i. In the event the Agency expends a total amount of Federal awards equal to or in

City Commission Regular Meeting · 2026-05-19 · agenda_item

This agenda item concerns audit requirements for the City of Fernandina Beach related to federal awards. If the City expends federal funds above a certain threshold, it must conduct a single or program-specific audit. This requirement is detailed in Exhibit H of an agreement, which provides necessary federal award identification information. The City must track all federal awards received, including those from the Department via this agreement, to determine if the audit threshold is met. The audit can be conducted by the State of Florida Auditor General. This item is currently under review by the City Commission. While no direct construction is outlined, compliance with these audit requirements may necessitate professional services related to financial review and reporting. Businesses specializing in auditing and financial compliance could find opportunities related to ensuring adherence to these federal regulations.