SUBJECT
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Approve Brynjulfson CPA Auditing Services Engagement Letter for FY2026 Auditing Services (Action)
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DESCRIPTION
Brynjulfson CPA, P.A. has been providing the Polk Regional Water Cooperative (PRWC) auditing services since 2017, beginning with Fiscal Year (FY) 2016. Since then, the PRWC has extended the contract for auditing services each year. In FY2019, additional services were added to the contract to include a State Single Audit for work required related to the Florida Department of Environmental Protection (FDEP) State Revolving Fund (SRF) Loans which continue today. In FY2024, the PRWC added the preparation of financial statements to the scope of services previously performed by the PRWC accounting firm, Clifton Larson Allen (CLA). In FY2025, additional examinations were added for water charge actual expense reporting for FY2024 and FY2025.
Due to the additional time involved in review of grant requests, fixed assets, and contractual documents and payments, it was determined that getting started early on audit pre-work before the end of the fiscal year is necessary in order to meet the audit deadline of January 31st.
Presented for the Board's consideration is an engagement letter for auditing services inclusive of the applicable single audits and the water charge examination. The fee for the FY2026 audit for basic financial statements is $35,000, the state single audit is $4,800 per program, the federal single audit is $5,900 per program, and the water charge actual expenses examination is $5,150. Additional hourly rates are provided in the engagement letter for preparation of the audited financial statements which is expected to cost approximately $3,000. The anticipated final cost for auditing services for FY2026 is approximately $63,450, including a comprehensive single audit for one federal program and three state programs.
The FY2027 PRWC Administrative Budget will include appropriations of $63,450 for this engagement for audit...
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