Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Overview topic
No spam. Unsubscribe anytime.
McLean audit: auditors say financial statements "correct and sound," flag fund variances
Summary
Auditors told the Village of McLean board that management is responsible for the financial statements and that the statements are "correct and sound," while identifying several fund variances including a $58,000 reduction in the general fund and a $109,025 increase in the BD Fund.
Auditors presented the Village of McLean’s audit at the March 24 meeting, telling the board that "management is responsible for financial statements. They are correct and sound." The presentation identified several line-item revisions in the binder: the General Fund showed net expenditures down $58,000; the TIF rose $16,000; Motor Fuel Tax increased by $6,493; and the BD Fund rose $109,025.
The report also highlighted the Water and Sewer Fund, noting operational income up by about $110,000 with total fund receipts reported in the range of $2.5 million to $2.7 million. In a 10-year comparison the audit showed the IMRF funding ratio at 82%, which the report described as within the "good" range (75–95%). Board members were instructed to review the referenced binder pages (Page 12 for revisions, Page 15 for Water and Sewer, Page 42 for the 10-year comparison) and to submit any questions to Treasurer Marcy Seeman so they can be handled in a single consolidated email.
