The Fort Myers Beach Audit Committee on Friday accepted the final audit report for the fiscal year that ended Sept. 30, 2024, and voted to issue a request for proposals to select auditors for the fiscal year ending Sept. 30, 2025. The committee unanimously approved both actions.

Mauldin & Jenkins partner Wade Sansbury presented the audit results and said the firm issued an unmodified opinion, the highest level of assurance, finding that the town’s financial statements “present fairly in all material respects” the town’s financial position and results of operations for the year ended Sept. 30, 2024. Sansbury said the auditors identified two accounting-related findings that required journal entries: errors in accounts-payable cutoff testing and recording of American Rescue Plan Act (ARPA) grant balances that led to adjustments to deferred inflows and cash balances.

The findings were described as accounting issues rather than matters affecting the overall opinion. Sansbury noted that the town received nearly $34,000,000 in federal and state awards in 2024, which required the firm to perform six separate single audits; he said those single audits showed no issues with the use of those funds. He also told the committee that much of the grant activity related to recovery from Hurricane Ian.

Committee members asked no substantive follow-up questions after the presentation and the body approved a motion to accept the final audit results. The vote was recorded by voice and passed unanimously.

Committee members then reviewed and approved a draft request for proposals for selection of auditors for a three-year engagement. Joe (finance director) explained that the RFP will be posted on the town website and on the public procurement portal used by government entities, and that the RFP requires a cost proposal but that qualifications, not price alone, will be the deciding factor. The committee approved issuing the RFP and will reconvene to review proposals after responses are received.

Sansbury recommended that committee members read the management’s discussion and analysis (MD&A) in the financial statements for more context about year-over-year changes; he also noted the auditors’ separate document that contains required communications, findings and recommendations, and upcoming Governmental Accounting Standards Board (GASB) items that may affect future reporting.

Next steps: the RFP will be posted publicly; responses are expected within about 30 days and will be brought to the audit committee for selection.