Comprehensive Annual Financial Reports (CAFR)
Each year, The Village undergoes an audit of its financial statements and records by an independent audit firm as required by state statute. The purpose of the audit is to obtain an opinion that the Village's financial statements are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The Finance Department is responsible for the coordination and preparation of the Village's Comprehensive Annual Financial Report, or CAFR, through its audit firm as well as preparing all documentation and records necessary to support the mounts and disclosures in the financial statements.
For the past 37 years, the Village has received recognition for its CAFR in the form of a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association. This program requires preparation of financial statements in accordance with detailed program criteria that help ensure a financial report that is well organized and easily readable as well as ensuring a spirit of complete disclosure and comparability with other local government financial statements.
For better understanding structure and layout of CAFR document please view the Explanation of CAFR Diagram (PDF).
Beginning on January 1, 2015, Public Act 098-0738 requires municipalities to publish the auditor's communication to the Board of Trustees (Management Letter) on the Municipal website.
Citizen's Financial Reports
This financial report is a highly condensed and a summarized presentation of the Village's financial results for the most recently completed fiscal year. Data from this report is extracted from the Village's audited financial statements (Comprehensive Annual Financial Report or "CAFR") which total more than 100 pages in length. The purpose of this report is to present information for those who desire a basic understanding of the Village's finances, the sources of funds collected by the Village and how those funds are applied to provide various services to the community.