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Village of Arlington Heights receives clean audit for 2024; finance staff and pension funds highlighted
Summary
External auditors Sikich LLP presented the Village of Arlington Heights’ annual comprehensive financial report for the year ended Dec. 31, 2024, issuing an unmodified opinion and no material findings. The board voted to accept the report; trustees discussed GASB 101 accounting changes and pension funding levels during questions.
Sikich LLP presented the Village of Arlington Heights' audited financial statements for the fiscal year ended Dec. 31, 2024, to the Village Board on July 7 and issued an unmodified (clean) opinion on the financial statements and on compliance. The auditor also reported no material weaknesses or instances of noncompliance in internal controls and no findings in the single audit related to federal awards.
"We issued an unmodified opinion on the village's financial statements," said Lindsay Fish, principal at Sikich LLP. Fish told the board the firm also issued an unmodified opinion on compliance and identified no material weaknesses or significant deficiencies.
Fish reviewed key figures in the annual comprehensive financial report: net position increased about $9 million for governmental activities and about $13 million for business‑type activities in 2024. The general fund had approximately $37 million in fund balance at year end, which the auditor said represented roughly four to five months of operating reserves. Fish also explained the new GASB guidance implemented this year (GASB Statement No. 101) changed the way compensated absences are measured and required a beginning‑of‑period restatement.
Trustees asked technical questions about the GASB change, pooled cash entries related to the library and the nature of audit adjusting journal entries. Fish said the entries were routine and that auditors posted or communicated a small number of standard adjustments; auditors reported one unposted entry related to recognition of ambulance receivables because of a billing‑provider change.
During public discussion, Trustee Santa Maria highlighted capital investments shown in the audit and board communications: more than $10 million for street resurfacing and construction programs, $1.6 million for stormwater improvements, $11 million for water and sewer rehabilitation including lead service line replacements, and about $3.7 million for fleet upgrades. Trustee Zick and other trustees emphasized the importance of maintaining pension funding; the audit showed funded ratios of about 87.3% for the police pension, 77% for the firefighters’ pension and 94.4% for the Illinois Municipal Retirement Fund.
Trustee Lebeds moved that the board accept the audit report and place it on file; Trustee Bertucci seconded. The board approved the motion by voice vote; the chair announced the motion carried.
No audit findings or required corrective actions were reported. Sikich commended village finance staff for a smooth audit process and the village will post the full audit and single‑audit reports on its website as usual.
