TO: Mayor and Members of City Council
THRU: Jeffrey Yates, Assistant City Manager
FROM: Tiffany R. Murray, Chief Financial Officer
DATE: April 28, 2025
RE:
Title
Approval of the FY2025 Audit Contract and Annual Communications from the Independent Auditors Regarding the FY2025 Audit
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
GOAL V: Financially Sound City Providing Exemplary City Services
Objective A: Ensure strong financial management with fiduciary accountability and plan for future resource sustainability by aligning resources with City priorities.
Executive Summary:
The City and PWC are required by North Carolina state statutes and granting agencies to have an annual audit and the Local Government Commission requires annual contracts.
Background:
The Audit Committee recommended PBMares, LLP and City Council approved PBMares, LLP as the external audit firm in fiscal year 2021. The Local Government Commission requires annual contracts.
Issues/Analysis:
PBMares will need to begin preliminary fieldwork upon approval of this contract to meet the deadline set by the Local Government Commission to have the audit completed.
The Local Government Commission requires annual contracts.
Budget Impact:
Not To Exceed $175,000
Options:
Approve the audit contract or provide staff with further directions.
Recommended Action:
Staff recommend the approval of the audit contract as presented.
Attachments:
PBMares, LLC FY2025 Required Communications
PBMares, LLC FY2025 Contract