TO: Mayor Richard C. Irvin
FROM: Christopher Minick, Chief Financial Officer/City Treasurer
Linda Read, Comptroller/Deputy Treasurer
DATE: September 23, 2024
SUBJECT:title
Acceptance of the 2023 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 eleven (11) reports as follows: The 2023 Annual Comprehensive Financial Report (ACFR), the 2023Tax Increment Finance reports for TIFs 1,3,4,5,6,7, 8, 9, 10, 11, 12 and 15, the 2023 Single Audit for Federal Grants received and the 2023 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 2023 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, 2023. It also provides historical data on a variety of revenue, expense, and financing activities as well as relevant statistical information.
The 2023 Tax Increment Financing (TIF) District financial reports - These reports provide a report on compliance with Public Act 85-1142 for each TIF District for 2023.
The 2023 Single Audit - This report provides a compliance review in accordance with the federal OMB Compliance Supplement for the City's federal grant programs.
The 2023 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 2023 ACFR, meaning the City has fairly stated its financial position in the audit ...
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