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Village receives clean audit showing $7 million net position; one small timing adjustment noted
Summary
An external auditor presented a clean (unmodified) opinion for the year ended June 30, 2025, reporting about $7.0 million in net position, program expenses of roughly $918,000 and a single material adjustment of about $8,500 related to timing.
The Village of Martin's Additions received an unmodified audit opinion for the fiscal year ended June 30, 2025, the village's external auditor told the council Dec. 11. "Financial statements for the village present fairly in all material respects," the auditor said, summarizing the opinion that appears in the audit report.
The presentation highlighted key figures: total net position of about $7,000,000, governmental activities expenses near $918,000 and total revenues of about $1,832,000. Exhibit-level reconciliations show a fund-level surplus of roughly $840,000 versus the government-wide excess of about $913,000. The auditor said investments totaled roughly $6,200,000 and capital assets a little over $1,000,000, while total liabilities were approximately $261,000.
The auditor told council members there was one material adjustment proposed during the audit — roughly $8,500 — attributable to timing differences in fourth-quarter revenues such as highway-user payments. She emphasized that the small size of that adjustment supports the reliability of the village's interim internal financial statements.
The report also noted accounting standard changes affecting local governments, including new GASB guidance on compensated absences and upcoming GASB items (103 and 104) that will change presentation and lengthen management discussion and analysis sections. The auditor said those changes are expected to have minimal operational impact on the village but will affect disclosure formats.
Council members and residents had no substantive objections to the audit findings at the meeting. The auditor confirmed the governance letter and internal-control report were complete; the state filing deadlines (Oct. 24 report date; Oct. 31 filing) were met, and the documents will remain available via the village governance/audit reports page.
Next steps: council accepted the presentation and no further formal action was recorded on the audit at the meeting.
