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Finance staff reports 2023 single audit complete; $3.6M in ARPA funds remain
Summary
City finance staff told the finance committee the 2023 single audit has been completed and signed; staff said $3.6 million of American Rescue Plan Act funds remain and a 2024 single audit is underway, with state filing deadlines discussed.
City finance staff updated the Franklin City Finance Committee on the city’s audit and federal grant oversight on June 23, saying the 2023 single audit has been completed and signed and that auditors are beginning work on the 2024 single audit.
A staff member said the 2023 single audit was reviewed, signed and will be returned to auditors, and staff is coordinating the 2024 single audit work with preparation of the 2025 financial statements. Staff said the city has not had inquiries from state agencies about audit timeliness but is targeting completion and filing ahead of state deadlines.
Committee members asked about ramifications if audits are delayed; staff said there are no immediate financial penalties but federal single-audit requirements apply when federal spending passes specified thresholds. The committee discussed that the city still has about $3,600,000 of ARPA funds not yet spent and that single-audit reporting is tied to that grant spending.
Members asked staff to continue to keep the committee updated on audit timelines and any questions from federal or state reviewers.
