Kendall County Times

Village of Oswego Committee of the Whole met Aug. 4.

Here are the minutes provided by the committee:

CALL TO ORDER

President Ryan Kauffman called the meeting to order at 6:01 p.m.

ROLL CALL

Board Members Physically Present: President Ryan Kauffman; Trustees Jennifer Hughes, Rachelle Koenig, Karin McCarthy-Lange, and Andrew Torres.

Board Members Absent: Trustees Jac Cooper, and Karen Novy.

Staff Physically Present: Dan Di Santo, Village Administrator; Jean Bueche, Asst. Village Administrator; Tina Touchette, Village Clerk; Jason Bastin, Police Chief; Joe Renzetti, IT/GIS Director; Andrea Lamberg, Finance Director; Rod Zenner, Development Services Director; Phil Tartaglia, Public Works Deputy Director/Engineer;

Kevin Leighty, Economic Development Director; Maddie Upham, Asst. to Village Administrator; Lisset Padilla, Communications Manager; Alejandro Hardaway, Management Analyst; and James Murphy, Village Attorney.

PUBLIC FORUM

Public Forum was opened at 6:02 p.m. There was no one who requested to speak. The public forum was closed at 6:02 p.m.

OLD BUSINESS

There was no old business.

NEW BUSINESS

F.1 Financial Audit for the Eight Months Ending December 31, 2024

Asst. Finance Director Robinson addressed the Board regarding the financial audit ending December 31, 2024. She introduced herself to the Village Board and noted that she has been with the Village for 25 years, 19 of which as the Asst. Finance Director. She introduced Martha Trotter- Lead Principle for Sikich, LLP. Martha presented the following:

• Fiscal year changed from May 1st- April 30th to January 1st-December 31st

• Stub year audit is for 5/1/24-12/31/24

• Auditor’s communication to the Village Board- pages

• Management letter

• Examination

• Single Audit Report

• Required to issue additional standards- refer to Independent Auditor’s Report

• Compliance

• Governing standards

⮚ No items to disclose

Audit covers three sections:

1) Introduction

2) Financial

• Management Discussion & Analysis- MD&A pages 1-12

o Provides changes and expectations

• Basic financial statements- pages 7-22

• Summary of significant accounting policies- pages 23-31

3) Statistical

• Found on pages 118-146

The Village received a certificate of achievement. This is the 22nd consecutive year the Village has received this certificate. Martha acknowledged the level of effort from Village staff; appreciate the organization and response fullness. Sikich provided a clean and modified opinion of the audit which is the highest level they can provide.

Board, staff and auditor discussion included: why staff is asked about fraud; required to ask about fraud; select employees and management is asked if there are any areas we should look at; getting employee’s perspective; getting insight into the day-to-day operations; adjusting procedures if needed; whether there are any new GASB standards that would impact asset management; standards impact capital assts, but nothing specific to asset management; fantastic job by staff; not easy to turn around documents in this short of time; congratulations to the Finance team. There was no further discussion.

F.2 CY25 Q2 Quarterly Financial Update

Director Lamberg addressed the Board regarding the financial update:

Board and staff discussion included: only 50% of the way through the fiscal year; numbers look great; numbers as of June 30, 2025; trending where we expected or better; Public Works facility accelerating faster than expected; whether the real estate transfer tax will be back at $400,000 next year; annual amount should be more like $800,000; will be some time before it will drop because of building and development; people need to understand why we are focusing on the TIF; TIF development has been funded by loans from other Village funds; won’t be able to pay the loans back until the increment increases; if the increment doesn’t increase, then we take on the expense; TIF expires December 31, 2039 with the final receipt of income in 2040; significant increase in sales tax; sales tax has been consistent in past years with trends in certain months. Thank you to Director Lamberg; always good news. There was no further discussion.

CLOSED SESSION

There was no closed session.

ADJOURNMENT

The meeting adjourned at 6:32 p.m.

https://www.oswegoil.org/home/showpublisheddocument/8330/638914772450970000