HomeMy WebLinkAbout20-21 SAS Audit Letter
October 14, 2021
To the Mayor and City Council Members
City of McHenry
McHenry, Illinois
We have audited the financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of City of McHenry (City) as of and
for the year ended April 30, 2021, and have issued our report thereon dated October 14, 2021.
Professional standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit
As communicated in our engagement letter dated June 28, 2021, our responsibility under generally
accepted auditing standards and, if applicable, Government Auditing Standards and Uniform
Guidance, is to form and express an opinions about whether the financial statements that have been
prepared by management with your oversight are presented fairly, in all material respects, in
accordance with accounting principles generally accepted in the United States of America. Our audit
of the financial statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial statements are free of
material misstatement. An audit of financial statements includes consideration of internal control over
financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over
financial reporting. Accordingly, as part of our audit, we considered the internal control of the City
solely for the purpose of determining our audit procedures and not to provide any assurance
concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our
professional judgement, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to
communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated
to you.
Qualitative Aspects of the Organization’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of
the significant accounting policies adopted by the City are included in Note 1 to the financial
statements. As described in Note 14 to the financial statements, during the year, the City
implemented GASB Statement No. 84, Fiduciary Activities. There have been no changes in existing
significant accounting policies or their application during fiscal year 2021. No matters have come to
our attention that would require us, under professional standards, to inform you about (1) the methods
used to account for significant unusual transactions and (2) the effect of significant accounting policies in
controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s current judgement. Those judgements are normally based on knowledge and
experience about past and current events and assumptions about future events. Certain accounting
estimates are particularly sensitive because of their significance to the financial statements and because
of the possibility that future events affecting them may differ markedly from management’s current
judgement. We evaluated the key factors and assumptions used to develop
the estimates and determined that they are reasonable in relation to the financial statements taken as a
whole and in relation to the applicable opinion units. The most sensitive estimate(s) affecting the financial
statements are:
Management’s estimate of depreciation expense is based on estimated useful lives of the
capital assets held by the City.
Management’s estimates regarding pension and OPEB liabilities were based on various
actuarial assumptions regarding projected salaries, market trends, and expected mortality.
Management’s estimates regarding allowances on receivables were based on historical
collection rates.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgement and are particularly sensitive
because of their significance to financial statement users. The most sensitive disclosures affecting the
City’s financial statements relate to depreciation, pension and OPEB liabilities, and fair value estimates.
The financial statement disclosures are neutral, consistent, and clear.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the
audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely
misstatements identified during the audit, other than those that we believe are trivial, and communicate
them to the appropriate level of management. Further, professional standards require us to also
communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of
transactions, account balances or disclosures, and the financial statements as a whole and each
applicable opinion unit. Management has corrected all identified misstatements.
In addition, professional standards require us to communicate to you all material, corrected misstatements
that were brought to the attention of management as a result of our audit procedures. The attached
misstatements that we identified as a result of our audit procedures were brought to the attention of, and
corrected by, management.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or audit matter,
which could be significant to the City’s financial statements or the auditor’s report. No such disagreements
arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the attached
letter.
Management Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application
of an accounting principle to the City’s financial statements or a determination of the type of auditor’s
opinion that may be expressed on those statements, our professional standards require the consulting
accountant to check with us to determine that the consultant has all the relevant facts. Management
informed us that, and to our knowledge, there were no consultations with other accountants regarding
auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the City, we generally discuss a variety of
matters, including the application of accounting principles and auditing standards, operating and
regulatory conditions affecting the City, and operating plans and strategies that may affect the risks of
material misstatement. However, none of the matters discussed resulted in a condition to our retention
as the City’s auditors.
Other Matters
We applied certain limited procedures to the required information, which is required supplemental
information (RSI) that supplement the basic financial statements (as listed on the table of contents in the
audit report). Our procedures consisted of inquiries of management regarding the methods of preparing
the information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic
financial statements. We did not audit the RSI and do not express an opinion or provide any assurance
on the RSI.
