[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6152218,"mediaKeyId","5499402-96de759a76319a16f00e6b92fc889abe","parentId",5499402,"title","External auditor gives county clean opinion; Baker Tilly reports improvements in pension funding and no single‑audit findings","audioSeconds",488,"startMs",4301000,"endMs",4789000,"viewUrl","/Search/View?dp=1&key=5499402-96de759a76319a16f00e6b92fc889abe&start=4301&end=4789","thumbnailUrl","https://assets.pipeline.soar.com/5499402-96de759a76319a16f00e6b92fc889abe/thumbnail_4301000.jpg","articleUrl","/articles/6152218/Peoria-County/Illinois/External-auditor-gives-county-clean-opinion-Baker-Tilly-reports-improvements-in-pension-funding-and-no-singleaudit-findings","mediaUrl","https://secure.pipeline.soar.com/6152218-a60a3ad9360ec1878f81ce779da6fd62/orig.mp4?Expires=1775086408&Signature=d6R~uRiS5sONOGWpg0b6qYuykK~2eb9SOO2KO7cBDf3691Bnr424wXA4qanoXuoqT0Nv-OpKm5e2KrNyc8LmYWPT75Z3qQTs92yOJJvMmPtIac3-rj6SPH8uA2QgwTHAah69fPoR8pI529piWu3Rn057RNPnEpkm8nBxzy-rpe6jU8rMzWuhOXgo3hQuSlNPYqZAjAZTS0~5NS7QXZuPfT46YPGMjA~~OXEYh8x-rKuQRJXa2HgXQGZCC-NSfD4l6uxVyCRxXC9ti~f0ZxKBAc-8EjOm8OzFgOfVtig9TjItV4NZuzrjPa5qIcKBco4wxFr6uc3fPieEg2F9vlUwtQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Peoria County, IL","date","2025-07-29T20:51:51Z","article","Baker Tilly partner Michael Malott told the Peoria County board the firm issued an unmodified (clean) opinion on the county’s 2024 comprehensive annual financial report and that the federal single‑audit work produced no notable findings in draft form.

“The only piece of information in that report that comes from us as the auditors is the independent auditors report,” Malott said, and added, “We issue what’s called an unmodified opinion,” describing that as the highest level of assurance auditors can provide. He praised county finance staff for responsiveness during the audit.

Malott summarized other audit highlights: a new accounting standard increased the county’s reported liability for accumulated compensated absences (vacation and sick leave), and the funded status of the county’s three state‑administered pension plans improved compared with prior reporting periods. The auditor described IMRF’s funded ratio moving from about 94 percent to about 99 percent; two other pension plans showed improvement in funded status as well, though Malott provided the percentage changes without identifying plan names in the presentation.

Baker Tilly said the county’s consolidated financial statements and required supplemental documents will be issued with the firm’s unmodified opinion and that staff should distribute printed audit reports to board members who requested them. The auditor also said the single‑audit — the federal compliance testing that covered ARPA spending and the lead‑based paint program — was in final review and produced no findings to that point.

