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Village audit restatement boosts starting fund balance by about $153,000, auditors say
Summary
Auditors reported the village restated prior‑year ARPA recognition, increasing the beginning general fund by $78,009.40 and recognizing additional ARPA revenue of $75,000 in fiscal 2025, a net lift of roughly $153,000; auditors also flagged two material weaknesses in controls.
Auditors told the joint meeting the village audit was less complex than the town audit but included a restatement related to ARPA timing that improved the village’s beginning fund balance.
"That ARPA restatement actually helped the village's, general fund fund balance," auditor Tyler Kimberly said while summarizing village results. Kimberly explained auditors proposed entries to recognize ARPA revenue in the proper period, which increased the beginning fund balance by $78,009.40 and that there was an additional $75,000 of ARPA revenue recorded in fiscal 2025, a net effect of about $153,000 between fiscal years 2024 and 2025.
The village’s audit identified two material weaknesses in internal control relating to asset and depreciation schedules and ARPA recognition and restatement procedures. Auditors recommended moving asset schedules from Excel into a module in village accounting software to reduce misstatement risk and to formalize policies for revenue recognition tied to grants.
The board asked for details and the auditor said management and auditors will work through the adjustments and the related footnote disclosures required by government accounting guidance; the village trustees did not take immediate formal action during the meeting.
