Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Report topic
No spam. Unsubscribe anytime.
Auditor issues unmodified opinion; borough's net position fell about $1.4 million in 2024
Summary
Franklin Park's auditor told council an unmodified opinion was issued on the borough's 2024 financial statements and highlighted a roughly $1.4 million decrease in net position driven largely by capital spending and ARPA drawdowns; auditors reported no material adjustments and no management-letter items.
The auditor for Franklin Park told the borough council the audit of the 12/31/24 financial statements resulted in an unmodified opinion and showed a year-over-year decrease in the borough's net position of about $1.4 million.
"We issue an unmodified opinion on that report," auditor Brian McCall said, adding that the opinion reflects sufficient audit evidence and accurate disclosures. McCall said the decrease in net position is largely linked to capital spending during the year and drawdowns of ARPA funds.
McCall reviewed select figures from the statements: governmental fund balance declined from about $6.1 million the prior year to roughly $4.5 million under modified accrual presentation, long-term debt outstanding is about $3.0 million, and the golf course enterprise fund had equity of roughly $650,000 at year end. He also noted the audit reports a net pension liability estimate that is actuarial in nature.
McCall said auditors followed generally accepted auditing standards, issued the required communications, and did not identify material adjustments. He told council staff there were no items in a management letter requiring corrective action.
Councilors asked about the filing requirements with the state agency referenced in the presentation; McCall confirmed the required filing receipt had been received and reiterated the importance of timely audit completion for internal controls and reporting.
The auditor encouraged council and staff to continue maintaining controls and timely records; no formal action was taken during the presentation. Staff said they will file the financial package in accordance with state requirements and make slides from the presentation available to council members.
