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Markham audit: FY2025 receives clean opinion; city reports $9.5M General Fund balance
Summary
External auditors gave Markham a clean FY2025 opinion; the city reported $25M in General Fund revenue, $29M in expenditures and a restored $9.5M General Fund balance, aided by bond refundings projected to save ~$1.13M through 2033.
City of Markham officials presented the fiscal year 2025 audit on March 18, with Crow LLP partner Dan Kern telling the council the firm issued a clean opinion on the audit, meaning the financial statements are materially accurate and properly presented.
"We completed our work and issued a clean opinion, meaning the financial statements are materially accurate and properly presented," Dan Kern said. Finance Director Christina McClurkin told the council that General Fund revenue exceeded $25 million in 2025 while General Fund expenditures were about $29 million, and that the General Fund balance improved from negative levels in prior years to a positive $9.5 million in 2025. She added that the city refunded three of five bonds, producing net savings of about $1.13 million through 2033 and reducing the annual debt service tax levy by roughly $200,000.
Council members and staff said the stronger fund position enables capital work and a potential property-tax rebate to residents. Mayor Roger Agpawa framed the results as the product of multi-year fiscal reforms and emphasized that solid audits are necessary to secure state and federal grants. "Because of the work that team has done, the City of Markham has been able to secure significant funding for infrastructure and other projects," City Administrator Derrick Champion said.
The audit materials and TIF reports are available on the City of Markham and Illinois Comptroller websites, per staff. The council did not take separate action on the audit presentation but discussed TIF timing and legislative steps related to an expiring Canterbury TIF bond, which staff said will expire at the end of April and that the city is pursuing a TIF extension with legislators.
