Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
A Motion to Receive the Fiscal Year 2017 Comprehensive Annual Financial Report (CAFR) and Supporting Documents.
End
Overview
Overview
Consistent with past practice, on June 18, 2018, the Finance Committee of the Village Board reviewed the independent annual audit (CAFR) and related documents such as the communication letters, for the year ending December 31, 2017. At the June 25, 2018 meeting, the audit will be presented to the full Board for review and formal receipt. The audit will be presented by the Village's independent auditing firm, Sikich, and formal receipt of the document by the Village Board will follow. Additionally, the Village must file the audit with the State by June 30, 2018.
Body
Staff Recommendation
Adopt the Motion
Fiscal Impact
N/A.
Background
Presented for the Board's review and information is the Village's annual financial audit (CAFR or Comprehensive Financial Annual Report) for the calendar year ended December 31, 2017. The audit was completed by Sikich LLP under the direction of Dan Berg as the partner in-charge. Per 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. This is done prior to submittal to the State of Illinois within six months after the Village's fiscal year end, or June 30, 2018.
The overall purpose of the financial audit is to determine if the financial reports of the Village are presented fairly in all material respects...
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