External auditor gives county clean opinion; Baker Tilly reports improvements in pension funding and no single‑audit findings

Baker Tilly partner Michael Malott told the Peoria County board the firm issued an unmodified (clean) opinion on the county’s 2024 comprehensive annual financial report and that the federal single‑audit work produced no notable findings in draft form.

“The only piece of information in that report that comes from us as the auditors is the independent auditors report,” Malott said, and added, “We issue what’s called an unmodified opinion,” describing that as the highest level of assurance auditors can provide. He praised county finance staff for responsiveness during the audit.

Malott summarized other audit highlights: a new accounting standard increased the county’s reported liability for accumulated compensated absences (vacation and sick leave), and the funded status of the county’s three state‑administered pension plans improved compared with prior reporting periods. The auditor described IMRF’s funded ratio moving from about 94 percent to about 99 percent; two other pension plans showed improvement in funded status as well, though Malott provided the percentage changes without identifying plan names in the presentation.

Baker Tilly said the county’s consolidated financial statements and required supplemental documents will be issued with the firm’s unmodified opinion and that staff should distribute printed audit reports to board members who requested them. The auditor also said the single‑audit — the federal compliance testing that covered ARPA spending and the lead‑based paint program — was in final review and produced no findings to that point.

Auditor remarks included notices about where board members can read management’s transmittal letter and the management discussion and analysis sections of the audit for context and a reminder that the auditors are engaged by and ultimately responsible to the governing board. Malott encouraged board members to contact Baker Tilly with any follow‑up questions.