Title
Acceptance of the Fiscal Year 2025 Annual Comprehensive Financial Report
History
The Village of Orland Park Fiscal Year 2025 Annual Comprehensive Financial Report (ACFR) has been completed. This report serves as management’s annual financial report to taxpayers, the Village Board, oversight bodies, investors, and creditors of the Village. It provides a comprehensive overview of the Village’s financial position as of December 31, 2025, and summarizes financial activities for the fiscal year ending December 31, 2025. The Village’s auditing firm, Sikich, has issued an unmodified (“clean”) opinion, indicating that the Village’s financial statements present fairly, in all material respects, the financial position of the Village for the fiscal year ended December 31, 2025. This represents the highest level of assurance that can be provided by the auditors.
In addition, Public Act 98-0738 requires the auditor to perform the following within sixty days after the issuance of audited financial statements:
• Provide a copy of the management letter and audited financial statements to the Municipality’s Corporate Authorities. If the county or municipality maintains a website, these reports shall be posted to the website.
• Present the information from the audit to the Municipality's Corporate Authorities either in person or by live phone or web connection during a public meeting.
This memorandum provides an overview of the following documents prepared or reviewed by Sikich:
• Annual Comprehensive Financial Report,
• Report to the Village Board of Trustees, Results of the 2025 Financial Statement Audit, including Required Communications, and
• Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards.
Upon acceptance, the Annual Comprehensive Financial Report and Management Letter will be published on the Village’s website and distributed as appropriate. A final review of the financial statements is still being completed, after which the finalized report will be provided to the Board.
Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report provides a detailed presentation of the Village’s financial position and operating activities for the year ended December 31, 2025. The report was audited by Sikich, and the Village received an unmodified (“clean”) opinion, the highest level of assurance attainable.
The Annual Comprehensive Financial Report is an important resource for Village officials, residents, investors, and other stakeholders, as it provides independently audited financial information to support informed decision-making. The report includes a comprehensive set of financial statements prepared in accordance with standards established by the Governmental Accounting Standards Board (GASB). GASB establishes accounting and financial reporting standards for state and local governments through its annually updated Codification of Governmental Accounting and Financial Reporting Standards.
The Annual Comprehensive Financial Report is organized into three sections: Introductory, Financial, and Statistical. It incorporates both governmental fund accounting and enterprise fund accounting information to provide a complete picture of the Village’s financial operations.
Communication with those Charged with Governance and Management Letter
The Auditor’s Report to the Village Board of Trustees includes required communications regarding the audit strategy and approach, including the scope of the audit, auditor responsibilities, inherent limitations of reasonable assurance, auditor independence, Village management responsibilities, distribution restrictions, and additional reporting requirements under Government Auditing Standards (GAGAS).
This report also discusses qualitative aspects and significant accounting policies and practices, including:
• Significant Accounting Policies (no matters are reportable),
• Unusual Policies or Methods (no matters are reportable),
• Alternative Accounting Treatments
• Management Judgements & Accounting Estimates,
• Financial Statement Disclosures,
• Judgement About the Quality of the Village’s Accounting Principles (no matters are reportable).
We are pleased to report that the auditors identified no material weaknesses or significant deficiencies in internal controls.
In addition to the required communications, auditors may also communicate other matters deemed important to those charged with governance, even if not specifically required under U.S. auditing standards. These communications may be presented in a combined report or in separate reports.
Certificate of Achievement for Excellence in Financial Reporting Program (GFOA Annual Comprehensive Financial Report Program)
The Government Finance Officers Association (GFOA) is a professional association representing approximately 17,500 state, provincial, and local government finance professionals throughout the United States and Canada. In 1945, the GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program to encourage and recognize governments that prepare annual comprehensive financial reports that go beyond minimum generally accepted accounting principles and demonstrate a commitment to transparency and full disclosure.
Reports submitted to the program are reviewed by members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which includes experts in public-sector financial reporting such as preparers, independent auditors, academics, and other finance professionals.
For a total of 35 years, the Village’s financial report has been prepared to comply with the high standards of the GFOA Certificate of Conformance for Excellence in Financial Reporting Award Program criteria. Staff believes the Fiscal Year 2025 Annual Comprehensive Financial Report continues to meet all program requirements.
Financial Impact
None
Recommended Action/Motion
I move to accept the Fiscal Year 2025 Annual Comprehensive Financial Report ending December 31, 2025.