Riley Martin from Lauterbach & Amen will be with us to discuss our FY2024 audit. Documents are included in your packet. All told, this was a very clean audit. All of our financial policies are up to date. Our procedures are sound. Our pension system is well-funded and healthy. The only small issue that you will see is that they show an overage in General Fund expenditures. This happens every year in one form or another and is a product of Lauterbach taking our cash-basis accounting and auditing it on an accrual basis. We know from our monthly reports that, on a strictly cash-in-cash-out basis, we weren’t over budget. It bugs me that I don’t fully understand how this process works, so I’m working with Riley to finally fully grasp the nuances of this procedure for future audits. In the meantime, the rest of the audit is entirely free and clear of any concerns.

Recommendation: I recommend that you approve the FY2024 Annual Financial Report.

Item 1 – Palos Heights Public Library – AFR 24Download
Item 1 – Palos Heights Public Library – Management Letter 24Download
Item 1 – Palos Heights Public Library – SAS 114 24Download
Item 1 – Palos Heights Public Library – AJE 24Download