AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title
FY 2025-26 Audit Services
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Amy Oland, Director, Business Management Department
STAFF RECOMMENDATION*
Staff recommend that the Council:
1) Adopt the attached resolution to accept the proposal from the Town’s FY 2025-26 audit firm Mauldin & Jenkins in the amount of $61,000, exercising year two 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 2025-26 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 second one-year extension.
FINANCIAL IMPACT
The audit fee for FY 2025-26 is $61,000. Funds are available in the adopted budget to pay for these services.
ATTACHMENTS
Resolution
FY 2025-26 Audit Contract
end