporting impact. ❑ Implementing GASB Statement No. 34, Basic Financial Statements — and hfanagenient's Discussion and analysis —for State and Local Governments. ❑ Ensure proper monthly reconciliation of all cash and Texpool accounts to the general ledger. ❑ Reviewing the accounts receivable aging with management on a monthly basis to ensure that all invalid and non -collectible accounts are written off in a timely manner. Dallas: 5420 LB) Freeway, Suite i44o m Dallas, Texas 75240 • (972) 392-6600 • fax (972) 392-66oi Fort North: 17o1 River Run Road, Suite 507 • Fort Worth, Texas 76107 = (817) 258-9100 -fox (817) 877-3036 Mid -Cities: 86o West Airport Freeway, Suite 6o1 , Hurst, Texas 76054 ® (817) 258-gloo • fax (817) 656-4.013 www.wpcpo.corn Partners WHITLEY PENN Larry G. Ai. Grey; P.C. CPRS AND PROFESSIONAL CONSULTANTS Felix;. Lozano,10; P.C. Scott A. Mc ',,eld, P.C. January 16, 2003 Ricky L. Mcsrio`e, RC. Davio't.. real, P.C. Mr. Trent Petty James C. Pe,y? ,, P,'a Town Manager Town of Westlake, Texas Tomas j. ?dei:;, R C. h 3 Village Circle Mark A. Tbpcl, RC_ Suite 207 Solana Fort Worth, Texas 76262 J. Al White, P C B. ret< Ihi-rey, L. Dear Mr. Petty: We are very pleased to submit our proposal for consideration as the Professional Consultants for Town of Westlake, Texas ("Westlake" or the "Town"). You will be a highly valued client and our firm welcomes this opportunity to describe our management consulting services and to provide evidence of our sincere desire to serve you. Our firm strategy is to develop a professional services firm staffed by professionals with national firm expertise and resources, which is priced at local firm rates. Angela Chilcutt will consult with management on their accounting and reporting on a monthly basis, which will be billed at her standard hourly rate of $120 per hour. We estimate approximately 6 to 10 hours per month depending on the Town's developments and activities involved and approximately 30 to 50 hours at year-end to prepare the Town for the annual audit of the Town's financial statements. Based on discussion with management and our experience with the Town, our management consulting services would include, but not necessarily be limited to the following: (J Consulting with management regarding responses to management letter comments and implementing suggestions or findings from the Town's Independent Auditors. ❑ Implementing internal controls to decrease the risk of fraud. ❑ Putting procedures in place to ensure that all assets are properly recorded in the general ledger and the General Fixed Asset Account Group in a timely manner. ❑ Putting procedures in place to reconcile court generated transactions to the general ledger to ensure the financial statements are capturing all transactions that are occurring. ❑ Setting up the appropriate governmental funds based on the Town's current and future activities. ❑ Calculating depreciation on those assets where depreciation is required under governmental accounting. ❑ Developing the necessary communications between the Town's engineer and management and between management and accounting to ensure the accounting department is informed of all activities of the Town that have financial reporting impact. ❑ Implementing GASB Statement No. 34, Basic Financial Statements — and hfanagenient's Discussion and analysis —for State and Local Governments. ❑ Ensure proper monthly reconciliation of all cash and Texpool accounts to the general ledger. ❑ Reviewing the accounts receivable aging with management on a monthly basis to ensure that all invalid and non -collectible accounts are written off in a timely manner. Dallas: 5420 LB) Freeway, Suite i44o m Dallas, Texas 75240 • (972) 392-6600 • fax (972) 392-66oi Fort North: 17o1 River Run Road, Suite 507 • Fort Worth, Texas 76107 = (817) 258-9100 -fox (817) 877-3036 Mid -Cities: 86o West Airport Freeway, Suite 6o1 , Hurst, Texas 76054 ® (817) 258-gloo • fax (817) 656-4.013 www.wpcpo.corn Mr. Trent Petty Town of Westlake, Texas Page 2 January 16, 2003 ❑ Consulting with management on alternatives and selection of a governmental based general ledger package to better facilitate the Town's accounting transactions. Time billed will vary depending on the time required of this service. ❑ Consulting with management on the implementation of a new general ledger package. ❑ Consulting with management on all new accounting transactions (i.e., setting up bond proceeds transactions, properly recording the relief of long-term obligations and receivables, etc.). ❑ Ensure proper review of all new agreements to determine the financial accounting and reporting impact of the transaction. ❑ Ensure proper review of monthly budgeted to actual amounts and determine the appropriate accounting for fund balance appropriations. ❑ Ensure proper monthly reconciliation between all sub -ledgers to the general ledger and investigate significant differences. ❑ Implementing a proper capitalization policy and ensuring that appropriate documentation is obtained for all transactions. Cl Develop appropriate procedures to ensure proper matching of all revenues and expenses to the related period in which those transactions occurred. ❑ Ensure proper documentation of all new infrastructures are obtained and properly recorded in the general ledger. ❑ Consulting with management throughout the year to ensure efficient and effortless preparation of required assistance to the Town's independent auditors for the Town's annual audit of the financial statements. We believe communication is essential toward a long-lasting business relationship and one that will allow you to feel at ease in your communications with Whitley Penn and the professionals within our firm. We believe the rate structure of Whitley Penn combined with the background and experience of our professionals allows us to provide Westlake with National Firm -quality service at local firm rates. We want the opportunity to work with Westlake and would welcome any comments your management team may have concerning our proposal. We look forward to providing your management consulting services, and are confident you will receive the highest level of service available from Whitley Penn. Sincerely, Fe ix Lozan Partner TOWN OF WESTLAKE RESOLUTION