Auditor tells Cook Council city is financially sound; recommends higher capitalization thresholds

Auditor Tom Kelly of Walker, Giroux & Hahne, LLC told the Cook City Council on Jan. 12, 2026, that the city is "sitting financially sound" following completion of the 2024 audit and recommended changes to the city's capitalization policy to reduce recordkeeping burdens.

Kelly, who has worked with Walker, Giroux & Hahne since 2010 and has audited the City of Cook since 2017, explained that the airport is accounted for as a Special Revenue Fund rather than an Enterprise Fund, meaning its revenues typically offset operating expenses rather than functioning as a self-supporting enterprise fund.

As a primary recommendation, Kelly advised increasing the capitalization threshold for machinery and equipment from $2,500 to $5,000 and raising the threshold for land improvements, buildings, infrastructure, and capital improvements from $5,000 to $10,000. He said the changes would reduce ongoing recordkeeping for lower-value items. Kelly told the council he would email Deputy Clerk/Treasurer Dawn Kehoe a template capitalization policy for council review and potential approval at the next meeting.

Mayor Daniel Manick said he would like the council to hold this type of audit-review meeting annually after each audit is completed. With no further business on the agenda, Councilor Ron Bushbaum moved to adjourn at 7:00 PM; Councilor Liza Root seconded and the motion carried.

The council meeting took place at the Cook Community Center. Deputy Clerk/Treasurer Dawn Kehoe is the council contact for the follow-up policy review and will receive the policy template from the audit firm.