Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
Review and Discuss the Draft Fiscal Year 2018 Comprehensive Annual Financial Report (CAFR), Single Audit, and all Supporting Documents
End
Overview
Overview
The Village Board will meet to review the draft annual CAFR and Single Audit for the year ending December 31, 2018. The draft Audits will be presented by the Village's independent auditing firm, Sikich. Subsequently, the final Audit documents will be presented to the Village Board on Monday, June 17, 2019 for acceptance. The Village is required to file the audit with the State by June 30th.
Body
Staff Recommendation
This is an annual meeting in which the Village's auditor presents and reviews information in the draft Audit with the Village Board. Final adoption is scheduled for the Regular Meeting on June 17, 2019.
Background
On September 17, 2018, the Board authorized the Village Manager to execute a contract with Sikich LLP for independent audit services for fiscal years 2018 through 2020 in an amount totaling $201,836 (excluding the OPPL fees which were included under the proposal) with two optional years for FY2021 and FY2022 in an amount totaling $144,551.
Presented for your review and information is the Village's annual financial audit (CAFR or Comprehensive Financial Annual Report) and the Single Audit for the calendar year ending December 31, 2018. The audit was performed by Sikich LLP with Jim Savio as the Partner on the engagement. Consistent with past practice, also presented is The Auditor's Communication Letter to the Board of Trustees containing the adjusting entries made in final fieldwork along with the Management Letter and 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 Villa...
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