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Redevelopment authority accepts 2023 audit, hires Clifton Lawson Allen for 2024 audit at $26,500
Summary
At its Jan. 22 meeting, the Fort River Redevelopment Authority accepted the 2023 audit and approved a $26,500 engagement with Clifton Lawson Allen for the 2024 audit, authorizing the chair to sign the engagement letter.
The Fort River Redevelopment Authority on Jan. 22 accepted the authority’s 2023 audit and authorized Clifton Lawson Allen to perform the 2024 audit for $26,500, with the chair authorized to sign the engagement letter.
The 2023 audit acceptance followed an update from Joan Maderas, who said the authority is now up to date after receiving full payment from the school department for 2501 South Main and thanked staff, particularly Executive Director Sarah Page and Project Manager Karen Martin, for work getting audits current. "So you guys have done yeoman's work, and I think we're in great shape with our auditors now," Maderas said.
Board members then moved to direct Clifton Lawson Allen (CLA) to finalize the 2023 audit and to authorize the executive director and treasurer to sign the CLA representation letter accepting the audit. The motion to accept the 2023 audit was seconded and passed. The board voted separately to engage Clifton Lawson Allen for the 2024 audit at a cost of $26,500 and to authorize the chair to sign the contract.
Authority members discussed the 2024 price in the context of potentially increased federal grant work. Page noted that additional federal grant activity could trigger separate HUD-related audit requirements and asked the auditor for a cost estimate in case a HUD single-audit or similar federal audit were required.
Votes at a glance: - Motion: Accept 2023 audit by Clifton Lawson Allen and authorize executive director and treasurer to sign representation letter. Outcome: approved. Recorded yes votes (as stated in the meeting): John Erickson; Luis Santos; Ron Rouson; Joan Maderas; Anne Keane. No no votes or abstentions were recorded in the transcript excerpt. - Motion: Approve Clifton Lawson Allen to perform the 2024 audit for $26,500 and authorize the chair to sign. Outcome: approved. Recorded yes votes (as stated in the meeting): John Erickson; (second recorded); Carlos (recorded as voting yes); Ron (recorded as voting yes); John M. (recorded as voting yes); Anne K. (recorded as voting yes).
The board indicated the 2024 fee is roughly $500 higher than the prior year and noted that the auditor and staff consider the fee reasonable for the work involved. The chair will sign the engagement letters as authorized by the board.
The votes complete the authority’s immediate audit obligations and set the firm and budget for the coming year’s financial review.
