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Oak Park auditors give city a clean opinion, flag grant-recording procedure
Summary
City finance staff presented the fiscal 2024 audit showing a $504,000 operating surplus and continued investment in capital and infrastructure; external auditors issued an unmodified opinion but recommended that the city adjust procedures to record a $1.8 million state pension grant in the general fund as well as the pension fund.
City Manager Eric Tungate and finance staff presented Oak Park’s fiscal year 2024 financial results at the Feb. 3 city council meeting, and outside auditors issued a clean audit opinion while noting one accounting-process finding.
The presentation showed a $504,000 surplus in the city’s general fund for the year ended June 30, 2024, and a general-fund beginning balance of about $4.9 million. Carl Johnson, a finance department representative, said the city set aside $683,000 during the year for a new parks and recreation fund, bringing general-fund contributions for parks to about $2.1 million to date.
Why it matters: the audit provides the council and the public with an independent review of the city’s finances, highlights ongoing obligations such as pension and OPEB liabilities, and identifies process changes the city needs to make to ensure its financial reporting follows grant terms.
Johnson and City Manager Eric Tungate reviewed fund balances across enterprise funds. Johnson said the water and sewer fund shows about $33 million in fund balance (with roughly $10.7 million in cash after accounting for in-progress construction), and the stormwater fund shows…
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