Trustees accept village's 2024 comprehensive financial report; auditors give unmodified opinion

The Village of Carpentersville received an unmodified audit opinion for its annual comprehensive financial report (ACFR) for the year ended Dec. 31, 2024, and the Board of Trustees accepted the report at its July 15 meeting. Jim Savio, the auditor presenting the ACFR, told trustees the firm issued an unmodified opinion that the financial statements "present fairly in all material respects" in accordance with U.S. generally accepted accounting principles. Savio also reported no material weaknesses or instances of noncompliance identified during the audit. Savio highlighted key figures from the financial statements: the village's general fund unassigned fund balance is approximately $20,000,000 (up from about $10,300,000 the prior year), representing roughly 59% of 2024 expenditures and exceeding the village's 25% policy minimum. The general fund's net change in fund balance for the year was approximately $9,200,000 after transfers; excess of revenues over expenditures was about $9,500,000. Savio reviewed pension funding trends. The Illinois Municipal Retirement Fund (IMRF) profile showed a funded ratio around 95% (reporting year 2023 data), while the village's police pension funded ratio rose to nearly 69% and the fire pension ratio increased to about 76%, reflecting the village's multi-year funding plan. Trustee Maria Garcia moved and Trustee Maniscalco seconded a motion to accept and place on file the ACFR, auditors' communication to the board, management letter, single-audit report and related supplemental reports for fiscal year 2024. The motion passed on roll call. Savio noted a single audit was completed for federal funds in excess of $750,000 and that auditors issued unmodified opinions on those programs. He also said the village earned a certificate of achievement for excellence in financial reporting from the Government Finance Officers Association for the prior year's submission and intended to submit the 2024 ACFR for the same recognition.