B.3.06 Tendering Audit Financial and Insurance

POLICY

Tendering for audit, financial and insurance services follows the same general rules which govern all tendering and procurement. Additional considerations when selecting a tender will be:
 

Financing 

• Presence of a branch of the financial institution in the same community as the Board’s head office.
• Ability to provide the required range of automated transfers and direct deposits.
• Knowledge of the financial requirements of a District Services Board.
   

Audit 

• In depth knowledge of the financial requirements of a District Services Boards or other municipal government structures.
• Ability to meet with the Board at the Board’s Head office location with short notice.
   

Insurance 

• A decision based on price, coverage and service provided on claims.
• Tendering process will include the search for broker.
   

PROCEDURE

Proposed Scheduling 

• Establish a tendering schedule for audit services on a maximum cycle of eight years with the next tender to go out in 2030 following completion of the prior year audit.
• Establish a tendering schedule for banking service on a maximum cycle of eight years cycle with the next tender going out in 2023.
• Establish a tendering schedule for Insurance services on a maximum cycle of five years with the next tender going out in 2026. Due to legislated requirements under the Housing Services Act, the tendering process will include all Social Housing Properties but they will be quoted separately from all other DSB properties.

This would spread out the work of the CAO and Director of Finance related to these activities.