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External auditors give Riverside a clean opinion on 2024 financial statements; board accepts report
Summary
Lauterbach and Amen issued an unmodified (clean) audit opinion for Riverside’s fiscal 2024 comprehensive financial report; trustees accepted the audit and staff said fund balances and key capital funds remain healthy despite planned transfers.
External auditors Lauterbach and Amen issued an unmodified opinion on the Village of Riverside’s comprehensive financial report for the year ended Dec. 31, 2024, and the Board of Trustees voted to accept the report.
Audit principal Courtney Moore told the board the firm provided a clean (unmodified) opinion and that auditors encountered no difficulties or disagreements with management during the engagement. She highlighted a general fund balance of about $4.9 million (of which a portion is restricted or assigned) and significant net positions in enterprise funds, including a water and sewer net position of about $19.8 million and a parking lot fund net position of about $2 million.
Moore noted the village qualified for the Government Finance Officers Association certificate of achievement for excellence in financial reporting in prior years and that staff and auditors were preparing the 2024 submission. The management letter contained no new recommendations and recorded progress on a prior comment concerning police pension contributions; the auditors described the pension contribution recommendation as implemented this year.
Trustees voted to accept the comprehensive financial report by roll call. The auditors also noted changes to Governmental Accounting Standards Board reporting requirements that will take effect for the village’s next fiscal year, and said management and audit staff will work together to prepare for those reporting updates.
