Madison selects Williams and Company for 2024 audit to accelerate overdue filings

The Madison City Commission voted to accept a proposal from Williams and Company to perform the city's fiscal-year-2024 financial audit, saying the firm's faster timeline and familiarity with the city's Tyler financial software make a higher price acceptable.

Jamieson, a city staff member who addressed the commission on audit options, said the city sought proposals from three firms and recommended Williams and Company primarily because of the accelerated schedule. "So it is the staff's recommendation to move forward with Williams and company primarily because of that accelerated timeline," Jamieson said.

Why it matters: Madison is behind on two recent audits, a delay staff attributed to a conversion to Tyler software, staff turnover and a needed correction in the water fund. Commissioners said getting audits back on a timely schedule is a priority because delayed audits impede other projects and trigger state notices.

What was considered: Jamieson outlined three proposals in the agenda packet. Shane Fish and Company, the incumbent auditor, quoted $32,500 for the audit only and projected a completion window of roughly six to eight months, with additional fees for the annual financial report and 1099 filings. Williams and Company proposed roughly $60,000 for the first year, with the firm presenting a target to lower fees to about $50,000 by the third year; that price includes the annual financial report, 1099 filings and year-round advisory services. A third firm, identified in the packet as ELO CPAs and advisors, proposed about $47,000 with an alternative billing estimate mentioned in the discussion as "$50.50" (not further specified in the transcript).

Commissioners and staff debated schedule and cost. Jamieson said the city believes paying more now to accelerate audits will avoid repeated state notices and allow other work to move forward. One commissioner said reports from other municipalities that use Williams were positive and moved to accept the recommendation. The motion to select Williams and Company passed on a voice vote.

What the vote means: Staff said the commission's direction will be followed by an engagement letter from Williams and Company on a future agenda. Jamieson said higher costs were included in the draft budget for the coming fiscal year to account for the accelerated services if the city proceeds quickly.

Process notes and limits: Jamieson said each audit allows an 18-month window for completion but that the city has fallen behind for the 2022 and 2023 audits. The recommendation to hire Williams and Company is intended to recover timeliness; the commission did not adopt additional contract language on penalty or completion milestones during the meeting.

What remains open: The engagement letter with Williams and Company will be presented at a future meeting for formal contract approval and signature. The commission did not set explicit completion milestones during the discussion.