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Idaho Falls redevelopment agency approves one‑year audit engagement amid fee increase concerns
Summary
The Idaho Falls Redevelopment Agency voted Nov. 20 to approve a one‑year audit engagement at the presented fee of $15,500 for the audit year ending Sept. 30, 2025, while directing staff to pursue a competitive RFP for future audits.
The Idaho Falls Redevelopment Agency voted Nov. 20 to approve a one‑year audit engagement for the fiscal year ending Sept. 30, 2025, at the presented fee of $15,500 and directed staff to begin planning a future request for proposals (RFP) for auditing services.
Megan Conrad, the presenter, told commissioners the audit fee had risen markedly from the prior year and that the agency had two options: a one‑year engagement at $15,500 or a two‑year agreement that would charge $12,500 for 2025 and $16,000 in 2026. "It's double actually what it was in the prior year," Conrad said, describing both a limited local market for these services and broader cost increases in the profession.
Cassie, agency staff, said the agency could remain with the current auditor for another year and that, if the board chose the two‑year option, she would request a new engagement letter reflecting the two‑year figures before any signatures.
Several commissioners said the agency should test the market. Commissioner Terry argued for a one‑year contract to allow staff to solicit competitive bids and obtain other firms’ fee proposals. The board ultimately approved the one‑year engagement and added direction to staff to pursue an RFP for future auditing services.
The motion passed by voice vote. Staff will obtain the signed engagement letter for the one‑year contract and return any new or additional engagement documentation to the board as required.
