Auditors give Villa Park an unmodified opinion for 2023; board asked about hard-copy distribution

Lauterbach and Amen presented the Village of Villa Park’s December 2023 consolidated financial report during the Jan. 27 board meeting and issued an unmodified opinion on the village’s financial statements.

Monica Adamski, principal at Lauterbach and Amen, summarized the required communications and the audit outcome. She said the firm had no difficulties or disagreements with management under SAS 114 and that the audit produced an unmodified (clean) opinion — meaning the auditors found the financial statements free of material misstatement.

Adamski highlighted several high-level figures from the audit packet. She said the general fund reported an excess of revenues of $5,900,000 and a year-end general fund balance of $19,900,000. She noted that some funds, such as the Street Improvement Fund and certain capital-project funds, showed deficits attributable to ongoing capital projects; business-type funds (water and sewer) showed healthy fund balances at year end. She directed trustees to the management discussion and analysis (MD&A) and notes to the financial statements for more detail.

Trustee O'Connor and others asked about hard copies of the audit report. Adamski and Manager Harling said final PDFs had been emailed and the village is arranging hard copies; staff said hard-copy printing takes a few days and trustees were asked to email how many copies they wanted.

Adamski encouraged trustees to read the MD&A for context and noted the audit packet also includes GASB pronouncements and management letters with suggested policy updates. The board had no further questions and thanked the audit team.

Ending: The board accepted the auditor presentation and staff will supply printed audit packets to trustees who request them.