The Flossmoor Village Board accepted a positive FY 2024-2025 audit with the best possible rating at the Oct. 20 meeting.
Finance Director Ann Novoa said another unmodified opinion on the audit, the highest form of opinion, was outstanding.
“(This) achievement that came out of the audit for the village is for the second year in a row. There were no management comments, meaning there were no significant deficiencies or material weaknesses in the village’s internal controls,” Novoa said.
Novoa took the time to thank the mayor and village board for their thoroughness in planning projects and thanked Village Manager Bridget Wachtel for her help with the audit.
The board and village clerk received a report with the Annual Comprehensive Financial Report (ACFR), the auditor’s communication report, the TIF compliance report and the report on Allocation Pension amounts of the Illinois Municipal Retirement Fund (IMRF).
Brian LeFever from the village’s audit firm Sikich LLP went through the report with the board, gave his comments, and took questions.
LeFever said the village received the Certificate of Achievement for Excellence in Financial Reporting for the 47th consecutive year.
“It’s known to be the highest level of financial reporting within the local government industry,” LeFever said. “You should all be commended for your leadership in participating in this program.”
LeFever explained how the village got an unmodified opinion by using auditing standards from the American Institute for Certified Public Accountants (AICPA) and by using financial reporting standards from the Governmental Accounting Standard Board (GASB).
Mayor Michelle Nelson said she is pleased to get another unmodified opinion. The 200-page report is available online.The introduction section gives a summary of financial challenges the village faced and how those were managed.
Trustee Gary Dagget praised thorough the work being done by the village departments.
“Ann and her group (do) amazing work,” Trustee Gary Dagget said. “I know we’re a small village; finances are not always easy and then you come in and say, ‘Yep, nope. What you were told is exactly what’s going on’.”
Trustee Jim Mitros said the findings are a sign of effectiveness with the financial work in the village.
“Two years in a row we’ve had citizens come up and accuse us of making mistakes,” Mitros said. “Well, they’re perfect, I would say that is a pretty darn good measure of efficiency.”
