City Council
259 N. Wilma Avenue
Ripon, CA 95366
MEMO
To: Honorable City Council
From: Lisa Roos, City Clerk & Finance Director
Date: 05/14/2024
Subject: Audit Engagement Letters
RECOMMENDED ACTION:
Approve and authorize the Mayor and City Administrator to sign the engagement letters with Price Paige & Company to perform the annual audits of the City of Ripon Financial Statements and the Money Purchase Thrift Pension Plan for the fiscal year ending June 30, 2024 in the amount of $55,523.00 (funding sources: General, Water, Garbage, Sewer, Streets & Roads, and Transit Operating Funds).
BACKGROUND:
Price Paige & Company of Clovis, CA, has been performing the annual audits of the City of Ripon Financial Statements and the Money Purchase Thrift Pension Plan since fiscal year ended June 30, 2015. Staff has requested an engagement letter to continue to provide auditing services for the fiscal year ending June 30, 2024.
DISCUSSION:
The attached engagement letters are for the audits of the City Financial Statement, the filing of required State Controller Reports, and audit of the Money Purchase Thrift Pension Plan.
Proposed costs for fiscal year ending June 30, 2024 compared to fiscal year ending June 30, 2023 are in Table 1 below.
Table 1:
FYE 6/30/2024 FYE 6/30/2023 Percent Increase
Annual Financial Statement Audit $37,800 $37,000
State Controller’s Reports $8,220 $7,830
Money Purchase Thrift Pension Plan Audit $9,503 $9,050
Total $55,523 $53,880 3.0%
The audit expenses increased 3 percent as compared to fiscal year ending 6/30/24.
FISCAL IMPACT:
The audit will be paid for from the following funding sources:
General Operating Fund $36,023
Water Operating Fund $4,800
Garbage Operating Fund $3,000
Sewer Operating Fund $3,200
Street & Roads Operating Fund $6,900
Transit Operating Fund $1,600
Grand Total $55,523
Attachments:
1. RIPON Audit Engagement Letter-SA 2024 (Unsigned)
2. RIPON Advisory Services SCO Engagement Letter 2024 (Unsigned)
3. RIPON Pension Audit Engagement Letter 2024 (Unsigned)