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Auditor: FY2021 shows clean opinion but large deficits, TIF compliance issues
Summary
Wipfli presented the Village of University Park's 2021 audit, issuing a clean opinion on financial statements but highlighting liquidity risk, a $57 million unrestricted net position deficit on government-wide statements, TIF compliance findings and several internal-control deficiencies.
Sarah McKenna, senior manager at accounting firm Wipfli, told the University Park Village Board on Tuesday that the village's fiscal year 2021 audit received an unmodified (clean) opinion but included an emphasis-of-matter paragraph flagging liquidity concerns and other recurring issues.
The audit showed a government-wide net position of $13.6 million and an unrestricted net position deficit of about $57,000,000; on a governmental-fund basis the village's total fund balances were $22.9 million with an unassigned fund-balance deficit of approximately $33,000,000. McKenna reported a net increase in fund balance for FY2021 of about $1,900,000 but said much of that increase was tied to restricted funds and did not materially reduce the unrestricted deficit.
The auditors also issued a…
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