Submitted By
Steven Drazner, Finance
Reviewed By
CLP
Agenda Item Title
Title
Review and Discuss the FY 2016 Comprehensive Annual Financial Report (CAFR) and Supporting Documents.
End
Overview
Overview
Consistent with past practice, the Finance Committee of the Village Board will meet to review the annual audit and CAFR for the year ending December 31, 2016. The Audit will be presented by the Village's independent auditing firm, Sikich, prior to their presentation to the Village Board on Monday, June 19, 2017 for acceptance. Additionally, the Village must file the audit with the State by June 30.
Body
Staff Recommendation
Review and refer to the Village Board for acceptance.
Background
Presented for your review and information is the Village's annual financial audit (CAFR or Comprehensive Financial Annual Report) for the calendar year ending December 31, 2016. The audit was performed by Sikich LLP with Dan Berg as the partner in-charge. As normal practice, also presented is The Auditor's Communication Letter to the Board of Trustees containing the adjusting entries made in final fieldwork and Management Letter as well as the Communication of Deficiencies Letter.
Pursuant to Section 2-6-3 of the Municipal Code, as soon as practicable at the close of each fiscal year, and no later than six (6) months thereafter, there shall be an independent audit of all accounts of the Village, conducted independently of the Village Manager, made by a competent person authorized to act as an auditor under the laws of the State to be selected by the Board of Trustees.
In addition, acceptance of the audit and CAFR is required prior to submittal to the State, annually by June 30th.
On November 4, 2013, the Board authorized a contract with Sikich LLP for independent audit services through FY2015 with two optional years for FY2016 and FY2017. On January 17, 2017, the Board approved extending the original agreement to include auditing services for optional year FY2...
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