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Auditor gives Glencoe unmodified opinion for 2025; village wins multiple GFOA awards
Summary
External auditors presented a clean (unmodified) opinion on Glencoe’s 2025 financial statements, highlighted a $15.2 million general fund balance and noted one current IT security recommendation; the village also received GFOA awards including the Triple Crown.
Lauderbach & Aean presented the village’s 2025 annual financial audit on June 18 and issued an unmodified (clean) opinion for fiscal 2025.
Audit principal Joe Luden told the Village Board the firm had no disagreements with management in the SAS 114 communication and commended staff work on the annual comprehensive financial report. Key figures presented included a general fund ending balance of about $15.2 million (approximately 92 percent unassigned), total general fund revenues of roughly $26.1 million and expenditures of about $27.6 million for fiscal 2025, resulting in a net decrease of approximately $1.97 million for the year. Enterprise fund highlights included a water fund increase of about $826,000 and a golf club net position increase of about $5.9 million tied to the golf club project.
Luden noted the management letter contained a current recommendation related to IT security awareness and monitoring; three prior recommendations (funds over budget, deficit net position and collateralization of deposits) had been implemented and will be removed. The auditor also noted upcoming GASB standards (Nos. 103 and 104) with implementation dates at year-end 2026.
Trustees and staff thanked the finance team; Nikki (chief financial officer/deputy village manager) and Margaret Schwarz (assistant CFO) were singled out for their roles in preparing the report. Village officials also noted receipt of the Government Finance Officers Association Triple Crown recognition for the village’s financial reporting.
