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A Motion to Accept the Fiscal Year 2024 Annual Comprehensive Annual Financial Report (ACF) and Supporting Documents
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Introduction
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This motion is the formal acceptance of the Fiscal Year (FY) 2024 Audit and related reports by the Village Board.
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Recommended Action
Adopt the motion.
Prior Board Action
There is no prior Board action associated with this item.
Background
Presented for the Board's review and information is the Village's annual comprehensive financial report (ACFR) for the calendar year ending December 31, 2024. The audit was performed by Sikich LLP under the direction of Tom Siwicki as the partner-in-charge. Per standard practice, the Auditor Communication Letter and a separate report on Communication of Deficiencies in Internal Controls are also presented.
Pursuant to Section 2-6-3 of the Municipal Code, as soon as practicably possible after the close of the fiscal year, but no later than 6 months into the subsequent year, or a future date with an approved extension, there shall be an independent audit for all accounts of the Village conducted independently of the Village Manager and made by a competent person or firm authorized to serve as an auditor under State of Illinois licensure and law. In addition, acceptance of the audit is required prior to its submission to the State, which has a June 30 deadline (or a future date with an approved extension). The Single Audit must be filed with the Federal Clearinghouse within 30 days after receipt from the auditors or nine months after the fiscal year end (September 30, 2025), whichever occurs first (or a future date with an approved extension).
The overall purpose of the financial audit is to determine if the financial data of the Village is presented fairly in all material respects and whether the Village has complied with applicable laws and regulations. Per the audit opinion letter located within the ACFR document, Sikich LLP has conveyed tha...
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