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Addison auditors issue clean opinion; village reports $4.2 million ARPA recorded in FY24
Summary
Auditors Sikich issued a clean, unmodified opinion on the Village of Addison's FY2024 financial statements and single audit, and village staff reported a $4.2 million American Rescue Plan Act amount recorded in the Water/Sewer fund for FY24.
The Village of Addison received a clean, unmodified audit opinion for fiscal year 2024, auditors and village staff told trustees at the Oct. 21 combined committee meeting. Bradley Johnson of Sikich, the engagement manager on the audit, said the firm found the village's financial statements presented fairly "in all material respects" and identified no material weaknesses or instances of noncompliance in either the financial statements or the single audit of federal expenditures.
Village staff and the presenter highlighted several key financial measures. The village reported a 12.6% increase in net position across both governmental and business-type activities; the general fund held an unrestricted fund balance of $29.3 million, described as about 62% of the current year's expenditures and above the village's target. Staff attributed the general fund increase primarily to higher-than-budgeted investment income, increased fines and forfeitures (notably police and parking fines), lower-than-budgeted spending and approximately $1,000,000 in capital projects rolled into fiscal 2025.
On federal grant spending, Johnson said the village expended about $4.7 million in federal grants during FY24, of which $4.2 million related to the American Rescue Plan Act (ARPA), largely recorded in the Water and Sewer fund to support infrastructure work. He said Sikich's single-audit testing resulted in an unmodified opinion over the ARPA program and found no questioned costs.
Mayor Rich Veenstra and trustees thanked staff for preparing the annual comprehensive financial report; the committee and later the full board approved the ACFR. The audit documents, the presenter said, will be posted on the village website by the end of the week.
The audit presentation included several supplemental reports (management letter, auditors' communication, TIF examination and pension allocation), which staff said are available for review. Trustees asked no substantive questions during the presentation and approved consideration of the report.
Next steps: the audit deliverables will be uploaded to the village's public portal and staff will proceed with any follow-up items identified in the audit packages.
