Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
A Motion to Receive the Fiscal Year 2021 Annual Comprehensive Financial Report (ACFR) and Supporting Documents as Reviewed by the Finance Committee on June 13, 2022
End
Overview
Overview
On June 13, 2022, the Village Board reviewed and discussed the independent annual audit (ACFR) and related documents such as the communication letters, for the year ending December 31, 2021. This action is the official receipt of the audit by the Village's independent auditing firm, Sikich. Additionally, the Village must file the audit with the State by June 30, 2022.
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 (ACFR or Annual Comprehensive Financial Report) for the calendar year ended December 31, 2021. The audit was completed by Sikich LLP under the direction of Jim Savio 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, 2022.
The overall purpose of the financial audit is to determine if the financial reports of the Village are presented fairly in all material respects and whether the Village has complied with applicable laws and regulations. Per the auditor's opinion letter located within the ACFR doc...
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