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Buffalo Grove accepts clean 2025 audit; auditors report strong pension funding
Summary
Auditors issued an unmodified (clean) opinion for the village's 2025 financial statements and reported no internal control findings; trustees were told IMRF is about 92% funded, the police pension about 86.05% and the fire pension about 90.8%.
The Village of Buffalo Grove accepted its 2025 financial audit at the June 15 board meeting after auditors reported an unmodified (clean) opinion and found no internal-control exceptions.
Finance Director Mr. Black walked trustees through the audit packet and thanked long-time staff member Christine Burman for her service. Auditor partner Jamie Wilkkey of Lauterbach said the firm issued a clean opinion and that the auditors had no disagreements with management. "We did in fact issue a clean or unmodified opinion," the auditor said.
Wilkkey highlighted the management's discussion and analysis section as the executive summary for the nearly 200-page document and pointed trustees to a statistical section with 10-year trend information. When trustees asked about the increase in net position, the auditor said continued investment in capital assets and infrastructure is a major driver behind a multi-year rise in net position.
Trustees also pressed for detail about pension funding. Auditors reported that, as of Dec. 31, 2025, the Illinois Municipal Retirement Fund (IMRF) plan was about 92% funded (statutory target 90% by 2040), the police pension plan was approximately 86.05% funded (up from about 63.57% ten years prior), and the fire pension was about 90.8% funded. The auditors characterized those percentages as among the stronger funded levels they observe for municipalities of Buffalo Grove’s size.
Trustee Cesario moved to approve the audit as presented; the motion passed on roll-call.
