Request for Proposals (RFP) Financial Audit Services

Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
REQUEST FOR PROPOSALS (RFP)
FINANCIAL AUDIT SERVICES
OVERVIEW
The Town of Milton invites qualified independent certified public accounting firms, licensed to
practice in the Commonwealth of Massachusetts and with prior experience in municipal financial
statement audits, to submit written fix-fee proposals to conduct independent financial audit services
for the Town. This shall include but not be limited to an audit of the Town's federal awards, if
necessary; prepare a management letter with recommendations for cost-beneficial improvements in
the Town's financial reporting and controls over financial reporting; and to perform agreed upon
procedures related to the fiscal management of the Town, in accordance with the specifications
summarized below. The quoted fee shall be all-inclusive for all required services. The Town
anticipates awarding a contract for a three (3) year period.
Contracts with certified public accounts are exempt from the requirements of Massachusetts
Procurement Law (M.G.L. c. 30B 1(b)(15)). The Town of Milton Audit Committee will evaluate
the proposals based on the experience of the proposed audit team, the firm's ability to deliver audit
services that meets the Town's needs and timelines, staff capacity, and reference checks. The Town
will negotiate at its own discretion with firms that it evaluates as qualified and determines will serve
the best representation for the Town's audit requirements and needs. The proposed fee may be
considered as part of the Town's evaluation process.
SCHEDULE & TIMELINE
This Request for Proposals (RFP) is being issued through the Select Board's Office, 525 Canton
Avenue, Milton, MA 02186 on Friday June 12, 2026. This RFP will also be available on the Town's
website at https://www.miltonma.gov/bids.aspx. Updates, amendments, or answers to questions to the RFP
will be posted to the website, and proposers should check the website prior to submitting proposals.
Inquiries involving procedural or technical matters, and/or questions related to the Request for
Proposals shall be submitted in writing to the Select Board's Office and received no later than five
(5) business days prior to the time the proposals are due.
Proposals will be received until 3 PM (EST) on Wednesday, July 1, 2026.
Projected/Desired Timeline:
* Contract award is anticipated on or before Friday, July 17, 2026.
Contact Information: Amy Dexter, Finance Director/Town Accountant
525 Canton Avenue
Milton, MA 02186
adexter@miltonma.gov
(617) 898-4880
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
SCOPE OF WORK
The Town of Milton has a fiscal year 2026 operating budget of $167 million (inclusive of the
General Fund; Community Preservation Fund; Water Enterprise Fund, Sewer Enterprise Fund,
Stormwater Enterprise Fund and PEG Access Enterprise Fund). The Town has an AAA bond rating
from Moody's Investors Services and an AAA bond rating from S&P Global Ratings.
The executive powers of the town are vested in the Select Board with an appointed Town
Administrator. The senior financial management team of the Town consists of the Town Administrator,
Finance Director/Town Accountant, Town Treasurer/Collector and Chief Appraiser.
The most recent audit of the Town of Milton and its component units was for the fiscal year ended
June 30, 2025. The public accounting firm of CBIZ CPAs P.C. completed this audit. The auditor's
reports for that and prior fiscal years ending can be found at:
https://www.miltonma.gov/169/Financial-Information
Description of Financial Records
The Town maintains its general financial records in accordance with the Revised Uniform
Massachusetts Accounting System on a modified accrual basis. The general ledger records of the
Town are computerized, and the Town uses SoftRight for the maintenance of its financial record
keeping system, vendor processing, and payroll processing.
Cash and receivable reconciliations are made monthly. The Town financial accounts are closed on an
annual basis.
Required Services
The services requested shall be for the three fiscal years ending June 30, 2027, June 30, 2028 and June
30, 2029. The required services consist of:
1. An independent annual financial audit of the Town's finances and, if required, federal
awards programs for each of the next three fiscal years ended June 30, 2027, 2028 and
2029. The audit is to be performed in accordance with generally accepted auditing
standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States.
2. An annual audit of specific elements, accounts and items of financial statements
pertaining to the Milton Contributory Retirement System (MCRS) for the years ended
December 31, 2026, 2027 and 2028, in accordance with accounting principles
generally accepted in the United States of America.
3. Perform procedures specified in the Massachusetts Department of Elementary and
Secondary Education's (DESE) Compliance Supplement applicable to Massachusetts
School Districts to the End-Of-Year Financial Report prepared by the Town of Milton,
Massachusetts for the years ended June 30, 2027, 2028 and 2029.
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
4. Completion of a written management letter, which shall identify any management
weaknesses observed, assess their effect on financial management and financial
reporting, and propose steps to correct or eliminate the weaknesses. Prior to the
completion of the management letter, the independent auditor shall meet with the
Finance Director/Town Accountant and Town Treasurer to review the findings and the
recommendations in detail.
