Agenda - 06-07-1993 - III-A - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No.1D54 ACTION AGENDA ITEM ABSTRACT Meeting Date: June 7, 1993 SUBJECT: 1992-93 Audit Contract DEPARTMENT: Finance PUBLIC HEARING YES: NO: X ATTACHMENT(S) : INFORMATION CONTACT: Ken Chavious Ext 2453 Contract TELEPHONE NUMBER- Engagement Letter Hillsborough - 732-8181 Chapel Hill - 968-4501 Mebane - 227-2031 Durham - 688-7331 PURPOSE: To consider awarding a contract to develop the audit for the fiscal year ending June 30, 1993 . BACKGROUND: Local governments are required by G.S. 159-34 to have an annual audit of their financial records by an independent auditor. The audit for 1992 was performed by Deloitte and Touche, an international accounting firm with an excellent reputation in the field of Governmental Accounting and Auditing. Deloitte & Touche has proposed a contract to perform the 1993 audit for a fee of $49,800. The audit costs consist of $31,500 for the Comprehensive Annual Financial Report and certification of tax levy and $18, 300 for the Single Audit of grant funds. The proposed costs reflect an increase of $2 , 800 over the previous year. The majority of this increase is in the Single Audit area and can be attributed to changes in audit requirements and increases in the volume of transactions in existing programs, as well as the addition of new programs. The major program increases for the current year have been mainly in the Social Services area. Particularly, the JOBS, Day Care and Income Maintenance programs. New programs to be audited include Home and Community Care, Child Care Coordination and two Section 8 Housing programs. The majority of costs associated with the Single audit are recuperated through indirect cost reimbursements received from State and Federal grantors. RECOMMENDATION(S) : The manager recommends that the Board approve the audit contract with Deloitte & Touche for fiscal year 1992-93 and authorize the Chair to sign.