Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Tinley Park audit: independent firm issues clean opinion; federal ARPA spending drove single-audit requirement
Summary
Sikich presented the Village of Tinley Park's fiscal year 2024 audit, reporting an unmodified opinion on financial statements and on the single-audit for federal programs. ARPA-funded lift station projects accounted for most federal expenditures; about $1.6 million in ARPA funds remained unspent as of April 30, 2024.
Nick Bava, a partner at Sikich, told the Tinley Park Committee of the Whole on March 4 that Sikich issued an unmodified opinion on the village's April 30, 2024, financial statements and an unmodified single-audit opinion for the village's major federal program.
An unmodified opinion indicates the auditor found the financial statements “free of material misstatement and fairly presented,” Bava said. He said federal expenditures for fiscal year 2024 totaled just under $1.4 million, driven “significantly” by American Rescue Plan Act spending for lift station improvement projects. He added that about $1.6 million of ARPA funds remained unspent as of April 30, 2024.
The auditor also reported that the village’s governmental and business-type activities showed a positive financial position and that the general fund’s operating reserve was “very healthy.” Bava described the audit process as lengthy but said it “went very smoothly.”
Trustee Brennan and other committee members had no questions at the meeting; Bava offered to follow up with village staff if the committee had further questions after reviewing the full reports.
The presentation did not include recommended corrective actions or instances of noncompliance; Bava said there were no questioned costs or instances of noncompliance identified in the single-audit testing for the major federal program.
The audit materials presented to the committee include the annual comprehensive financial report and the single-audit deliverables. The committee did not take formal action on the audit during this meeting; Bava said Sikich is available to answer further questions for village finance staff.