5. The audit shall be conducted for the purposes of forming an opinion of whether the
financial statements of the Town present fairly the respective financial position of the
governmental activities, discretely presented component unit, each major fund, and the
aggregate remaining fund information of Town as of each June 30th, and the respective
changes in financial position for the years then ended, in conformity with US Generally
Accepted Accounting Principles.
6. The successful proposer will also furnish the following independent Auditor Reports:
a. Independent Auditors Report on Compliance with Requirements that Could
Have a Direct and Material Effect on Each Major Program, Internal Control Over
Compliance and on the Schedule of Expenditures of Federal Awards in
Accordance with OMB Circular A-133.
b. Independent Auditors' Report on Internal Control over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards
5. In addition to completing the annual audit, the accounting firm shall be available during
normal business hours, throughout the contract period, to provide the Town with advice
and guidance on financial accounting and reporting issues. It is expected that the
successful proposer will designate a senior staff member, at the manager or partner level,
who will be responsible for responding to Town phone calls and e- mail communications
within one business day. The auditor will also be expected to keep the Town informed of
the working requirements of all new accounting and financial matters related to
municipalities.
All audit work-papers that are the property of the auditors shall be considered public records and
shall be retained for a period of time designated by the Commonwealth of Massachusetts's
Supervisor of Public Records. Work papers shall be available for examination or duplication
without charge to authorized Town personnel, representatives of Federal or State Agencies upon
request of that Agency or the Town in accordance with Federal Law, State Law and other
regulations. Working papers will also be made available for examination, at no charge, or
duplication, at a reasonable charge, to subsequent auditors engaged by the Town.
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
Deliverables shall consist of:
1. Three (3) printed and bound copies of the Report on Examination of Basic
Financial Statements, including the necessary audit opinion letter and (1)
electronic pdf copy.
2. Three (3) printed and bound copies of the Reports on Federal Awards Programs,
including necessary audit opinion letter and (1) electronic pdf copy.
3. Three (3) printed and bound copies of the annual Management Letter and (1)
electronic pdf copy.
4. Three (3) printed and bound copies of the Milton Contributory Retirement
System Audit of Specific Elements, Accounts and Items of Financial Statements
report, including necessary audit opinion letter and (1) electronic pdf copy.
5. Three (3) printed and bound copies of the Town of Milton, MA Report on
Applying Agreed-Upon Procedures Over Compliance Applicable To
Massachusetts School Districts' End-Of-Year Financial Report, including
necessary audit opinion letter and (1) electronic pdf copy.
The auditors shall be responsible for distribution of copies of all reports to state and federal
regulatory and oversight agencies. Senior representatives of the firm shall conduct an annual
audit planning conference with the Finance Director/Town Accountant at least one month prior
to the start of each audit; shall provide the Finance Director/Town Accountant with progress
reports during the course of both preliminary and final audit field work; and shall be available to
make a formal presentation of the results of the audit to the Select Board and Audit Committee.
Time Considerations
The Town expects the preliminary audit work to begin on or about April 15 of each year and the
final audit documents to be completed and delivered no later than January 31st of each year,
with draft audited financial reports available by December 31st. The Town is aware that the
timely performance of work by the Auditor relies on timely and complete preparation of
financial statements and other materials by Town's senior financial management team.
INFORMATION TO BE SUPPLIED BY PROPOSERS:
In order to simplify the evaluation process and obtain maximum comparability, the Town
requires that all responses to this RFP be organized in the manner described in this section. Any
material deviation from this format may result in disqualification of the proposal.
A. Title Page
a. RFP Title
b. Name of Proposer
c. Address and telephone number of proposer
d. Name of primary contact
e. Submission date
B. Letter of Transmittal
a. Briefly state the proposer's understanding of the work to be performed and
make a positive commitment to complete all work and deliver all written
reports within the specified time frames.
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
b. Specify an all-inclusive fixed fee for each engagement year, and state that
your proposal is valid for a period of (90) days.
c. The letter must be signed by an individual authorized to contractually bind
your firm (please provide written evidence of the authorization).
C. Table of Contents
a. Include a clear identification of the material by section and page number. The
following sections are required:
D. Professional Experience
a. Describe your Massachusetts municipal auditing experience during the past
three-year period. Identify the specific partner, and staff that will be assigned to
this engagement and provide copies of the resumes of each. Each resume must
identify specific Massachusetts municipal audit experience, by client name and
the time period, and provide a description of the nature of audit services
provided by each individual expected to be assigned to the Milton audit.
b. Provide a description of your firm's municipal auditing continuing
education program, including any continuing education and training that you
provide to clients.
c. Provide the name, address, and telephone number of at least three (3)
Massachusetts municipal audit client references in organizations of similar
size and complexity as the Town of Milton that the Town can contact.
