Submitted By
Steven Drazner
Reviewed By
CLP
Agenda Item Title
Title
Motion to Receive the FY 2016 Comprehensive Annual Financial Report (CAFR) and Supporting Documents.
End
Overview
Overview
Consistent with past practice, on June 19, 2017, the Finance Committee of the Village Board reviewed the independent annual audit (CAFR) with related auditor communication letters for the year ending December 31, 2016. The Audit will be presented by the Village's independent auditing firm, Sikich, for formal acceptance. Additionally, the Village must file the audit with the State by June 30th.
Body
Staff Recommendation
Approve and recommend acceptance to the Village Board
Fiscal Impact
N/A.
Background
Presented for your review and information is the Village's annual financial audit (CAFR or Comprehensive Financial Annual Report) for the calendar year ended December 31, 2016. The audit was performed by as prepared by Sikich LLP with Dan Berg as the partner in-charge. As standard practice, also presented are The Auditor's Communication (Management) Letter and a separate Communication of Deficiencies in Internal Controls.
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. Acceptance of the audit and CAFR is required prior to submittal to the State, annually by June 30.
In addition to the CAFR, the Auditor's Communication to the Board of Trustees includes a description of the audit processes, adjusting journal entries made pursuant to the audit as well as the Management Letter which is a report intended to be used by the Board of Trustees, although the Village also releases this document to the public. The Manageme...
Click here for full text