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Northwell Village Board accepts clean audit showing roughly $800,000 fund boost
Summary
The board accepted the FY24–25 comprehensive financial report after auditors issued an unmodified (clean) opinion and reported no internal control exceptions; the general fund balance grew by about $800,000, auditors said.
The Northwell Village Board on Nov. 17 accepted its FY24–25 comprehensive financial report after auditors issued an unmodified, or "clean," opinion and reported no internal control exceptions.
"That unmodified opinion is really the highest level opinion we can issue each year for the village's financial results," audit partner Jamie Wilke said during her presentation. Wilke told trustees the general fund had a positive operating year, with an approximately $800,000 increase in fund balance driven largely by stronger sales‑tax performance and higher investment income.
Wilke thanked village staff for their work preparing the 150‑page audit, said auditors found no exceptions during control testing and noted the firm will coordinate submission for a Government Finance Officers Association certificate of achievement. She also said the firm issued a management letter with one best‑practice recommendation related to IT security and identified two upcoming Governmental Accounting Standards Board standards (GASB 102 and 103) that staff will need to implement in future fiscal years.
Jason (village finance staff) moved the board formally to accept the audit report. The motion passed on roll call: Trustees Gaitley, Lowery, Salazar, Christiansen and Curtis voted yes.
Under Illinois law, local governments are required to complete an independent audit within six months of fiscal‑year close, Wilke reminded the board. The acceptance means the village will proceed with any follow‑up steps noted in the audit and the submission for the GFOA award.
The board is expected to include management's discussion and analysis and the audit document in its public records; further implementation of GASB changes will be scheduled with staff.
