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Auditor gives Lockport "clean" opinion on 2024 financials; single-audit finds no issues
Summary
GW & Associates presented the city’s 2024 audited financial statements and a single-audit report showing no findings; city funds remained within budget and fund balances were reported at healthy levels.
GW & Associates presented the City of Lockport’s audited financial statements for the year ending Dec. 31, 2024, reporting an unmodified (clean) audit opinion and no findings in the single-audit of federal funds.
"No issues and financial results are good," said Dave Jelanek of GW & Associates, summarizing the audit for the council. Jelanek told the council the firm audited the city’s fiscal year ending Dec. 31, 2024; the single-audit was triggered because the city spent more than $750,000 in federal funds, largely ARPA money used in 2024.
The auditor reported total net position for governmental activities at $153,700,000 and business-type activities at $104,200,000. Jelanek said the city added about $5.8 million to governmental net position and about $10.4 million to business-type net position during the year. At the fund level, the general fund’s year-end fund balance was reported at $15,700,000; capital projects at $7,900,000; and nonmajor governmental funds combined at $5,700,000.
Jelanek told the council the finance team provided timely records and that the audit was completed quickly. He said the single-audit had no findings and that internal controls over federal spending and financial reporting were strong based on the firm’s testing.
Council members asked about pension funding. City staff said the Illinois Municipal Retirement Fund (IMRF) plan is near fully funded, and the police pension funding ratio improved to the high 70s percent range year over year; staff said they would provide an exact figure on follow-up.
No formal council action was required for the audit presentation; the report was informational and will be included in the city’s annual comprehensive financial report and related disclosures.
