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Indian Head Park board accepts FY2024 audit with clean opinion; capital improvements fund shows deficit
Summary
The Board of Trustees voted Aug. 14 to accept the FY2024 audit after auditors from Lauterback & Amen issued an unmodified opinion; the audit flagged a capital improvements fund deficit and recommended a capital asset appraisal and upcoming GASB updates.
Indian Head Park officials voted Aug. 14 to accept the village’s fiscal year 2024 audit after auditors issued a clean, unmodified opinion.
Justine Poor, an audit manager with Lauterback & Amen, presented the required communications and told trustees the firm found the financial statements free of material misstatement and issued an unmodified opinion. She summarized fund-level results, saying the General Fund showed operating income of about $398,000 with an ending fund balance near $2.2 million, the Motor Fuel Tax fund had operating income near $72,000 and ending balance around $800,000, and the proprietary water and sewer fund ended with an approximate $3.68 million balance.
Poor told the board the Capital Improvements Fund had a reported operating deficit of about $247,000 and an ending deficit near $849,000, and recommended the village perform a capital asset appraisal so fixed-asset records are complete. She also reviewed the management letter and said there were no new significant internal control recommendations beyond prior items and noted upcoming GASB standards the village will implement over the next few years.
Trustees asked for clarification about lease revenue presentation after seeing lease payments totaling roughly $70,000 annually for tower leases but a reported lease revenue amount around $43,368. Poor explained that under GASB 87 the village must separate receipts into principal and interest; the audit reports the principal (present-value) portion as lease revenue while the interest component is disclosed separately. The auditor offered to share calculation worksheets used to derive the principal/interest split.
After questions, the board voted by roll call to accept the audit report. Auditors said they have begun work on the FY2025 audit and expect to present preliminary materials to the board by December or January.
What’s next: Staff said it will share the auditor’s GASB 87 calculation details and follow up on a recommended capital asset appraisal and timeline for implementing new GASB standards.
