Conway officials have received the proposal for a Thomas and Thomas Certified Public Accountants audit to determine the levels of various city funds to a certainty.
The proposal doesn’t list a specific figure as to what the audit will cost. Conway Alderman David Grimes, who has been selected to lead an audit oversight commission, said on Friday that Thomas and Thomas accountants will need to have more information as to what they will be doing before knowing how long it will take and how much it will cost.
The proposal does say that the city will be billed between $80 and $225 per hour for Thomas and Thomas work. Grimes said that he understood this to mean that Thomas and Thomas principal Randy Milligan will receive $225 per hour for work performed by him personally and $80 per hour for work done by his staff.
Grimes said that he didn’t expect the work to be “too involved,” as the council requests only the current level of city funds, especially the Conway Sanitation Department reserve fund. The sanitation fund reserve had been tapped for about $750,000 for new vehicles and about $1.9 million for a new recycling machine. These expenses will have to be paid for through other means, as spending the money out of sanitation reserve funds would draw the fund down to an inappropriate level.
The purchases were approved as a result of miscalculated reserve figures quoted to the council in 2009 and 2010 by former city Chief Financial Officer Robin Scott. The council voted on Tuesday to authorize Mayor Tab Townsell to request proposals from banks to pay for the recycling machine and all or some of the vehicles through five-year financing.
A special council meeting has been tentatively scheduled for 5:30 p.m. on Tuesday. The council may continue discussion as to what will be expected of auditors and/or vote to enter into an agreement with Thomas and Thomas.
(Staff writer Joe Lamb can be reached at 505-1238 or by E-mail at firstname.lastname@example.org. Send us your news at www.thecabin.net/submit.)