FI-25-AUDIT-1-RFP.pdf

REQUEST FOR PROPOSALS

INDEPENDENT AUDITING SERVICES OF

FINANCIAL STATEMENTS

FI-25-AUDIT-1-RFP

July 1, 2025

Request for Proposals Page 2 of 19 July 1, 2025

E-470 PUBLIC HIGHWAY AUTHORITY

INDEPENDENT AUDITING SERVICES OF FINANCIAL STATEMENTS

1. INVITATION TO PROPOSE.

A. Invitation.

1. The E-470 Public Highway Authority (“Authority”) hereby invites and solicits Proposals in response to this Request for Proposals (“RFP”) for independent auditing services for financial statements as described below, to be received by the Authority until 2:00 p.m. on Tuesday, July 22, 2025. Proposals will not be publicly opened and read. Proposers to this RFP must have demonstrated ability in auditing governmental financial statements including single audits and capital project accounting.

2. No pre-Proposal meeting will be held for this RFP.

3. Proposals requirements and Proposal packages are available on the Rocky

Mountain e-Purchasing site (“BidNet”) at www.bidnetdirect.com. Proposals must be submitted in full, with all required documents and should be titled "(Vendor Name) Solicitation Number – (Project Title).” The Authority uses the Submission Form Structure within BidNet, which requires Proposers to submit each item individually based on the form structure required within BidNet on or before the submission deadline of Tuesday, July 22, 2025 at 2:00 p.m. All questions submitted pursuant to Paragraph 4.C. of this Request for Proposals must be submitted by Tuesday, July 8, 2025 at 2:00 p.m.

B. Background.

The E-470 Public Highway (E-470) is a public highway that forms a semicircular beltway along the eastern perimeter of the Denver metropolitan area. The 75 mile-per-hour toll road extends 47 miles from State Highway C-470 at I-25 in Douglas County, to I-25 at Northwest Parkway in Thornton. E-470 travels through three (3) counties and five (5) municipalities.

The Authority is a corporate body and political subdivision of the State of Colorado, established in January 1988. The Authority has the powers, duties, and privileges of a public highway pursuant to the “Public Highway Authority Law,” C.R.S. 43- 4-501, et seq. Under the Public Highway Authority Law, the Authority has the power to construct, finance, operate, or maintain public highways within and without the boundaries of the Authority; take private property by condemnation;

establish and collect tolls on any public highway provided by the Authority;

establish and collect a highway expansion fee from persons developing property http://www.bidnetdirect.com/

Request for Proposals Page 3 of 19 July 1, 2025 within the boundaries of the Authority; and issue bonds and pledge its revenue to payment of bonds along with other powers as specified within the Public Highway Authority Law.

E-470 has been financed, constructed, operated, and governed by the Authority since its inception. E-470 was constructed and opened in segments from 1991 to 2003. Segment I of E-470, I-25 South to Parker Road, was opened to traffic in June 1991. The northern portion of Segment II, 56th Avenue to 120th Avenue, and the southern portion of Segment III, Parker Road to Smoky Hill Road, opened to traffic in July 1998. In May 1999, the remaining portions of Segments II and III, Smoky Hill Road to 56th Avenue, were opened to link the already operational north and south sections of E-470. Segment IV, the final segment of the E-470 toll road, was opened in two sections. The first, from 120th Avenue to U.S. Highway 85, opened in August 2002; the second, from U.S. Highway 85 to I-25 North, opened in January 2003. The four-lane toll road (with 20 miles consisting of six lanes) has been designed to accommodate future widening up to eight lanes and to allow for the addition of continuous recreation paths.

The Authority provides two (2) options for toll payments – ExpressToll® and License Plate Toll (LPT®). ExpressToll® is an electronic system that allows drivers to pass through mainline tolling points and ramps on any Colorado toll facility without stopping. ExpressToll® customers pay less in tolls on E-470 compared to LPT® with tolls incurred being automatically deducted from the customer’s prepaid account. LPT® customers are all customers that do not have an ExpressToll® account. LPT® customers are generally billed monthly for all accumulated toll transactions through any tolling points (mainline and ramps) on most Colorado toll facilities. Cameras photograph the front and rear license plates of all vehicles and, if the vehicle does not have an ExpressToll® account, a statement (bill) is sent to the registered owner of the vehicle. No advance registration is required.

The Authority provides various back-office tolling services to the Northwest Parkway (NWP), High Performance Transportation Enterprise (HPTE), a division of CDOT, and HPTE’s concessionaire, Plenary Roads Denver, LLC (Plenary) for their tolled facilities in Colorado. E-470’s tolling back office, labeled and marketed with the ExpressToll®+ logo, currently serves all customers on managed toll facilities (HOV and Express lanes), allowing customers to manage only one account and ensuring a seamless customer experience, regardless of which Colorado toll facility is used. The tolls collected and remitted on behalf of other entities are not included in the basic financial statements of the Authority. Costs incurred are recovered by tolling services revenues charged to NWP, HPTE, and Plenary for their share of toll collection costs that are included in operating expenses on the statement of revenues, expenses, and changes in net position. The Authority has provided several other services to HPTE and Plenary including, but not limited to, integrating and installing toll equipment, toll collection system enhancements and modifications, and system testing and go-live support. The

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Authority has been providing back-office services to CDOT since 2006 and to the NWP, since 2004.

