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Finance director details audit backlog, insurance billing cleanup and $2.6 million police‑pension shortfall
Summary
Director Mica told the Board that the village’s 2024 audit is delayed, staff found months‑old insurance invoices and the village is holding some interfund transfers to manage an unbudgeted $2.6 million police pension shortfall.
Village Finance Director presented the monthly financial report for August 2025 and told trustees that the village’s accounting and audit cycle remains behind schedule after prior administrative lapses.
Director Mica said general fund year‑to‑date revenues as of Aug. 31 were roughly $16.1 million (about 66% of the annual budget benchmark) but emphasized that revenues are $4.4 million lower than at the same point in 2024; he said the comparison is skewed by a $2.2 million FEMA reimbursement recorded in the prior year. Mica also told the board the 2024 audit is not complete and auditors will not conduct field work until October or November; as a…
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