Village audit: Sikich issues clean opinion; GFOA award continued

On Aug. 4, 2025, Sikich LLP auditor Brian Lefever presented the Village of Wheeling's annual comprehensive financial report for the year ended Dec. 31, 2024, saying the firm issued an unmodified (clean) opinion on the village's financial statements and that the village again received the Government Finance Officers Association certificate of achievement for excellence in financial reporting. "We're pleased to present what's called an unmodified or clean audit opinion," Lefever said. The presentation noted the report includes three sections (introductory, financial and statistical) and highlighted the management's discussion and analysis as an executive summary written by village staff. Lefever said the audit follows AICPA auditing standards and Governmental Accounting Standards Board (GASB) reporting rules. He also said Sikich issued an unmodified opinion on the village's compliance with requirements for its tax increment financing (TIF) districts as reviewed by the state comptroller's office. Finance director Smith and staff were credited for preparing timely records. Lefever identified several fiscal highlights in the presentation, including a reported surplus in the general fund for 2024 tied to strong sales and income tax receipts; payoff of a Weston bond issued in February 2012; and that the Uptown 500 TIF note remained outstanding at under $1,000,000 as of Dec. 31, 2024. He noted federal grant spending for the year did not require a single-audit for 2024 because federal expenditures fell below the single-audit threshold. No board action was required; the presentation concluded with the auditor and staff taking questions from trustees and staff thanking the finance team for its work.