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Independent auditors give Palatine CCSD 15 a clean opinion on FY25; board accepts report
Summary
Sikich presented an unmodified (clean) audit opinion for FY25; auditors reported $259.5M in revenues, $311.2M in expenditures, a year-end net position near $47.8M (a $6.9M decrease), and an ISBE financial-profile score of 3.35/4; the board voted to accept the audited financial statements.
Sikich principal Lindsay Fish presented the district's fiscal year 2025 audit to the Palatine CCSD 15 board and reported an unmodified opinion — commonly described as a "clean" audit — with no material weaknesses or compliance findings.
Fish summarized key figures: total revenues of $259,500,000; total expenditures of $311,200,000; a net position reported at about $47,800,000, a decrease of approximately $6,900,000 from the prior year. Fish also noted the district implemented GASB Statement No. 101, which changed accounting for compensated absences and produced a restatement for the accounting principle but did not affect the audit opinion.
Sikich reported a financial-profile summary score from ISBE of 3.35 out of 4, placing the district in the "financial review" category (one level below "recognition"). The auditor attributed the decline primarily to planned drawdowns in the capital projects fund, new debt issuances and lower one-time COVID-era ESSER revenues that have largely been spent.
After the presentation, the board approved a motion to accept the audited financial statements for FY25 on a roll-call vote recorded in the meeting minutes.
