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Village audit yields unmodified opinion; auditors report grant compliance
Summary
Sikich LLP presented the village's annual comprehensive financial report for the fiscal year ending March 31, 2025, issuing an unmodified (clean) opinion and reporting no instances of noncompliance in grant compliance testing.
Sikich LLP partner Nick Bava presented the Village of Shorewood’s annual comprehensive financial report for the fiscal year ended March 31, 2025, and said the firm issued an unmodified opinion on the village’s financial statements.
“An unmodified opinion is a clean opinion,” Bava told trustees, adding that the statements were free of material misstatement and suitable for banking and lending purposes. He also reported that the village spent approximately $1.3 million in state grant funds and about $710,000 in federal grant funds in FY2025; Sikich’s compliance testing did not identify instances of noncompliance or questioned costs. Finance staff and auditors said the report and related management letter will be posted per the village’s grant-compliance and reporting obligations.
Trustees did not ask follow-up questions during the presentation and thanked Sikich for the timely audit work. No formal vote was required on the audit presentation during the meeting.
