Council To Award Auditing Contract
WEIRTON – Weirton is poised to spend more than $100,000 to have a Charleston firm audit its finances through the 2011 fiscal year.
City Council will meet today in special session to award a contract for auditing services to Teed and Associates PLLC. The meeting is slated for 5 p.m. in council chambers at the City Building, 200 Municipal Plaza.
According to the resolution, the audit will cost the city $35,000 for the fiscal year that ended June 30; $36,500 for the current fiscal year, which ends June 30, 2010; and $38,000 for the fiscal year ending June 30, 2011. Finance Director Tom Maher Jr. said he was unsure why the cost rises incrementally with each year but noted it is a yearly process mandated by the West Virginia State Auditor’s Office.
“The city is audited every year,” said Maher. “Our audit is based on federal funding.”
According to Maher, the requirement is designed to give federal agencies providing grant money and other assistance to municipalities a chance “to assure that the money’s being spent properly.”
Once completed, Maher noted, the audit results are a matter of public record.
Maher said the special meeting is necessary in order to make sure all state-mandated deadlines are met. Also, he added, the city has not dealt with Teed and Associates in the past, so it’s important to “give them as much time as possible to become familiar with your records.”
“Based on (the state’s) stipulations, you want to have all your t’s crossed and your i’s dotted,” Maher said.
Ware and Hall of Huntington, W.Va., who performed the city’s most recent audit, chose not to bid this year, said Maher.