Title
Acceptance of the Fiscal Year 2024 Annual Comprehensive Financial Report
History
The Village of Orland Park Fiscal Year 2024 Annual Comprehensive Financial Report (ACFR) has been completed. This report is management's annual financial report to the taxpayers, Village Board, oversight bodies, investors and creditors of the Village. This report provides a historical picture of the Village’s financial status as of December 31, 2024, and activities for the year (January 1, 2024, to December 31, 2024). Our auditing firm, Sikich, has expressed 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, 2024 (a “clean” opinion, the highest obtainable).
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 a live phone or web connection during a public meeting.
This memo will provide an overview of three documents prepared or reviewed by Sikich:
· Annual Comprehensive Financial Report,
· Report to the Village Board of Trustees, Results of the 2024 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.
Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report is a thorough,...
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