External auditor delivers clean opinion on Sugar Grove finances; highlights fund balance gains and a certificate of achievement

Jennifer Martinson with Lauterbach Amon presented the village’s annual comprehensive financial report for the fiscal year ended April 30, 2025, and told trustees the auditors issued an unmodified (clean) opinion on the financial statements.

"We have issued an unmodified opinion, which is a clean audit opinion," Martinson said, describing that as "the highest opinion that we can issue" and meaning "the financial statements are materially correct or do in fact accurately represent the financial position of the village." She told the board the audit is required by state statute each fiscal cycle and summarized the report’s structure and highlights.

Martinson said governmental fund balances increased by approximately $960,000, yielding combined governmental fund balances of about $15,500,000, with roughly $2,500,000 in the general/operating fund. She also highlighted the transmittal letter, the management’s discussion and analysis (MD&A), budgetary comparison schedules and a statistical section showing 10-year trends. The audit team also noted a certificate of achievement for excellence in financial reporting for the fiscal year ended 04/30/2024 and said the village is expected to receive that award again once the 2025 report is filed.

The auditors provided a short management letter with a limited number of comments: one fund was identified as being in a deficit position, a few funds were over budget for the year, and pending Governmental Accounting Standards Board (GASB) updates were flagged as an area for ongoing staff attention. Martinson said auditors had no disagreements with management and reported no difficulties during the audit.

Board members thanked Finance Director Matthew Anastasia and staff for their work preparing for the six-month audit process. Anastasia, who is departing the village in October, accepted the board’s thanks during the meeting.

Why it matters A clean audit opinion is the standard municipal assurance that the village’s financial statements present a fair and accurate picture of its finances. The reported fund-balance increase and the certificate of achievement reflect financial reporting continuity and transparency ahead of upcoming budget and levy work.

What’s next The management letter’s recommendations and upcoming GASB standards will be addressed by staff. The audit report and supporting documents, including MD&A and budgetary comparison schedules, are available in the board packet for detailed review.