NO. 03-01 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS AUTHORIZING STAFF TO ENTER INTO A PROFESSIONAL SERVICES AGREEMENT WITH WHITLEY PENN TO SUPPLEMENT PROFESSIONAL FINANCIAL SERVICES FOR THE TOWN. BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That the Board of Aldermen of the Town of Westlake does hereby authorize staff to enter into a professional services agreement with Whitley Penn to supplement professional financial ,services for the Town, as attached as Exhibit A. SECTION 2: That this Resolution shall become effective upon the date of its passage. PASSED AND APPROVED ON THIS 27TH DAY OF JANUARY 2003. ATTEST: Gmge rosswy, Town Se tary APPROVED AS TO FORM: L` Stanton Lowry, Tom n At10rtiey C - Scott Bradley, Mayor Trent O. Petty, Town Manager Partners W H I T L E Y PENN Larry G. Autrey, P C- -IM CPRS AND PROFESSIONAL CONSULTANTS Ferixf. Lozano III, P.C. Scott A. Mayfield, P.C. January 16, 2003 Ricky L. McBride, P.C. David L. Neal, P.C. Mr. Trent Petty lames C. Penn, P.C. Town Manager Town of Westlake, Texas rhomasf. Rein, P.G. 3 Village Circle Mark A. Topel, P, C. Suite 207 Solana Fort Worth, Texas 76262 J. Alar, White., P.C. B. Glen Whitley, P.C. Dear Mr. Petty: We are very pleased to submit our proposal for consideration as the Professional Consultants for Town of Westlake, Texas ("Westlake" or the "Town"). You will be a highly valued client and our firm welcomes this opportunity to describe our management consulting services and to provide evidence of our sincere desire to serve you. Our firm strategy is to develop a professional services firm staffed by professionals with national firm expertise and resources, which is priced at local firm rates. Angela Chilcutt will consult with management on their accounting and reporting on a monthly basis, which will be billed at her standard hourly rate of $120 per hour. We estimate approximately 6 to 10 hours per month depending on the Town's developments and activities involved and approximately 30 to 50 hours at year-end to prepare the Town for the annual audit of the Town's financial statements. Based on discussion with management and our experience with the Town, our management consulting services would include, but not necessarily be limited to the following: ❑ Consulting with management regarding responses to management letter comments and implementing suggestions or findings from the Town's Independent Auditors. ❑ Implementing internal controls to decrease the risk of fraud. ❑ Putting procedures in place to ensure that all assets are properly recorded in the general ledger and the General Fixed Asset Account Group in a timely manner. ❑ Putting procedures in place to reconcile court generated transactions to the general ledger to ensure the financial statements are capturing all transactions that are occurring. ❑ Setting up the appropriate governmental funds based on the Town's current and future activities, ❑ Calculating depreciation on those assets where depreciation is required under governmental accounting. ❑ Developing the necessary communications between the Town's engineer and management and between management and accounting to ensure the accounting department is informed of all activities of the Town that have financial reporting impact. Cl Implementing GASB Statement No. 34, Basic Financial Statements — and Management's Discussion and Analysis —for State and Local Governments. ❑ Ensure proper monthly reconciliation of all cash and Texpool accounts to the general ledger. ❑ Reviewing the accounts receivable aging with management on a monthly basis to ensure that all invalid and non -collectible accounts are written off in a timely manner. Dallas: 542o LBJ Freeway, Suite 1440 • Dallas, Texas 75240 • (972) 392-6600 • fax (972) 392-66o1 Fort Worth: 1701 River Run Road, Suite 5o7 • Fort Worth, Texas 76107 • (817) 258-9100 • fax (817) 877-3o36 Mid -Cities: 860 West Airport Freeway, Suite 6o1 . Hurst, Texas 76054 • (817) 258-9100 • fax (817) 656-4013 www.wpcpa.com Mr. Trent Petty Town of Westlake, Texas Page 2 January 16, 2003 ❑ ConsuIting with management on alternatives and selection of a governmental based general ledger package to better facilitate the Town's accounting transactions. Time billed will vary depending on the time required of this service. ❑ Consulting with management on the implementation of a new general ledger package. ❑ Consulting with management on all new accounting transactions (i.e., setting up bond proceeds transactions, properly recording the relief of long-term obligations and receivables, etc.). Ensure proper review of all new agreements to determine the financial accounting and reporting impact of the transaction. ❑ Ensure proper review of monthly budgeted to actual amounts and determine the appropriate accounting for fund balance appropriations. ❑ Ensure proper monthly reconciliation between all sub -ledgers to the general ledger and investigate significant differences. ❑ implementing a proper capitalization policy and ensuring that appropriate documentation is obtained for all transactions. ❑ Develop appropriate procedures to ensure proper matching of all revenues and expenses to the related period in which those transactions occurred. ❑ Ensure proper documentation of all new infrastructures are obtained and properly recorded in the general ledger. ❑ Consulting with management throughout the year to ensure efficient and effortless preparation of required assistance to the Town's independent auditors for the Town's annual audit of the financial statements. We believe communication is essential toward a long-lasting business relationship and one that will allow you to feel at ease in your communications with Whitley Penn and the professionals within our firm. We believe the rate structure of Whitley Penn combined with the background and experience of our professionals allows us to provide Westlake with National Firm -quality service at local firm rates. We want the opportunity to work with Westlake and would welcome any comments your management team may have concerning our proposal. We look forward to providing your management consulting services, and are confident you will receive the highest level of service available from Whitley Penn. Sincerely, tf Fe ix Lozan Partner