Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
Review and Discussion of the Fiscal Year 2021 Annual Comprehensive Financial Report (ACFR), Single Audit, Board Communication Letters, and all Other Supporting Documents
End
Overview
Overview
The Village Board meets to review and discuss the Annual Comprehensive Financial Report, Board Communication Letter (Management Letter), Communication of Deficiencies Letter, Single Audit, and TIF Compliance Report for the year ending December 31, 2021. These audit reports will be presented by the Village's independent auditing firm, Sikich LLP. These final audit documents will be presented to the Village Board on Tuesday, June 21, 2022, for acceptance. The Village is required to file the audit with the State by June 30.
Body
Staff Recommendation
This is an annual meeting in which the Village's auditor presents and reviews information in the Audit with the Village Board. Final adoption is scheduled for the Regular Meeting on June 21, 2022.
Background
Presented for your review and information are the Village's annual financial audit (ACFR or Annual Comprehensive Financial Report) and the Single Audit for the calendar year ending December 31, 2021. 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 along with the Management and the Communication of Deficiency Letters.
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 o...
Click here for full text