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Audit finds village fund balance in positive position; committee to forward report to board
Summary
Crowe, LLP told the Finance Committee the village's unassigned fund balance and income position appear positive, with no significant federal funding deficiencies; the committee voted to submit the FY 2022–2023 audit to the Village Board for approval on Aug. 27, 2024.
Christine Torre of Crowe, LLP presented the Fiscal Year 2022–2023 audit to the Bolingbrook Finance Committee on Aug. 13, reporting that the village's unassigned fund balance and overall income position are "in a positive situation." The committee voted to submit the audit to the full Village Board for approval at its Aug. 27, 2024 meeting.
Torre told the committee that the single-audit testing of federal funds returned no significant deficiencies and that the audit report addresses two standard areas of opinion: internal control structure and compliance with federal funding requirements. She highlighted pension liabilities as the largest accounting estimate in the financial statements and noted that actuarial assumptions—such as mortality tables—remain material to long-term estimates. Finance Director Rosa Cojulun said she is monitoring a recent levy increase and bond debt and is reviewing capital projects and grant opportunities to manage fund-balance spending.
The committee approved a motion by Trustee Jose Quintero, seconded by Trustee Jean Kelly, to forward the audit for Village Board consideration on Aug. 27; the motion carried with all members present voting in favor. Crowe said auditors are in the final stages of the FY2022–2023 report and intend to begin the FY2024 audit with a goal of finishing by the end of the calendar year.
