Orange County NC Website
Browse       Search
2 <br /> has now been resolved. Under North Carolina General Statute 143-129(e)(2), certain professional <br /> services including audit, legal and consulting are not subject to the same competitive bidding <br /> requirements as goods and construction contracts. The governmental audit industry has <br /> experienced a significant decrease in audit firms with the capacity to provide audit services of the <br /> quality required by the County. <br /> The attached Audit Services Contract Amendment increases the FY 2024 cost from $120,000 to <br /> $135,000. The FY 2025, 2026 and 2027 audit budgets are expected to be $135,000, $140,000 <br /> and $145,000 respectively. The County will be required to submit annual Local Government <br /> Commission audit contracts for Board approval through the amended audit engagement period. <br /> FINANCIAL IMPACT: The financial report indicates a strong financial position for Orange <br /> County. The Audit Services Contract Amendment increases the FY 2025 expense from $120,000 <br /> to $135,000, with the funding included in Budget Amendment #6 on this February 20, 2025 <br /> meeting agenda. <br /> ALIGNMENT WITH STRATEGIC PLAN: This item supports: <br /> • GOAL 6: DIVERSE AND VIBRANT ECONOMY <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1) Receive the presentation on the Annual Comprehensive Financial Report (ACFR) for the <br /> fiscal year ended June 30, 2024 as information; and <br /> 2) Approve the Audit Services Contract Amendment for the Fiscal Year 2024 audit services. <br />