The Authority only engages in business-type activities and intends to recover all related costs through user fee charges (tolls) to external customers for services provided. The Authority reports its business-type activities in a single enterprise fund. The Authority’s basic financial statements include comparative statements of net position, statements of revenues, expenses, and changes in net position, and the statements of cash flows. Also included are the notes to the basic financial statements that provide more detailed information. These basic financial statements are prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB).

C. Scope of Work and Requirements for Services.

1. General

The Authority seeks the services of a qualified firm of certified public accounts to audit its financial statements for the fiscal year ending December 31, 2025, with the option to audit the Authority’s financial statements for each of the three (3) subsequent fiscal years. These audits are to be performed in accordance with the provisions contained in this

RFP.

The Authority has previously contracted with independent auditing companies to serve the Board of Directors. At the discretion of the Board of Directors, the Authority is requesting Proposals for this service on a multi-year basis. It is the intent of the Authority to establish an agreement for services that are cost-effective, performed timely, and are of a high quality of professional expertise. Prior year Annual Comprehensive Financial Reports (“ACFR”) and other pertinent financial reports are located at https://www.e- 470.com/about-us/investor-relations/.

2. Scope of Work to Be Performed and Services to be Provided

The project scope involves the professional services customarily provided by an independent auditor to a public authority of the size and scope commensurate to that of the Authority and shall include, but not be limited to, the following:

a. Preparation of an Independent Auditor’s Report as an expression of an audit opinion in conjunction with a full-scope audit of annual financial statements stating the scope of examination and that the audit was conducted in accordance with generally accepted government auditing standards as well as all applicable federal and state laws and provisions.

b. Participate in the annual audit planning session and work with Authority staff to establish a calendar, prepare by client list, staff assignments, and work paper format.

https://www.e-470.com/about-us/investor-relations/ https://www.e-470.com/about-us/investor-relations/

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c. Express an opinion on the fair presentation of the respective financial position of the Authority’s activities (governmental, business-type), each major fund, and aggregate remaining fund information, and the respective changes in financial position and cash flows, where applicable, thereof, and the respective budgetary comparison for the basic financial statements in conformity with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB), as well as perform limited procedures of the Authority’s Revenue Covenant.

d. Provide a report on internal control over financial reporting and on compliance and other matters based on an audit of the basic financial statements.

i. Review and report on control deficiencies, significant deficiencies, and/or material weaknesses in internal control.

ii. Report on non-material weaknesses in internal control, non-material violations in finance related legal and contractual provisions, and recommendations for financial and program management improvements discovered while providing the service above, in the form of a letter to management. A preliminary draft of the management letter shall be presented and discussed with Authority staff at the close of field work.

iii. Review supplementary information required by the Governmental Accounting Standards Board included in the Annual Comprehensive Financial Report.

iv. Review the Authority’s Annual Comprehensive Financial Report, including footnotes, and make recommendations for improvements to ensure the quality of the report in accordance with the Certificate of Achievement for Excellence in Financial Reporting program outlined by the Government Finance Officers Association

(“GFOA”).

e. Audit work papers and reports must be retained for at least three (3) years, at the auditor’s expense, and available for examination by authorized representatives of the federal cognizant or oversight agency, federal agencies providing direct or indirect funding, the Governmental Accountability Office and the auditee. In addition, the firm shall respond to the reasonable inquiries of successor auditors and allow successor auditors to review working papers relating to matters of continuing accounting significance.

i. The auditor’s personnel shall be available to Authority staff for answering questions or advising the Authority on various accounting, tax, and employee benefits matters that may arise from time to time, throughout the term of the Contract.

f. The audit partner must attend an Audit, Finance, and Budget Committee meeting in May and a Board of Director’s meeting in June of every year to present the financial report and results of the audit to the Board members.

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g. The auditor will, in planning and performing their audit, consider the Authority’s internal control over financial reporting to determine their auditing procedures for the purpose of expressing their opinion on the financial statements. Also, the Auditor, as part of obtaining reasonable assurance about whether the Authority’s financial statements are free of material misstatement, will perform tests of the Authority’s compliance with certain provisions of laws, regulations, contracts, and grant agreements. The Auditor will issue an independent report on internal control over financial reporting and on compliance and other matters based on their audit of the financial statements performed in accordance with the Government Auditing Standards. The purpose of this report will be to describe the scope of the Auditor’s testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance.

h. The Auditor will apply certain limited procedures to Management’s Discussion and Analysis (MD&A) supplementary information regarding the methods of measurement and presentation.

i. Deliverables

i. Ten (10) bound copies of independent auditor’s reports, MD&A, Basic Financial Statements and other supplementary information.

ii. Secured and unsecured electronic copies of the Financial Report.

iii. Detailed Audit Plan

iv. List of Required Schedules to be prepared by Authority staff

v. Management Letter

3. Schedule and Review Requirements

The following is an anticipated auditing schedule for each year; and it may vary at the Authority’s discretion. The awarded firm should anticipate up to two (2) additional interim committee sessions; ACFR review session with the committee; and attendance at the Board of Director meeting the ACFR is presented.

