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HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA

By Jon Reyes,2014-05-16 14:36
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HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA

    HOUSING FINANCE AUTHORITY OF

    PINELLAS COUNTY, FLORIDA

REQUEST FOR LETTERS OF INTEREST

FOR AUDIT SERVICES

FOR SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAMS, GENERAL

    PURPOSE FINANCIAL STATEMENTS, AND ARBITRAGE REGULATIONS

I. PURPOSE

    The Housing Finance Authority of Pinellas County, Florida (the “Authority”) will accept Letters of Interest (Proposals) from certified public accounting firms with a license to do business in the State of Florida, that are interested in providing audit services and/or arbitrage liability computations in relation to Multifamily and Single Family Mortgage Revenue Bond Issues and required other activities of the Authority.

    Selected firms will be expected to negotiate a three (3) year contract to include fiscal years 2006 through 2009 with options to renew if both the Authority and the firm agree. The Authority’s fiscal year is October 1 - September 30.

    The Authority will decide the number of firms selected and the division of duties during the selection process. The Authority retains the right to, at any time, adjust or modify such retention, division of duties, and the terms of engagement.

    The Housing Finance Authority of Pinellas County, is a separate public body corporate and politic authorized by Chapter 159, Part IV, Florida Statutes and created by the Board of County Commissioners of Pinellas County, Florida by Ordinance No. 82-32 adopted on the 12th day of October, 1982 and as codified as Division 8, Section 2-386 through 2-410 of the Pinellas County Code.

II. BACKGROUND

    The Authority accounts for its activities through the use of enterprise funds. These funds include the General Fund and Bond Program Fund. The Bond Program Fund is organized into two separate funds; Master Indenture Single Family Bond Programs and Other Single Family Bond Programs. Operating activities are accounted for in the General Fund. The Authority is considered to be a “special purpose government engaged only in business-type activities” and

    therefore presents its financial information using enterprise funds under GASB 34. Accordingly, the Authority presents fund financial statements as defined in GASB 34. Additionally, under GASB 34 the General Fund and the Bond Program Fund are each considered major funds.

    From time to time, the Authority has issued revenue bonds to finance the construction or acquisition of multifamily housing developments that are intended for occupancy in part by

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    persons of low, moderate, or middle income. The Authority, the State, nor any political subdivision

    thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not

    reported as liabilities in the accompanying financial statements. The Authority’s operating budget

    for the 2005/2006 fiscal year is $539,287.

    III. SCOPE OF SERVICES

A. Test the trial balances prepared by the Authority for each Single Family Issue that

    captures the amount deposited, withdrawn, or transferred by the Trustee under the

    provisions of the applicable indenture. Perform an audit of the General and Bond Funds

    in accordance with auditing standards generally accepted in the United States of

    America and standards applicable to financial statement audits contained in

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

    Prepare the combining balance sheet for the General Fund and the Bond Program

    Funds, the combining balance sheet for the Bond Program Funds, the combining

    statement of revenues, expenses, and changes in net assets for the General Fund and

    Bond Program Funds, the combining statement of revenues expenses and changes in

    net assets for the Bond Program Funds, statement of cash flows, notes to basic

    financial statements, and required supplementary information to be organized into an

    audit report that complies with Government Auditing Standards and rules of the Auditor

    General of the State of Florida, Chapter 10.550 as amended.

B. When required by the Section 215.97, Florida Statutes, Florida Single Audit Act,

    complete an audit of the schedule of expenditures of State Financial Assistance for the

    State Housing Initiatives Partnership program of the Authority in accordance with

    auditing standards generally accepted in the United States of America and standards

    applicable to financial statement audits contained Government Auditing Standards

    issued by the Comptroller General of the United States and rules of the Auditor General

    of the State of Florida Chapter 10.550 as amended.

C. Complete arbitrage liability computations on Single Family and Multifamily Bond Issues

    when requested. Computations will be completed as determined by the Authority or the

    Trustee.

D. Audit reports required under A & B of this section will be electronically submitted in PDF

    format no later than December 31, following the fiscal year being audited.

E. Special audits or projects as directed by the Authority. Report due dates will be

    determined at the time of the assignment.

