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Finance committee hears audit update; town will expedite two years of audits at added cost
Summary
Town staff told the finance committee the FY22–23 audited statements were accepted by council and the town will ask Mason Associates to complete FY23–24 and FY24–25 audits concurrently, targeting council acceptance in late October; staff said expedited work will cost about $70,000 extra.
The Portola Valley Finance Committee received an audit update and a timetable for bringing the town’s audits current.
Tony, a town staff member who presented the review, said the town’s FY22–23 audited financial statements "have been accepted by council, and they are now on our website." He told the committee the town will ask Mason Associates to perform the FY23–24 and FY24–25 audits concurrently, with a goal of presenting both to the finance committee by Oct. 15 and to the town council at its second October meeting.
Tony warned the expedited approach will cost more because senior partners will review the work; when a resident asked if the rush would add more than $100,000, Tony replied the acceleration will cost about $70,000 in addition to what was budgeted. Members applauded the extra effort and noted that staff will face late nights and weekend work to meet the timeline.
Committee members asked when council would consider the audits; Tony said the council’s acceptance is expected at the council meeting on Oct. 28. The committee’s role is to ask clarifying questions and report impressions to the council; the council retains authority to accept the audits.
Next steps: staff will pursue the expedited audit schedule with Mason Associates and return updated materials to the finance committee and council in October. The committee did not take a separate formal vote on the audit acceleration beyond its discussion and questions.
