Village News

FY 2017 Comprehensive Annual Financial Report Presented to Council

Post Date:11/20/2017 10:16 AM

VOP Logo 300x200State law requires the Village to publish financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants.  Pursuant to this requirement, the Village issued the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2017 to the Village Council on November 14, 2017. The audit report received an unqualified or “clean” opinion from the auditors, Dixon Hughes Goodman, LLP.

The Village’s financial position through the fiscal year ended June 30, 2017 is good. The Village’s General Fund revenues exceeded expenditures by $1,308,000, increasing the Village’s General Fund fund balance to $10,633,000. This level of fund balance represents 56% of the General Fund budget and is above the Council’s adopted range for fund balance of 30%-40%. The Village’s five-year financial forecast calls for fund balance to exceed the policy range until FY 2019, when a Community Center is constructed at Cannon Park.

Overall, the Village’s balance sheet is strong and our debt levels are low. These financial results leave the Village well positioned to accomplish the objectives set forth in the FY 2018 Strategic Operating Plan.

To read the CAFR in its entirety, please click here.

Also presented with this year’s CAFR was a Financial Condition Assessment.  The assessment compares selected financial information from the Village’s audited financial statements to that of our peer municipalities. The report also provides five-year historical trend data and presents the information in an easy to understand graphical format.

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