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Auditors give Carol Stream a clean opinion; village reports stronger fund balance
Summary
Auditors from Sikich presented an unmodified (clean) audit opinion for the year ended April 30, 2025, and reported the village’s general fund ended the year structurally in balance with revenues exceeding expenditures by about $5.2 million and an ending fund balance of roughly $21.8 million.
Sikich, the village’s auditing firm, told the Carol Stream Board of Trustees that it issued an unmodified — commonly called a “clean” — opinion on the village’s financial statements for the fiscal year ended April 30, 2025.
The auditor said the comprehensive annual financial report shows revenues over expenditures of $5,200,000 and an increase in the village’s ending fund balance of roughly $3,000,000 to about $21,800,000. “We’re pleased to present what’s called an an unmodified or clean audit opinion,” the Sikich representative said during the meeting.
The presentation reviewed new accounting guidance the village implemented this year. Sikich noted that GASB 101 (related to liability for compensated absences) was required in this reporting period and explained how it affects recorded liabilities. The auditor also summarized compliance thresholds: federal single-audit requirements apply when an entity expends more than $750,000 in federal grant dollars; the village reported about $600,000 in federal grant expenditures for the audited year, below that threshold. The auditor also referenced the Illinois Governmental Accountability and Transparency Act for state-level requirements.
Pension funding levels were discussed. The auditor cited the Illinois Municipal Retirement Fund (IMRF) allocation showing Carol Stream’s portion at about 89.1% funded (reporting through IMRF’s 12/31/2024 data) and said the police pension plan is “just over 70% funded,” up from roughly 59% in 2016. Budgetary impacts noted included an IMRF-related contribution of about $887,000 and a police pension contribution impact of about $3,300,000 for the periods shown in the report.
The auditors encouraged trustees and the public to review the Management Discussion & Analysis (MD&A) and the statistical tables included in the full annual comprehensive financial report. The Trustees accepted the auditors’ report as a consent item later in the meeting.
Next steps: the report will be received into the record as part of the consent agenda and is available for public review per the auditors’ comments at the meeting.
