AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title
Award a Contract for FY 2024-25 Audit Services
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Amy Oland, Director, Business Management
STAFF RECOMMENDATION*
That the Council: 1) adopt the attached resolution to accept the proposal from the Town's FY 2024-25 audit firm Mauldin & Jenkins in the amount of $59,000, exercising the first of four one-year contract renewal options and 2) authorize the Mayor to sign the audit contract on behalf of the Town.
body
ACTION/DECISION POINTS*
Council must approve the audit contract for the Town to proceed with the FY 2024-25 audit.
LEGISLATIVE CONTEXT*
Per North Carolina General Statute 159-34, each unit of local government shall have its accounts audited as soon as possible after the close of each fiscal year by a certified public accountant. The auditor shall be selected by and shall report directly to the governing board. The audit contract shall (i) be in writing, (ii) include the entire entity in the scope of the audit, (iii) require that a typewritten or printed report on the audit be prepared as set forth herein, (iv) include all of its terms and conditions, and (v) be submitted to the secretary for his approval as to form, terms, conditions, and compliance with the rule of the Local Government Commission.
BACKGROUND AND CONTEXT*
The Town issued a request for proposals in 2024 from qualified audit firms and selected Mauldin & Jenkins to conduct the FY 2023-24 audit with an option to renew their contract for four one-year extensions. This extension would be the first one-year extension.
FINANCIAL IMPACT
The audit fee for FY 2024-25 is $59,000. Funds are available in the adopted budget to pay for these services.
ATTACHMENTS
2024-25 Audit Contract
A RESOLUTION AUTHORIZING THE EXTENSION OF THE CONTRACT WITH MAULDIN & JENKINS TO PERFORM THE TOWN OF CHAPEL HILL'S FY 2024-25 AUDIT (2025-05-07/R-2)
WHEREAS, the Local Government Budget and Fiscal Control Act requires the Tow...
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