Winnetka, Illinois Development News

Village Council Reviews Comprehensive Financial Report; Audit Shows Strong Financial Health and Pension Fund Improvements

The Village Council reviewed the village's Annual Comprehensive Financial Report (ACFR) for the fiscal year ended December 31, 2025. The audit, presented by Chief Financial Officer Tim Sloth and auditor Ron Aean from Lauderbach and Aean, confirmed the village's financial statements are accurate and complete. The village received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting award, an award they expect to continue receiving. The management letter noted no deficiencies or material weaknesses, and recommendations will be implemented in the annual budget process. The general fund had a drawdown of $770,000, significantly less than the budgeted $3.8 million, resulting in a positive variance of over $3 million. Revenue exceeded budget in most categories, with permits up $594,000 and sales tax up 15% year-over-year. Expenditures were $199,000 below budget. The general fund unassigned fund balance stands at $17 million (54.5% of budgeted expenditures), exceeding the village's policy minimum of 50%. Enterprise funds saw an increase in unrestricted net position to $24.95 million. Capital spending totaled $13.6 million, 59% of the budget, with investments in electric, water, storm water, and infrastructure systems. Public safety pension funds saw significant improvement in funding status, with the police pension at 85.45% funded and the fire pension at 78.7% funded. The Illinois Municipal Retirement Fund (IMRF) pension system is at 98.7% funded. The auditors provided an unmodified opinion on the financial statements. Discussions also touched on internal controls, business licensing, and the health of pension funds.