Lake Zurich received a “clean” opinion in its latest financial audit, an assessment which reflects well on village efforts to become more financially sustainable, officials announced Monday.
“The village board and our staff strive to find innovative, cost-saving ways to deliver municipal services in an economically strained climate while maintaining a balanced budget each year, something the state of Illinois is unable to do,” Mayor Thomas Poynton said in the announcement.
The audit, part of the village’s Comprehensive Annual Financial Report for Fiscal Year 2016b, covers the eight-month period from May 1, 2016 to Dec. 31, 2016. The “clean” finding means that auditors believe the village’s financial reports are accurate, complete, and in accordance with accounting principles. It is the best opinion a municipality can receive from auditors, according to the village.
The CAFR, which can be viewed in the village website, also shows that the village’s fund balance increased $365,000 thanks to revenues coming in at $21.8 million against $20 million in expenditures. The village maintains its AAA bond rating, according to the report.