We were engaged to report on supplemental information, except for the Schedule of Expenditures of
Federal Awards, which accompany the financial statements but are not RSI. With respect to the
supplemental information, except for the Schedule of Expenditures of Federal Awards, we made certain
inquiries of management and evaluated the form, content, and methods of preparing the information to
determine that the information complies with accounting principles generally accepted in the United States
of America, the method of preparing it has not changed from the prior period, and the information is
appropriate and complete in relation to our audit of the financial statements. We compared and reconciled
the supplemental information to the underlying accounting records used to prepare the financial
statements or to the financial statements themselves.
Restriction on Use
This report is intended solely for the information and use of the City Council and management of City of
McHenry and is not intended to be, and should not be, used by anyone other than these specified parties.
Very truly yours,
EDER, CASELLA & CO.
Certified Public Accountants
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:General Fund AJEs Report
Account Description Debit Credit
Adjusting Journal Entries JE # 1
2100 ACCOUNTS PAYABLE 8,435.00
22-5430 TRAINING 8,435.00
Total 8,435.00 8,435.00
I have reviewed and agree with the adjustments above:
Client Signature
Date
Adjust AP for portion of law enforcement training performed and completed in
FY22
7/8/2021
2:33 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:200 - Tourism Fund
Workpaper:200 - Tourism Fund AJE's Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
7/8/2021
2:33 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:205 - Pageant Fund
Workpaper:205 - Pageant Fund AJEs Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Band Fund Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
7/8/2021
2:39 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:215 - McHenry Character Counts
Workpaper:215 - McHenry Character Counts AJEs Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Civil Defense Fund Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
9/15/2021
11:13 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:225 - Alarm Board Fund
Workpaper:225 - Alarm Board Fund - 2
Account Description W/P Ref Debit Credit
5110 CONTRACTUAL SERVICES 55,084.00
2100 ACCOUNTS PAYABLE 55,084.00
Total 55,084.00 55,084.00
Total Adjusting Journal Entries 55,084.00 55,084.00
Total All Journal Entries 55,084.00 55,084.00
Signature
Date
Adjusting Journal Entries JE # 1
Adjust accounts payable for missing 25% of revenue payable to McHenry Township FPD
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Audit Expense Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
7/8/2021
2:41 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:260 - Annexation Fund
Workpaper:260 - Annexation Fund AJE's Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
7/8/2021
2:42 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:270 - Motor Fuel Tax Fund
Workpaper:270 - Motor Fuel Tax Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
9/15/2021
10:05 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:275 - Municpal Motor Fuel Tax Fund
Workpaper:275 - Municipal Motor Fuel Tax Fund AJEs
Account Description W/P Ref Debit Credit
1 of 1
None for FY21.
__________________________________________
Client Signature
_________________________________________
Date
7/8/2021
2:50 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Trial Balance:280 - Developer Donations Fund
Workpaper:280 - Developer Donations Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
9/15/2021
10:25 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:290 - TIF Fund
Workpaper:290 - TIF AJE's Report
Account Description W/P Ref Debit Credit
None in FY'21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
7/8/2021
2:55 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Trial Balance:300 - Debt Service Fund
