Trustee Hughes.

Here.

Trustee Conan.

Here.

Trustee McCarthy Lang.

Here.

Trustee Torres.

Here.

Trustee Cooper absent and Trustee Novi absent.

All right.

First up, let's open the public forum.

So if there's anyone wishing to address the board, please feel free to come forward now.

Seeing nobody, we will close the public forum and move on to new business.

And under new business, we have item F1.

Billy.

Hi.

First, I just wanted to take the opportunity to introduce myself to any new trustees.

My name is Billy Robinson.

I've had the pleasure of working here for the last 25 years.

19 of which have been the assistant finance director.

And I also get the opportunity to introduce Martha Trotter.

She is with the firm Sickage, who does our annual audits.

And she's gonna give a brief recap on our latest one, which was for the eight-month period May 1, 24 to December 31st, 24.

Welcome.

Hi Mark.

I don't think your mic is on.

There you go.

How's that?

Better.

All right.

Thank you.

Good evening.

I am Martha Trotter.

I'm the lead principal on the village's annual financial statement audit engagement.

And as uh Billy noted, I am here to present the audit for the stub year ended December 31st, 2024.

So as you are aware, uh the village did change fiscal year ends from an April 30 fiscal year to a December 31st fiscal year calendar year period.

And as part of that transition, there was a requirement to complete an audit of the stub year period.

So that was conducted by our company beginning in February with our preliminary field work phase.

Uh March, we completed our testing and detailed field work, and then we were able to issue the completed audit uh in July.

And that audit will be filed with the uh required agencies throughout the state as well as submitted to the government finance officers association as the village has submitted uh historically annually its uh annual comprehensive financial report to the GFOA to the Certificate of Achievement Program.

As part of the audit process, we have issued not only the annual comprehensive financial report but also a number of other reports.

There is a board communication which includes information that our auditing standards require us to communicate to those charged with governance.

We have issued the management letter, which complies with Illinois compiled statutes.

We have issued the TIFF examination compliance report, and as well for the stub year under December 31st, 2024, due to the level of grant activity, uh the village was required to undergo a single audit, and uh we issued the single audit report to comply with uniform grant guidance.

So a lot of activity for that short time frame.

Uh in addition to those reports that were issued during the stub fiscal year, there were requirements to implement additional uh new Kiesby pronouncements.

So the government accounting standards board issues guidance as to accounting and reporting for the financial statements, and there were uh there was one standard that was implemented during the stub fiscal year that did impact the village's financial reporting.

This is called out in the independent auditors report as well as referenced in the board communication.

There was a change to accounting required for compensated absences, so historically uh balances are accrued for uh on a long-term basis for any uh benefit balances that are paid out at employee termination uh under the new requirements.

Not only are balances that are paid out required to be recorded as a liability, but also those balances that are carried uh accrued during the fiscal year and can be carried into future periods and used as time in future periods.

So there was additional calculation requirements, reporting requirements, and testing requirements to properly implement that standard and reflect it in the financial statements.

Uh, you may know if you had reviewed the financial statements.

Uh there is a restatement related to this, and that's to accrue for the beginning balances at the May 1st, 2024 date.

Uh that's the adjustment of the additional liability at the beginning of the fiscal year to properly record that implementation.

So just a couple items to note within the annual comprehensive financial report.

There are three sections the introductory section, the financial section, and the statistical section.

As I noted, the village does prepare a full annual comprehensive financial report and submits the report to the government finance officers association.

So what this lets you know is the village goes above and beyond the requirements of GAP and GASBY and prepares the full additional information that's included in the introductory section and statistical section of the report.

There's a lot of effort that goes into preparation of these items.

And for the for the village's effort, it has been awarded the certificate of achievement for excellence and financial reporting for the fiscal year 2024 annual comprehensive financial report.