    F. Complete timely reviews of any analysis prepared by the Authority’s accounting staff

    that will effect the financial statements in order to expedite the process during the audit

    period. Provide technical assistance to the Authority’s accounting staff in implementing

    generally accepted accounting principles and any other task that will facilitate an audit

    report that complies with Government Auditing Standards. Assist in setting up the

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    proper fund/s for accounting for new activities taken on by the Authority. Any other

    matters where a professional accounting opinion is required.

    III. REQUIRED INFORMATION

Bidders must provide the information in sequential order as described in this section. Bids

    may be submitted for A through C or any combination thereof. The services listed under E

    will be priced according to the nature of the assignment and a fee schedule agreed upon.

    Specify in this section the specific part(s) of the scope of services on which you are bidding.

    All information relating to the scope of services on which you are bidding must be provided

    in your proposal or the bid may be disqualified.

A. Discussion of your firm’ experience in the following:

    1. Tax Exempt Single Family and Multifamily Revenue Bonds

    2. Taxable Single Family and Multifamily Revenue Bonds

    3. State Housing Initiatives Partnership Program (Florida Single Audit)

    4. Arbitrage Liability Computations on Single Family and Multifamily Bond Issues

    5. General Audit Experience

B. Your firm's ability to conduct work within Pinellas County and outside Pinellas County as

    necessary, in the circumstances; and availability of key personnel for consultation and

    discussion upon what may, at times, be short notice.

C. Current resumes and work experience of the individuals who will be assigned to the

    account, their location, and their availability. Please indicate if the person is employed

    full or part time. Describe your firm’s policy of notification of changes in key personnel.

D. Fee quotes and schedules

    1. Fee quotes for the specific part(s) of the scope of service in your proposal are

    required. Fee quotes must be separate for the activities described in items A, B, and

    C, in Section III, Scope of Services. Quotes for item C should be per issue.

    2. Fee schedule for each position description in your firm including partner(s).

    3. An estimate of itemized administrative costs.

E. Proposed audit plan and work schedule. Describe the supervision of personnel that are

    not certified that may be assigned to complete tasks that are not clerical in nature.

    Describe your audit review process prior to the release of the draft report.

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F. Three (3) current references for items A, B, or C of the scope of service in your proposal.

    Provide one (1) sample work product for each specific part of the scope of service in

    your proposal that you completed for a reference you listed.

G. Provide a summary of any inquiries, investigations or litigation occurring during the past

    three years (including those in progress) regarding the conduct of your firm, your firm's

    management, or any employee or official (current or former) associated with your firm.

    Describe any related actions taken against your firm or employees by any federal, state,

    or municipal governmental entity or court or any regulatory authority, including fines,

    suspensions, or censure.

H. Describe your firm's structure, size, and methods of operation, including limits of the

    firm's professional liability insurance coverage.

    I. State the date and result of the firm’s most recent peer review conducted under the

    AICPA's Peer Review Program. Please include a copy of the reviewing firm's report.

J. Statement on the firm’s ability to work with QuickBooks accounting software.

K. Provide a statement describing how providing the performance services to the Authority

    does not create any potential or actual conflicts of interest relating to other clients or

    customers of your firm or former or current officers and employees of the Authority.

    IV. MISCELLANEOUS

A. The Authority shall have no financial obligation to make any reimbursement or

    compensation with respect to any charges or costs in preparing or submitting any

    proposals hereunder, or in preparing for or attending any subsequent interviews.

B. The Firm shall make its working papers available to the Authority at reasonable times

    and places upon request.

C. The Firm shall be available to meet with the Authority and its staff or advisors, and to

    attend such other meetings as may be requested by the Authority or its staff at no

    additional charge to the Authority. At a minimum, the firm is expected to make the

    presentation of the audit to the Authority and make periodic onsite visits

D. The Authority reserves the right to waive informalities in any firm, to reject any or all of

    the firms in whole or in part, with or without cause or for any reason, or for no reason,

    and to waive strict compliance with specifications, and/or to accept the firm that, in its

    best judgment, will be in the best interest of the Authority.

E. Inquiries shall be directed to the Authority's Senior Accountant, Richard Perkins at 727-

    464-8202 or by email to rperkins@pinellascounty.org. Firms and their

    representatives are not to contact the Housing Finance Authority Board members

    or the audit committee after the release of the RLI or during the selection process.

