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Committee reviews proposed audit fees and clarifies single-audit charges
Summary
Committee members and staff reviewed yearly fee schedules submitted by respondents and staff explained single-audit thresholds and an additional $4,000 per single-audit example if grant revenue exceeds state or federal thresholds.
Committee members examined the fee schedules included in the three proposals and discussed how additional requirements could add to the base audit price.
One proposal listed annual fees of $28,000 (2026), $28,500 (2027) and $29,000 (2028). James Moore’s figures were discussed as roughly $27,000 in year one, rising to about $32,000 by year three, while another respondent’s base was described as $30,000 annually. “So in other words, the 28,000 for the 1st year would cover the general and water fund,” a staff member said, explaining the base fee coverage.
The staff member also clarified how single-audit requirements would affect cost if the town receives large grants: “There’s a $750,000 1. That’s for the state threshold. And then for the federal threshold, it’s 1000000 more greater,” they said, describing the thresholds discussed and adding that firms quoted roughly $4,000 per single audit on top of the base fee.
Council members said they would check proposals for escalation clauses and any per-audit add-ons when compiling rankings.
