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player ready...Village trustees are one step closer to cleaning up the town’s financial practices.
Trustees accepted a comprehensive financial report and management letter Tuesday night from the village’s new accounting firm, Oak Brook-based Selden Fox Ltd., which gave the board a final draft of its 2000-01 audit.
“To see this report from a well-respected firm, along with the new accounting software, it’s good to see we’re moving in the right direction,” Trustee Nancy Moore said.
After auditing the village’s books back to 1998, auditors were able to issue a favorable opinion for half of the audit, the village’s balance sheet, but could not issue an opinion for its revenue and expense report.
Last year, an auditor that conducted the 1999-2000 audit said there was $3 million in unaccounted expenditures, which village leaders attributed to shoddy bookkeeping. That auditor gave the village an unfavorable “no opinion” audit, citing inadequate record keeping, including unrecorded cash and investment accounts. Criticism included leaving unused printed checks and payroll records unsecured.
“We now lock the vault and the keys are secure,” finance director Kelly Kline said. “The money was never missing. It was never accounted for. It has been documented now.”