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Glencoe auditors present draft financial report, flag late IMRF pension adjustments
Summary
Auditors presented a draft comprehensive financial report with a clean opinion but said late IMRF pension reporting revisions required issuing a draft PDF tonight; final adjusted numbers will be presented at Thursday's full board meeting before required June/July filings.
Auditors for the Village of Glencoe presented the village's draft annual comprehensive financial report at the finance committee meeting, reporting a draft unmodified (clean) opinion but noting that late adjustments to Illinois Municipal Retirement Fund (IMRF) pension numbers required issuing a draft version for committee review.
Jane Ray, the lead auditor, told the committee that revised IMRF figures were released to clients late last week and that implementing and reviewing those changes before this meeting was not prudent. She said the auditor issued the draft PDF to allow the committee to review the materials now and that the final, adjusted figures will be presented on Thursday at the full village board meeting, after which the village will complete required filings in June and July.
Ray highlighted the Management's Discussion and Analysis (MD&A) as the executive summary (pages 15'26 of the draft) and said the draft shows an increase in net position of just over $2 million. She attributed the improvement primarily to stronger water and golf-club revenues and the transfer of construction-in-progress assets tied to golf course renovations. Ray also encouraged trustees to review the statistical section and 10-year trend tables included to support transparency.
On internal controls, Ray said the audit procedures included internal-control testing during preliminary fieldwork and that the auditors found no exceptions that would change the clean opinion. The management letter contains routine technical accounting updates and an awareness comment urging continued vigilance against an uptick in cybersecurity incidents affecting local governments; no material internal-control deficiencies were cited.
Ray said two upcoming Governmental Accounting Standards Board items (GASB 103 and 104) will affect presentation and certain capital-asset classifications; auditors will assist staff with the template and reporting changes where appropriate. The committee asked questions about county tax reporting timing and revenue recognition; auditors said they had used estimates where Cook County reporting was delayed and that any true-up would be recorded in the current fiscal year.
The committee will receive the final audit with IMRF adjustments at Thursday's meeting and the village will complete statutory filings after that approval.
