Riverside board accepts 2025 audit; general fund, pension and fund balances improve

The Village of Riverside Board of Trustees accepted the village’s December 31, 2025 audited financial statements at its June 18 meeting after a presentation from auditors.

Director Avette Zavala summarized key points from the annual comprehensive financial report: total net position increased by about $2,314,000 for the year; the general fund increased by about $555,000 prior to transfers as revenues exceeded expenditures; and the police pension actuarial funding ratio rose from 43.6% in 2024 to 49.4% in 2025. Staff noted creation of a street improvement fund and that the village completed the single‑audit of federal awards and received an unmodified (clean) opinion.

Courtney Moore, principal of audit services from Lauderbach & Aean, presented the audit and confirmed the unmodified opinion, describing that the financial statements are presented fairly in all material respects and that auditors had no disagreements with management. Moore highlighted the village’s long run of submitting clear reports and recommended that board members review the management’s discussion and analysis section for context.

The auditors’ management letter included informational recommendations — notably an FYI point about IT security awareness and a repeat comment about deficit fund balances in certain business‑district funds. The firm also noted upcoming Governmental Accounting Standards Board (GASB) pronouncements to be implemented into future audits.

Trustees moved and seconded acceptance of the audit; the clerk called the roll and members voted in favor. The audit acceptance will be used in the village’s financial reporting and budget planning processes; staff said they will continue work to submit documentation for the certificate of achievement and to address management‑letter recommendations.