Alright, welcome to our new poll.

Roll, please.

President Kaufman.

Here.

Trustee Cooper.

Here.

Trustee Hughes.

Yeah.

Trustee Connie.

Here.

Trustee McCarthy Lang.

Here.

Trustee Noni.

Here.

Trustee Torres.

Here.

All right.

So you know we will close the public forum and move on.

We have no old business evening, so moving right along to new business.

And our item under new business is item F1.

Good evening.

The village is required to have an audit conducted annually and has an engagement with stage.

We already have at the board level discussed the financial results from 2025, and the board did approve a budget amendment to transfer the general funds to reply from 2025 to the Capitol Fund.

Martha is project here from SICKIC tonight to present the results of the official results from the audit.

Thank you.

Good evening.

Thanks, Andrea.

I'm Martha Charter, I'm the lead principal on the village's annual financial statement audit engagement, and I am here to present briefly the results of the December 31st, 2025 fiscal year audit.

With the village's transition to a calendar fiscal year end, this is the first uh full calendar, full 12-month uh fiscal year end period.

And uh as part of the audit process, we have issued the annual comprehensive financial report.

In addition to that, there are certain additional reports that are required by auditing standards or by other compliance uh requirement standards to be issued, included in those are the board communication, uh, the management letter in accordance with the compiled statutes, the typical examination compliance report, uh and the annual audit requirement is a uh is placed on the village by Illinois compiled statutes with a mandate to have issued financial statements uh within six months of the village's fiscal year end.

The audit process and testing was conducted in uh throughout the months of March and April, and the reports were issued in June in line with those requirements.

Uh briefly, I'll highlight the three year line.

Oh, yes.

Um what is included in the annual comprehensive financial report?

Uh the introductory section of the financial statements is where you'll find the certificate of achievement that was issued on the village's prior year annual comprehensive financial report.

I'd like to highlight this piece as each year the village does submit its financial statements uh to the government finance office or association certificate of achievement program, and that program has some additional requirements in addition to what the Illinois compiled statutes and standards require.

So there's additional sections uh including the introductory section of the report and the statistical section of the report that are prepared by the village and uh included in this whole annual comprehensive financial report.

That certificate program if the one of the village receives the distinguished honor notifies the readers of the financial statements that these uh the report issue not only meets the requirements of the Illinois Compiled Statutes reporting and as well as the auditing standards that we test towards, but also the additional transparency requirements and additional uh reporting requirements of the GFOA program.

The village is uh submitting its act for the December 31st, 2025 fiscal year, as well as this certificate of achievement program, and we do anticipate that the village will uh once again be awarded the honor for the report that I am presenting tonight.

So I do um as part of this want to acknowledge the level of effort that goes into the preparation for an audit, and not only uh in order for us to be able to issue the opinions that we issue, but also to meet the additional requirements of this program.

Uh it's a great level of effort in addition to the day-to-day operations that are required to be maintained by the village.

So all of our response the responses to our requests, the information that we submitted requests for the detailed testing pieces that we require to review as part of the audit process was all provided to us on a timely basis in order to be able to meet the requirements of the state statutes, the additional other regulatory requirements.

So we want to extend our team's great gratitude and appreciation for all of the work that goes into preparation and completion of an audit.

Especially with the transition of fiscal year ends, there's some additional challenges that come from a system standpoint and reporting standpoint, and regardless of all those challenges, we were able to conduct everything and receive all the information prepared as we would hope to and issue on a timely basis.

The financial section of the report follows the introductory section, and that's where you'll find the independent auditors report.

One of the main pieces of information in the ACFR that someone who reads the financial statements wants to look towards.

I am pleased to report a clean unmodified opinion on the village's financial statements for the fiscal year ending December 31st, 2025.

That is the highest level of assurance that we can provide based on the testing that we conducted in accordance with generally accepted accounting standards.

Following the independent auditors report, there is a section called the management's discussion and analysis.

And if nothing else in the ACFR, I would recommend or encourage reading the management discussion and analysis.

This section of the financial statements is considered required supplementary information of the report.

It is prepared by the village's finance and accounting team, and it serves as an executive summary to the basic financial statements.

It provides a little bit of additional context to the numbers themselves and includes additional analysis and discussion as to any significant changes of current year as compared to prior year balances, anywhere where there were fluctuations from expectations or significant swings from the balances themselves.

There's some graphical information here and great detail of discussion as to what led to any significant swings or notable changes from prior year.

So that section is really great to just get some additional context to the numbers themselves.

Finally, I'll kind of skip through all of the basic financial statement and footnote information, all the additional required supplementary and supplementary schedules.

Another piece of the report that is prepared as part of the certificate of achievement program is the statistical section of the financial statements, and that begins on page 18 of the APFER, runs through the last page, page 146.

This is another piece of section of the report that's prepared by the village, and it contains a great deal of historical information, financial trend data, revenue time data, debt information, demographic and economic information of the village for largely a 10-year historical comparison.

In some cases, certain certain information is presented on a current year as compared to nine years prior.