Village of South Jacksonville Has Clean Audit With Labor Dr. Suit, IREC Debt Looming For Future

By Benjamin Cox on October 9, 2021 at 7:56pm

The Village of South Jacksonville has had a turbulent time with the turnover of administrations and resignations of trustees, but no so with village finances.

Senior Audit Manager and Partner of Eck, Schafer, & Punke LLP Kristi Corpin presented the village board with their annual audit last night.

Corpin said members of the auditing firm visited the village in mid-June and had no issues with their process, and commended Village Treasurer and Office Manager Tiffanee Peters and other village administration for their cooperation during the audit process.

Corpin says that the village’s IMRF pension fund did well with its investments in the past year with good returns, and it appears to be on track with funding requirements and solvency under state statute.

Corpin said near the end of her presentation that village revenues are properly supporting village services and appears to be operating from sound financial standing. Corpin warned though that two potential items may impact next year’s audit: “I think these two [revenue and expenditures] statements really illustrate that the Village has strong net positions with adequate reserves. That’s a very positive thing, and the Village’s revenue sources are supporting the expenses. I think that is something you always want to see from a local government. I think there is two items that are reflected in these financial statements that potentially could have a future negative impact. These are kind of open items because I think everyone is aware of those – the Labor Drive lawsuit is one that has an impact here as well as the Rural Electric no payable, as far as if that is going to be paid back or what the status is of that. As of right now, this is being reflected off of what we know currently, and so as those things change, those could have impacts to any future financial statements.”

Corpin says overall that revenues and expenditures rose across the board by approximately $1 million.