RFP: Independent Financial Statement Audit Services

Location:	New York
Posted:	Mar 29, 2026
Due:	Apr 22, 2026
Agency:	City of Ithaca
Type of Government:	State & Local
Category:	R - Professional, Administrative and Management Support Services
Publication URL:	To access bid details, please log in.

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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:

o audit in accordance with generally accepted auditing standards (GAAS) in the United States and

Government Auditing Standards issued by the Comptroller General of the United States.

o 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.

• 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/

Benchmark

12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

Provide Draft

July 31, 2026 November

F/S to Auditors

30, 2026

April 30,

2027

December

31, 2027

April 30,

2028

July 31,

2028

Completion of

F/S Audit(s) and

Deliverables

December

31, 2026

April 30,

2027

December

31, 2027

April 30,

2028

July 31, 2028 December

31, 2028

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

Questions and Comments Deadline

Proposal Submission Deadline

Potential Virtual Interview w/ Applicants

Selection (Contract Award)

Introductions / Project Kickoff Meeting

March 27, 2026

April 7, 2026

April 22, 2026 (at 5:00pm)

TBD (likely week of April 27, 2026)

May 6, 2026

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

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

Bid Title:	RFP: Independent Financial Statement Audit Services
Category:	Bids & RFP's from the City
Status:	Open

RFP: Independent Financial Statement Audit Services

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See also