Carpentersville board places 2025 comprehensive financial report on file after auditor's unmodified opinion

The Village of Carpentersville Board of Trustees on July 7 received the village's 2025 annual comprehensive financial report and voted to accept and place the report on file.

Jim Savio of Sikid CPA LLC summarized the report's structure and told the board the auditors issued an unmodified opinion on the basic financial statements, the highest level of assurance. "We did, again, this year, issue an unmodified opinion," Savio said, adding that the financial statements were presented fairly in all material respects in accordance with U.S. generally accepted accounting principles.

Savio walked trustees through the report's three main sections — introductory, financial and statistical — and noted required supplementary information such as the management discussion and analysis and pension information. He also told the board the audit found no internal-control deficiencies, material weaknesses or significant deficiencies this year.

Trustee Garcia moved to accept and file the annual comprehensive financial report for the fiscal year ending Dec. 31, 2025; Trustee Gupta seconded. A roll-call vote recorded all present trustees voting "yes," and the motion carried.

The village finance staff will circulate the May year-to-date financials to the board as part of regular updates. The audit packet provided to trustees includes the independent auditors' report, board communication report, a one-page management letter and three TIF reports for TIFs that expended more than $100,000 cumulatively in property taxes.

Next steps: the report will remain on file and staff will include its findings in routine financial updates to the board.