Title
Amendment to Independent Audit Contract for Fiscal Year Ending June 30, 2024
PURPOSE: The purpose of this agenda item is to request Town Council approval for an $8,000 fee increase and an amendment to the Town’s audit contract to extend the audit submission deadline to the Local Government Commission.
end
DEPARTMENT: Finance
end
COUNCIL DIRECTION:
___ Race/Equity ____ Climate ____ Comprehensive Plan __X__Other
end
INFORMATION: The Town contracted with Mauldin & Jenkins, LLC to conduct an independent audit and prepare financial statements for the fiscal year ending June 30, 2024. The audit and financial statements were originally due to the Local Government Commission (LGC) by October 31, 2024, with a grace period extending to December 31, 2024. However, due to a late-season change in auditors, the audit did not begin until mid-December 2024. Additionally, the requirement to audit a single audit program resulted in an $8,000 increase in the audit fee, from $65,000 to 73,000.
end
FISCAL IMPACT: No budgetary impact in the current Fiscal Year.
end
RECOMMENDATION: The Town Manager recommends that the Town Council authorize the Mayor to execute the required LGC Audit Contract amendment, extending the contract through April 30, 2025, and approving an $8,000 fee increase.
end