Work Activity Anticipated On or About

Interim Work Last week of October Confirmations – Bank January Confirmations – Other (Scope and Selection provided by Auditors, Confirmations prepared by Staff)

January

Work Papers Prepared and Statements Drafted by Authority Staff

Last week in March

Onsite Audit Work Beginning Last week in March Draft Management Letter 3rd week in April Opinion Letter 1st week in May Draft Presentation to Committee 3rd week in May Completed ACFR Presented to Board 2nd week in June Submission to State (Authority staff) 4th week in June

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The audit and ACFR must be completed by May 15th of each year to accommodate the ACFR being presented to the respective Committee and Board.

4. Participation in Other Financial Projects (on an as needed basis)

i. Support staff on an as needed basis on investment analysis.

ii. Support staff on an as needed basis on bond analysis.

iii. Other financial and accounting technical nature of topical concern for fiscal reporting.

2. DEFINITIONS.

For purposes of this Request for Proposals the following terms are assigned the following meanings unless the context otherwise requires:

“Contract” shall mean a contract in substantially the form attached hereto, including all attachments and exhibits thereto. The anticipated term of this contract is for a period of one (1) audit (fiscal year ended 2025) with the option of a three (3) year renewal period. The Authority has a requirement to submit the completed audit report to the State of Colorado by June 30th each year, hence the Contract term is set to expire on June 30, 2026, with the option for a three (3) year renewal period.

“Proposer” means the prime Contractor acting for itself and those individuals, partnerships, firms, or corporations comprising the Proposer’s team by subcontract or other agreement.

“Proposal” means the complete response of the Proposer to this Request for Proposals, including, but not limited to any statement of qualifications, technical proposal and price proposal, and supporting documentation.

All capitalized terms used herein and not defined herein shall have the meanings ascribed to them as provided in the Contract.

Unless the context shall otherwise clearly require, all words used herein in the singular form shall extend to and include the plural and all words used in the plural form shall extend to and include the singular. All words used in any gender shall extend to and include all genders.

3. METHOD OF AWARD: BEST EVALUATIVE SCORE BASED ON WRITTEN

RESPONSE AND ORAL PRESENTATION (CONTENTS OF PROPOSAL).

A. Statement of Qualifications.

1. General.

a. The Authority will determine whether a Proposer is qualified to perform the services required in this Request for Proposals based on the Proposer’s

Request for Proposals Page 8 of 19 July 1, 2025 experience and capabilities. The Proposer shall provide the necessary experienced personnel, facilities and resources to support the services and activities required by this Request for Proposals.

b. Minimum Required Skills and Experience: Proposers must provide documentation that clearly demonstrates each Minimum Qualification (MQ) listed below has been met. Minimum Qualification documentation should be clearly marked as “MQ1”, MQ2”, etc.… to indicate which MQ it supports. Each Proposal will be reviewed for initial determination on whether Proposer meets the MQs referenced in this section. This screening is a pass or fail determination and a Proposal that fails to meet the Minimum Qualifications will not be eligible for further consideration in the evaluation process. The Authority reserves the right to request clarifications from Proposers prior to rejecting a Proposal for failure to meet the Minimum Qualifications.

c. Firm Minimum Qualifications

MQ# Description MQ# 1 Evidence that Proposer has five (5) years of experience within the last ten

(10) years with auditing the construction phase of a large capital project and the ensuing operational phase of the facilities.

MQ# 2 Evidence that Proposer has five (5) years of experience within the last ten

(10) years with auditing agencies that do not receive federal, state, and local funding and debt financing.

MQ# 3 Evidence that Proposer has five (5) years of experience within the last ten

(10) years with auditing tolling transactions.

MQ# 4 Evidence that Proposer has five (5) years of experience within the last ten

(10) years with auditing transportation projects.

d. Audit Partner & Audit Manager Minimum Qualifications

MQ# Description MQ# 1 Evidence that Proposer has five (5) years of experience within the last ten

(10) years in auditing governmental agencies.

MQ# 2 Evidence that Proposer is a Certified Public Accountant in good standing with

Colorado Board of Accountancy.

MQ# 3 Evidence that Proposer has five (5) years of knowledge and experience within the last ten (10) years with generally accepted accounting principles.

MQ# 4 Evidence that Proposer has five (5) years of knowledge and experience within the last ten (10) years with generally accepted auditing standards and Government Auditing Standards.

