RFP: Independent Financial Statement Audit Services

Independent Financial Statement
Audit Services - 2026
Request for Proposals
Posting Date: March 27, 2026
Submission Deadline: April 22, 2026
Office of the City Manager
108 E. Green Street
Ithaca, NY 14850
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

Background and Understanding
The City of Ithaca, New York (the "City"), is seeking qualified firms to provide independent external audit services
for its financial statements for the fiscal years ending December 31, 2022 through 2026, with possible extension
through the year ending December 31, 2027. An advisory CPA firm has been engaged to assist with the annual
close process, including the preparation of annual financial statements consistent with Government Accounting
Standards Board (GASB) standards.
This document outlines the scope of work for independent financial statement audit services. Electronic proposals
will be accepted until April 22, 2026, at 5:00 PM. Proposals shall be submitted by email* to:
Dominick Recckio, Acting City Manager
citymanager@cityofithaca.org
*An email reply will be sent confirming the City's receipt of the proposal. Please contact the City if you do not
receive a confirmation email within two business days.
Scope
Scope of Work and Deliverables
* Perform an independent audit of the City's financial statements (prepared by the advisory CPA firm)
including the governmental activities, discretely presented component units, each major fund and the
aggregate remaining fund information
* Perform an independent audit of the Ithaca Area Wastewater Treatment Plant (a discretely presented
component unit) financial statements (prepared by the advisory CPA firm)
* Conduct and provide reporting on the following:
audit in accordance with generally accepted auditing standards (GAAS) in the United States and
o
Government Auditing Standards issued by the Comptroller General of the United States.
federal single audit in accordance with the Uniform Guidance (2 CFR Part 200)
o
audit of the Schedule of State Transportation Assistance Expended per Part 43 of NYSCRR.
o
* Provide clear, timely communication of proposed audit adjustments and corresponding findings and
recommendations to City officials.
* Appear at Common Council meetings to explain audit results to Common Council if requested; currently
anticipated to be one meeting for each year audited. Be available to provide advice and explanation at
meetings with state auditing entities if requested.
Scope Exclusions
The following elements of financial reporting will be excluded from the annual financial statements, and thus
audit procedures:
* Capital assets
* GASB 87 - Leases, when applicable
* GASB 96 - SBITAs, when applicable
* GASB 101 - Compensated Absences, when applicable
Ithaca Urban Renewal Agency (blended component unit) - audited by a component auditor
The advisory CPA firm will prepare the annual financial statements consistent with GASB standards.
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

Expected Timeline
The following is an anticipated timeline for completion by fiscal year, understanding that deadlines may be
subject to adjustment through the contracting process:
Task/ 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027
Benchmark
Provide Draft July 31, 2026 November April 30, December April 30, July 31,
F/S to Auditors 30, 2026 2027 31, 2027 2028 2028
Completion of December April 30, December April 30, July 31, 2028 December
F/S Audit(s) and 31, 2026 2027 31, 2027 2028 31, 2028
Deliverables
RFP Submission Requirements
Submissions will only be accepted via email to the attention of Dominick Recckio, Acting City Manager, using
the following address and subject line:
Email: citymanager@cityofithaca.org
Subject Line: Independent Financial Statement Audit Services - 2026
Responses will become property of the City, and may be released pursuant to the Freedom of Information Law.
This RFP is subject to the City's Purchasing Policy and Procedure Manual and all applicable local, state, and
federal law. All proposals must be submitted by April 22, 2026 at 5pm. The City of Ithaca may extend the
advertising period of this RFP in its sole discretion.
Interested firms should submit a brief proposal that includes at least the following information:
1. Cover Letter
Summarize qualifications, operational experience, and proposed approach to execution
2. Qualification & Capabilities
Include biographies for key personnel highlighting relevant experience and qualifications.
3. Three references from current independent government audit clients, including contact information.
4. Proposed fees for each year and corresponding service, using sample Exhibit A.
Fees are to include the level, estimated hours and hourly rates, overhead factors when applicable,
and any other details from which the overall project costs and costs for each element have been
derived.
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

