Agenda Item:
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Presentation and Acceptance of the Draft Annual Comprehensive Financial Report and Management Letter from Lauterbach & Amen, LLP for the Calendar Year ending December 31, 2025memo
Staff Contact: Nikki Larson, Deputy Village Manager/Chief Financial Officer, Margaret Schwarz, Assistant Chief Financial Officer
Purpose and Actions Requested: Presentation and Acceptance of the Draft Annual Comprehensive Financial Report and Management Letter from Lauterbach & Amen, LLP for the Calendar Year ending December 31, 2025
Budget Impact: Budgeted
Strategic Priority Addressed: Workplace of Excellence, Reliable Infrastructure, Economic Vitality, Community Resilience
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BACKGROUND AND ANALYSIS
The Village's audit firm, Lauterbach & Amen LLP, has completed the Draft Calendar Year 2025 Annual Comprehensive Financial Report (ACFR), which can be found on the Village's transparency portal: https://cms6.revize.com/revize/glencoe/government/transparency_portal.php#undefined
The audit remains in draft form because the Illinois Municipal Retirement Fund (IMRF) is in the process of updating its financial reporting information for the Village, as well as for other participating municipalities. This matter is not unique to the Village of Glencoe and is affecting multiple IMRF clients.
The auditing process began in the last weeks of 2025 when Village and audit staff set forth a timeline for completing the audit, continued with preliminary fieldwork in early January and final fieldwork at the end of February and early March. The process culminates in Village Board acceptance of the annual financial report at a public meeting on June 18, 2026.
This was the 19th year that Lauterbach & Amen LLP conducted the annual audit for the Village, and their current contract was renewed following a competitive bidding process four years ago. Overall, the report provides a great deal of information about the Village, its financial condition and the sound financial policies...
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