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Palos Park reviews 2025 audited financial report; ending fund balance about $7.3 million
Summary
Council heard the village’s auditor present the Annual Comprehensive Financial Report and management letter, noted a GFOA 2024 certificate of achievement, and was briefed on GASB pronouncements affecting future reporting.
Palos Park’s auditor presented the Annual Comprehensive Financial Report (ACFR) and accompanying management letter, describing the packet as a general transparency item and walking council members through the management discussion and analysis section.
The auditor said the independent auditor’s report covers the financial statements for the year ending April 30, 2025, and reported an aggregate ending fund balance across the village’s funds of about $7,300,000. The presentation pointed council members to summary charts and the GFOA (Government Finance Officers Association) award included with the report; the village received a GFOA Certificate of Achievement for 2024 and staff plan to submit the 2025 report for consideration.
The management-letter review included best-practice recommendations and flagged upcoming pronouncements from the Governmental Accounting Standards Board (GASB) that will change disclosure requirements in coming reporting cycles. The presenter encouraged council members to read the management discussion for a condensed explanation of the statements and invited questions from the council.
No formal action on the audit presentation was recorded in the transcript; staff listed consent-agenda warrant payments (see meeting materials) for council consideration later in the meeting.