Auditor remarks included notices about where board members can read management’s transmittal letter and the management discussion and analysis sections of the audit for context and a reminder that the auditors are engaged by and ultimately responsible to the governing board. Malott encouraged board members to contact Baker Tilly with any follow‑up questions.","mediaType","Video","parentTitle","Peoria County Executive Committee","oneSentenceSummary","Baker Tilly, the county’s external auditor, presented an unmodified opinion on the county’s 2024 financial statements, reported improved funded status for pension plans and said federal single‑audit testing (including ARPA spending) produced no findings in draft form.","taxTitle","Peoria County, Illinois","taxId",2551,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6152223,"Heart of Illinois port leaders brief county board on inland‑waterway investments; seed funding discussion set for August",727,214000,941000,"/Search/View?dp=1&key=5499402-96de759a76319a16f00e6b92fc889abe&start=214&end=941","https://assets.pipeline.soar.com/5499402-96de759a76319a16f00e6b92fc889abe/thumbnail_214000.jpg","/articles/6152223/Peoria-County/Illinois/Heart-of-Illinois-port-leaders-brief-county-board-on-inlandwaterway-investments-seed-funding-discussion-set-for-August","https://secure.pipeline.soar.com/6152223-8fb1b670d88e264ea0e82cef270ae937/orig.mp4?Expires=1775086408&Signature=Q9zUdprWwBKcd7hav82z84KXn1GqtlL2BGJIvl51yar7D5~LKSL8b7oRjf93-FsvTBCrHofDADsBPjPLe0ZM6h8Qi0MYDDy~~-Ln7g8T2K-On1Vasex7CFpkPLBpdGduEZJop1PNFiIPneNXVTWkoz4kJZD8~bJxqiAIiemId6-HBqkz0ifhHa3MnyYTYnlf7pmiIzqEZwcSh7lSyjQ339Lt~73PrKKiJDb8DGsGehoTo7mP~7xMy1NHSrPzzZxuUS4hWH-1FFow5IuOI01SnT8eK6wDGQkUJuRyZ2ia2KBCIwOdoYkuy8EZBoaiTjaSdWgSk8KhXZScTnYyC~CItA__&Key-Pair-Id=KUT5TJCACFTXG","Representatives of the Heart of Illinois Regional Port District told the Peoria County board they have helped attract federal and private investment to the Illinois Waterway and asked the board to consider seed funding to sustain the district’s operations and advocacy.

“Reports are an essential part of our economy,” said Bob Sinclair, executive coordinating director for the Heart of Illinois Regional Port District, citing recent federal grants and media coverage that, he said, have increased attention and investment in the inland port system. Chris Smith, the district’s director of operations, added that the district focuses on marketing, grant writing and helping local sponsors secure federal dollars for lock and dam and ecosystem projects.

Board members discussed a previously proposed seed allocation of $50,000 per year (the board has discussed a three‑year $150,000 idea) but were told that the amount was not included in the current county budget and that adding it would require a supermajority appropriation. County staff said they would place an appropriation resolution on the August agenda to allow members time to review materials and ask the port district to return with supporting data.

District presenters outlined a recent track record: work that helped secure federal Port Infrastructure Development Program awards, an EPA “Green Ports” grant (presenters said it was the first such grant in the state’s inland system), and contributions to a bipartisan state law creating the Illinois Waterway Ports Commission. Sinclair told the board the initiative sought to fill a geographic “black hole” on national port maps between St. Louis and Chicago and thereby unlock federal investment opportunities for inland terminals.

Board members asked how port district funds are used; Sinclair said the work is “laser focused on bringing in additional investment in the region,” including marketing and grant writing to position the Illinois Waterway competitively for federal programs. Members asked staff for a written budget and a list of accomplishments and projects supported by the district; Member Ricker specifically asked for a list of projects and clarification of the district’s role in helping the U.S. Army Corps of Engineers secure project funding.

No appropriation vote was held. Staff said they would circulate the district’s budget and accomplishments and bring an appropriation resolution to the August meeting for board consideration; the appropriation would require a supermajority according to staff.","The Heart of Illinois Regional Port District presented accomplishments and asked the county to consider seed funding (proposal previously discussed at $50,000/year), with staff planning to place an appropriation item before the board in August that would require a supermajority vote.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6152228,"Loan review committee backs Liberty Steel’s $2.65 million Keystone Fund request; full board to consider in August",1882,1968000,3850000,"/Search/View?dp=1&key=5499402-96de759a76319a16f00e6b92fc889abe&start=1968&end=3850","https://assets.pipeline.soar.com/5499402-96de759a76319a16f00e6b92fc889abe/thumbnail_1968000.jpg","/articles/6152228/Peoria-County/Illinois/Loan-review-committee-backs-Liberty-Steels-265-million-Keystone-Fund-request-full-board-to-consider-in-August","https://secure.pipeline.soar.com/6152228-27c7c0f34e487ee2038b0c4c975152d7/orig.mp4?Expires=1775086408&Signature=nr9TkBKvnghp~6oaqIycxezaTNJH~9yf-SHhrZvBw3eeLmj90hlrcnZwjs6fPTIOz2GDNhs-p-dKY568~MMy7pknnTSKyQY3hckdfUEPukygxsNkJ~eVCqU73tl8oQzrfNORGyejNe-Ge5UcNl~jqy5P5jJ8SWjoEu71bdANWRSOJ9Eh7cdmhmezHb7nPasp-00FilHPJu0p2Wy-OlaEMCL-tpDRYtDWOJoIYsvwS1gIrdXPx69MGveCb78V0bMOlKEY7LfAUslhpt0itYuLi9hjixumqCpLv90bIR~sU6CX14vl0d4e8HUiLqq3iw32Nwv3~ZMngKmuHoPL-npyag__&Key-Pair-Id=KUT5TJCACFTXG","Liberty Steel asked the Peoria County board for a $2,650,000 loan from the county’s Keystone Fund to finance capital upgrades and bring back employees at its Bartonville rod-and-wire facility, company representatives told the board. The loan review committee unanimously recommended the application and staff said the full board will consider a formal loan resolution at the August meeting.

