Paonia commits 2017 audit to RubinBrown
By Tamie Meck
Published Thursday, February 1, 2018 8:23 am
At the Jan. 23 board meeting, Paonia trustees voted to approve an engagement commitment with the accounting firm of RubinBrown to complete the fiscal year 2017 town audit.
Cost of services, according to the letter of engagement with RubinBrown that was approved by the board, will be $23,000 plus $5,000 for preparation of financial statements.
The commitment agrees to allow RubinBrown to perform a single audit, which may be required due to the spending of federal funds on the in-town water line project. "If you spend $750,000 or more of federal funds then you are required to go through that additional audit process," explained Mayor Charles Stewart.
If a single audit is required, the town will pay "an additional $8,000 per program plus out-of-pocket, technology and administrative expenses," according to the letter. "If significant additional hours (fees) are necessary, we will discuss them with you and agree to a new fee estimate (additional hours will be billed at our discounted rate of $150 an hour)."
In 2017 the town paid $42,500 to RubinBrown for the fiscal year 2016 audit. RubinBrown representatives presented the audit to the board last November at a special meeting, giving the town a clean opinion in their audit report for the third consecutive year. At the meeting, trustees voted to withhold the auditor "Viewpoints" from the public. The viewpoints document the auditor summary of strengths and areas where the town can improve its bookkeeping practices. In 2016, the board voted to release the fiscal year 2015 viewpoints, which were posted to the town website.