Tinley Park Financial Audit Reveals Cash, General Funds

TINLEY PARK, IL -- An area auditing firm shared its findings this week of a months-long independent financial audit of the village's internal controls, policies and procedures — and local officials say they're "the best possible".

Auditing firm Sikich, LLC, led the charge on the audit. The company's representative, Anthony Cervini, offered a “clean, unmodified opinion”, Tinley Park officials said. Translation?

"The village’s financial statements for the fiscal year ending April 30, 2017 are free from material misstatements – generally regarded as the best possible outcome of a financial audit," according to a written statement.

Cervini said that the designation is the "highest level of assurance we can provide (as auditors).”

The report showed an unrestricted cash balance of $22.7 million for local business funds, such as water and sewer, and an unrestricted cash balance of $42.8 million in government/general funds. Cervini categorized the village’s ratio of revenue to expenditures as“very healthy” at 50 percent, which left an excess of $11.9 million transferred into the capital improvement projects fund. Because the village administered less than $750,000 in federal grants, a separate federal reporting audit wasn’t necessary.

Trustee Michael Mangin, who also chairs the finance committee, applauded the exceptional work of the village.

"It was good to see a new company come in and be able to go through the books and see very little, if nothing, from the standpoint of any changes … no concerns and really positive," he said.

Additionally, the Government Finance Officers Association (GFOA) awarded the village with a certificate of achievement for excellence in financial reporting. Officials credit the honor to a comprehensive annual financial report that, "goes well above and beyond the minimum reporting requirements of both Illinois compiled statues and generally accepted accounting principles."

Tinley Park has participated in the GFOA review program since 1991. The latest award represents the 25th consecutive year the it has earned the certificate of recognition. The standards of the program are based in the principles of transparency and public disclosure.

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