Village of Cross Plains accepts 2024 audited financial statements showing $7 million year‑end fund balance
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Summary
Auditors presented the 2024 draft financial statements and explained key findings including an unmodified opinion, increased fund balance and TIF improvements; the board voted to accept the audit.
Village of Cross Plains trustees voted Tuesday to accept the village’s 2024 audited financial statements after a presentation by the audit firm Johnson and Company.
The auditors, represented by Fred Hoffmeister, partner at Johnson and Company, told trustees the draft report would be issued in final form once a management representation letter is returned and there were no material exceptions: “Our report will be unmodified, so that means the financial statements are in accordance with GAAP,” Hoffmeister said during his presentation.
The audit presentation gave trustees the principal takeaways for 2024: the general fund’s fund balance rose by about $425,000; revenues exceeded budget by about $350,000; expenses were under budget by about $250,000; and total year‑end fund balance across funds was about $7,000,000. Hoffmeister noted about $1 million of that balance reflected advanced tax collections for 2025 and cautioned the board to remember the county settlement schedule when planning cash flow.
Hoffmeister also reviewed typical small‑municipality audit findings, saying Johnson and Company commonly notes segregation‑of‑duties issues and occasional material audit adjustments for smaller organizations and recommended management remain aware of those risks. He flagged the village’s tax increment finance (TIF) fund as having turned cash‑positive after earlier advances from the general fund and utilities were repaid.
Trustees asked several follow‑up questions about utility cash flows, recently implemented water rate steps and borrowing capacity; Hoffmeister answered that the water utility’s long‑term debt is significant and that overall debt capacity had grown because of changes in equalized value. After discussion, a trustee moved and seconded acceptance of the audit; the board voted to accept the 2024 audited financial statements. Hoffmeister said the final report should be available within about a week after the signed management letter is returned.
The acceptance means the village will file the final audit and related reports (PSC and DOR filings were already noted as submitted by the auditors).