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2. Written Submittal

a. Introduction and Executive Summary (5-page limit)

Submit a letter of introduction and an executive summary of the Proposal. The introductory letter must be signed by a person or persons authorized to obligate the firm (or firms if a joint venture) to honor the commitments set forth in the Proposal and to verify the accuracy of the information included in the Proposal.

Submission of the introductory letter will constitute a representation by the firm or joint venture that it is willing and able to successfully perform the Work, and that all information contained in the Proposal is true, correct, and not misleading.

b. Management Approach and Technical Proposal (15-page limit)

Provide a detailed description of how the Proposer would approach the work, analyze, and solve the problems, and ensure that its solutions would be effective. Proposer should outline its anticipated approach for each element of work identified in the Work. The approach should be consistent with the objectives and requirements set forth in the RFP and should address how Proposer will provide the Work immediately upon execution of a contract.

Proposers’ description of their company business plan and management approach should be a narrative. The Authority expects Proposers to tailor their services to meet the needs of the Authority.

The response should include at least the following:

i. Organizational chart showing Proposer’s overall staffing approach for completing the required work.

ii. Provide a general statement of the firm’s total size, as well as staff size of the local or regional office proposing to perform the Work.

iii. Description of the proposed staff that would provide the Work. Identify the Proposer firm’s representatives designated as the Audit Partner and Audit Manager, and other key team members such as associates;

describe the role each will play in providing the Work; clearly show the extent and nature of the involvement of the key individuals who would provide the Work.

iv. Declaration of Proposer’s ability and willingness to commit and maintain staffing, both number and level, to successfully conclude the engagement being proposed. Identified key individuals may not be substituted with other personnel or reassigned to another project without the Authority’s prior approval.

v. Description of Proposer’s approach to providing the Work. Proposers should demonstrate an understanding of the engagement requirements, approach to the Work specifically addressing the requirements and approach to analyzing account balances and transactions. Provide a

Request for Proposals Page 10 of 19 July 1, 2025 statement of any special areas of expertise or special audit approaches that are planned for use on the proposed engagement. Describe how the Proposer would tailor its services to meet the needs of the Authority by summarizing the estimated audit hours for the contract term by staff level (e.g., partner, manager, senior). Include the firm’s approach to avoiding conflicts of interest and prioritizing client interests.

vi. Proposer’s ability to provide documents to the Authority that are compliant with the World Wide Web Consortium (W3C) Web Content Accessibility Guidelines (WCAG) version 2.1 levels A and AA or any other means or methods the Proposer uses to provide documents in an accessible format.

c. Relevant Experience and Past Performance (15-page limit)

Provide a narrative description of Proposer’s company history, experience, and qualifications in providing auditing services to a governmental organization similar to the Authority. The narrative should clearly describe how Proposer meets the minimum qualifications.

Provide a list of local governmental agencies and relevant industry clients from the past five years. Indicate each organization’s name and address, contact person, phone number, email address, nature of services provided, dates of engagement, and the names of the Proposer firm’s staff who worked on these engagements. Describe the firm’s abilities to manage and coordinate the entire audit group and to provide sufficient staff resources to examine a substantial percentage of the total assets, liabilities, revenues, and expenses of the Authority.

The experience and qualifications of the key personnel who directly provide Work will be evaluated. Provide key staff names, titles, business addresses, phone numbers, email addresses, and brief resumes describing the relevant qualifications and work experience. (The length of resumes must be shortened, if necessary, to avoid exceeding the maximum page limit established for this section.) Include experience in auditing in general and experience in auditing governmental entities, large capital projects, tolling transactions, and transportation entities. Also include each key individual’s education and attendance at required training programs.

Include any additional information that demonstrates Proposer's qualifications to perform the Work and successful completion of similar services for other entities.

d. Legal Entity Documentation (no page limit)

The Proposer shall furnish a description of the legal entity and documentation regarding formation of (corporation, joint venture, partnership, or other

Request for Proposals Page 11 of 19 July 1, 2025 association) proposed to perform the services required under this Request for Proposals. If an Association, state which entity is primarily responsible for the Work. The Proposer must be authorized to do business in the State of Colorado and comply with all applicable laws and regulations of the State of Colorado. The Proposer shall provide complete documentation of proper incorporation, registration, licensing, certification, etc. as required for the entity to legally perform the services required.

3. References (No page limit.)

The Proposer shall provide five (5) professional references and the name and address of client(s), name and phone number of its representative responsible, the period during which work was conducted, the current status, a description of the work done by the Proposer, the approximate cost and the contractual arrangement (i.e., cost-type, fixed price). The Proposer shall be deemed to grant approval to the Authority to contact all persons and entities whose identities are provided and ask questions deemed relevant by the Authority.

B. Financial Statement.

1. The Proposer shall provide a narrative which describes the Proposer’s business structure and financial viability. The Proposer and each joint venture and Association member, if any, shall provide its two most current financial statements (the latest one not more than 12 months old). The financial statement shall be audited by an independent certified public accountant. The financial statement shall include, but not be limited to, an Opinion of the Certified Public Accountant on the statement(s), a Balance Sheet, an Income Statement, a Statement of Cash Flows, Notes to Financial Statement(s), a Statement of Direct (Operational) Costs and a Statement of Indirect (General and Administrative) Costs and other financial information necessary for the Authority to determine financial adequacy of the Proposer.

