Ad Hoc Audit Committee 04-08-2026

The City of Norwalk, Connecticut held an Ad Hoc Audit Committee meeting on April 8, 2026, focusing primarily on the fiscal year 2025 audit results. The committee reviewed the city and Board of Education's financial statements, noting a timely audit completion and strong pension and OPED funding ratios. Key procurement-related discussions included the management of federal and state grants, particularly for school construction and community investment projects, with total federal awards expended at $39.8 million and state awards at $84.2 million. The auditors reported no compliance findings but identified one significant deficiency in internal control over financial reporting, which management has addressed. Recommendations were made to improve IT controls, update accounting procedure manuals, implement a fraud tip line, and conduct fraud risk assessments. The committee also discussed the potential value of an internal audit function, concluding that targeted, outsourced internal audits might be more cost-effective than a full-time position. No new contracts or procurement awards were announced during the meeting.