Vernon Hills gets clean audit and GFOA recognition; general fund reported at ~160% of annual expenses

Selden Fox audit partner Ed Tracy presented the village’s annual audit work and told trustees the audit went smoothly, with no material adjustments required and no exceptions found in the firm’s internal control testing. "This year, we did not have any adjustments," Tracy said, and added that the auditors did not identify control weaknesses requiring recommendations.

Tracy summarized headline figures from the draft report: an approximate $13.6 million increase in government-wide net position for the year, governmental funds combined bottom line of about $8.8 million, and a general fund positive bottom line of about $5.6 million after a $650,000 transfer to capital. The general fund balance was described as about 160% of annual general-fund expenses. The audit presentation also noted that the village adopted a new accounting standard related to subscription-based IT (software leases), recording a subscription asset and corresponding liability of about $200,000 at the beginning of the year. Finance staff said the village intends to finalize and post the reports and letters on the village website once approved.

Earlier, finance staff announced the Village of Vernon Hills received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended April 30, 2023 — the village’s 21st consecutive year receiving that award, staff said. The auditors said final reports and letters will be provided to trustees and posted publicly once finalized.