Important Dates
Publication of RFP March 27, 2026
Questions and Comments Deadline April 7, 2026
Proposal Submission Deadline April 22, 2026 (at 5:00pm)
Potential Virtual Interview w/ Applicants TBD (likely week of April 27, 2026)
Selection (Contract Award) May 6, 2026
Introductions / Project Kickoff Meeting TBD - May 2026
Proposal Evaluation
Interested firms will be evaluated on the following criteria:
* Experience and qualifications conducting audits for municipalities and government entities.
* Quality and relevance of references provided.
* Clarity of proposed fees and a desirable engagement timeline.
A selection committee composed of City staff will evaluate each proposal and score each proposal in accordance
with the criteria listed in Exhibit B. The City reserves the right to reject proposals found to be unresponsive and/or
deficient in any of the requested information. The City may contact references to verify material submitted by an
applicant. Applicants may be requested to participate in a virtual interview, before awarding the contract.
Each person signing the proposal certifies that they are the person in the applicant's organization responsible for
determining the fees offered in the Proposal, and that they have not, and will not, participate in any action contrary
to the terms of this provision.
The City is committed to diversity, justice, and inclusion and encourages women- and minority-owned businesses
to submit responses and/or utilize such businesses for supplies, equipment, and services.
Next Steps
Following selection, the City will work with the Awardee to define terms of contract(s) (in accordance with the City
of Ithaca Terms and Conditions, attached as Exhibit C) and project milestones.
Payment Terms:
Payment terms subject to negotiation at the option of the City following award. Interest penalties against the City
will not be allowed. The City is not subject to Federal, State, or Local taxes. The City shall not be liable for any
costs incurred by an applicant or Awardee prior to the date of execution of a contract.
Non-Appropriation Clause:
In accordance with New York State General Municipal Law, the City will not be liable for any purchases or contracts
for goods or services for which funding is not available. As a result, the applicant agrees to hold the City harmless
for any contracts let for which funding either does not currently exist, or for which funding has been removed prior
to the authorization to proceed. Should it become necessary for the City to cancel a project after the order to
proceed has been issued, the applicant agrees that the City's liability is strictly limited to only those financial
damages that it can prove to have incurred as a result of the Contract termination.
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

Indemnification, Hold Harmless, and Insurance:
The Awardee shall release, waive, indemnify, hold harmless, and defend the City and its officers, employees,
agents, and elected officials from and against any and all claims, demands, actions, causes of action, suits, or
judgements, including but not limited to, losses, costs, expenses, penalties, or other damages or liability brought
against the City and its officers, employees, agents, and elected officials for injury, illness, or death to any person
or persons or damage to property arising out of the performance of this RFP by the Awardee, its
employees, subcontractors, or agents with the exception of actions and claims arising out of the negligence of the
City. The indemnification will survive the term of this RFP.
The Awardee will be required to procure and maintain, at its own expense, the minimum limits of insurance as
described herein or as required by law, whichever is greater.
Contract Award
The Contract award will be made by May 6, 2026, and be awarded to the applicant who submits the proposal that
proves to be in the best interest of the City. The City reserves the right to reject any or all proposals, to waive any
informalities, and to accept the proposal that serves the best interest of the community. This RFP does not commit
the City to award any contract or to pay any costs incurred in the preparation of this proposal.
The resulting Contract will incorporate the City of Ithaca Contract Terms and Conditions, this RFP, any addendum,
and Respondent's response thereto, all additional agreements and stipulations, and the results of any final
negotiations will constitute the final Contract. The terms and conditions as contained in the final executed Contract
for Services shall take precedence over any conflicting terms.
Contact Information
Questions and requests for clarifications related to definition or interpretation of this RFP shall be submitted in
writing via email to the Office of the City Manager, at citymanager@cityofithaca.org no later than 5:00 PM on April
7, 2026, to afford time for inquiries to be answered.
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

EXHIBIT A
Service 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27
Audit of Financial Statements (City)
$ $ $ $ $ $
(F/S prepared by the advisory CPA
firm)
$ $ $ $ $ $
Federal Single Audit
State Transportation Assistance $ $ $ $ $ $
Audit (if applicable)
Audit of Financial Statements (Ithaca
Area Wastewater Treatment $ $ $ $ $ $
Facility) (F/S prepared by the
advisory firm)
Overhead Factors (if applicable) $ $ $ $ $ $
TOTAL $ $ $ $ $ $
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

EXHIBIT B
Category Points Available Points Awarded
Responsiveness of 30
Proposal
Price proposal 20
Firm Credentials 20
Relevant Government 15
Experience
References and Past 15
Performance
Total: 100
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

