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Montgomery receives clean FY2024 audit; fund balances rose $1.5 million
Summary
An independent auditor issued an unmodified (clean) opinion on Montgomery’s financial statements for the year ending 04/30/2024 and highlighted a $1.5 million increase in governmental fund balances; the auditors reported no disagreements and noted no new recommendations.
Jennifer Martinson of Lauterbach & Amen told the Village of Montgomery Board of Trustees that the firm issued an unmodified, or "clean," opinion on the village's financial statements for the fiscal year ended April 30, 2024. The auditors said the opinion means the statements "are materially correct" and accurately represent the village's financial position.
Martinson pointed trustees to the management's discussion and analysis (MD&A) as an executive summary and noted the report includes a certificate of achievement for excellence in financial reporting for the prior fiscal year. The presentation called out a $1,500,000 increase in governmental fund balances for the year, leaving an ending governmental fund balance of approximately $27,800,000, of which roughly $5,600,000 is in the general (operating) fund.
The auditors said there were no new recommendations in the management letter this year; there were updates to prior-year recommendations and reminders about upcoming Governmental Accounting Standards Board (GASB) statements the village will need to implement. Martinson also stated the audit yielded no disagreements with management and no difficulties during the audit process.
Trustees asked few substantive questions; the auditors reiterated that the MD&A (page 23 of the report) provides a concise overview of major changes from the prior year and that the statistical section (beginning on page 179) includes 10 years of trend information on property taxes, major revenues and expenditures. Martinson offered to answer follow-up questions and said the firm will submit this year's report for the certificate of achievement expected to be awarded again.
The board did not take any immediate action as a result of the presentation; trustees thanked the audit team and moved on to the next agenda items. The village clerk and finance director will incorporate any final table updates requested by trustees before the village publishes or files final documents.
