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Finance director reports ARPA awards submitted; single-audit threshold may affect next-year workload
Summary
Finance staff reported final ARPA allocations were submitted and noted the county may face a federal single-audit requirement depending on the federal expenditure threshold; staff will monitor a possible increase in that threshold.
Iroquois County's finance director told the finance committee that the county has reported its American Rescue Plan Act (ARPA) awards and that all allocated funds were entered into the federal reporting portal.
Why it matters: the county's obligation of federal funds determines whether it must undergo a federal single audit. The finance director said the single-audit threshold is currently $750,000 in federal expenditures and that auditors are considering raising the threshold to $1 million; if that change is adopted the county may not require a single audit for fiscal year 2024.
Key points reported to the committee: - The director said she completed submission of ARPA awards in April and has contacted awardees for updates and narratives for public reporting. - The director reported that remaining ARPA award balances were communicated to department heads for use before 2026; she said she will release a media summary of county ARPA obligations unless there are objections. - On single-audit obligations, the director said the county expended federal funds at levels that likely require a single audit under the current $750,000 threshold but that auditors have indicated a possible increase to $1,000,000 that could change that requirement.
Committee direction and next steps: staff will monitor final federal guidance on the single-audit threshold, finalize the ARPA public summary and follow up with departments holding remaining ARPA funds about planned expenditures. No policy change or additional appropriation was made at the meeting.
