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Glenview audit: independent auditors give village a clean opinion; finance director notes planned deficit and healthy fund balance
Summary
Finance Director Ivana Posiak told the Glenview Board of Trustees that Baker Tilly issued an unmodified (clean) opinion on the village'024 financial statements; the corporate fund showed a planned deficit of about $2.1 million but an ending unassigned balance of $39.9 million (about 45% of 2025 expenditures), within policy.
Finance Director Ivana Posiak told the Glenview Board of Trustees on June 17 that Baker Tilly issued an unmodified, clean audit opinion on the village's 2024 financial statements.
Pasiak said the corporate fund began 2024 with a balance of about $61.4 million and recorded total revenues of approximately $94 million for the year. Corporate fund expenditures, excluding transfers out, were roughly $79.7 million, producing a planned use of fund balance of about $2.1 million. Including transfers, the year-end corporate fund balance was about $59.3 million; the unassigned portion was $39.9 million, roughly 45% of 2025 expenditures and within the village's 40%–50% fund-balance policy.
Why it matters: the numbers show the village budgeted and executed a planned drawdown of reserves while preserving a sizable unassigned balance that officials said provides a cushion for economic volatility. Posiak said some funds showed surpluses driven by project timing: the capital projects fund had a surplus of about $3.3 million due to projects delaying completion into 2025, and the water fund showed a surplus of about $1.2 million for the same reason. The village reported nearly $31.5 million in 2024 investment in road reconstruction and resurfacing projects.
Baker Tilly's managing director, Joe Lykep, described the audit process as 'very smooth' and said the firm identified only two routine risks of material misstatement; his team reported no internal-control findings for board attention. 'We do not have any internal control related matters to bring to the Board's attention,' he said.
Board members praised staff and auditors. Trustee Doran highlighted the village's revenue sensitivity to economic conditions and commended the large fund balance as a prudent cushion.
The village also previewed a shorter, public-facing popular annual financial report (PAFER) that extracts top-line information from the audited statements; copies will be available on the village website and in public locations. Officials said remaining assigned capital funds will be allocated during 2026 budget workshops.
What's next: the audited comprehensive financial report and the PAFER are available on the village website for public review, and staff will work with the board during upcoming budget workshops on spending plans for assigned capital funds.
