Contract Amendment Page 1 of 2
CAO Approved June 2024
AMENDMENT NO. 1 TO THE AGREEMENT
BETWEEN THE CITY OF SAN MATEO AND
THE PUN GROUP LLP FOR
INDEPENDENT AUDIT SERVICES
($348,570.70 [Original Amount] / $73,973.00 [Amendment No. 1])
This Amendment is made and entered into this day of _____________ by and between the CITY OF SAN MATEO, a municipal corporation existing under the laws of the State of California ("CITY"), and THE PUN GROUP LLP, a limited liability partnership ("CONSULTANT").
WHEREAS, CITY and CONSULTANT entered into an agreement for independent audit services (“Agreement”) effective May 1, 2021 to December 31, 2025; and
WHEREAS, CITY and CONSULTANT wish to amend the Agreement to extend the term by one additional audit year, and to update the base service fee by $73,973 for a new total Agreement amount of $422,543.68.
NOW, THEREFORE, the Parties agree as follows:
1. Section 4, “Term,” of the Agreement is amended as follows:
The services to be performed under this Agreement shall commence on May 1, 2021 and be completed on January 31, 2027.
2. Section 5, “Payment,” of the Agreement is amended as follows:
Payment shall be made by CITY only for services rendered and upon submission of a payment request upon completion and CITY approval of the work performed. In consideration for the full performance of the services set forth in Exhibit A, CITY agrees to pay CONSULTANT a fee in an amount of $67,000 for FY 2020-21, $68,340 for FY 2021- 22, $69,706.80 for FY 2022-23, $71,100.93 for FY 2023-24, $72,522.95 for FY 2024-25, and $73,973.00 for FY 2025-2026 pursuant to rates stated in Exhibit B to this Agreement, attached and incorporated by reference.
3. EXHIBIT B, as attached to this Amendment No. 1, hereby replaces Exhibit B in its entirety, and is hereby incorporated by reference.
4. The remaining terms of the Agreement remain in full force and effect.
[SIGNATURE PAGE FOLLOWS]
Contract Amendment Page 2 of 2
CAO Approved June 2024
IN WITNESS WHEREOF, CITY OF SAN MATEO and The Pun Group, LLP have executed this Amendment No. 1 on ___________________.
CITY OF SAN MATEO
CONSULTANT
Alex Khojikian
City Manager
Date
Its Authorized Agent
Date
APPROVED AS TO FORM
Linh Nguyen
Assistant City Attorney
Date
Attachments:
Exhibit B
Professional Services
Rev 5/20
EXHIBIT B
FEE RATES
The fees(1) for professional auditing services for five (5) fiscal years beginning with fiscal year ending June 30, 2021 are as follows:
FY 2020-2021 FY 2021-2022 FY 2022-2023 FY 2023-2024 FY 2024-2025 Basic City Audit/CAFR $ 50,000.00 51,000.00 52,020.00 53,060.40 54,121.61 Single Audit1 5,000.00 5,100.00 5,202.00 5,306.04 5,412.16 TDA Fund 3,000.00 3,060.00 3,121.20 3,183.62 3,247.30
Measure A 2,000.00 2,040.00 2,080.80 2,122.42 2,164.86
S. Bayfront Levee AD 3,000.00 3,060.00 3,121.20 3,183.62 3,247.30 GANN Report 500.00 510.00 520.20 530.60 541.22
Measure S - AUP 1,500.00 1,530.00 1,560.60 1,591.81 1,623.65 Measure W 2,000.00 2,040.00 2,080.80 2,122.42 2,164.86
Printing of All Reports Included Included Included Included Included Total $ 67,000.00 $ 68,340.00 $ 69,706.80 $ 71,100.94 $ 72,522.95
(1) Single Audit fees based on 1 (one) major program. The fee to audit additional major programs will be $5,000 each. The number of programs determined to be “major” will be based on OMB Uniform Guidance. The Engagement Team will discuss this with the City’s Management before starting Single Audit work.
In addition, the proposed total all-inclusive maximum price (1) (2) for professional auditing services for one (1) additional fiscal year beginning with fiscal year ending June 30, 2026 is as follows:
FY 2025-2026
Basic City Audit/CAFR $ 55,204.00
Single Audit1 5,52.00
TDA Fund 3,312.00
Measure A 2,208.00
S. Bayfront Levee AD 3,312.00
GANN Report 552.00
Measure S - AUP 1,656.00
Measure W 2,208.00
Printing of All Reports Included
Total $ 73,973.00
(1) Above quote includes Single Audit services based on up to one (1) major program. The fees to audit additional major programs will be $5,000 each. The number of programs determined to be “major” will be based on OMB Uniform Guidance. The Engagement Team will discuss this with the City’s Management before starting Single Audit work. (2) Supplemental reports, audits, or agreed-upon procedures must be added in a written agreement prior to commencing audit work. The Firm and the City will discuss and approve the scope and associated costs of these tasks.