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Summary/Background: Under Section 12-6-3(A) NMSA 1978 mandates that the financial affairs of every agency be thoroughly examined and audited each year by the State Auditor, personnel of his office designated by him, or by independent auditors approved by him and the audits be conducted in accordance with generally accepted auditing standards and rules issued by the State Auditor. Under Section 2.2.2.10.M(4) NMAC, the agency (Town of Taos) and the IPA shall arrange for the IPA to present the report to the governing authority of the agency, at a meeting held in accordance with the Open Meetings Act, if applicable. The firm of Cordova CPAs LLC conducted the fieldwork and related audit items during the week of September 9th through the 14th, 2019. The report was submitted prior to the December 15, 2019 deadline to the State Auditors Office. In accordance with State Statue we have completed our 2018-2019 audit with an Unmodified Opinion on the Financial Statements. This is the first year in the last several years that the Town did not have a Single Audit for Federal Awards. The Independent Auditors' Report and summary of findings can be found on pages 128-129, which are noted on the Financial Statements.
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Through a series of public hearings, the project formerly known as Indian Hills was selected for a CDBG economic development grant. Taos Hotel Associates, LLC will match the $500,000 grant award with $500,000 for the purchase of inventory. The renovation of the hotel will add an estimated 48 rooms to the Town lodging inventory, as well as hire an estimated 25-30 employees.
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