C. Price Proposal.

1. The Proposer shall submit a Price Proposal that provides the Authority with an offer to perform the Work for the Project for which this Request for Proposals is issued.

2. A Price Proposal will be considered irregular and may be rejected if it shows omissions, alterations of form, additions not called for, conditional or unauthorized alternate bids, irregularities of any kind, or if the unit prices are obviously unbalanced, either in excess of or below the reasonable cost analysis values.

3. The Price Proposal should clearly identify any anticipated out of pocket costs or reimbursable expenses; such costs should be identified in the total proposed budget. Proposers should identify any assumptions or limiting conditions in the fee proposal and budget.

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The Authority will select the Proposal that represents the best value to the Authority, balancing qualifications, approach to providing services, and price in the Authority’s sole discretion.

D. Proposal Submission Requirements.

1. Proposals by corporations must be executed in the corporate name by a corporate officer, accompanied by evidence of authority to sign, and the corporate seal must be affixed and the signatures attested by the secretary or an assistant secretary. The corporate address and state of incorporation shall be shown below the signature.

2. Proposals by partnerships must be executed in the partnership name and signed by a partner accompanied by evidence of authority to sign and whose title must appear under the signature, and the official address of the partnership must be shown below the signature.

3. Proposals by sole proprietorships and joint ventures shall be signed by each proprietor or by each participant in the joint venture or by an authorized agent of each participant.

4. The names of all persons signing Proposals must also be legibly printed or typed below the signature. A Proposal by a person who affixes to his signature the word “president,” “secretary,” “agent,” or other designation without disclosing his principal may be held to be the Proposal of the individual signing. Evidence of the authority of the person signing shall be furnished.

5. The Proposal shall contain an acknowledgment of receipt of all addenda, the numbers of which shall be inserted on the Proposal.

6. No alterations in Proposals, or in the printed forms therein, by erasures, interpolation, or otherwise will be acceptable unless each such alteration is signed or initialed by the Proposer; if initialed, the Authority may require the Proposer to identify any alteration so initialed. No alteration in any Proposal shall be made after the time designated for the receipt of Proposals.

7. The address to which communications regarding the Proposal are to be directed must be shown.

8. Each Proposal must include all information and documents required by this Request for Proposals. Failure to furnish all required information and documents may result in the rejection of the Proposal.

9. Proposals shall be submitted via BidNet, in accordance with Paragraph 1.A.3. above.

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10. Proposals shall be submitted to the designated location prior to the time and date for receipt of Proposals indicated herein, or the modified time and date indicated by addendum. Proposals received after the time and date for receipt of Proposals may be returned unopened. Proposer shall assume full responsibility for timely delivery at the location designated for the receipt of Proposals.

11. Oral, e-mail, telephone, telegraph, facsimile, or physical Proposals are invalid and will be rejected.

12. No Proposer may submit more than one Proposal for each portion of the proposed Work. Multiple Proposals under different names will not be accepted from one Proposal.

4. NOTIFICATIONS, REQUIREMENTS AND CONDITIONS.

A. Proposer Notification.

1. Proposers are hereby notified that the Authority’s contracts are not subject to any of the formal processes, procedures, or legal requirements of the Construction Bidding for Public Projects Act, Sections 24-92-101, et seq., Colorado Revised Statutes.

2. Certain of the Authority’s contracts are subject to the Keep Jobs in Colorado

Act of 2013, part 1 of article 17 of title 8, Colorado Revised Statutes, in which case the Authority will consider preferences for employment of Colorado labor as required by the Keep Jobs in Colorado Act of 2013.

3. Evaluation of Proposals and, if the Authority so chooses, selection of a successful Proposer shall be performed in a manner which the Authority determines, in its sole discretion, to be in the Authority’s or public interest.

4. Proposers shall have no right to any administrative, legal, or other protest, appeal, or challenge of any matter or grievance in connection with the solicitation or award of any contracts, including the evaluation of Proposals and selection of a successful Proposer. In submitting a Proposal, each Proposer acknowledges that it shall bear all costs associated with the preparation and submission of such Proposal and that it shall under no circumstances have any right to recover the costs of such Proposal preparation from the Authority or any other costs, expenses, or damages in the event such Proposal is not accepted by the Authority.

5. In addition to the basis for rejection set forth in this Request for Proposals, the Authority reserves the right to reject any or all Proposals, to waive any and all informalities or technicalities, or to advertise for new Proposals if the Authority determines, in its sole discretion, that such actions are desired.

