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Auditors give Lincolnshire an unmodified opinion on FY2025 finances; reserves remain strong
Summary
Sikich presented the Village’s FY2025 Annual Comprehensive Financial Report with an unmodified opinion. The report showed an unassigned general fund balance of about $8.1 million, a general capital fund near $12.8 million, and a $2.75 million Lake County stormwater grant aiding storm sewer results.
Nick Bava, principal at auditing firm Sikich, told the Village Board the firm issued an unmodified opinion on Lincolnshire’s FY2025 financial statements and reviewed key fund balances and capital spending. "The Village received an unmodified opinion, meaning the financial statements are free of material misstatements," the minutes record.
Bava highlighted that the general fund finished the year with an unassigned fund balance of about $8.1 million (consistent with the Village’s 75% reserve policy) and that the general capital projects fund increased to roughly $12.8 million. He said general fund expenditures were about $500,000 under budget and capital projects spending totaled roughly $1.8 million, while the storm sewer fund’s positive operating results reflected a $2.75 million Lake County stormwater grant and contributed capital. Trustees asked about telecommunications revenue declines and changes to state use tax classification; auditors and Finance Director Rossi explained the drop largely reflects reclassification under the Level Playing Field Act rather than an actual erosion of receipts.
