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Auditor warns Gregory to meet new audit deadline or face a tax‑rate freeze
Summary
The auditor told council members new legislation requires audits to be current by March 31, 2026, and said the city is likely subject to single‑audit rules if federal spending exceeds $750,000, increasing compliance requirements.
The auditor alerted the council to a statutory timing risk: if the city does not have audits current for the relevant years by March 31, 2026, the city could face limits on changing its tax rate. "If you are not current… must be done by 03/31/2026, or they're gonna freeze your tax rate," Snedeker said, citing recent legislative changes discussed in the meeting as "bill 8521."
Snedeker also noted that when a municipality spends more than $750,000 in federal funds in a fiscal year it becomes subject to a single‑audit requirement, a more complex audit with additional federal compliance testing. He told the council this increases the administrative burden and asked the city to prioritize completing audits for the 2024 and 2025 years in addition to the 2023 audit that was presented.
