Development News for Niles, Illinois

Sikich LLP Issues Unmodified Opinion on Village of Niles Fiscal Year 2025 Comprehensive Financial Report

Jim Savio from Sikich presented the Village of Niles' Annual Comprehensive Financial Report (ACFR) for the fiscal year 2025. The report, comprising approximately 200 pages, includes an introductory section, a financial section with basic financial statements and auditor's reports, and a statistical section. Sikich issued an unmodified opinion on the financial statements, indicating a high level of assurance. Key reports discussed included the independent auditor's report, a report on internal control and compliance, and management discussion and analysis (MDNA) prepared by the village's finance team. The audit identified three significant deficiencies, two of which were previously material weaknesses, and noted a new GASB pronouncement (GASB 101) affecting accounting for compensated absences. The village's general fund has a strong unassigned fund balance, exceeding six months of reserve. The fire pension fund is trending towards its 100% funded goal by 2040, with funded ratios increasing from approximately 38% ten years ago to the current 50s.