Loading...
3.2 3.2 SERVICES\BST-Audit Federal Single Audit ARPA and Cash Receipts&Disbursements for Years Ending 2024-25-1-8-2024 RESOLUTION AUTHORIZING ENGAGEMENT OF BST & CO., CPAS TO PROVIDE FEDERAL SINGLE AUDIT FOR YEAR ENDING 2023 AND PROFESSIONAL AUDITING SERVICES, INCLUDING FEDERAL SINGLE AUDIT, FOR FISCAL YEARS ENDING DECEMBER 31ST, 2024 - 2025 RESOLUTION NO.: 12024 INTRODUCED BY: WHO MOVED ITS ADOPTION SECONDED BY: WHEREAS, by Resolution No.: 295,2019, the Queensbury Town Board authorized engagement of BST & Co., CPAs, LLP (BST) to provide professional auditing services to the Town for the years ending December 31, 2019 -2023, and WHEREAS, the Town Board has been satisfied with BST's services and wishes to further engage BST for provision of a Federal Single Audit for the year ending 2023 and professional auditing services to the Town, including a Federal Single Audit, for the years ending December 31, 2024—2025, as set forth in BST's December 26, 2023 letter proposal presented at this meeting, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby authorizes engagement of BST&Co., CPAs, LLP in accordance with BST's December 26, 2023 Proposal to provide a Federal Single Audit for the year ending 2023 and professional auditing services to the Town, including a Federal Single Audit, for the years ending December 31, 2024 -2025 at a cost per year not to exceed: December 31 Optional Years Service Description 2023 2024 2025 Audit of Town's General Purpose Financial Statements $35,500 $38,500 $39,500 Federal Single Attestation Or Audit $6,400-$8,200 $6,400-$8,200 $6,400-$8,200 to be paid for from the appropriate account(s) as will be determined by the Town Budget Officer, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to sign any needed documentation and the Town Supervisor, Town Budget Officer and/or Town Purchasing Agent to take any and all action necessary to effectuate the terms of this Resolution. Duly adopted this 8t'day of January, 2024,by the following vote: AYES NOES ABSENT: r December 26, 2023 Town Supervisor and Town Board Town of Queensbury 742 Bay Road Queensbury, New York 12804 Attention: John Strough, Town Supervisor RE: Professional Service Agreement Dear Supervisor Strough and Town Board: Pursuant to our professional services proposal dated September 9, 2019, BST &. Co_ CPAs, LLP (BST, our us, we) has been engaged to audit the financial statements of the Town of Queensbury (the Town) for each of the years ended December 31 . 2019 through 2023. The 2023 engagement will represent the final year under a multi-year contract to provide audit services to the Town. Our 2019 proposal did not contemplate the Town requiring a Federal Single Audit_ A Federal Single Audit is required of governmental organizations who expend greater than $750,000 of Federal funding in a fiscal year. We understand that the Town will most likely meet (or may have already met) this expenditure threshold in 2023 through the Town's use and application of American Rescue Plan (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program funds received in 2021 and 2022 to certain capital projects. Accordingly, we believe that the Town will be subject to the Single Audit requirement in 2023 (and possibly in subsequent years). Due to the substantial number of recipients who received ARPA funding and, accordingly, would be subject to the Single Audit requirement, the Office of Management and Budget (OMB) simplified the Single Audit process for direct recipients of SLFRF funds who would not otherwise be subject to the Single Audit if not for the SLFRF expenditures. The simplified method provides for an attestation engagement resulting in an auditor's opinion on compliance of federal program activities of the Town. The requirements needed to qualify for the attestation engagement should be discussed with Town officials to determine the most appropriate and cost-effective way to comply with the Single Audit requirements. Assuming the requirements could be met, we could perform the attestation engagement for a fee not to exceed $6,400. Alternatively, we could perform the single audit of the Town's Schedule of Federal Expenditures for a fee not to exceed $8,200. As previously noted, our current professional services proposal will expire at the conclusion of the 2023 financial statement audit. We value the relationship we have developed with the Town over the past several years and would very much like to be of continued service beyond the 2023 audit. In addition to the required auditing services, we have provided assistance to the Town in the following areas; • Accounting support assistance, and • Implementation of new accounting standards (principally GASB 68, GASB 84 and GASB 87). to ai6sh Ann cen ehd, Laftwnt ,Mr f211016W,72467001 rrstoaown +, r Town Supervisor and Town Board Town of Queensbury December 26, 2023 Page 2 We have made the resources of BST available to the Town, have been responsive to the Town's needs and have provided value outside of the required audit services. Given our familiarity with the Town's operations, we feel that we continue to be best suited to deal with any challenges the Town may experience with the implementation of accounting standards and transitioning of financial personnel. We appreciate the opportunity to continue to be of service to the County by providing the following services contemplated in the original agreement for an additional two years. The services and our proposed fees are as follows: December 31 , Optional Years Service Description 2023 2024 2025 Audit of Town's general purpose financial statements $ 35,500 $ 38,500 $ 39,500 Federal Single Attestation or Audit' $6,400 - $8„200 $6,400 - $81200 - $60400 - $8,200 * If required - fee range represents "Attestation" level engagement or traditional Single Audit discussed above The fees proposed above are fixed for each of the two optional years. The proposed fees for 2024 represent an increase of $3,000 (^-110%) over fees for the financial statement audit services provided for 2023. As you are aware, we previously limited our fee increases to approximately 2% a year during the five-year period ending December 31 , 2023. We ask that you consider the fee increase due to the rising costs of our operations, most specifically the impact of wage growth experienced over the last several years which have outpaced our fee increases. Please confirm that the proposed fee arrangement and optional years are agreeable with the Town. Upon your concurrence, we will prepare a formal engagement letter outlining the terms of the engagement. We look forward to continuing our professional relationship with the Town. Should you have any questions or require additional information, please call. Very truly yours, BST & Co., CPAs, LLP Paul L. Goetz, Partner PLG/ldb RESOLUTION AUTHORIZING ENGAGEMENT OF BST & CO., CPAS TO PROVIDE PROFESSIONAL AUDITING SERVICES FOR. FISCAL YEARS ENDING DECEMBER. 31ST, 2019 - 2023 RESOLUTION NO.0 295, 2QI9 INTRODUCED BY: Mrs. Catherine Atherden WHO MOVED ITS ADOPTION SECONDED BY: Mr. George Ferone WHEREAS, the Town of Queensbury's Purchasing Agent requested proposals for professional auditing services for the years ending 2019 - 2023, and WHEREAS, the Purchasing Agent and Town Budget Officer received, evaluated and ranked the three (3) received proposals and have recommended that the Town Board accept the lowest submitted proposal of BST & Co., CFAs, LLP, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby authorizes engagement of BST & Co., CPAs, LLP in accordance with BST's September 3, 2019 Proposal to provide professional auditing services to the Town of Queensbury for the years ending December 31 , 2019 - 2023 at a cost per year not to exceed: $325500 — 2019 * $339250 — 2020 $349000 - 2021 • $342750 — 2022 $35,500 — 2023 to be paid for from the appropriate account(s) as will be determined by the Town Budget Officer, and F BE IT FURTHER., RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to sign any needed documentation and the Town Supervisor, Town Budget Officer and/or Town Purchasing Agent to take any and all action necessary to effectuate the terms of this Resolution. Duly adopted this 9t" day of September, 2019, by the following vote: AYES: Mr. Metivier, Mrs. Atherden, Mr. Ferone NOES. None ABSENT: Mrs. Switzer, Mr. Strough