Finance Committee

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Agenda summary and non-discretionary review.

Finance Committee discretionary agenda highlights for August 3, 2026

Finance Committee Summary

West Chicago Finance Committee Agenda Review — August 3, 2026

This table summarizes each Finance Committee agenda action, the money involved, and whether the action appears non-discretionary under the review rubric.

View the PDF text extraction table

Item Short description Money involved Non-discretionary evaluation
2.A — Approval of June 1, 2026 Finance Committee minutes Approve the draft official record of the prior Finance Committee meeting. No direct City expenditure identified. Likely non-discretionary / administrative. Approval maintains the Committee’s official record, subject to corrections for accuracy.
3.A — Presentation of the 2025 ACFR and recommendation to accept the audit Receive the City’s audited financial statements for the year ended December 31, 2025 and recommend that City Council accept the ACFR. Lauterbach & Amen, LLP states that the audited financial statements present fairly, in all material respects, the City’s financial position and changes in financial position in accordance with U.S. GAAP. No new appropriation, contract, or expenditure is proposed by accepting the completed audit. The ACFR reports financial results and balances; they are not new spending authorizations. Likely non-discretionary / administrative financial oversight. The Committee reviews the completed audit and makes a recommendation; City Council takes the final acceptance action. The Committee may ask questions or withhold a recommendation, but the packet presents no policy alternative or new program.

Detailed analysis of substantive topics

3.A — 2025 ACFR and independent audit

The ACFR covers the fiscal year ended December 31, 2025. The independent auditor’s report is dated June 24, 2026. Lauterbach & Amen, LLP states that the governmental activities, business-type activities, each major fund, and aggregate remaining fund information present fairly, in all material respects, the City’s financial position and changes in financial position in accordance with accounting principles generally accepted in the United States.

The Government Auditing Standards report says:

The auditor also states that other supplementary information is fairly stated, in all material respects, in relation to the basic financial statements. Required supplementary information received limited procedures only and no opinion or assurance; introductory and statistical material is not covered by the financial-statement opinions. The auditor did not express an opinion on internal-control effectiveness or compliance. The packet reports no going-concern qualification, questioned cost, or other formal audit finding.

Key management-discussion figures include:

These figures describe fiscal-year results and balances. They are not amounts the Committee is being asked to appropriate. The current decision is whether to recommend acceptance of the completed report to City Council.

  • the audit did not identify any internal-control deficiencies considered material weaknesses, while cautioning that unidentified material weaknesses or significant deficiencies may exist because the review was limited to designing audit procedures rather than expressing an opinion on internal-control effectiveness; and
  • testing disclosed no instances of noncompliance or other matters required to be reported under Government Auditing Standards.
  • Government-wide revenues: $57,008,739.
  • Government-wide expenses: $43,643,792.
  • Increase in net position: $13,364,947.
  • Ending total net position: $160,655,050.
  • Net investment in capital assets: $148,208,231.
  • Externally restricted net position: $15,578,507.
  • Unrestricted net-position deficit: $3,131,688.
  • Governmental-activities net-position increase: $8,785,071, or 16.2%.
  • Business-type-activities net-position increase: $4,579,876, or 4.9%.
  • General Fund decrease: $146,760, or 1.7%, leaving an ending fund balance of $8,521,437.
  • Combined governmental-fund ending balance: $33,869,446, an increase of $3,167,379, or 10.3%.
  • General Fund actual revenue: $24,720,473, which was $1,068,873 above the $23,651,600 budget.
  • General Fund actual expenditures: $22,567,233, which was $1,239,367 below the $23,806,600 budget.
  • Net capital assets: $150,154,375; the MD&A states that the City had no outstanding debt at year-end.
  • FY2026 General Fund appropriation: $24,125,889, up 2.01% from $23,651,600, with a budgeted property-tax increase of 3.85%.

Last generated: August 1, 2026 at 7:02 AM CDT