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Radnor audit still incomplete; district issues RFP for future auditors
Summary
District staff told the Feb. 10 finance committee the 2024–25 audit remains unfinished, the required AFR (PD‑2057) has been filed, and the district has issued an RFP for future audit services with responses due Feb. 23.
At the Feb. 10 finance committee meeting, district staff reported the 2024–25 external financial audit is not complete and that auditors did not provide an update before the meeting. Staff said the district filed its state Annual Financial Report (AFR) on the PD‑2057 form prior to the holiday break and that there is no statutory deadline that would trigger a penalty for the timing of the external audited report.
Speaker 3 asked whether there is a statutory requirement for the audit to be completed by a certain date; Speaker 2 replied the AFR was filed and that only continuing disclosure notices to bondholders are required to be posted when the audit is complete. Staff said they do not believe the delay will negatively affect the district's bond rating and that they will post required disclosures when the audit is finished.
Staff added the district has issued a request for proposals for future audit firms; responses are due Feb. 23 and staff hopes to recommend a firm at the March finance committee meeting. Committee members asked whether the district can dock auditor fees for late delivery; staff said they will discuss contract terms with the firm and that any new terms would apply to future contracts (the current engagement would not be retroactively altered).
