Canton Township board accepts 2024 audit; auditors issue unmodified opinion with GASB 101 note

The Canton Township Board of Trustees voted to receive and place on file the township's 2024 Annual Comprehensive Financial Report after auditors from Plant Moran presented their findings.

Plant Moran audit partner Dave Halacek told the board the firm issued an unmodified opinion on the statements for the year ended Dec. 31, 2024, and included an emphasis-of-matter noting the township's implementation of GASB Statement 101 related to compensated absences. "The opinion is an unmodified opinion, which is the highest level of assurance that we can give...these statements as presented fairly reflect the financial position of the township as of December 31, 2024," Halacek said.

The presentation summarized the township's financial highlights: general fund revenue of about $38.4 million, a roughly 4% increase driven by higher property tax receipts and interest income; unassigned general fund balance of roughly $7.4 million, or about 18.1% of annual expenditures; and legacy benefit liabilities totaling about $98.3 million for pension and OPEB combined.

Philip Femeninho, audit manager, reviewed multi-year trends and fund detail, saying the general fund revenue increase reflected stronger market performance: "Revenue was up about 4% up to 38,400,000.0," he said. The board's finance staff was repeatedly credited during the presentation: Wendy Trimble, the board's finance director, and Sarah Clay, audit accounting manager, were singled out by auditors for timely cooperation.

The auditors noted plan funding levels reported by MERS: the pension plan was reported about 69% funded with an unfunded liability near $58.1 million (43% police, 30% fire, 20% general) using the MERS funding valuation, while OPEB was about 49% funded with a $40.2 million liability. Plant Moran emphasized the township's contributions in 2024 exceeded the actuarially required contribution, helping reduce unfunded liabilities.

Trustee Kate Borninski and Trustee Tanya Ganguly both thanked finance staff for the work that produced another unmodified opinion. Borninski said, "Thank you for the presentation and for all the work on this. And thank you, Wendy, and your team for, it's great to have another unmodified opinion." The board then voted to receive and place the report on file.

The auditors also reminded the board of related standards and deadlines: the report and related materials will be submitted to the state treasury in time to comply with Public Act 2's 180-day submission requirement.

The board's formal vote to receive and place the 2024 Annual Comprehensive Financial Report on file followed the presentation; no amendments or further action were taken at the meeting.