Sikich auditors told the Carol Stream Village Board on Dec. 2 that they had issued an unmodified, or "clean," opinion on the village's financial statements for the fiscal year ended April 30, 2025. The auditor said the financial statements were presented fairly and in accordance with generally accepted accounting principles.

In an overview to trustees, the Sikich representative said the annual comprehensive financial report includes a management's discussion and analysis and 10 years of trend tables. The auditor said the village reported revenues over expenditures of about $5.2 million for the year and that the ending general fund balance increased by roughly $3.0 million to approximately $21.8 million. "We're pleased to present what's called an unmodified or clean audit opinion," the auditor said.

The auditor explained the audit followed standards issued by the American Institute of Certified Public Accountants and the Governmental Accounting Standards Board (GASB). The firm noted a new GASB standard affecting the accounting for compensated absences was implemented during the year and highlighted the village's disclosures about that change.

Sikich also reviewed grant thresholds and compliance: the village expended about $600,000 in federal grant dollars in the audited year, below the federal single-audit threshold, and therefore did not require a federal single-audit that year. The auditor cited the village's internal control reporting and an opinion that the village complied with laws and regulations that could have a material impact on the financial statements.

On pension funding, the auditor pointed trustees to the police pension funded-status figures, which the report shows at about 70% funded as of Dec. 31, 2024, an improvement from roughly 59% in 2016. The auditor noted required contributions were being made and that the village has been following actuarial recommendations.

The board placed receipt of the annual comprehensive financial report and the auditors' communication on the consent agenda and approved it by omnibus vote. The auditor said staff would make the report available to the public after the board accepts it.

What happens next: the report was received by the board under the consent agenda; staff indicated the report will be posted and is available for residents who want detailed tables and pension schedules.