North Aurora board approves FY2024 audit; auditors issue unmodified opinion and report no control weaknesses
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Summary
The North Aurora Village Board unanimously approved its FY2024 audit after auditors from Lauterbach and Amon issued an unmodified opinion and reported no current-year internal control recommendations; the board noted an unassigned general fund balance of $9,000,000, about 67.1% of expenditures.
The North Aurora Village Board on Nov. 18 approved its fiscal year 2024 audit after auditors from Lauterbach and Amon issued an unmodified opinion and reported no internal-control weaknesses.
Brad Porter, the principal overseeing the village’s financial statement audit for Lauterbach and Amon, told trustees the firm had issued “what is known as an unmodified opinion for the fiscal year ended 05/31/2024,” calling it “the cleanest form of opinion” and saying the auditors believe the statements are free from material misstatement. He added the management letter contained no current-year recommendations and that only prior items noted were informational about upcoming accounting standards.
The audit packet highlighted financial improvements across funds. Porter summarized increases in key metrics, saying total net position across all funds rose 5.6%, governmental fund balances rose 10%, and business-type (water/sewer) net position rose 6.8%. During discussion, a board speaker reported the village’s general fund unassigned balance ended at $9,000,000, which they said represented 67.1% of expenditures and transfers out for debt; the village’s reserve policy is 40%–50%.
Trustees moved to approve the audit presentation and a roll call recorded affirmative votes from Trustees Curtis, Gaitley, Lowery, Nedvedge, Salazar and Christiansen; the motion carried.
Porter also pointed to the report’s page showing the Government Finance Officers Association certificate and said staff should be proud of the recurring recognition. He cautioned that upcoming accounting pronouncements noted in the management letter may require additional staff time to implement but did not record any disagreements with management per SAS 114 requirements.
The board’s approval completes acceptance of the FY2024 audit materials and preserves the village’s current reporting and reserve position; no additional formal actions were reported on the audit at the meeting.