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Council discusses delayed audits; staff outlines path to comply with reporting deadlines
Summary
Councilors pressed staff on late fiscal-year audits and quarterly reporting requirements; staff said the town’s auditor is conducting a delayed audit and outlined options including soliciting a new auditor or extending the current contract to meet compliance deadlines.
Councilors questioned town staff about delays in the fiscal-year audit process and other mandatory financial reporting. The council was told an auditor is onsite conducting the delayed fiscal 2024 audit and staff expects work on fiscal 2024 to continue, with a likely schedule for fiscal 2025 audit work in September 2025.
Staff explained the town is in the third year of a three-year audit agreement with the current auditor and that scheduling and auditor availability contributed to the delay. The finance director and council discussed options: fast-tracking a request for proposals for a new auditor, seeking an extension for the existing auditor contract, or requesting expedited review by the state auditor general for approval of a new contract path.
Councilors pressed staff about other compliance obligations — including quarterly budget-to-actual reports and providing the Division of Municipal Finance with an approved budget and five-year forecast — and were told staff would follow up with specific deadlines and provide the requested information.
No formal votes were taken on audit contracts; councilors asked staff to return with timelines and a plan to meet statutory reporting requirements.
