1 - Village of Palatine

TYPE: MOTION SUBMITTED BY: Finance & Operations DATE: June 25. 2012
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(CAFR) for the year ended December 31, 2011
COMMITTEE ACTION:
DATE:
BACKGROUND:
State Statute requires that an annual audit of the financial records and accounts of the Village be
made. The audit was performed in accordance with generally accepted auditing standards. The audit
will be submitted as required to the Cook County Clerk, State Comptroller of Illinois, Federal Grant
Agencies and other interested oversight agencies as well as to interested financial institutions that sell
or hold Village bonds. This report will also be submitted to the Government Finance Officers'
Association for consideration of their Certificate for Excellence in Financial Reporting.
KEY ISSUES:
The Village's auditors, Sikich LLP rendered an unqualified opinion, the best opinion they can give, on
the Village's financial statements for the year ended December 31,2011. This means that they found
the Village was correct in all material respects and reported in conformity with generally accepted
accounting principles (GAAP). The audit for the period ended December 31,2011, is now completed.
The Village's General Fund which is the main operating fund of the Village, experienced a surplus in
2011. Our revenues exceed budget by $2.3 million and our expenditures were contained and came in
under budget by $1 million. Thus the increase in our general fund balance.
RECOMMENDATION:
Staff recommends that the Mayor & Village Council accept and place on file the Comprehensive
Annual Financial Report for the year ended December 31, 2011.
BUDGET IMPACT:
None
ACTION REQUIRED:
Motion to accept and place on file the Comprehensive Annual Financial Report for the year ended
December 31,2011.