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Kewaskum accepts 2025 audit, auditors note unmodified opinion but identify internal-control weaknesses
Summary
Baker Tilly presented a clean (unmodified) opinion on the village's 2025 financial statements but flagged material weaknesses tied to auditor-prepared entries and payroll segregation of duties; the board accepted the audit unanimously.
The Kewaskum Village Board accepted the 2025 audit from Baker Tilly after a summary from Wendy Unger, a partner at the firm, who said auditors issued a clean, unmodified opinion. "We've done that included in your audited statements as a clean, unmodified opinion," Unger told the board.
Unger said the firm continues to report a material weakness arising in part because auditors prepare some year-end journal entries and because the village's size contributes to limited segregation of duties over payroll. She reviewed high-level financials: the general fund had budgeted revenues of about $2.8 million and actual revenues near $3.0 million (roughly $170,000 favorable), but expenditures ran about $3.48 million (roughly $433,000 over budget), leaving an end-of-year general fund balance near $1.9 million after using an estimated $748,000 of fund balance instead of a budgeted $75,000.
Unger also noted capital and TID fund activity, developer capital contributions to water and sewer (identified as nearly $945,000 and $1,150,000 respectively) and that the general capital projects fund was largely depleted after building and street projects. Following brief discussion, a trustee moved to accept the audit report; the motion was seconded and carried on a voice vote.
