TO: Mayor and Members of City Council
THRU: Jay C. Toland, Assistant City Manager/Chief Financial Officer
FROM: Jody Picarella, Assistant Chief Finance Officer-Administration
DATE: June 13, 2022
RE:
Title
Approval of the FY2022 Audit Contract and Annual Communications from the Independent Auditors Regarding the FY2022 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 City’s Finance-Purchasing Division prepared and advertised a request for proposals (RFP) for the selection of the independent auditor on February 10, 2021. Two proposals were received on March 2, 2021. The RFP is for three annual audits for the fiscal years ending June 30, 2021, June 30, 2022, and June 30, 2023. The Audit Committee recommended PBMares, LLP and City Council approved PBMares, LLP as well.
Issues/Analysis:
PBMares will need to begin preliminary fieldwork in the fourth quarter of fiscal year ending 2022 to meet the deadline set by the Local Government Commission to have the audit completed.
Although the City requested pricing for a 3-year period, the Local Government Commission requires annual contracts.
Budget Impact:
$92,625 for FY2022
Options:
Approve the audit contract or provide staff with further direction.
Recommended Action:
Staff recommend the approval of the audit contract as presented.
Attachments:
PBMares, LLC FY2022 Arrangement Letter
PBMares, LLC FY2022 Contract
PBMares, LLC FY2022 SAS Letter (GAS)
PBMares, LLC FY2022 SAS Letter (Single Audit)