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Antioch board accepts FY2024 audit and pension compliance report; staff note healthy reserves
Summary
Auditor presented a clean (unmodified) opinion for the fiscal year ending April 30, 2024; trustees approved the comprehensive financial report and municipal pension compliance report and heard one management recommendation about a capital projects fund deficit that staff will address.
The Antioch Village Board accepted the village’s FY2024 annual comprehensive financial report and the municipal pension compliance report on Dec. 11 after a presentation by auditor Hannah Colton.
Colton said the auditors issued an unmodified (clean) opinion and noted the village has received the Government Finance Officers Association certificate since 2006 and is on track to receive it again for 2024. The report shows total governmental assets and deferred outflows of about $122 million, business‑type assets near $51 million, governmental liabilities around $70 million and business‑type liabilities roughly $7 million. Governmental activities recorded about $23 million in revenue and $22 million in expenses for a roughly 2% improvement in net position; business‑type activities increased by about 1%.
Colton highlighted capital assets and long‑term debt schedules included in the report and flagged one management letter recommendation: a deficit fund balance in the capital projects fund that staff will work to correct in next year’s budgeting cycle. The auditor said prior GASB pronouncements were implemented where applicable and noted only routine items in the management letter.
Interim Finance Director Nick (introduced by the mayor) and trustees discussed GFOA certification, debt capacity and pension funding ratios; staff described pension funded status around 42% and said current trends are typical for similar municipalities. Trustees voted to adopt the audit and pension compliance resolutions by roll call; at least one vote record shows an abstention on a related item.
Separately, the board approved several ordinances abating taxes for alternate‑revenue bonds and adopting the 2024 tax levy on consent; staff explained abatement preserves alternate revenue sources and prevents an increase in the property tax levy where other revenues will cover debt service.
The board’s approvals mean the village has formally accepted the FY2024 financial statements and will work with staff on corrective action for the capital projects fund in the coming budget cycle.
