AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title[AH1]
FY 2024 Audit Results.
presenter[AH2]
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Amy Oland, Director, Business Management
Tim Lyons, Partner in Charge, Mauldin & Jenkins
STAFF RECOMMENDATION*
Staff recommends that Council receive the FY 2024 audit results from the Town's auditors, Mauldin & Jenkins.
body[AH3]
ACTION/DECISION POINTS*
There is no Council action required.
LEGISLATIVE CONTEXT*
The State Treasurer's Office requires that the auditor shall present the audited financial statements including any compliance reports to the government unit's governing body or audit committee in an official meeting in open session as soon as the audited financial statements are available but not later than 45 days after the submission of the audit report to the Secretary.
The Town's FY 2024 report was submitted to the State on November 20, 2024 which means that the Town's audit results must be presented to Council by January 4, 2025.
BACKGROUND AND CONTEXT*
The Town used Martin Starnes & Associates as its external auditors since FY 2008 for a period of 15 years. Periodic bidding for professional services is a best practice that helps to ensure that the Town is receiving the best value for these services.
Based on the last RFP, the Town determined that Mauldin & Jenkins was the best qualified at the best value to provide audit services for the FY 2024 audit and with the option to renew the contract for each of the following four fiscal years based on satisfactory performance each year.
Every audit firm uses a different approach to the work they perform during their review. One change in methodology used by our new auditor is that they are providing recommendations for us to consider as part of modifying and improving the Town's accounting procedures. Details on the three recommendations can be found in the "Town of Chapel Hill Management Letter 06.30.24".
Included with this item is the Town's FY 2024 Annual Comprehens...
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