CliftonLarsonAllen gives Salem Lakes clean audit, general fund at healthy level

CliftonLarsonAllen LLP told the Village of Salem Lakes board on May 19 that it issued an unmodified (clean) opinion on the village’s 2024 financial statements and found no reportable internal control findings or instances of noncompliance.

Amber Juriske, a principal with CLA, summarized highlights: as of Dec. 31, 2024, the general fund had about $4.2 million in cash available and an unassigned fund balance of about $2.1 million, roughly 26% of general fund expenditures, above the village policy target of 17%. The village reported a 2024 general‑fund surplus of about $328,000. CLA recommended continued attention to long‑term capital planning and updating financial policies and procedures to strengthen internal controls during staff transitions.

Juriske also summarized the sewer utility: the sewer fund had roughly $2.5 million in cash available for operations and an additional $2.1 million restricted for equipment replacement; the utility’s total net position reported approximately $43 million, mostly tied to capital assets. CLA noted that trend analysis of cash flows and capital needs should guide future rate and budget decisions.

The audit found no new accounting policies requiring disclosure and noted implementation of GASB guidance related to compensated absences, which CLA said was not material for the village in 2024. The auditors reported no difficulties, no disagreements with management, and no uncorrected misstatements.

Trustees had no questions at the presentation; CLA staff offered to follow up with detailed inquiries outside the meeting.