Oswego trustees hear clean audit, midyear finances show operating surpluses; bond proceeds transferred

Martha Trotter, the lead principal on the Village of Oswego's annual financial statement audit engagement with Sikich, told the Board of Trustees that auditors issued a clean, unmodified opinion on the village's stub fiscal year ended Dec. 31, 2024.

The audit covered the short period created when the village changed its fiscal year end from April 30 to Dec. 31. "I am pleased to report a clean, unmodified opinion on the village's financial statements for the stub fiscal year ended 12/31/2024," Trotter said, and noted auditors also issued a management letter, a TIF compliance report and a single-audit report required by uniform grant guidance because of grant activity during the stub year.

The audit implemented new Governmental Accounting Standards Board (GASB) guidance affecting compensated-absence reporting. "There was a change to accounting required for compensated absences," Trotter said, and the financial…