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Auditors give La Grange a clean opinion on FY2023 financial statements; village reports modest general fund deficit
Summary
Sikich LLP presented the Village of La Grange’s FY2023 Annual Comprehensive Financial Report, issuing an unmodified opinion and noting no material weaknesses; the general fund ran a modest deficit (about $276,754) and GASB 87 lease accounting was implemented.
Village trustees heard a presentation of the Village of La Grange’s FY2023 Annual Comprehensive Financial Report covering May 1, 2022 through April 30, 2023. Auditor Sikich LLP issued an unmodified (clean) opinion, indicating the financial statements “are presented fairly in all material respects in accordance with generally accepted accounting principles,” and reported no material weaknesses in internal control.
Sikich partner James Savio explained the structure of the 132-page report, including government-wide financial statements, fund-level statements, notes and a statistical section with multi-year trends. Because the village expended more than $750,000 in federal funds during the year, Sikich also performed single-audit procedures required under federal grant rules and issued the related report on internal control and compliance.
Trustee Thompson summarized fiscal results, noting the general fund recorded a minor deficit of about $276,754 for the year, driven by unexpected expenses including staff recruitment, higher supply costs, building maintenance and professional services. The unassigned fund balance at fiscal year-end was reported at roughly $1.26 million, within the board’s reserve target (approximately a six-month reserve). The parking fund continued to experience deficits attributed to decreased commuter demand, requiring transfers from the general fund to sustain parking operations until parking-study recommendations are implemented.
Sikich also noted the implementation of GASB Statement No. 87 (leases), which required certain lease items to be recorded on the village’s balance sheet for the first time. The auditors said there were only a few audit adjusting journal entries and no disagreements with management.
Board members were told copies of the ACFR are posted on the village website and available at the La Grange Public Library, the clerk’s office and the finance department. The board acknowledged the report and indicated it would accept the ACFR as presented; staff said no formal vote was required.
