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Kenilworth accepts FY2025 audited financial report; auditor reports clean, unmodified opinion (draft pending IMRF figures)
Summary
Sikich LLP presented the FY2025 audit and said it would issue a clean, unmodified opinion pending audited IMRF numbers; the Board accepted the Annual Financial Report for Jan. 1–Dec. 31, 2025 by roll call vote, 6–0. Trustees asked about Cook County tax-payment delays and TIF fund balances.
Martha Trotter, partner and principal on the audit for Sikich LLC, presented the Village’s FY2025 annual financial report and said Sikich was prepared to offer a clean, unmodified opinion of the Village’s financial statements, subject to receipt of audited IMRF figures. Trotter reviewed entity-wide net position reporting, explained the use of full accrual and modified-accrual accounting where appropriate, highlighted investment income performance, and said footnotes and supplemental information supported an unqualified opinion.
Trustees asked about the effect of Cook County property-tax payment delays on revenue recognition and cash flows; Trotter explained the modified-accrual treatment for delayed revenues and cautioned the Village could experience pressure on its cash position. Resident David Joyce asked about the Tax Increment Financing District balance; Trotter provided the current fund balance and characterized FY2025 activity. The Board then voted to accept the Annual Financial Report for the period January 1 through December 31, 2025, by roll call, 6–0.
