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Town auditors present 2024 audit and GASB updates; board pauses RFP for future auditors
Summary
CliftonLarsonAllen reviewed the town's 2024 audit and warned of upcoming GASB standards; the board added an RFP-for-auditors agenda item but decided to delay issuing an RFP until the audit process is up to date.
Leslie Zull, Auditor at CliftonLarsonAllen (CLA), presented an overview of the Town of Marlborough's 2024 audit, outlining the audit scope, auditors' opinions, the Federal Single Audit and the State Single Audit. "Each area was addressed in detail, including observations and recommendations for improvement," the minutes record.
Zull summarized new Governmental Accounting Standards Board guidance that the board should expect to affect reporting: "GASB 101, Compensated Absences, is already in effect for 2025. GASB 102 Risk Disclosures, 103 Financial Reporting, and 104 Disclosure of Certain Capital Assets will be in effect for 2026." The presentation was delivered via Zoom and included recommended improvements identified in the audit report.
Town Manager David Porter told the board the 2025 audit submission from the town is pending the inclusion of the Board of Education component; once that component is submitted the complete package will be forwarded to CLA. Porter said completion of the CLA audit by April is possible "contingent upon the audit process proceeding smoothly." This timeline was described as contingent rather than guaranteed.
Chairman Mike Nastri had asked to add a discussion about issuing a new RFP for financial auditors to New Business. Ken Hjulstrom moved to add the item; Will Guzman seconded and the board approved the addition unanimously. When members later discussed whether to issue an RFP now, the board agreed to delay creating and issuing any RFP until the town's audits are up to date and the timing is better for solicitation.
The board did not take a formal vote to issue or reject an RFP at this meeting; the record shows only a motion to add the topic to the agenda and a subsequent decision to pause on issuance pending audit completion. The Board is expected to revisit the timing once the town has submitted the outstanding BOE component and the auditors have completed their work.
