Hampshire auditors give village a clean opinion, report $4.9M net position gain

Monica Adamski, an engagement representative from Lauterbach and AIM, told the board the village's 2024 financial statements received an unmodified audit opinion, the highest level of assurance auditors provide. She said the village's governmental net position increased by about $4.9 million, roughly 15% year over year, and the general fund showed an operating increase of about $564,000 with an ending fund balance reported at roughly $3.4 million.

Adamski walked trustees through the audit report and the management discussion and analysis, pointing trustees to fund-level schedules that show similar positive results across major funds. She said the water and sewer enterprise funds improved by about $946,000 in the year and that the pension fund had an ending balance of about $4.5 million, a $650,000 improvement from the prior year. Adamski also noted the IMRF pension was reported at about 107% funded and the police pension at about 49% funded.

Trustees asked for clarifying detail about line-item presentation and notes to the financials; Adamski said the report includes capital-asset schedules, debt information and fund-level budget-to-actual tables, and she noted the management letter included no new comments for the board this year. The audit team committed to work with staff on upcoming GASB standard implementations when required.

Chair moved to accept the 2024 audit; members moved and seconded the motion and the board proceeded with the usual roll-call action to adopt the audit.