El Paso employees trust authorizes request for proposals for annual audit; staff to fast-track selection

The City of El Paso Employees Retirement Trust on Aug. 20 approved issuing a request for proposals (RFP) for annual audit services and authorized staff to distribute a draft RFP immediately.

Robert Ash, the trust's executive director, said the Financial Oversight Committee (FOC) reviewed recent audits and recommended reissuing the audit engagement for proposals rather than automatically extending the current auditor. He identified timing pressure because the trust's fiscal year ends Aug. 31 and custodial-bank closing schedules push audit work into mid-October.

The draft RFP in the meeting backup designates evaluation factors emphasizing audit experience with other public pension plans and qualifications of audit staff. Staff said proposals would be solicited immediately with responses expected around Sept. 10; the FOC planned interviews and hoped to have an audit firm in place by October. Ash noted the trust remains under contract with Carr, Riggs & Ingram (CRI) and has not terminated the firm; the contract includes a termination-for-convenience clause and extensions made in 2024 mean CRI could continue if no alternative is selected in time.

Trustees discussed the need for a firm capable of meeting the city's timetable for consolidated reporting. Representative Fierro and others said seeking an RFP every several years is a best practice to obtain fresh perspectives and to assess the current firm's staffing and delivery capabilities. Trustees approved issuing the RFP on a motion recorded in the meeting and no member registered opposition.

Staff explained evaluation logistics and said cost would be one consideration but that the committee would weigh experience and capacity to deliver within the required timeframes. The motion to issue the RFP passed on a unanimous voice vote; staff will publish the RFP, receive proposals, and report back to the FOC and board.