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F. The Authority reserves the rights to the following:

    1. Amend, modify, withdraw, or revise any requirements of the RLI.

    2. Require supplemental statements or information from any responding party.

    3. Accept or reject any or all responses hereto.

    4. Negotiate or hold discussions with any bidder and correct deficient responses that

    do not completely conform to the instructions contained herein.

    5. Cancel, in whole or in part, this RLI if the Authority deems it in its best interest to do

    so.

    6. In the event that an accounting firm that is selected by the Authority later merges

    into, or is otherwise acquired by another accounting firm, the Authority reserves the

    right to re-evaluate, and terminate the subject accounting entity.

    7. By submitting a proposal the firm agrees that the Authority may exercise the

    foregoing rights at any time without notice and without liability to any bidder or any

    other party for its expenses incurred in the preparation of responses hereto or

    otherwise.

    8. The Authority’s Board of Directors reserves the right to accept or reject the

    recommendation of the audit committee with or without cause.

G. Nothing stated at any time by any representative of the Authority will effect a change in,

    or constitute an addition to, this RLI unless confirmed in writing by the Authority.

H. The Board of Directors will announce its selection of firm(s) at a public meeting.

    Respondents will be notified of the date and time of such meeting.

I. The selection process is not complete until the selected firm(s) has executed a contract

    that is prescribed by the Authority.

    V. METHOD OF EVALUATION OF PROPOSALS

An evaluation system will be utilized to review the proposals. Firms will not be penalized

    because they did not bid on each activity outlined in the Scope of Services. The factors

    depicted below will be considered, however, they are not listed in order of importance.

A. All factors listed in Section III under required information

B. Samples of work products

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    C. Oral Presentations if required

    Please submit ten (10) copies of your proposals and related information to:

    Deborah Halstead, Administrative Secretary

    Housing Finance Authority of Pinellas County

    600 Cleveland Street, Suite 800

    Clearwater, FL 33755-4159

    All proposals should be clearly marked “Financial Services Proposal”

RESPONDENTS MUST SUBMIT TEN (10) COPIES OF THEIR PROPOSAL TO THE

    AUTHORITY FOR RECEIPT NO LATER THAN NOON EST, FRIDAY, DECEMBER 16, 2005.

PROPOSALS SUBMITTED BY FACSIMILE WILL NOT BE ACCEPTED.

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    VI. SCHEDULE OF SINGLE FAMILY BOND ISSUES AS OF SEPTEMBER 30, 2004

    Series Type Principal Principal Balance

    Maturity Outstanding

    Single Family Master Indenture

    1998A Serial 2006/2012 2,495,000

    Term 2006/2030 7,700,000 1998C Serial 2006/2012 1,055,000

     Term 2006/2029 8,250,000 1999A Serial 2006/2013 2,385,000

     Term 2005/2031 9,047,684 1999B Serial 2008/2014 2,415,000

     Term 2007/2031 9,043,273 2000A Serial 2005/2012 1,320,000

     Term 2014/2031 5,137,032 2000B Serial 2005/2016 915,000

    Term 2021/2031 3,205,485 2001A Serial 2005/2014 2,815,000

    Term 2021/2032 16.660,000 2001B Serial 2005/2014 2,615,000

    Term 2021/2032 10,700,000 2002A Serial 2005/2013 1,330,000

    Term 2015/2033 12,410,000 2002B Serial 2005/2015 2,750,000

    Term 2022/2034 17,480,000 2003A Serial 2005/2017 2,335,000

    Term 2023/2034 11,985,000 2003B Serial 2005/2017 2,170,000

    Term 2023/2035 11,830,000 2004A Serial 2005/2014 1,260,000

    Term 2026/2035 19,825,000

    Other Single Family Issues

    1995A Refunded during fiscal year 2005 1996A Serial 2005/2007 355,000

    Term 2026/2029 8,205,000 1997A Serial 2005/2009 995,000

    Term 2018/2029 8,010,000 1997C Serial 2005/2009 905,000

    Term 2018/2029 8,365,000 2004 Draw Note 2014 $137,474,295

    In fiscal 2005 the Authority issued the 2005A and 2005B issues both of which nd mortgages. The amount of these issues are $20,425,000 have unsecured 2

    and $15,280,000 respectively.

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