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County audit still unfinished; staff warn of fines, possible special meeting
Summary
County officials told the Finance Committee that the fiscal year 2024 audit is not complete. The contracted auditor and actuary have submitted material for review, county staff say, but late filings have pushed the timetable close to the comptroller's late-filing penalty window and the board may need a special meeting to accept the audit.
County Administrator Cassie Taylor told the Finance Committee on Aug. 6 that the county's fiscal year 2024 audit remains incomplete and staff are working with contracted auditor CLA and the county's auditor, Michelle Anderson, to finalize financial statements. Taylor said CLA reallocated staff to address the county's late submissions and expected to deliver comments and edits to Anderson by the end of the week.
Taylor said an actuarial report ordered by the auditor from NYHEART was delivered to the auditor on Aug. 4 and Anderson had begun reviewing it. "She's already through 500 lines of that report," Taylor said. Taylor also said staff are getting confirmation on a GASB 101 decision and that CLA is working on ETSB lease calculations.
Taylor told the committee that because the audit may not be completed before the committee's regular September meeting the board should consider a special meeting to accept the financial statements as soon as they are ready. She said that "every day after Aug. 27 ... we are late" and that the comptroller can impose fines for late filing.
Taylor and committee members discussed the logistics of calling a special meeting and the need to have one-third of the board request such a meeting if it is required. No final date or additional formal action was taken at the Aug. 6 meeting.
Why it matters: accepting audited financial statements is a routine legal and fiscal requirement that allows finalization of the county's annual financial report. Failure to file on time typically exposes local governments to administrative penalties by the state comptroller and can affect audit transparency and downstream reporting to creditors and grantors.
What remains open: the committee did not vote on any action related to the audit at the Aug. 6 meeting. The timeline for final delivery depends on CLA's edits, the auditor's review of the NYHEART GASB 75 report, and outstanding calculations, and county staff said they will notify the board if a special meeting is needed.
