Broward County Commission Regular Meeting


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AI-16313 11.       
Meeting Date: 04/08/2014  
Director's Name: Cynthia Chambers
Department: Environmental Protection Division: Housing Finance & Community Redev

Information
Requested Action
MOTION TO ADOPT Resolution No. 2014-226 of the Board of County Commissioners of Broward County, Florida, approving and authorizing the execution of the Agreement between the Housing Finance Authority of Broward County, Florida, and S. Davis & Associates, P.A., for audit services for the Housing Finance Authority's Single-family and Multi-family Mortgage Revenue Bonds; providing for severability, and an effective date.

(This item was pulled by Commissioner Wexler.)

ACTION: (T-10:26 AM) Approved.  (Refer to minutes for full discussion.)

VOTE: 8-0. Commissioner Ritter was not present.

Why Action is Necessary
Broward County Ordinance No. 79-41 of the Code of Broward, Florida, requires the Housing Finance Authority of Broward County to obtain the approval of the Board of County Commissioners of Broward County, prior to entering into any agreement.
What Action Accomplishes
This action will allow the Housing Finance Authority of Broward County to enter into an Agreement with S. Davis & Associates, P.A. to secure auditing services which are required by the bond documents for Single-family and Multi-family Mortgage Revenue Bonds.
Is this Action Goal Related
Previous Action Taken
None
Summary Explanation/ Background
THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY DEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.  

On August 14, 2013 the Housing Finance Authority of Broward County (the “HFA”) board approved the Request for Letters of Interest (RLI) No. 20131006-AS2, to provide audit services for the HFA’s Single-family and Multi-family Mortgage Revenue Bonds.  The RLI was published in the Sun-Sentinel on September 18, 2013. There were five responses received, inclusive of Sharpton, Brunson & Company P.A., Blake and Associates CPA, C. Borders-Byrd CPA, LLC, Harvey, Covington and Thomas of South Florida and S. Davis & Associates P.A., which were evaluated by the HFA. Three firms made presentations and were interviewed by the HFA on January 8, 2014.  Sharpton, Brunson & Company P.A. withdrew its proposal and the Blake and Associates, CPA was not a Certified Business Enterprise (CBE), which was one of the RLI requirements. The HFA selected S. Davis & Associates P.A.  for a three-year term with provisions for two one-year extensions. The term of this Agreement shall commence on October 1, 2014 and cover the HFA audit services fiscal years ending 2014, 2015 and 2016, with two one-year extensions for years 2017 and 2018, at the sole discretion of the HFA. 

As a point of information, S. Davis and Associates, P.A., previously has worked for the HFA from FY1999 thru FY2003.  Sharpton, Brunson & Company, P.A., also had a prior contract with the HFA from FY2004 to FY2008. The current agreement with Sharpton, Brunson & Company, P.A., which commenced in FY2009, will end October 6, 2014. 

At its regular Board meeting on March 12, 2014, the HFA approved Resolution No 2014-003 (Exhibit 2) authorizing entering into an Agreement with S. Davis & Associates P.A. to provide audit services for the HFA’s Single-family and Multi-family Mortgage Revenue Bonds. The Resolution was approved as to form by the Office of the County Attorney.

Fiscal Impact
Fiscal Impact/Cost Summary:
There is no fiscal impact to the County.  The estimated cost is approximately $96,000 annually. The cost is billed to the developers by the HFA Trustee (Bank of New York Mellon Trust Company, N.A.).        
Attachments
Exhibit 1 - County Resolution
Exhibit 2 - HFA Resolution
Exhibit 3 - Excerpt Minutes


    

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