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Auditors give Village of Oswego a clean opinion for stub fiscal year ending Dec. 31, 2024
Summary
Sikich presented the stub-year audit covering 05/01/2024–12/31/2024 and reported a clean, unmodified opinion; auditors issued the independent auditor’s report, a management letter, a TIF compliance report and a single-audit report because of grant activity, and noted a GASB change that required a restatement for compensated absences.
Martha Trotter, lead principal for Sikich, told the Village of Oswego Board of Trustees that her firm issued a clean, unmodified opinion on the village’s financial statements for the stub fiscal year ended Dec. 31, 2024. Trotter said the audit work began with preliminary fieldwork in February, moved to detailed testing in March and the completed audit was issued in July.
Trotter described the set of deliverables submitted to the board: an independent auditor’s report, a management letter prepared under Illinois compiled statutes, a TIF examination compliance report and a single-audit report required because of the village’s level of grant activity. She said the reports will be filed with required state agencies and that the village will continue to submit its Annual Comprehensive Financial Report to the Government Finance Officers Association for the certificate-of-achievement program.
On accounting changes, Trotter said recent Governmental Accounting Standards Board pronouncements affected recognition of compensated-absence balances. Under the new guidance, not only termination payouts but also certain accrued balances carried into future periods must be recorded as liabilities; the village’s financial statements include a restatement to accrue beginning balances as of May 1, 2024, reflecting that change.
Trotter recommended trustees review the management discussion and analysis section for comparative context and trends; she noted the ACFR’s statistical section contains 10 years of historical schedules. She also reported auditors found no material weaknesses, significant deficiencies or instances of noncompliance in their internal-control testing.
"I am pleased to report a clean, unmodified opinion on the village's financial statements for the stub fiscal year ended 12/31/2024," Trotter said. The presentation closed with trustees thanking staff for their responsiveness during the compressed transition to a calendar-year fiscal period.
The audit materials, including the board communication and the issued reports, will be available to trustees and filed as required with state agencies.