B. Examination of Contract and Proposal Documents.

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1. Before submitting a Proposal, each Proposer must (a) examine all

Proposal documents and the Contract thoroughly; (b) familiarize itself with local conditions that may in any manner affect cost, progress, or performance, or any other aspect of the proposed Work; (c) familiarize itself with federal, state, and local laws, ordinances, rules, and regulations that may in any manner affect cost, progress, or performance of the proposed Work; and (d) study and carefully correlate Proposal’s observations with the Contract and Proposal documents. Any visit must be coordinated with Briana Summers at (303) 537-3433.

2. The submission of a Proposal will constitute an incontrovertible representation by the Proposer that he has complied with each requirement of this Request for Proposals and that the Contract is sufficient in scope and detail to indicate and convey understanding of all terms and conditions for performance of the proposed Work.

3. If a Proposer discovers an error or omission in the Proposal documents or the Contract, the Proposer shall immediately notify the Authority and if the Authority agrees that an error or omission has been made, it may make any necessary revisions.

C. Interpretations.

1. All questions about the meaning or intent of the Contract or this Request for Proposals prior to Proposal submittal are to be submitted on BidNet. If you have issues with uploading your questions, please contact BidNet at 1-800-835-4603, for all technical and customer support. Any Bidder/Proposer submitting questions shall be responsible for ensuring that the questions are delivered no later than Tuesday, July 8, 2025 at 2:00 p.m., as identified in Section 1, A., Invitation to Propose, of this Request for Proposals. Any replies that the Authority elects to make will be made through the issuance of written addenda. Questions received after the cutoff date for receipt of questions will not be answered. Only questions answered by written addenda will be deemed to interpret the Contract or this Request for Proposals. Oral and other interpretation or clarifications will be without interpretive effect. Addenda will be posted to BidNet or e-mailed to all parties recorded by the Authority as having received this Request for Proposals. No addenda will be issued after the proposed date of final addenda, except an addendum, if necessary, postponing the date for receipt of Proposals or withdrawing the request for Proposals.

a. BidNet limits the characters available to input for the Authority to respond to each question. For this reason, multiple questions may not be submitted as a single question, as the Authority is unable to respond to multiple questions in the space provided. Because of this limitation, multiple questions per entry will not be answered. A multi-part question containing an initial question and a follow-up is the exception to this rule.

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2. The Authority may cancel this RFP or make any change to the RFP and/or Contract Documents at any time, and any change to the RFP or the Contract Documents made prior to the opening of Proposals will be issued by the Authority by addendum.

D. Basis for Rejection. Proposals will be considered irregular and may be rejected for any of the following reasons:

1. If the Proposal is not signed.

2. If there are unauthorized additions, conditional or alternate Proposals, or irregularities of any kind which may tend to make the Proposal incomplete, indefinite, or ambiguous.

3. If the Proposal fails to acknowledge in the Proposal the receipt of all addenda current on the date of opening of Proposals.

4. If the contractor submitting the Proposal is affiliated with another contractor that has submitted a Proposal on the same public project.

5. If the Proposer has been asked in writing to show why it should not be found in default on an Authority contract.

6. If the Proposal is in any way nonconforming, nonresponsive, or conditional.

7. Any other reason which the Authority, in its sole discretion, deems to be in its best interests.

E. Modification and Withdrawal of Proposals.

1. Withdrawal of Proposals prior to Proposal Submittal Deadline. Proposals submitted early (prior to the deadline established for submittal of Proposals) may be withdrawn by a potential Proposer prior to the Proposal submittal deadline. Withdrawal shall be effected by a Proposer, or its authorized representative submitting a written withdrawal request signed by Proposer or its authorized representative, via BidNet.

2. Withdrawal and Modification of Proposals following Proposal Submittal

Deadline.

a. Authority Identified Proposal Mistakes/Irregularities. If the Authority reviews a Proposal and believes a mistake has been made by a Proposer, the Authority may seek confirmation of the Proposal’s amount and content from the Proposer. If the Proposer fails to provide confirmation, in writing, within forty-eight (48) hours of the Authority’s request, the Proposal may be rejected by the Authority as non-conforming or deficient.

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b. Proposal Alleged Mistakes. Mistakes alleged by Proposers following the Proposal submittal deadline, and prior to Contract award, shall be alleged by the Proposer’s filing of a written “mistake statement.” The mistake statement shall describe in detail the nature of the mistake, potential consequences flowing therefrom, and shall suggest corrective action. The Authority will review a mistake statement and, in its sole discretion, may grant or deny the requested relief in the best interest of the Authority. The filing of a mistake statement does not in any way guaranty that the opportunity to correct the mistake will be granted by the Authority.

3. Except as expressly authorized by this Section, Proposals may not be withdrawn once they have been submitted to the Authority.

5. AWARD AND EXECUTION OF CONTRACT.

A. After the Proposals are opened, they will be evaluated by the Authority using the criteria outlined below.

Step One: Written Proposal

1. Satisfaction of Minimum Requirements Proposals will be evaluated to ensure that Proposer has demonstrated compliance with each of the requirements described in Section 3, Method of Award: Best Evaluative Score Based on Written Response and Oral Presentation. Any Proposal that does not meet the minimum requirements will be automatically rejected, and the selection committee will not evaluate the remainder of the Proposal.

