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Portola Valley Council Approves $45,000 to Accelerate Backlogged Audits
Summary
Council approved a $45,000 additional appropriation to expedite completion of three fiscal-year audits (FY 2023–2025), aiming for draft financial statements in August and final statements by Oct. 15, 2026; staff said hiring of a finance manager will be delayed to free up capacity.
The Portola Valley Town Council approved a resolution authorizing an additional $45,000 from the general fund to expedite the completion of audits for fiscal years 2023, 2024 and 2025, following a staff presentation about an aggressive schedule proposed by the town’s auditor partner, Mays and Associates.
“Staff is asking the council to adopt a resolution authorizing an additional 45,000 in general fund appropriation in the current year in order to expedite the completion of the audits,” Assistant Tony McFarland said, outlining milestones including trial balances produced on July 20 and a target issuance of financial statements by Oct. 15, 2026. Tony and the mayor said the plan could reduce the finance department’s budget pressure next year by about $95,000 while delaying recruitment of a finance manager until roughly October to provide staff bandwidth.
