Orland Park trustees accept FY2024 audit; auditors issue clean opinion

The Village of Orland Park Board of Trustees on Aug. 18 accepted the village—s annual comprehensive financial report for the fiscal year ended Dec. 31, 2024, after auditors told the board they will issue a clean, unmodified opinion on the village—s financial statements. The vote approved the auditors— report and related filings needed to meet state reporting deadlines.

Auditors from Sikich LLP presented the draft results during the meeting. "We will be issuing a clean, unmodified opinion on the village's financial statements as of and for your fiscal year ended 12/31/2024," auditor Anthony Servini said, describing that as "the highest level of assurance that we can provide as auditors." The firm also said the village did not meet federal/state funding thresholds that would trigger an additional GAGAS ("yellow book") opinion for 2024.

The auditors highlighted several figures trustees and staff said they watch closely. The report shows an unassigned general-fund balance of $25,500,000, equal to about 44% of general-fund expenditures for 2024. The general fund posted roughly a $4.7 million increase in fund balance, while overall fund balance decreased by about $15 million largely because of capital spending tied to earlier bond proceeds. Auditors reported the water and sewer fund had an unrestricted balance of $20.9 million and commuter parking unrestricted net position of $164,000. Auditors also summarized funded status for the village—s pension plans: 86.75% for IMRF, 89.4% for the sheriff—s (winding-down) plan, and about 73% for the police pension fund.

Servini told trustees the audit identified two "past adjustments" that did not rise to the materiality threshold and an internal-control matter carried forward from 2023 relating to parks-fund revenue recognition for program amounts received in advance. "We had no difficulties in performing the audit, no disagreement with management," Servini said. He noted the adjustments related to GASB guidance on subscription-based IT arrangements (GASB 96) and a new standard on compensated absences.

Finance Director Chris Frankenfield said the staff changes, an ERP conversion to Tyler Munis, and earlier retirements had contributed to delays in completing prior audits but that the village is now caught up. "With the filing and completion of the 2024 audit, you will be caught back up with the comptroller's reporting deadlines," Frankenfield said.

Trustees thanked staff and the auditors for completing the work. Trustee Thomas Healy said, "You guys have done a quick and efficient job," and praised staff for getting the village back into compliance.

Action: Trustee Jesse Lawler moved to accept the fiscal year 2024 annual comprehensive financial report ending Dec. 31, 2024; the board seconded the motion and approved it by roll call. No further action was required beyond acceptance and the usual filings.

Why it matters: A clean, unmodified opinion signals to creditors, grantors and residents that the village—s financial statements are fairly presented under generally accepted accounting principles; the report—s details about fund balances, pension funding and the parks-fund internal-control item provide context for near-term budget and policy decisions.

Looking ahead: Staff and auditors said the village should keep monitoring reconciliations and the integration of accounting modules in the new ERP system to maintain timely, accurate financial reporting.