For the first time in 15 years, the village of Brookfield will have a new firm auditing its financial statements come the end of the 2020 fiscal year.
On Dec. 14, village trustees are expected to pass a resolution naming Oak Brook-based Selden Fox as its auditor for at least the next three years. Selden Fox was the lower of two firms responding to a request for proposals from the village in October.
Brookfield will pay Selden Fox $28,500 to conduct its 2020 audit, with that fee going up to $28,800 for 2021 and $29,000 for 2022. The firm will also receive $400 each year for auditing the village’s TIF district reports.
Since 2005, the firm Lauterbach and Amen has handled Brookfield’s annual financial audit, with the village board simply renewing the firm’s contract every few years. The village has just wrapped up a three-year contract with Lauterbach and Amen, who were not offered a chance to respond with a proposal.
“Although [Lauterbach and Amen] provided service for the last 12 audits, staff felt it was time to rotate auditing firms,” said Brookfield Finance Director Doug Cooper in a memo to the village board, which briefly discussed the impending change at their Nov. 23 committee of the whole meeting.
In their final year serving the village, Lauterbach and Amen was paid $29,800 to perform the financial audit for fiscal year 2019, which was delivered to the board earlier this year.
Selden Fox has been in the accounting/auditing business since 1978 and has a number of municipal clients, including Calumet Park, Cary, Crystal Lake, Forest View, Niles and Summit. Selden Fox is also the auditing firm for Riverside Township.
“It’s nothing against our previous auditors,” said Trustee Michael Garvey. “An audit is someone from the outside looking at and giving an honest opinion as to the state of our finances and procedures, so I think it’s a good idea to have the change.”