Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Palatine posts clean audit for 2024; general fund posts roughly $1 million surplus
Summary
Village staff presented the comprehensive annual financial report for year ended Dec. 31, 2024, noting an unmodified (clean) audit opinion, approximately $1 million general fund surplus, maintained four months of operating cash and a $2.5 million economic stabilization reserve.
Palatine officials on June 9 accepted the village's comprehensive annual financial report for the year ended Dec. 31, 2024, which the auditor issued with an unmodified (clean) opinion.
Mister Brown, presenting the audit prepared by Sikich CPAs, told the committee the village posted about a $1,000,000 surplus in the general fund and an approximately 7.5% increase in enterprise fund surpluses, which fund water, sewer and infrastructure needs. He said the village continues to meet its financial policies, including maintaining roughly four months of operating cash on hand, and that the economic stabilization reserve of $2,500,000 remains intact.
"We received an unmodified, which is a clean opinion," Brown said, characterizing the audit as reflecting another strong financial year for the village. The committee voted to accept and place the report on file; the acceptance will appear on the council consent agenda.