Workpaper:300 - Debt Service Fund Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
7/8/2021
3:25 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:400 - Recreation Center Fund
Workpaper:400 - Recreation Center Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Special Service Area #1A - Shamrock Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Lakewood SSA #4
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
9/15/2021
10:12 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:426 - Huntersville SSA #6
Workpaper:426 - Huntersville SSA Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustments above:
Client Signature
Date
1 of 1
7/8/2021
3:02 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:440 - Capital Improvements Fund
Workpaper:440 - Capital Improvements AJES
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustments above:
Client Signature
Date
1 of 1
7/8/2021
3:03 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:450 - Capital Equipment Fund
Workpaper:450 - Capital Equipment Fund AJEs Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustments above:
Client Signature
Date
1 of 1
10/1/2021
8:02 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:510 - Water/Sewer Fund
Workpaper:510 - Water Sewer Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
Adjusting Journal Entries JE # 1
31-3610 SALES 149,983.00
31-3615 BASE CHARGE - CAPITAL 9,236.00
32-3610 SALES 170,012.00
32-3615 BASE CHARGE - CAPITAL 18,452.00
32-3660 DEBT SERVICE FEE 27,788.00
32-3665 DEBT SERVICE FEE - SEWER CONS LOAN 139,726.00
1280 ACCOUNTS RECEIVABLE-UNBILLED 515,197.00
Total 515,197.00 515,197.00
Adjusting Journal Entries JE # 3
32-7600 LOAN INTEREST 8,237.00
2308 WWTP LOAN PAYABLE 8,237.00
Total 8,237.00 8,237.00
Adjusting Journal Entries JE # 4
2320 ACCRUED INTEREST PAYABLE 16,618.00
32-7091 DEBT SERVICE - ACCRUED INTEREST 16,618.00
Total 16,618.00 16,618.00
Adjusting Journal Entries JE # 5
2101 Accounts Payable 995 Pool 197,748.40
32-8500 UTILITY SYSTEM 197,748.40
Total 197,748.40 197,748.40
Adjusting Journal Entries JE # 6
2449 DEFERRED OUTFLOWS - OPEB 55,779.00
2450 NET OPEB LIABILITY 10,265.00
99-9930 OPEB EXPENSE 9,662.00
2451 DEFERRED INFLOWS - OPEB 63,894.00
99-9940 OPEB CONTRIBUTIONS 11,812.00
Total 75,706.00 75,706.00
ADJ Water/Sewer AR for 6/4/21 billings (PBC)
Adjust IEPA Loan Balance to Actual
Adjust Accrued Interest Payable (IEPA Adjustment PBC was made backwards)
Adjust accounts payable for portion of invoice incorrectly included in AP
Record GASB 75 OPEB Activity
1 of 2
10/1/2021
8:02 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:510 - Water/Sewer Fund
Workpaper:510 - Water Sewer Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
Adjusting Journal Entries JE # 7
2443 IMRF NET PENSION LIABILITY 748,064.00
2445 IMRF DEFERRED OUTFLOWS-CONT AFTER 22,241.00
2444 IMRF DEFERRED OUTFLOWS-ACT EVAL 72,979.00
2448 IMRF - DEFERRED INFLOWS 387,114.00
31-4420 EMPLOYER CONTRIBUTION - IMRF 151,719.00
32-4420 EMPLOYER CONTRIBUTION - IMRF 83,732.00
35-4420 EMPLOYER CONTRIBUTION - IMRF 74,761.00
Total 770,305.00 770,305.00
Adjusting Journal Entries JE # 8
31-9510 DEPRECIATION EXPENSE 3,639.00
1388 ACCUM DEPREC - SYSTEM & EQUIPMEN 3,639.00
Total 3,639.00 3,639.00
Adjusting Journal Entries JE # 9
32-9100 AMORTIZATION-BOND DISCOUNT 46,005.00
31-9100 AMORTIZATION-BOND DISCOUNT 46,005.00
Total 46,005.00 46,005.00
Adjusting Journal Entries JE # 10
1388 ACCUM DEPREC - SYSTEM & EQUIPMEN 369,129.00
32-3836 GAIN/LOSS ON SALE 1,249,286.00
1308 SYSTEMS & EQUIPMENT 1,618,415.00
Total 1,618,415.00 1,618,415.00
Adjusting Journal Entries JE # 11
1308 SYSTEMS & EQUIPMENT 291,066.00
32-8500 UTILITY SYSTEM 291,066.00
Total 291,066.00 291,066.00
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
Record Fixed Asset Addition that wasn't recorded
Reclass Bond Premium Amortization
Record GASB 68 IMRF Activity
Adjust Depreciation to match PBC WPs
Record Fixed Asset Deletions
2 of 2
9/15/2021
10:16 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:510 - Water/Sewer Fund
Workpaper:510 - Water Sewer Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