2. Proposal Evaluation and Ranking Proposals that satisfy the minimum requirements will be scored as follows:

Evaluation Criteria Maximum Points Qualification & Experience of Proposer Firm 20 points Qualifications & Experience of Project Staff 20 points Audit Approach & Work Plan 25 points Quality & Content of Sample Financial Report 10 points Cost & Fee Schedule 10 points References 15 points

Step Two: Oral Interview The Authority may invite a short list of finalist Proposers (“Finalist Proposers”) to participate in oral interviews at a specified time, date, and location to be determined later.

The Authority shall impose a time limit for each oral interview. During the oral interview, the Finalist Proposers may be required to deliver a brief presentation and may be required to respond to questions from the selection committee, including questions concerning the Proposer’s Proposal and presentation. The proposed key individuals of the Finalist Proposer’s team will be expected to actively participate in the interviews and to respond to

Request for Proposals Page 17 of 19 July 1, 2025 the selection committee’s questions. The selection committee will assign points to each Finalist Proposer based on the oral interview up to a maximum of 50 points.

At the conclusion of the oral interviews, the selection committee will combine the scores for the Proposal and oral interview for each of the Finalist Proposers. The highest-ranking Finalist Proposer will be selected to negotiate an agreement with the Authority. In the event of a tie, the Authority may elect, in its absolute and sole discretion, to break the tie by conducting a tiebreaker between the tied Finalist Proposers.

If agreement cannot be reached with the highest-ranking Finalist Proposer as determined by the Authority staff in its sole discretion, then negotiations may be entered into with other Finalist Proposers in the order of their ranking. There shall be no binding agreement with any Finalist Proposer unless and until approved by the Authority’s Board of Directors, at its sole discretion, and signed by the parties.

B. If the Contract is awarded, the Authority intends that an award will be made within sixty (60) calendar days after Proposal opening.

C. In addition to the Authority’s right to reject any and all Proposals as provided herein, the Authority reserves the right to negotiate Contract terms.

D. If applicable, at the time of the execution of the Contract, the successful Proposer shall furnish a Payment, Performance, and Warranty Bond. Each bond shall be in a penal sum equal to the nearest integral one hundred dollars in excess of the contract amount. The bonds and security shall be acceptable to the Authority.

E. The Contract shall be signed and returned to the Authority by the successful

Proposer together with the Contract bonds (if applicable) and insurance certificates, within ten (10) working days after the date of award. The Contract will not be considered effective until it has been fully executed by all of the parties to the Contract. Execution of this Contract is subject to approval by the Authority’s Board of Directors.

6. MISCELLANEOUS.

A. Sales and Use Tax. The Authority is a political subdivision of the State of Colorado and is exempt from state sales and use tax on construction and building materials to contractors and subcontractors for use in construction of public works, in accordance with Sections 39-26-708(1) and 39-26-713(2)(d), Colorado Revised Statutes. Said state taxes shall not be included in the Proposal. In addition, Proposals should consider all similar sales and use tax exemptions made available by other applicable taxing entities.

B. Trade Secrets and Open Records Act.

1. Application of the Act. The Proposer acknowledges and agrees that all documents in the Authority’s possession or which the Authority has a right to have in its possession pursuant to this Request for Proposals, including documents submitted by the

Request for Proposals Page 18 of 19 July 1, 2025

Proposer, are subject to the provisions of the Colorado Open Records Act, Sections 24-72- 200.1, et seq., Colorado Revised Statutes (the “Open Records Act”), and the Proposer acknowledges that the Authority shall abide by the Open Records Act, including honoring all proper public records requests made thereunder. The Proposer shall be responsible for all costs incurred in connection with any determinations required to be made by a court, pursuant to the Open Records Act. The Proposer is advised to contact legal counsel concerning such acts in application of the Open Records Act to the Proposal.

2. Confidential or Proprietary Materials. If the Proposer deems any document(s) which it submits to the Authority to be confidential, proprietary, or otherwise protected from disclosure under the Open Records Act, then it shall appropriately label such document(s), and submit such document to the Authority together with a written statement describing the material which is requested to remain protected from disclosure and the justification for such request. This request will either be approved or denied by the Authority; however, the Authority will make a good-faith effort to accommodate all reasonable requests. The Proposer understands and agrees that, regardless of any position taken by the Authority or the Proposer, a court may order production of material deemed confidential, proprietary, or exempt from disclosure, and such a decision would be beyond the control of the Authority.

3. Redaction. In the event either the Authority receives a records request for the Proposals or any documents which the Proposer deems confidential, proprietary, or otherwise protected from disclosure under the Open Records Act and the Proposer desires to redact any portion thereof prior to the release of such documents, the Proposer must immediately submit an affidavit, along with such redacted documents, indicating that the redacted material is confidential financial information likely to cause substantial harm to the Proposer’s competitive position or such other justification as the Proposer has for withholding that information.

