Regular Village Board meetings are held at 7:30 p.m., the first and third Mondays of each month in Council Chambers of Village Hall, 123 Madison St. When a regular meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions, usually on the second and fourth Monday. However, dates and times of special meetings can vary and may change.

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File #: MOT 22-58    Name:
Type: Motion Status: Passed
In control: President and Board of Trustees
On agenda: 6/21/2022 Final action: 6/21/2022
Title: A Motion to Receive the Fiscal Year 2021 Single Audit Report as Reviewed by the Finance Committee on June 13, 2022
Attachments: 1. FY21 Single Audit Report
Submitted By
Steven Drazner, Chief Financial Officer

Reviewed By
A.M. Zayyad

Agenda Item Title
Title
A Motion to Receive the Fiscal Year 2021 Single Audit Report as Reviewed by the Finance Committee on June 13, 2022

End
Overview
Overview
As required by Federal and State granting agencies, any fiscal year the Village expends $750,000 or more in Federal grant proceeds (which either originate directly from the Federal government or are distributed as a pass-through from the State or County government), a single audit is required. The Single Audit was performed by Sikich LLP at the same time the regular financial audit was completed and must be filed 30 days after the Single Audit is received from the auditor or nine months after fiscal year-end (which would be September 30, 2021), whichever occurs first. The 2021 Single Audit will be officially filed with the Federal Clearinghouse as required.

Body
Staff Recommendation
Adopt the Motion

Fiscal Impact
None

Background

The single audit consists of both compliance testing (internal controls) and a financial report. Per the Sikich single audit report, no material weaknesses or significant deficiencies were noted in the 2021 Single Audit report and the Village has been categorized as a low-risk auditee (refer to page 10 of the single audit report). Pages 6 through 8 of the report provide the Village's expenditures of Federal grant proceeds during the fiscal year which totaled $13,206,641, of which, $548,379 had been provided to various sub-recipients.

Please note that since the Village is classified as an "entitlement" community for HUD purposes, the amount of Federal proceeds received and expended is expected to exceed the annual $750,000 threshold each year and therefore, an annual single audit will continue to be required as long as no changes are made by the Federal government to this threshold level.

Alternatives
The Board could defer acceptance to a later date.

Previous Board Action
N/A ...

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