Title
Amendment to Independent Audit Contract for Fiscal Year Ending June 30, 2025
PURPOSE: The purpose of this agenda item is to request Town Council approval for a $6,000 fee increase for the single audit state program.
end
DEPARTMENT: Finance
...end
INFORMATION: Mauldin & Jenkins, LLC conducted a single audit of the Powell Bill Fund due to the Town exceeding the state’s $500,000 expenditure threshold in FY 2025. The Town spent $700,812 from the Powell Bill Fund during the year, triggering the State’s single audit requirement to ensure compliance with applicable regulations and proper use of restricted funds. As a result, the audit scope was expanded beyond the standard financial audit, which increased the audit fee by $6,000, from $67,000 to $73,000.
end
FISCAL IMPACT: There is no additional budgetary impact associated with this item.
end
RECOMMENDATION: The Town Manager recommends that the Town Council approves the $6,000 fee increase.