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Council committee receives FY 2023–24 audit summary; auditor offers continuity after firm split
Summary
Laurie Milosevic, the city’s auditor, told the Committee of the Whole on Jan. 28 that the fiscal year 2023–24 audit shows largely stable finances across funds and generally positive pension results.
Laurie Milosevic, the city’s auditor, told the Committee of the Whole on Jan. 28 that the fiscal year 2023–24 audit shows largely stable finances across funds and generally positive pension results.
Milosevic summarized the report’s highlights, saying the general fund ended the year with a net increase in fund balance, motor fuel tax receipts fell with the end of Rebuild Illinois funding, and ARPA receipts and expenditures approximately matched so only about $65,100 remained. She said total governmental assets reported were roughly $46 million and that capital assets and depreciation account for much of the governmental activities balances.
The summary also covered enterprise and trust funds. Milosevic said the sewer fund reported total assets of about $33 million and noted noncash depreciation of about $1.1 million; operating income was comparable year to year. Police and fire pension trust funds ended the year with increases driven by realized and unrealized investment gains, and she said actuarial calculations provided by IMRF and separate police/fire actuaries were used in the report.
Milosevic told the committee that her office found the city’s records organized and responsive: “Anything we requested was provided,” she said. She also praised segregation of duties between the clerk’s office, accounting staff and council oversight.
Near the end of her presentation, Milosevic disclosed that her previous firm had dissolved; she said she has opened a new accounting and audit practice and would be willing to continue serving the city under similar terms. Council members thanked Milosevic and directed that item number 4 (the audit) be placed on the regular agenda for the next meeting so the council can consider the audit report and any contract paperwork.
Why it matters: The audit outlines the city’s financial position, debt schedules, and pension liabilities and steers budget and policy decisions. Any change in the audit provider will require contract review and possible council action.
The committee took no final vote on an auditor contract at the meeting; members instructed staff to add the audit item to the next regular meeting agenda for formal consideration and possible contract authorization.
