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Auditor gives Shorewood a clean opinion and commends financial reporting
Summary
Sikich reported an unmodified (clean) opinion on Shorewood's 03/31/2024 financial statements, no audit adjustments or control deficiencies identified, and the village is on track to receive a certificate for excellence in financial reporting.
Nick Baba, partner at Sikich, presented highlights from the Village's annual comprehensive financial report for the fiscal year ending 03/31/2024 and delivered a clean (unmodified) opinion on the financial statements.
Baba told the board the auditors issued an unmodified opinion covering governmental activities, business-type activities and each major fund, and noted no audit adjustments, no disagreements with management and no internal-control deficiencies that needed formal communication. He also pointed to roughly $792,000 in state grant expenditures and about $52,000 in federal grant expenditures that required additional compliance testing; auditors reported no instances of noncompliance arising from those tests.
"I just wanted to point out that we issued an unmodified opinion on the village's governmental activities, business type activities, each major fund, and the aggregate remaining fund information as of 03/31/2024," Baba said during his presentation. Board members thanked staff for conservative budgeting and good financial stewardship referenced in the management letter and audit deliverables.
The board received the auditor's report and had no subsequent action beyond acknowledgment and thanks to finance staff.
