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Geneva council accepts FY2025 comprehensive financial report and single-audit findings
Summary
The council accepted the city’s FY2025 annual comprehensive financial report, TIF reports, single audit and IMRF allocation report after auditors Sikich issued an unmodified (clean) opinion and reported no instances of noncompliance for federal programs.
The Geneva City Council voted to accept the fiscal year 2025 annual comprehensive financial report (ACFR), TIF 2 and TIF 3 reports, the single audit and the IMRF allocation report.
Sikich principal Nick Bava presented the audit results, telling the council the firm issued an unmodified opinion on the city’s financial statements for the year ending April 30, 2025 — the highest level of assurance auditors can provide. Sikich also performed single-audit testing because the city’s federal grant expenditures exceeded the single-audit threshold; Sikich reported no instances of noncompliance or questioned costs for the federal programs tested.
Finance staff highlighted fund-balance policy adherence: the general fund closed the fiscal year with a 62% fund balance against policy targets, the electric fund closed with roughly a 109% cash balance (attributed in part to outstanding debt issuance), and the water fund closed with about a 26% cash balance. Staff reported the city spent about $600,000 of American Rescue Plan Act (ARPA) funds in FY2025 and had approximately $960,000 of ARPA funds unspent at fiscal year end.
Council members thanked staff and Sikich for the timely and detailed work. The council approved acceptance of the reports by roll call: eight affirmative votes, zero nays, and two members absent. The staff packet accompanying the meeting included Sikich’s audit opinions and a management discussion and analysis that staff said demonstrated compliance with the city’s fund policies.
The acceptance starts the administrative step of filing the ACFR and single audit and clears the city to continue planned spending of grant funds subject to federal reporting and audit rules.
