Milford finance director discloses $8,500 annual fee for auditors to prepare FY24–25 financial statements

Kevin Gaborio, Milford finance director, told the Finance and Audit Committee that auditors will prepare the city’s FY24 and FY25 financial statements for $8,500 per year under a service arrangement intended to speed audit turnaround.

"I asked for a quote and they quoted us $8,500 per year which is a very reasonable figure," Gaborio told the committee, adding that the work involves preparing the report and related notes and is separate from the auditors’ certification work. He said no council action was required and that the arrangement should improve the audit schedule for the upcoming fiscal‑year audits.

Gaborio outlined timing expectations: staff aims to complete audit workpapers for FY24 by August to allow auditors to start fieldwork; auditors have not set a definitive completion date, but Gaborio estimated the FY24 audit could take roughly three to four months once workpapers are complete. For FY25, workpapers will be started while the FY24 audit is in progress, with a goal of having FY25 workpapers done by January 2026 and audits completed within six to seven months after fiscal year end for future years.

Committee members noted the auditor contract for the current auditor (referred to as "ZA" in the meeting) will expire and that future auditor fees may change; staff said that will be reassessed for FY26.

Ending: The committee received the disclosure for information; no formal committee action was requested or taken.