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External auditor issues clean opinion; flags segregation‑of‑duties risk
Summary
The village’s external auditor delivered an unmodified (clean) opinion on the annual financial statements, reported net position of $22.3 million and a general fund balance of about $9 million, and recommended continued oversight to mitigate segregation‑of‑duties risks typical for small municipalities.
An outside auditor presented the village’s annual financial report and told the board the firm issued an unmodified opinion, commonly called a clean opinion, on the financial statements for the year ending April 30, 2025. The auditor said total net position was $22,300,000, with $15.2 million in governmental activities and $7 million in business‑type activities; the general fund ended the year with a balance of about $9,000,000. The auditor noted there is no outstanding debt.
The auditor also discussed the management letter and repeated a prior comment about segregation of duties — a common control limitation for small municipalities with limited staff — and recommended continued board oversight, periodic independent reviews and cross‑training to mitigate those risks. Trustees asked clarifying questions about fund balances and the auditor said the village’s reserves were reasonable given local revenue dependencies. No instances of noncompliance were identified in the audit report.