EXHIBIT C
City of Ithaca 108 E. Green Street | Ithaca, NY 14850 | citymanager@cityofithaca.org | 607.274.6511

[City Contract # COIK__-____]
AGREEMENT FOR
PROFESSIONAL SERVICES
For
[Project Title]
This Agreement (the "Agreement" is made this ____ day of ___________________ 20__, between:
THE CITY OF ITHACA, a municipal corporation with offices at 108 E. Green Street, Ithaca, New
York, hereinafter referred to as the "CITY."
and
_______, with offices located _______ (the "CONSULTANT").
WITNESSETH:
WHEREAS, the CITY requires certain services to be performed, as more particularly set forth in the
following documents: ____________________, attached hereto and made a part hereof, and
WHEREAS, the CONSULTANT desires to perform such services and the CITY desires to contract
with the CONSULTANT to provide of such services,
NOW, in consideration of the covenants, conditions, and provisions contained herein, it is hereby
AGREED as follows:
ARTICLE 1. SERVICES
a. The CONSULTANT agrees to perform the services set forth Exhibit A , attached hereto and
made a part hereof, in a manner and at such time or times as is satisfactory to the CITY.
b. The CONSULTANT agrees all work under this Agreement shall be performed in accordance
with standard practices, sound accounting standards, practices and criteria, and the provisions
of the contract documents. The contract documents shall be deemed to include this Agreement,
with accompanying Schedules and Attachments, and any supplements hereto including the
Request for Proposals, and Consultant's proposal. The CONSULTANT shall commence work
no later than 10 days after receiving a notice to proceed from the CITY.
c. The CONSULTANT shall provide, to the satisfaction of the CITY, through its duly authorized
representative, services until the completion and final acceptance of the Contract as more
particularly mentioned and described in Exhibit A, attached.
d. This agreement shall begin on the date of the last City signature and shall terminate
[_____________]
ARTICLE 2. PROVISION FOR PAYMENT.
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[City Contract # COIK__-____]
a. The CITY shall pay to the CONSULTANT, and the CONSULTANT agrees to accept as full
compensation for services under this Agreement a fee not to exceed $[_____] , as set forth in
the Proposal, paid to the CONSULTANT for the scope of services hereunder, unless this
Agreement is formally amended or supplemented by reason of a substantial change in the scope,
complexity or character of the work to be performed.
b. The CITY shall pay the CONSULTANT in accordance with the fee schedule attached hereto
as Exhibit B.
c. The CONSULTANT specifically agrees that the Agreement shall be deemed executory only to
the extent of the monies available, and no liability shall be incurred by the CITY beyond monies
available for this purpose. The CITY specifically agrees that execution of this Agreement is a
representation to the CONSULTANT that the monies are available for Item I and Item II as
defined therein.
ARTICLE 3. QUALIFICATIONS FOR DUTIES, COMPLIANCES AND PERMITS.
a. The CONSULTANT specifically agrees that:
1. The CONSULTANT'S sub-consultants, agents or employees shall possess the
experience, knowledge and character necessary to qualify them individually for the
particular duties they perform.
2. The CONSULTANT shall comply with the provisions of the Labor Law and all
State laws and Federal and Local statutes, ordinances and regulations that are
applicable to the performance of the Agreement, and
3. The CONSULTANT shall procure all necessary licenses and permits necessary for
the performance of its work.
ARTICLE 4. INSPECTION.
a. The duly authorized representatives of the CITY shall have the right at all times to inspect the
work of the CONSULTANT.
ARTICLE 5. PARTIAL PAYMENTS.
a. The CONSULTANT shall be paid in quarterly progress payments based upon the costs for work
accomplished. Consultant shall invoice in a form and manner mutually agreeable to the parties
and the City shall issue payment on approved invoices within 60 days of invoice approval.
Progress payments are subject to approval by the CITY's representative.
ARTICLE 6. FINAL PAYMENT.
a. The CITY shall make final payment within sixty calendar days after receipt of the final invoice,
which is properly prepared and submitted.
b. The acceptance by the CONSULTANT of the final payment shall operate as and shall be a
release of the CITY from all claims of and liability to the CONSULTANT, its representatives
and assigns, for any and all things done, furnished for or relating to the services rendered by the
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