SALISBURY – An additional $50,000 in supplemental appropriations will allow the county to hire a second firm that will assist in this year’s financial audit.
Earlier this month, the Wicomico County Council approved $50,000 in supplemental appropriations to hire TGM Group, LLC to assist in the preparation of financial reports for the fiscal year 2020 year-end audit.
While the county contracts with PKS & Company to complete the annual audit, Acting Finance Director Pam Oland told the council this week TGM would also work with the county for the second consecutive year.
“TGM was brought in last year to help with the 2019 audit,” she said, “and they have been brought in to also help us get prepared for the 2020 audit.”
Oland told the council this week that TGM’s services are estimated to cost the county up to $75,000. Since the fiscal year 2021 budget has set aside $25,000 for the project, officials were requesting an additional $50,000 from contingency.
Oland added that the company had initially provided a much larger estimate for their services
“Now their estimate was based on the idea there wasn’t going to be an acting finance director. They thought they would have to step in and take on the whole role and get prepared for the audit …,” she said. “I believe with me sitting in the seat and being able to help them get us ready, we’ll be able to accomplish it for the $25,000 that’s already on the books, and this additional $50,000 that we’re asking for.”
After further discussion, the council voted unanimously to make a $50,000 supplemental appropriation from contingency to pay the cost of hiring TGM Group.
“My hope is it would be less than $75,000,” Oland said. “But it would not go over $75,000.”