The company said the proceeds would fund specific reliability and productivity projects in the melt shop, rod mill and wire mill, reduce operating costs and allow some third‑party contractors’ work to be internalized, accelerating rehiring. “We’re asking for a 2,650,000 loan,” consultant Chris Colter said during the presentation; Mark Frackdoll, vice president of finance, said the package is part of a larger financing plan that includes state support and private equity.

Liberty’s presentation described a multi‑part financing plan: $2,650,000 in county loan funds, $2,050,000 in owner equity (for a $4.7 million project at this stage), a $50 million revolver committed by private lenders, and state incentive applications. The company said the county loan would be structured as a 10‑year amortizing business development loan at a locked 4.5 percent rate, with first‑lien security on equipment purchased with loan proceeds and UCC‑1 filings to be recorded. Staff reported $9.3 million in the Keystone Fund, with about $7.1 million available after current commitments and the proposed loan meeting the fund’s underwriting parameters.

Liberty said the broader financing package depends on two state programs: a targeted EDGE income‑tax benefit (statutory language in Public Act 104‑006) and an application for a capital grant from the Illinois Department of Commerce and Economic Opportunity (DCEO). Company representatives said the EDGE benefits require an application within about 90 days and include conditions: relocation of U.S. headquarters to Illinois, a minimum $40 million capital investment by 2030, and retention of at least 700 full‑time employees by Dec. 31, 2026. “There’s a minimum of a $45,000,000 benefit,” the company told the board when describing the EDGE calculation tied to payroll tax deferral.

Company finance slides presented to the loan committee show owner equity of $2,050,000 and projected paybacks on specific capital items as short (roughly one to 1.5 years for several improvements). Representatives said the plant returned to profitability in June 2025 and reported roughly 576–650 employees in recent months, with a goal of reaching 700 and eventually returning to historical employment levels above 800. They also described market and operational headwinds in 2024 — including international overcapacity, interest‑rate impacts on construction and a recent rod‑mill control system upgrade that temporarily reduced capacity — as reasons the loan and other incentives were needed to stabilize operations.

Board staff said the loan review committee endorsed the application and that a formal term sheet and write‑up will be provided to all board members before the August meeting. No formal loan vote occurred at the meeting; the county board will consider the loan request at its scheduled August session.

If approved, the loan would be secured by equipment purchased with the county funds and repaid on a 10‑year schedule at the proposed 4.5 percent rate, staff said. The county’s loan packet will include final amortization details, collateral documentation and the committee’s recommendation. The company and county staff said they will distribute the full presentation and the loan write‑up to the board members this week for review.","Liberty Steel requested a $2.65 million loan from the county Keystone Fund to support capital upgrades, rehiring and a headquarters relocation; the loan review committee unanimously endorsed the application and staff will present a formal loan package to the full board in mid-August.","actionData","errors"]

Article not found

External auditor gives county clean opinion; Baker Tilly reports improvements in pension funding and no single‑audit findings

Heart of Illinois port leaders brief county board on inland‑waterway investments; seed funding discussion set for August

Loan review committee backs Liberty Steel’s $2.65 million Keystone Fund request; full board to consider in August