Broken Arrow City Council
Meeting of: 01/07/2025
Title:
title
Approval of and authorization to execute the addendum to the FY 24 audit engagement letter with Arledge & Associates, PC for fiscal year ending June 2024
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Background:
On September 17, 2024, council approved the contract with Arledge & Associates for $70,500 to audit the financial statements that were prepared by Crawford & Associates. For FY 24 Crawford & Associates will not be able to complete our financial statements until later this year due to a partner retiring January 1, 2025. Staff discussed this issue with Frank Crawford, and he suggested we reach out to Arledge & Associates and see if they would be able to complete and audit our financial statements. Staff has reached out to Arledge & Associates, and they have agreed to complete this task. They will begin January 13, 2025, and we hope to have a report by February 28, 2025. Once the report is complete Frank Crawford of Crawford & Associates will review.
The addendum will allow Arledge & Associates to:
1. Preparation of GASB Entries
• Assist in the preparation of entries related to pension, other post-employment benefits, leases, and fixed assets in compliance with the requirements of Governmental Auditing Standards Board (GASB) Statement No. 34
2. Drafting of Financial Statements
• Draft the basic financial statements, including government-wide financial statements, required disclosures, and notes to the financial statements.
The additional services will be based on actual charges per hour and not to exceed $60,000. We budgeted this amount for Crawford & Associates, so making this switch should not have any financial impact for the city.
Cost: Not to exceed $60,000
Funding Source: Budgeted in General Government Departments in General Fund and Broken Arrow Municipal Authority
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Arledge & Associates 2024 Engagement Letter Addendum
Recommendation:
recommend
Approval of and authorization to execute the addendum to the FY 24 audit engagement letter with Arledge & Associates, PC for fiscal year ending June 2024
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