RFP for Auditing Services
Classified Details
- Classified ID
- 1626
- Description
Town and Village of Woodstock, Vermont
REQUEST FOR PROPOSALS (RFP
Finance Department, Audit Services
June 1, 2025
The Town and Village of Woodstock, Vermont is requesting proposals from qualified firms of certified public accountants to audit its financial statements for the fiscal years ending June 30, 2025, 2026 and 2027, with the possibility of the Town extending services to audits for fiscal years 2028 and 2029.
We invite your firm to submit a proposal by 12:00 pm on Friday, June 6th, to:
Eric Duffy
Town and Village of Woodstock, Vermont
PO Box 488
Woodstock, VT 05091
The Town and Village of Woodstock have a population of 3,200 based on the 2020 U.S. Census population estimates. It operates under a Selectboard and Trustees / Municipal Manager form of government including enterprise funds for water distribution and sewer treatment. The fiscal year operates from July 1st to June 30th. The Town has 35 full time and approximately 20 regular part-time and seasonal employees. Approved budgets for FY 2026 are $8,352,359.54 for the Town General Fund, $1,632,637.90 for the Village General Fund, $1,443,076.55 for Sewer Fund and $735,226.17 for the Water fund. Copies of past audits are available on the Town’s website: https://townofwoodstock.org/about/reports/
Scope of Work
·The audit shall be performed in accordance with U.S. generally accepted auditing standards (GAAP), standards set forth for financial audits in the Government Auditing Standards, applicable Vermont State and Federal statutes and financial accounting standards as they apply to business-type activities and enterprise funds.
The financial audit opinion will cover the financial statements for the governmental activities, the business-type activities which include the Water & Sewer and the aggregate remaining fund information, which collectively constitutes the Town’s basic financial statements. The firm should ensure that the financial statements and related notes include the disclosures necessary for a fair presentation of the financial statements in accordance with generally accepted accounting principles and with applicable GASB statements. Any supplemental information, as required by GASB 34, will be subjected to the tests and other auditing procedures applied in the audit of the basic financial statements, and an opinion will be given as to whether the supplemental information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. An opinion will not be given on the Management Discussion and Analysis.
· The audit shall be primarily performed sometime between October and November, with the preliminary draft audit report furnished no later than December 1st.
· A Single Audit is unlikely to be necessary as the Town had a Single Audit involving its ARPA funds in FY2024. The cost of a Single Audit should be quoted and disclosed separately in the bid process.
· Services should include an annual audit plus conversion of the financial statements to full accrual basis to conform to GASB requirements, including the Statement of Net Position, Statement of Activities, Reconciliation of the Balance Sheet to the Statement of Net Position for Governmental Funds and preparation of the Statement of Cash Flows for proprietary funds, and Statement of Net Position and Changes in Net Position for the Cemetery Fund.
· The Town will prepare most of the footnotes and MD&A with the audit firm completing the pension plan footnote and will provide any assistance as necessary.
· At the conclusion of the audit, the Town will require 7 bound copies of the audit plus an electronic copy of the audit in PDF format.
· The auditor will also be asked to meet with the Selectboard to discuss the results of the audit and explain any findings that are included in the auditor’s management letter. This meeting is usually in late January or early February.
· The agreement shall be for a three-year period, with a Town option to extend for 2 additional years, and shall become effective immediately upon execution by all parties with the implementation of all specified services to take place for the audit of fiscal year ending June 30, 2025
· Compensation for services shall be a fixed price for each year of the three-year term of the agreement. The fixed fee shall include a minimum number of hours to be allocated to the partner-in-charge, supervising manager and field staff. Any annual optional extensions or additional work shall be performed at prices to be negotiated before the option is exercised or work is performed.
Statements and Schedule to be Prepared by the Town
· Adjusted trial balance for all funds.
· Detailed schedules of revenues and expenditures, expenses, accounts payable and receivable.
· Detail of balance sheet and subsidiary account activity.
· Check registers for all funds.
· Bank reconciliations for all accounts.
· Details of capital projects expenditures.
· Analysis of accounts as requested.
· Debt schedules.
· Fixed assets schedules.
· Payroll records.
· Tax collection schedules.
· Schedule of compensated absences.
· Latest actuarial reports as prepared by Vermont Municipal Employees Retirement System.
· Standard representation letters
. · Notes to the combined financial statements with exceptions as listed above.
· Required supplementary information.
· Management’s discussion and analysis.
· Schedule of federal and state assistance.
Response Format
In responding to this request, we request the following information:
· Detail your firm’s background and experience in providing audit services to governmental entities of a similar size in the State of Vermont including contact information for three references for these municipalities.
· Specific audit approach: including implementation plan and an explanation of the audit methodology to be used. The work plan should include a description of tasks and a detailed breakdown of the responsibilities of all audit personnel, including assistance in preparation of the financial statements.
· A list of staff, with qualifications, who would be dedicated to this project.
· Please provide documentation of your firm’s latest peer review letter.
· Proposals should contain a description of services to be provided and cost. Costs should be broken down by:
o Cost of annual audit for the upcoming five-year period, including the last two Town option years
o Cost of single audit, if necessary; and
o Hourly rates for consultation services that would be unrelated to the annual audit.
Evaluation of Proposals
The Town and Village of Woodstock will evaluate proposals on firm qualifications and the following components:
1) Experience: Proven experience in providing audit services for Vermont municipalities that are similar in size and characteristics to The Town and Village of Woodstock.
2) Staff Qualifications: Include descriptions of key personnel that you anticipate would be a part of our audit team
3) Cost: Affordability of services. While not the primary basis for selection, price competitiveness will be a factor. The Town has a budget range of $25,000 to $35,000 for audit services.
The Town reserves the right to reject any submissions and reissue a Request for Proposals or to otherwise proceed when the best interest of the Town will be realized. The Town will not be responsible for any costs by the firm in preparing, submitting or presenting its response to this request for proposal. This Request for Proposals does not commit the Town to award a contract. All responses are confidential unless otherwise required by law.
Submission Information:
The following contact is available for further information you may need in preparing your proposal: Robert Densmore RDensmore@townofwoodstock.org
Any questions about this proposal should be directed in writing via email to Eric Duffy at eduffy@townofwoodstock.org on Wednesday, May 28th. Responses to all questions received will be provided by 3:00 on Friday, May 30th to all those that have indicated interest in the proposal.
All submissions must be received by 12:00PM on Friday, June 6, 2025. Proposals will be accepted via email, hand delivered, or physical mail. Late submissions will not be considered.
All mailed proposals should be directed to this address:
Eric Duffy
Town and Village of Woodstock, Vermont
PO Box 488
Woodstock, VT 05091
The Town intends to award the contract on or before Friday June 20th, 2025
This solicitation does not commit the Town to award a contract, to pay any cost incurred with the preparation of a proposal, or to procure or contract for services or supplies. The Town reserves the right to accept or reject any or all proposals received in response to this request, to negotiate with any qualified source, or cancel in whole or in part of this proposal process if it is in the best interest of the Town.
Sincerely,
Eric Duffy
Municipal Manager
Woodstock, Vermont
- Title
- RFP for Auditing Services
- Application Deadline
- 06/12/2025
- Location
- Woodstock, VT
- Application URL
- https://townofwoodstock.org
Contact Information
- Name
- Duffy, Eric
- Phone Number
- (802) 457-3456
- eduffy@townofwoodstock.org
- Best Method of Contact