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Auditors issue unmodified opinion, flag internal-control weaknesses and single-audit changes
Summary
Auditors gave Lincoln Park an unmodified opinion on its 2025 financial statements but noted material weaknesses (journal entries, segregation of duties, untimely bank reconciliations) and disclosed that the city will reissue its 2024 single audit after ARPA reclassifications; federal expenditures totaled roughly $22.7M in 2025, mostly ARPA.
Auditors told Lincoln Park’s City Council on Jan. 12 that the fiscal-year-2025 financial statements earned an unmodified audit opinion, meaning the auditors consider the numbers and disclosures materially accurate, but the end-of-audit letter contains material weaknesses council should address.
Tim Tannango, an audit partner presenting to the council, said the audit produced three deliverables: the financial statements and opinion, the end-of-audit communications, and the federal single-audit of federal awards. "We did issue an unmodified opinion on the financial statements," he said, and the firm noted required reissuance…
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