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Auditor issues qualified opinion over missing GASB 75 valuation; finds otherwise clean 2024 audit
Summary
The Village Board heard the 2024 financial audit: auditor Don Shaw issued a qualified opinion for governmental activities because the village did not perform a GASB 75 valuation, highlighted a roughly $2.8 million operating increase in the general fund, and identified several funds that failed the three-month reserve policy and isolated budget shortfalls.
The Village Board of Trustees reviewed the village's 2024 annual financial audit at a Committee of the Whole meeting that opened at 6:05 p.m.
Don Shaw, principal with Waterbuck and Eamon, told trustees the firm issued an independent audit report that provided "a qualified opinion for the governmental activities" because "the village did not have a GASB 75 valuation performed for their other post employment benefits." He said that aside from that modification, the audit was otherwise clean and that he found no internal control issues that would further reduce the opinion.
Shaw directed trustees to the financial statements and said the general fund showed an operating increase of about $2,800,000, which after net transfers resulted in a net increase of about $1,600,000 and…
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