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Town told it exceeds $750,000 federal threshold; board votes to solicit audit bids
Summary
Treasurer reported the town exceeds the $750,000 federal funds threshold, triggering a single audit requirement; the board authorized the Treasurer to solicit auditor bids and report back at the next meeting.
Treasurer Carlos told the board that under the single-audit rules the town is over the $750,000 federal funds threshold and therefore needs a single audit. Board members discussed prior experience and the difficulty of finding auditors who bid on similar work; the board directed the Treasurer to put out feelers, solicit bids and return with information at the next meeting.
"A single audit for fiscal year 20 25 is my new wire. So if you spend more than $750,000 in federal funds you are required to have an audit," Carlos said. After discussion about likely costs and prior bids, the board voted to authorize the Treasurer to pursue auditor proposals and report back.
