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Staff outlines audit engagement and a budget amendment reallocating $12,255
Summary
City staff presented an audit engagement letter and an attached audit contract with a not-to-exceed price of $19,750, and described budget amendment #2 that reduces a $12,255 revenue transfer from the general fund as part of a broader '20 plan' including WVDC.
City staff reviewed an audit engagement letter and an accompanying audit contract that must be submitted to the Local Government Commission before the engagement begins. Staff said the bid amount rose by roughly $1,000 from the prior contract and stated the contract price is 'not to exceed $19,750.' The staff explained that fewer audit firms meet evolving state requirements and that a new bid process will be used the following year to solicit other audit firms.
"The total price is not to exceed $19,750," the staff member said when summarizing fees attached to the engagement letter. Staff added that audit firms face higher requirements, making responses less common and that the council will re-open the bidding process in the future to seek other proposals.
Staff also introduced budget amendment number 2, describing a $12,255 reduction in revenue being transferred from the general fund and corresponding expense reductions as part of the '20 plan.' The amendment was described as picking up WVDC in the plan and adjusting associated funds; staff framed the amendment as an internal rebalancing of operating funds and asked the council to consider the oversight and adjustments during the current audit cycle.
