Hampshire board accepts FY2023 audit; auditors issue clean opinion and flag management letter items

The Village of Hampshire board accepted the fiscal year 2023 audit at its May 1 meeting after a presentation by Justine Core, audit manager for Lauterbach & Eamon.

Core told trustees the firm issued an unmodified ("clean") opinion on the village financial statements for the year ended April 30, 2023. "I am happy to report that we've issued an unmodified opinion, which is the cleanest form of opinion we can issue," she said, and pointed trustees to the management discussion and the notes pages where fund-level results and significant schedules are explained.

Core reviewed items for trustees’ attention: capital-improvements showed an operating deficit of about $80,000 but an ending fund balance of roughly $33,000; the management letter included internal-control recommendations such as an outstanding-checks write-off policy and pension-funding actions. Staff noted the village expended federal funds at a level that triggers single-audit testing (DCEO revolving loan fund and some ARPA expenditures) and that a single-audit report is expected in the following weeks.

Board members asked about the dollar amounts and whether outstanding checks required sending funds to the state treasurer; staff said most were small-dollar employee reimbursements and uncashed checks (some roughly $25,000 in aggregate) and that the village would reissue checks where appropriate or send unclaimed items to the treasurer if required. Trustees also discussed pension contributions not meeting actuarially determined contributions.

After the presentation and questions, a motion to approve the FY2023 audit was made, seconded and approved by roll call.