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Indian Head Park board accepts FY2025 audit with 'clean' opinion, notes capital-improvement deficit
Summary
The board accepted the village's fiscal-year 2025 financial report and audit from Lauterbach & Amen, which issued an unmodified (clean) opinion; staff noted a carried deficit in the capital-improvement fund and recommended inventory and capital-planning steps.
The Village Board voted unanimously on May 14 to accept the Village's FY2025 annual financial report and related audit communications prepared by Lauterbach & Amen. Auditor Jasleen Kaur presented the audit remotely and reported an unmodified (clean) opinion and no significant disagreements or material difficulties with management during the audit.
Key numbers presented by staff and auditors included: general-fund operating income of about $429,000 with an ending fund balance around $2.6 million; a motor-fuel-tax fund operating income of about $48,000 and an ending balance of roughly $849,000; and a capital-improvement fund showing a small operating loss (about $3,400) and a negative ending fund balance of roughly $848,000 carried from prior years. The water-and-sewer (proprietary) fund had operating income of about $740,000 with a strong ending balance reported.
The auditors' management-letter recommendations included continued monitoring of budget appropriations, improved cybersecurity awareness and IT risk management, and suggested an inventory of capital assets to ensure historical records are on the books for capital-planning purposes. The auditors also noted ARPA funds recognized during the fiscal year were spent and compliant with ARPA requirements as audited.
Why it matters: The unmodified opinion signals that auditors found the financial statements free from material misstatement. At the same time, the capital-improvement fund's negative balance was flagged as a continuing issue to address through revenue or expenditure adjustments and capital-planning.
What's next: Staff and auditors recommended continued attention to budget monitoring, implementing IT security best practices, pursuing asset-inventory for capital tracking, and reviewing revenue sources to address the capital-improvement deficit.
