The annual audit by Lauterbach & Amen produced another unmodified, or clean, opinion of the village’s finances. Unmodified is the best it can give, meaning they didn’t really find anything wrong with the village’s management of the books.
There was a $655,000 deficit in the Business District Development fund in which expenditures exceeded revenue. Lauterbach & Amen representative Courtney Moore explained that expenditures exceeded revenue. Financial Consultant Anne Marie Mampe explained that a general fund transfer of $875,000 was to be completed but, because the fund had enough money, the transfer was not completed and that resulted in the fund being negative. She further explained that when the final reimbursement for the project is received, the fund will be positive.
Some repeated recommendations also included that the village’s cash be fully collateralized through FDIC insurance by spreading the risk or purchasing additional collateral. Moore also added that bank reconciliations be completed in a timely manner, of which village management agreed to.
Motor fuel tax and the TIF 2 fund were over budget, and Moore recommended reviewing the budget and considering amendments. There was also a transfer to the police pension that was not captured in the audit correctly.
Trustee Pat Bowden asked if the village was audited to state statute or to village compliance, and the representative confirmed the village is audited to village code.
A motion to accept the audit would be on the agenda for the next meeting.
Trustee Pat Bowden asked about the police pension transfer, and Moore explained it was moved when it was supposed to, it just wasn’t captured on the financials. Bowden also inquired about the Business District Development fund and whether or not the village was audited for conformance to state statute and if the “village follows its own rules.” Moore confirmed both.
Bits and Cracks
The board also unanimously approved crack sealing of village streets for $16,650. Crack sealing extends the life of village streets, the administration explained.
Special event permits were approved for the Peotone High School Student Council Golf Cart Parade on September 27 at 3:30 p.m., the Peotone High School Homecoming Parade on October 10, at 4 p.m., and the Cornerstone Coffee House and Chambers & Sons Trunk-or-Treat on October 26, on First Street, from 11 a.m. to 2 p.m.
Peotone Historical Society President Ed Nelson spoke during public comments in anticipation of the Old Mill Fall Fest on September 20 and 21. Saturday will include live music – The Rockaholics and craft beer. Sunday will include their vendors, civil war reenactment, bake sale, among other activities. Nelson encouraged residents to get involved and check out the fest this year. Details are available on the Peotone Historical Society Facebook page.