Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Motion to Accept the Fiscal Year 2023 Annual Comprehensive Financial Report (ACFR) and Supporting Documents as Reviewed at the Regular Board meeting on September 3, 2024
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Overview
Overview
On September 3, 2024, a Board meeting was held to review and discuss the independent annual audit (ACFR) and related reports such as the management communication letter, for the year ending December 31, 2023. This action is the formal acceptance of the audit and related reports by the Village Board. Village staff must submit the audit to the State of Illinois and other interested parties by September 30, 2024, (or a future date with an approved extension).
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Recommendation
Recommendation
Adopt the motion
Background
Presented for the Board's review and information is the Village's annual comprehensive financial report (ACFR for short) for the calendar year ending December 31, 2023. The audit was performed by Sikich LLP under the direction of Tom Siwicki as the partner-in-charge. Per standard practice, also presented are the Auditor Communication Letter and a separate report on Communication of Deficiencies in Internal Controls.
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 six 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 ...
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