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Town staff tells Princess Anne commission state granted audit extension, warns of potential aid withholding
Summary
Town staff presented a state letter granting an extension to file the town's FY2024 audit and warned that new legislation could withhold 20% of certain state aid if audits remain unfiled; staff urged the commission to schedule and complete the audit promptly.
Town staff presented a letter from the state granting Princess Anne an extension to file the fiscal year 2024 audit and stressed the importance of completing the audit quickly.
Staff noted new legislation that, starting with FY2024 audit reports, allows the state to withhold 20% of eligible local highway-user aid for jurisdictions that fail to file an audit within three years of the due date and urged the commission to schedule work with auditing firms in October or November to avoid penalties.
Town staff also explained that transitioning between audit firms can generate additional short-term costs because both the outgoing and incoming firms need to coordinate records and that commissioners should expect invoices for that overlap. Commissioners asked staff to solicit rates and timelines from auditing firms and to return with scheduling and cost information before committing to any contract change.
Next steps: Staff will pursue scheduling to complete the FY2024 audit within the granted extension and will provide commissioners with firm rate and timeline options for approval.