E. Audit Approach
a. State the proposer's understanding of the services to be performed and the
work products to be delivered.
b. Submit a detailed work plan, including time estimates and staffing
requirements for each major component of the engagement. Please include a
brief description of the specific audit procedures that you anticipate using in
each segment of the audit (cash; revenue; expenditures; etc.).
c. Provide a description of the additional services that your firm would be
willing to provide to the Town, in connection with the audit, which are
incorporated into the proposed cost, including a description of the process
that will be used to provide Town staff with continuing education and training
on new financial reporting requirements of the Governmental Accounting
Standards Board.
F. Compensation
a. State the estimated number of hours which you expect to commit, by staff
level, for each component of the engagement, by year.
b. The proposal must include the annual fixed fee, inclusive of all stated services,
for each engagement year in the form Price Proposal for Financial Audit
Services, attached. The price proposal must separately enumerate the cost to
complete the Federal Single Audit, which would be an add/alternate to the base
contract, and only completed during those years where this work is required.
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
PROPOSAL EVALUATION AND AWARD
In accordance with Chapter 12 of the Town of Milton's General Bylaws
(https://ecode360.com/33955620#33955620), the Audit Committee will evaluate proposals and make a
recommendation to the Select Board for audit services.
Contracts with certified public accounts are exempt from the requirements of Massachusetts Procurement
Law (M.G.L. c. 30B 1(b)(15)). The Town of Milton Audit Committee will evaluate the proposals based
on the experience of the proposed audit team, the firm's ability to deliver audit services that meets the
Town's needs and timelines, staff capacity, and reference checks. The Town will negotiate at its own
discretion with firms that it evaluates as qualified and determines will serve the best representation for the
Town's audit requirements and needs. The proposed fee may be considered as part of the Town's evaluation
process.
The Town reserves the right to request additional information, conduct interviews, and to waive any
irregularities in the RFP process, to accept or reject any or all proposal submissions, and to make an award
or awards in the best interest of the Town.
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
ATTACHMENT A | PRICE PROPOSAL
The price proposal must be submitted without "conditions or exceptions" and be submitted in a separate
envelope from the RFP document.
The price proposal set forth in this proposal shall constitute full and complete compensation for the services
to be provided by the Audit Firm. There shall be no reimbursement for out-of-pocket expenses or other
expenses incurred by the Auditor in connection with the performance of the services without the approval
of the Select Board. Any exceptions may result in the rejection of the proposal.
Service FY 2027 FY 2028 FY 2029
Single Audit*
Financial Statement audit and
reports
Attestation Services related to
School End of Year Report
Milton Contributory Retirement
System Audit of Specific Elements,
Accounts and Items of Financial
Statements report
Total
*Single Audit - An all-inclusive fixed fee must be separately stated for the financial audit and the single audit (if
required) for each of the three years of the contract period. The Single Audit may or may not be required in any
of the Fiscal Years included in the contract period. The Single Audit report shall be issued pursuant to O.M.B.
Circular A-133, inclusive of reports on internal control and compliance with laws and regulations. The report will
also include a Schedule of Expenditures of Federal Awards and Schedule of Findings and Questions Costs.
Note:
1. All prices, except item totals, shall be stated in both words and figures. In the event of a discrepancy
between the price in words and the price in figures, the words shall govern. In the event of a
discrepancy between the total of the items and the total stated, the total of the items shall govern.
2. All prices shall be typewritten or handwritten in ink. Interlineation, alteration or erasure will void the
bid.
Respectfully submitted:
Name/Company Telephone
Address By
Date Title
Attest Email
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
CERTIFICATE OF NON-COLLUSION
"TOWN OF MILTON AUDIT SERVICES"
MILTON, MA
The undersigned certifies under penalties of perjury that this bid or proposal has been made and
submitted in good faith and without collusion or fraud with any other person. As used in this
certification, the word "person" shall mean any natural person, business, partnership,
corporation, union, committee, club, or other organization, entity, or group of individuals.
Name of Business
Signature of Individual Corporate Name
Signature of individual submitting bid or proposal
Social Security Number or Federal Identification Number
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Town of Milton
525 Canton Avenue
Milton, Milton, MA 02186
CERTIFICATION OF TAX COMPLIANCE
Pursuant to M.G.L Chapter 62C, Sec 49A (b), I, _________________________(name), as an
authorized signatory for ____________________________(company name), do hereby certify
under the pains and penalties of perjury that said company has complied with all laws of the
Commonwealth of Massachusetts as it relates to taxes.
_________________________________ ____________________________
Signature of Individual Submitting Bid/Proposal Date
_________________________________
Printed Name & Company
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