Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Consent
Item Title:
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Auditing Services
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Suggested Action:
recommendation
I move the Mayor and Council authorize the City Administrator to execute a contract for professional auditing services with Lindsey & Associates LLC, Certified Public Accountants located at 110 West Road, Suite 220, Towson, MD to review and complete the analysis of the City's FY21, FY22 and FY23 financial statements and provide the Independent Auditor's Report on the City's financial statements for all governmental activities for each major fund at the end of each fiscal and to complete the City's Single Audit as required by the Department of Treasury for federal funds reimbursed from the Cares Act in FY21 and the American Rescue Plan Act Funds expensed in FY22 and FY23. The contract cost for these auditing services will not exceed $29,180 for FY21, $29,940 for FY22 and $30,420 for FY23, upon legal review and approval of the City Attorney.
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Summary Background:
The City's auditor of record the CPA firm of Cohn Reznick informed the City in November of this year that after January 1st, 2023, the firm would no longer be active in conducting local government audits. This firm has been the City's auditor for the past nine years, specifically responsible for (1) providing the review and analysis of the City's financial statements completed by the Treasurer and an additional third-party auditor and (2) providing the Independent Auditor's Report on the City's financial statements for all governmental activities for each major fund at the end of each fiscal year period or as of 6/30.
On November 8, 2022, the City issued a solicitation for auditing services, the proposals were due on November 21, 2022. Due to the Thanksgiving Holiday the due date was extended to November 28, 2022.
The City only received one proposal and that was from Lindsey & Associates, LLC, to review and complete the analysis of the City's FY...
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