TO: Mayor John Laesch
FROM: Stacey Peterson, Chief Financial Officer/City Treasurer
Linda Read, Comptroller/Deputy Treasurer
DATE: July 21, 2025
SUBJECT:title
Acceptance of the 2024 Annual Financial Reports for the City, TIF funds, Single Audit and GATA Reports.
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PURPOSE:
The City of Aurora completes several annual financial reports that must be accepted and placed on file by the City Council. Attached are sixteen (16) reports as follows: The 2024 Annual Comprehensive Financial Report (ACFR), the 2024 Tax Increment Finance reports for TIFs 1,3,4,5,6,7, 8, 9, 10, 11, 12, 13 and 15, the 2024 Single Audit for Federal Grants received and the 2024 Illinois Grant Accountability and Transparency Act - Consolidated Year End Financial Report for state grants received.
BACKGROUND:
Each year the City is required to complete various financial reports, and these reports are audited by our independent auditor Sikich LLP. These reports are as follows:
The 2024 Annual Comprehensive Financial Report (ACFR) - This report provides a complete review of the status of the City of Aurora finances as of and for the year ended December 31, 2024. It also provides historical data on a variety of revenues, expenses, and financing activities as well as relevant statistical information.
The 2024 Tax Increment Financing (TIF) District financial reports - These reports provide a report on compliance with Public Act 85-1142 for each TIF District for 2024.
The 2024 Single Audit - This report provides a compliance review in accordance with the federal OMB Compliance Supplement for the City's federal grant programs.
The 2024 Illinois Grant Accountability and Transparency Act - Consolidated Year End Financial Report - This report provides a summary and report on compliance for the City's state grant programs.
DISCUSSION:
Sikich LLP has provided the City with an unqualified opinion regarding the 2024 ACFR, meaning the City has fairly stated its financial position in the audit reports. Specific recommendations regarding financial operations will be discussed by the Auditor with the Finance Committee, and these recommendations are included in the Board Communications.
IMPACT STATEMENT:
Completion of the ACFR each year is required under state statute in Illinois and completion of an ACFR, a GATA Report, and a Single Audit Report is required for grant funding each year. Failure to complete and these reports would forfeit state and federal grant funds and violate state statute.
RECOMMENDATIONS:
That the 2024 Financial reports as attached be accepted and placed on file.
cc: Finance Committee