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Auditors give Hanover Park a clean opinion; pension liabilities fall
Summary
Sikich presented the FY25 comprehensive financial report and issued an unmodified (clean) opinion; auditors highlighted fund balances and improved pension funded ratios while noting one minor comment implemented during the year.
Tom Soicki, director at Sikich, presented the village's FY25 comprehensive annual financial report and said auditors issued an unmodified—or "clean"—opinion on the financial statements.
"It's also known as a clean audit opinion," Soicki said as he described the report structure and the independent auditors' responsibilities. He pointed trustees to the Management's Discussion and Analysis and highlighted several figures: an unassigned general fund balance around $42,700,000, IMRF funded status at about 91.56%, police pension net liability down to roughly $22,600,000 (about 73.6% funded) and the fire pension liability at about $10,300,000 (about 78.4% funded). Soicki noted only one minor comment in the report and said there were no material weaknesses or significant deficiencies.
Trustees asked for clarification about the 90% funding target and consequences if a plan did not meet it by 2040; Soicki said actuaries set contribution rates and those amounts can be adjusted annually to try to meet targets. The audit and pension data were presented as informational items and no policy action was taken at the meeting.
