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Itasca board accepts FY2025 comprehensive financial report after Sikich presents clean audit
Summary
Auditors from Sikich presented the Village of Itasca’s first annual comprehensive financial report and issued an unmodified (clean) opinion; the board acknowledged receipt of the FY2025 report and accepted the treasurer’s report. Trustees asked staff to address recurring credit-card sales-tax issues and to include a police-pension MD&A next year.
Brian Lefever of accounting firm Sikich told the Village of Itasca board on Nov. 4 that the village’s FY2025 financial statements earned an unmodified (clean) audit opinion and that staff produced the municipality’s first annual comprehensive financial report. “We’re pleased to present what’s called a unmodified or clean audit opinion,” Lefever said as he reviewed the report’s introductory and statistical sections.
Lefever highlighted several topline figures: the general fund showed revenues over expenditures of about $3,900,000 and a transfer to the capital fund leaving an increase to fund balance of roughly $295,000; the water and sewer enterprise ended the year with a positive net position of about $1,100,000; and pension-related employer contributions for the police pension were reported at about $2,200,000. Sikich also noted a funded percentage for IMRF of 91.8% and discussed the police pension’s actuarial assumptions and reported liabilities.
Trustees praised staff for producing the comprehensive report and asked follow-up questions. One trustee urged staff to resolve a recurring management-report line item described as a “credit card sales tax” nuisance that has appeared in prior management discussion and analysis entries. Board members also asked that next year’s filing include a management discussion and analysis (MD&A) for the police pension account so the pension schedule and narrative are consolidated in the village’s comprehensive filing.
Following the presentation and board discussion, Trustees moved to waive a second reading and to acknowledge receipt of the FY2025 annual comprehensive financial report. The board then voted on a resolution to accept the report and later voted to accept the FY2025 annual treasurer’s report, as required by state statute for publication and county filing.
What’s next: Staff will return with any corrective actions related to the sales-tax reporting item and will include pension MD&A material in next year’s submission, and the village will submit the comprehensive report to the Government Finance Officers Association for certificate-of-achievement consideration.
