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Auditors tell Shorewood board they will issue unmodified opinion on FY2024 statements
Summary
Sikich told the Shorewood Village Board it will issue an unmodified opinion on the village's FY2024 financial statements, reporting an increase in net position of about $5.1 million and noting an error correction related to North Shore Fire Department bonds; final reports will be available this week and in full at the next board meeting.
Kellen O'Malley, a director at accounting firm Sikich, told the Shorewood Village Board that Sikich will issue an unmodified opinion on the village's fiscal-year-2024 financial statements, the highest level of assurance the firm provides.
O'Malley summarized key preliminary figures: an overall increase in net position of just over $5,100,000, including about $4,000,000 in governmental activities and about $1,100,000 in business-type activities. He said the audit includes an error correction to record debt issued for the 2023 North Shore Fire Department bonds that the village agreed to pay under an intergovernmental agreement. O'Malley also reported an unassigned general fund balance of approximately $6,900,000 and a general-fund increase of roughly $596,000 for the year.
O'Malley said Sikich had received everything needed to finalize the financial statements and that final reports would be available later the same week and presented at the next board meeting, when the finance director would be available to answer questions.
Board reaction was brief and positive; the village president thanked Sikich for their work and noted it was "another good year." The presentation set expectations that the official audit reports and supporting documents will be published for review at the next meeting.
The board did not take formal action on the audit at the meeting; staff indicated full reports would be delivered to trustees and discussed at the subsequent meeting.
