NSPFC2024-01 - Nova Scotia Power Finance Corp RFP for Annual Audit Services

This Request for Proposals (the “RFP”) is an invitation by the Nova Scotia Power Finance Corporation Board (the “Board”) to prospective Proponents to submit proposals for the provision of Nova Scotia Power Finance Corporation (“NSPFC”) Audit of Financial Statements to support staff from the Nova Scotia Department of Finance and Treasury Board (“FTB”), as further described in the RFP Particulars (Appendix D) (the “Deliverables”). This RFP is being conducted pursuant to the Nova Scotia Sustainable Procurement Policy and Procurement Manual. The NSPFC has a March 31 fiscal year end. Its financial statements are used for monitoring the defeasance and repayment by Nova Scotia Power Incorporated (“NSPI”) of debt guaranteed by the Province of Nova Scotia. NSPFC holds notes payable by the NSPI in case of default of NSPC debt repayment. The guaranteed notes totaled approximately $200 million as at March 31, 2024. NSPFC has no employees and NSPI executes necessary transactions to create and maintain the defeasance portfolio. The monitoring of NSPI debt defeasance is performed by a board of directors, appointed by the Government of Nova Scotia, with staff support from the Nova Scotia Department of Finance and Treasury Board. The Corporation’s Board of Directors (the “Board”) is seeking the assistance of a qualified public accounting firm to conduct and report on the annual financial statements of the NSFPC for the 2024-2025, 2025-2026 and 2026-2027 fiscal years. The Board reserves the right to extend the agreement for an additional one (1) year period beyond the initial 3 year term.