Coquitlam is expected to rehire its external auditor for two years.
But the price tag for KPMG to eyeball the city’s financial statements is coming in $60,000 higher than planned.
Tonight, Oct. 7, city council will consider the company’s proposal for its civic and library auditing for 2024 and 2025, with the option to renew the contract annually until 2029.
Under Section 169 (1) of the provincial Community Charter, municipal councils must name an external auditor to analyze and interpret their financial documents, as well as provide a consolidated overview of a local government's financial activities over the previous fiscal year and its end-of-year financial position.
Audited financial documents need to be available for public inspection by May 15 each year; a copy of the statements also must be handed over to the Inspector of Municipalities.
In July, Coquitlam called for auditing proposals and two were submitted to conduct the work, with KPMG picked because of its 25-year track record with the city and its “adequately sized audit team,” according to a report from Michelle Hunt, Coquitlam’s deputy chief administrative officer.
If OK’d by council, the city will pay $104,000 this year and $121,000 next year, with an eight per cent bump in subsequent years.
Hunt noted city staff anticipated the fee hikes “due to rising costs in [the] professional services industry and insights from discussions with other municipalities.”
Following tonight’s vote, the Coquitlam Public Library board is also expected to name KPMG as its external auditor.
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