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La Grange board accepts Sikich audit; auditors note material weakness and two deficiencies
Summary
Sikich LLP presented the village'wide ACFR and a clean (unmodified) opinion for FY 2024'25; auditors also reported a GASB restatement, one material weakness, two significant deficiencies and one instance of noncompliance. The board voted unanimously to accept the report.
The Village of La Grange board reviewed the annual comprehensive financial report (ACFR) prepared by Sikich LLP for the fiscal year ending April 30, 2025, and voted unanimously to accept the audit.
Manager Knight introduced the audit presentation. Kellen O'Malley of Sikich summarized the ACFR, saying the firm issued an unmodified (clean) opinion while implementing a new GASB standard that required a restatement in the financial statements. O'Malley described the village's consolidated ending net position (about $71.7 million), and walked trustees through governmental and proprietary fund highlights, including a general fund increase in net position and a parking fund operating loss of $292,000.
O'Malley reported three internal control findings: one the audit firm characterized as a material weakness and two as significant deficiencies; he also reported one instance of noncompliance related to grant reporting. Trustee discussion was brief and the board accepted the ACFR by roll'call vote.
The acceptance does not remove management's responsibility to address the internal control findings; speakers at the meeting asked staff to return with corrective actions and timelines for addressing bank reconciliations, grant documentation, and the material weakness identified in the audit.
