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Romeoville accepts audited FY2024‑25 financial report; auditor issues clean opinion
Summary
Sikich presented Romeoville’s annual comprehensive financial report for the fiscal year ended 04/30/2025, reporting a clean, unmodified audit opinion, GFOA submittal, positive unrestricted net position, healthy general fund reserves and pension funding details; trustees voted to accept the report.
Anthony Servini, principal with Sikich, presented the Village of Romeoville’s annual comprehensive financial report for the fiscal year ended April 30, 2025, and told trustees the firm issued a clean, unmodified auditor’s opinion.
"We've issued a clean, unmodified opinion on the village's financial statements as of and for your fiscal year ended 04/30/2025," Servini said, describing that opinion as the highest level of assurance auditors provide and noting unmodified opinions on TIF examinations as well.
Servini highlighted several operational and long‑term measures: the village reported a positive unrestricted net position for both governmental and business‑type activities; the general fund posted healthy unassigned reserves with revenues above budget and expenditures below budget; and the management’s discussion and analysis provides comparative information and context. He noted a standards change affecting how compensated absences are reported and an "error correction" in reporting tied to a unique TIF financing instrument but said neither item rose to the level of a material weakness in the audit reports.
On pensions, Servini reported the village participates in IMRF and separate police and firefighters pension funds. IMRF data (to 12/31/2024) showed funded status near 90 percent; the police pension fund was about 74 percent funded in the auditor’s presentation; the firefighters pension position improved into the 90‑percent range.
Trustees asked no substantive questions. The board took a roll‑call vote to accept the annual comprehensive financial report; the motion carried unanimously.
The acceptance places the village's audited financial statements on record and positions Romeoville to continue presenting comprehensive financial information to residents and rating/oversight bodies.
