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Campton Hills board accepts FY2025 audit showing clean opinion and healthy fund balances
Summary
Auditors delivered an unmodified opinion on Campton Hills' FY2025 financial statements; the report highlighted a positive general fund ending balance and recommended upcoming accounting updates.
The Campton Hills Village Board accepted the fiscal year 2025 annual financial report on Tuesday after a presentation from auditors who issued a clean (unmodified) opinion on the village’s financial statements.
Why it matters: An unmodified opinion is the highest level of assurance an auditor gives, indicating the statements are free of material misstatement and that financial reporting controls are sound.
Monica Gazzi, the principal from Lauterbach and Amen (presented in the meeting as the audit firm’s representative), told trustees the village “did receive an unmodified opinion,” describing that as “the cleanest form of opinion and highest level of assurance that we can issue.” The firm presented required communications, including a SAS 114 letter stating there were no disagreements or difficulties working with management.
Key figures cited in the audit presentation: the general fund had an operating surplus of about $445,000 before a transfer of $650,000 to the capital projects fund, and the auditors reported a healthy general fund ending balance of about $4.2 million. The capital projects fund was reported with an ending fund balance of roughly $2.0 million.
The audit team noted management discussion and analysis and detailed fund-level financial statements are included in the report packet; the auditors also issued a management letter with recommendations tied to upcoming accounting pronouncements and suggested internal-control enhancements.
Board action: Trustee Janet Berson moved to accept the FY2025 annual financial report; the motion was seconded and approved by roll call. Recorded votes were “Aye” from the trustees present and the motion passed.
Discussion vs. decision: Trustees asked questions about what the audit does and does not test; the auditors said they test material balance-sheet accounts and recommended that the village review capital-asset policies — for example, how roads are capitalized and depreciated. The auditors said they would provide capital-asset detail on request.
What’s next: Trustees were given the audit packet and were urged to read the management discussion and analysis sections. The auditor offered to help implement upcoming pronouncements and to provide detail on the village’s capital-asset schedule if trustees request it.
