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Sleepy Hollow board accepts FY2025 audit with unmodified opinion; auditor flags one IT recommendation
Summary
The village board accepted the FY2025 audit, which included an unmodified opinion and showed a strong unrestricted net position (~$4.6 million). Auditor Erin Thordo noted one current management recommendation on IT/security and upcoming GASB reporting changes.
The Sleepy Hollow Village Board voted to accept the fiscal 2025 audit and its accompanying presentation after an overview from lead auditor Erin Thordo of Waterbrock and Amon.
Thordo told trustees the audit contained an unmodified opinion — the highest opinion an auditor can issue — and summarized key finances, saying the village’s unrestricted net position is about $4.6 million, roughly 42% of total net position of $10.9 million. She said overall net position was up about $534,000 from the prior year, with governmental activities accounting for about $348,000 of the increase and business‑type (water/sewer) activity contributing roughly $186,000. “Everything looked great,” Thordo said, adding that the village’s cash position was strong at about $3.2 million.
Thordo also summarized the management letter: auditors identified one new current recommendation related to IT/security best practices (a firmwide reminder given current IT risk), noted a prior recommendation concerning a motor fuel tax fund overage of about $27,000 has been implemented, and flagged upcoming GASB pronouncements (GASB 102 and GASB 103) that will change certain reporting and disclosure requirements. “That second paragraph is where we give you your unmodified opinion,” Thordo told the board. “That is the highest opinion that we can give.”
Trustees asked a few clarifying questions about transfers between the general fund and capital projects fund; Thordo said a roughly $1.0 million decrease in the general fund was the result of shifting reserves to strengthen the capital projects fund for planned capital work.
The board moved to accept the audit report and presentation for publishing; trustees voted aye, and the motion passed. President (speaker 1) said the village will publish the audit as required.
The auditor said she does not expect the soon‑to‑be‑implemented GASB items to drive major dollar changes for the village but that they will alter required disclosures and reporting schedules. She advised staff to expect additional auditor questions next year as those pronouncements are implemented.
