Resolution No. 4696-26, Authorization for an Independent Audit of the Twin Rivers Golf Course Enterprise Fund

Summary

The City Council has approved Resolution No. 4696-26, authorizing an independent audit of the Twin Rivers Golf Course Enterprise Fund. This decision stems from concerns regarding personnel and operating expenses charged by the golf course's management company, SSS Down to Earth OPCO, LLC.

Key Details:

• Auditor: Purvis Gray and Company, LLP, the City's current auditor.
• Scope: The audit will cover the financial statements of the Twin Rivers Golf Course for the fiscal year ending September 30, 2025, focusing on accounting policies, internal controls, compliance with contracts, and revenue recognition.
• Cost: The estimated cost for the audit is between $14,000 and $17,500, with an additional $2,500 contingency, bringing the total potential cost to $20,000.
• Funding: This amount will be transferred from the Golf Course Fund's Reserve for Contingency Account to the Accounting and Auditing Account.
• Timeline: The audit is expected to begin in February 2026, with reports issued by April 30, 2026.

Citizen Impact

This audit aims to ensure financial transparency and accountability for the Twin Rivers Golf Course, which is vital for maintaining the City's Community Rating System (CRS) open space credit. This credit provides residents in special flood hazard areas a 10% discount on flood insurance, directly impacting their household costs.

Confidence

high