Auditor issues clean opinion on Village of Lake Bluff FY2025 financial statements

Lead audit principal Martha Trotter presented the FY2025 audit to the Lake Bluff finance committee and reported a clean, unmodified opinion on the village’s financial statements for the fiscal year ended April 30, 2025.

Trotter said audit field work began in June and the firm issued the Annual Comprehensive Financial Report (ACFR), the board communication, the management letter and an IMRF allocation report. She said the required comptroller submission is pending final library information and that the comptroller provides an extension through Dec. 27 if needed.

The auditor recommended that committee members review the Management Discussion & Analysis (MD&A) for narrative context. Trotter summarized key audited figures: the general fund’s unassigned fund balance was about $10.8 million as of April 30, 2025, roughly 85% of general‑fund expenditures; the General Capital Improvements Fund increased $4.409 million after transfers to fund capital projects; and the village’s enterprise funds (water and stormwater) posted modest operating income changes.

Trotter described an implemented change in accounting related to GASB guidance on compensated absences (GASB statement cited during presentation), which required an updated estimate for sick‑time usage and increased the long‑term liability on the government‑wide statements; no restatement of prior years was required. The auditor reported no difficulties, no disagreements with management, and no items rising to the level of a material weakness or significant deficiency. A previously reported year‑end adjustment/reconciliation deficiency was described as implemented based on the village’s improved year‑end preparations.

Following the presentation, the committee moved, seconded and voted to recommend the FY2025 audit for acceptance by the full board. Staff will forward the audit and associated materials to the board for formal acceptance.