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Mundelein accepts FY2024 audit showing $12.7 million capital investment and clean opinion
Summary
Trustees accepted the villages FY2024 audited financial statements after auditors issued an unmodified (clean) opinion and reported no new management-letter recommendations; the audit showed about $12.7 million in capital investment and roughly $1.7 million increase in bonded debt.
The Village of Mundelein accepted its fiscal year 2024 audited financial statements Tuesday after auditors reported a clean opinion and no new management-letter recommendations.
The audit presentation and the boards subsequent acceptance matter because the independent opinion affects public confidence and the villages financial transparency, and the document includes a 10-year statistical appendix trustees can use in budgeting and long-term planning.
Jamie Wilkie, an auditor with Lauterbach & Amen LLP, told the board the firm issued an "unmodified or clean audit opinion," the highest level of assurance auditors give local governments. "That is the highest level opinion that we can issue to the village as part of the audit process," Wilkie said. He also noted the audit included internal control testing and that the firm "had no exceptions in our control testing."
Wilkie summarized financial highlights in the managements discussion and analysis: capital assets increased by about $12,700,000 for the fiscal year, and "we increased bonded type of debt by about $1.7" million, figures Wilkie said supported an overall improvement in equity. He pointed trustees to the statistical section (pages 136—168) for 10 years of financial and nonfinancial information, including staffing and property tax history.
Trustee Schwenk moved to accept the FY2024 audited reports as presented by Lauterbach & Amen LLP; Trustee Krensky seconded. A roll-call vote recorded the motion as passed.
Linda (finance staff), who worked with the auditor team, and trustees praised staff work in bringing the audit to the board in a timely way. Wilkie added that the audit process for 2025 would begin immediately.
The audit also reported no new management-letter recommendations for 2024, which Wilkie described as progress on prior recommendations and a sign of improvement in the villages controls and practices. Trustees on the finance committee formally accepted the audit at the meeting.
The village will file the audit as required by state statute; Wilkie noted the statutory requirement that each local government engage an independent audit firm annually. The village packet contains the full audit, including the MD&A and the statistical section for trustees and residents to review further.
Trustees said they would use the audits material for upcoming budget conversations and committee work.
