Village Board accepts 2024 audit, auditors give unmodified opinion

The Village Board of Trustees voted to accept the village’s 2024 annual financial report and audit after a presentation by finance staff and auditors on June 17. The board accepted the audit by roll-call vote.

The audit presentation explained that Selden Fox issued an unmodified opinion — the highest form of assurance — and that the audit team found no material weaknesses or significant deficiencies in internal control. Ed Tracy, executive vice president and head of audit practice at Selden Fox, said, “this was by far the cleanest and smoothest stuff that we've had to date.”

The audit showed cash and investments roughly unchanged at about $16.6 million, a roughly 6–7% net increase in capital assets, and scheduled long-term debt reductions of about $175,000. Tracy said the village’s net pension liability decreased by about $290,000 and reported that the Illinois Municipal Retirement Fund funding ratio improved to about 98.65% from about 80.6% the prior year. He said revenues were up largely because of a roughly $1 million intergovernmental payment from Lake County for a permanent easement on a property identified in the audit.

Finance Director Tony Vasquez told trustees the audit field work began in March and finished ahead of schedule. He also disclosed a longstanding reconciliation variance in the village’s main checking account that predates current finance staff and the 2023 accounting software. At the end of the 2024 audit the variance totaled $20,859.34; after discussing options with auditors, staff recommended writing that amount off as part of the 2025 audit rather than spending more staff time searching across multiple years of transactions. Vasquez said Trustee Clayton, the board’s finance trustee, agreed with that approach.

Trustee Eastman, praising the finance team’s work, asked whether the audit revealed long-term risks the board should plan for; Tracy recommended continuing to set aside general-fund surpluses into the capital projects fund and noted the village’s general fund balance remained strong, at about 90% of annual expenses. On the water and sewer funds, Tracy said depreciation drove a noncash operating loss in the consolidated water fund but that cash flow remained positive and reserves appeared sufficient to support future capital needs or financing through sources such as IEPA loans.

Trustees moved and seconded a motion to accept the audit; the roll-call vote was recorded as aye by Trustees Jamerson, Raff, Smith, Trevino and Eastman, and the motion carried.

The board directed staff to post the final accepted report to the finance section of the village website once administrative steps are complete.