4. Stakeholder. In the event of litigation concerning the disclosure of any document(s) submitted by the Proposer to the Authority, or which the Authority has a right to have in its possession pursuant to this Request for Proposals, the Authority’s sole involvement will be as stakeholder retaining the document(s) or having a right thereto until otherwise ordered by the court, and the Proposer shall be fully responsible for otherwise prosecuting or defending any actions concerning the document(s) at its sole expense and risk. The Proposer shall be responsible for reimbursing the Authority for all costs, legal fees, and other expenses incurred by the Authority as the result of a request or decision by the Proposer that any materials submitted to the Authority be withheld from any request under the Open Records Act or similar law.

7. PROPOSED SCHEDULE. The following schedule is subject to change. Any change will be issued by addendum.

Proposal package available Monday, July 1, 2025 Cutoff date for receipt of questions Tuesday, July 8, 2025 before 2:00 PM Date for final addendum Friday, July 11, 2025

Request for Proposals Page 19 of 19 July 1, 2025

Proposals due Tuesday, July 22, 2025, before 2:00 PM Notification to potential most responsive Proposer

Friday, August 29, 2025

Anticipated Contract approval by the Authority Board, if necessary

Thursday, September 11, 2025

Anticipated notice to proceed Thursday, January 1, 2026 Contract Completion Date Tuesday, June 30, 2026

THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK

Request for Proposals June 30, 2025 Contract No. FI-25-AUDIT-1-RFP

ATTACHMENT 1

INDEPENDENT AUDITING SERVICES OF FINANCIAL STATEMENTS

CONTRACT NO. FI-25-AUDIT-1

STANDARD CONSULTING

CONTRACT

CONTRACT NO. FI-25-AUDIT-1

This CONTRACT (the “Contract”) for independent auditing services of financial statements is entered into effective as of _____________________, (the “Effective Date”) by and between the E-470 Public Highway Authority, a body corporate and political subdivision of the State of Colorado (the “Authority”), and ___________________ (the “Consultant”).

In consideration of the mutual covenants and stipulations contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

TERMS

1. CONTRACT DOCUMENTS. This Contract shall incorporate and include all of the following documents (if and as indicated), with such documents to be referred to herein as the “Contract Documents”. The Contract Documents are incorporated herein by this reference as if they are fully set forth in this Contract. In the event of a conflict between or among Contract Documents or between the Contract Documents and this Contract, the documents shall prevail in the order of their listing, in all such instances of a conflict, the terms of this Contract shall prevail over any other Contract Document.

A. Contract signed by the Authority and the Consultant and any amendments signed by the Authority, and the exhibits listed below and incorporated herein by reference:

1. Exhibit A Scope of Work

Included: Yes No

2. Exhibit B Insurance

3. Exhibit C Rate Schedule

4. Exhibit D Protection of Confidential Information and Data

B. Any other specifications which are referenced in the Contract Documents, above.

2. SCOPE OF WORK.

A. Work. The Consultant shall provide the services, including any and all necessary documentation, materials, and equipment, as described in Exhibit A (collectively, the “Work”). The Consultant shall be responsible for providing, at its cost and expense, all management, supervision, labor, materials, administrative support, supplies, and equipment necessary to perform the Work as required by this Contract and in accordance with the Contract Documents. Exhibit A may include milestones for completion of the Work and a schedule for meetings and/or review of Work performed, as applicable.

B. Additional Work. If the Authority provides the Consultant with a written request for services in addition to those listed in Exhibit A (the “Additional Work”), any Additional Work will be provided on a time and materials basis at the rates attached hereto as Exhibit C if applicable. Upon receipt of such a request, the Authority and the Consultant shall negotiate the scope of the relevant Additional Work, which shall be subject to the mutual written agreement of the Authority and the Consultant (the “Additional Work Order”). If the Consultant performs any Additional Work prior to or without receiving such an Additional Work Order, the Consultant shall not be entitled to any compensation for such Additional Work. The terms of this Contract shall apply to all Work and Additional Work performed by the Consultant during the term of this Contract.

3. COMPENSATION. The Authority shall compensate the Consultant for the Work, subject to the Authority’s annual appropriations and in accordance with and subject to all of the conditions in the Contract Documents for the lump sum of ___________________ Dollars ($___________________), or the not-to-exceed amount of ___________________ Dollars ($___________________) based upon the Rate Schedule set forth in Exhibit C (the “Compensation”). The Compensation includes all of the Consultant’s profit, costs (direct and indirect), overhead, and reimbursable expenses which the Consultant may incur in performing the Work. The Consultant is not entitled to any compensation, beyond the Compensation, for performing the Work. In the event the Authority desires to purchase goods from the Consultant which are not included within the not-to-exceed Compensation amount for this Contract, the Consultant may procure those goods only after the Authority signs and issues its standard form of Purchase Order.

A. Progress Payments. The Consultant shall submit monthly invoices to the Authority’s Finance Department for progress payments for portions of the Work satisfactorily performed during each preceding month during the term of the Contract.