Adjusting Journal Entries JE # 1
31-3610 SALES 149,983.00
31-3615 BASE CHARGE - CAPITAL 9,236.00
32-3610 SALES 170,012.00
32-3615 BASE CHARGE - CAPITAL 18,452.00
32-3660 DEBT SERVICE FEE 27,788.00
32-3665 DEBT SERVICE FEE - SEWER CONS LOAN 139,726.00
1280 ACCOUNTS RECEIVABLE-UNBILLED 515,197.00
Total 515,197.00 515,197.00
Adjusting Journal Entries JE # 3
32-7600 LOAN INTEREST 8,237.00
2308 WWTP LOAN PAYABLE 8,237.00
Total 8,237.00 8,237.00
Adjusting Journal Entries JE # 4
2320 ACCRUED INTEREST PAYABLE 16,618.00
32-7091 DEBT SERVICE - ACCRUED INTEREST 16,618.00
Total 16,618.00 16,618.00
Adjusting Journal Entries JE # 5
2101 Accounts Payable 995 Pool 197,748.40
32-8500 UTILITY SYSTEM 197,748.40
Total 197,748.40 197,748.40
Adjusting Journal Entries JE # 6
2449 DEFERRED OUTFLOWS - OPEB 55,779.00
2450 NET OPEB LIABILITY 6,065.00
99-9930 OPEB EXPENSE 10,980.00
2451 DEFERRED INFLOWS - OPEB 63,894.00
99-9940 OPEB CONTRIBUTIONS 8,930.00
Total 72,824.00 72,824.00
ADJ Water/Sewer AR for 6/4/21 billings (PBC)
Adjust IEPA Loan Balance to Actual
Adjust Accrued Interest Payable (IEPA Adjustment PBC was made backwards)
Adjust accounts payable for portion of invoice incorrectly included in AP
Record GASB 75 OPEB Activity
1 of 2
9/15/2021
10:16 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:510 - Water/Sewer Fund
Workpaper:510 - Water Sewer Adjusting Journal Entries Report
Account Description W/P Ref Debit Credit
Adjusting Journal Entries JE # 7
2443 IMRF NET PENSION LIABILITY 748,064.00
2445 IMRF DEFERRED OUTFLOWS-CONT AFTER 22,241.00
2444 IMRF DEFERRED OUTFLOWS-ACT EVAL 72,979.00
2448 IMRF - DEFERRED INFLOWS 387,114.00
31-4420 EMPLOYER CONTRIBUTION - IMRF 151,719.00
32-4420 EMPLOYER CONTRIBUTION - IMRF 83,732.00
35-4420 EMPLOYER CONTRIBUTION - IMRF 74,761.00
Total 770,305.00 770,305.00
Adjusting Journal Entries JE # 8
31-9510 DEPRECIATION EXPENSE 3,639.00
1388 ACCUM DEPREC - SYSTEM & EQUIPMEN 3,639.00
Total 3,639.00 3,639.00
Adjusting Journal Entries JE # 9
32-9100 AMORTIZATION-BOND DISCOUNT 46,005.00
31-9100 AMORTIZATION-BOND DISCOUNT 46,005.00
Total 46,005.00 46,005.00
Adjusting Journal Entries JE # 10
1388 ACCUM DEPREC - SYSTEM & EQUIPMEN 369,129.00
32-3836 GAIN/LOSS ON SALE 1,249,286.00
1308 SYSTEMS & EQUIPMENT 1,618,415.00
Total 1,618,415.00 1,618,415.00
Adjusting Journal Entries JE # 11
1308 SYSTEMS & EQUIPMENT 291,066.00
32-8500 UTILITY SYSTEM 291,066.00
Total 291,066.00 291,066.00
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
Record Fixed Asset Addition that wasn't recorded
Reclass Bond Premium Amortization
Record GASB 68 IMRF Activity
Adjust Depreciation to match PBC WPs
Record Fixed Asset Deletions
2 of 2
7/8/2021
3:05 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:550 - Capital Development Fund
Workpaper:550 - Capital Development AJE's Report
Account Description W/P Ref Debit Credit
None in FY21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Utility Improvements Fund AJEs
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
9/15/2021
10:17 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:590 - Marina Operations Fund
Workpaper:590 - Marina Fund Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in FY'21
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
7/8/2021
1:43 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:600 - Employee Insurance Fund
Workpaper:600 - Employee Insurance Fund AJE's Report
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
7/8/2021
1:42 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:610 - Risk Management Fund
Workpaper:610 - Risk Management Fund AJE's Report
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
10/1/2021
8:03 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:620 - Information Technology Fund
Workpaper:620 - Information Technology Fund AJE Report
Account Description W/P Ref Debit Credit
2449 DEFERRED OUTFLOWS - OPEB 2,532.00
2450 NET OPEB LIABILITY 595.00
9930 OPEB Expense 578.00
2451 DEFERRED INFLOWS - OPEB 3,000.00
9940 OPEB Contributions 705.00
Total 3,705.00 3,705.00
Adjusting Journal Entries JE # 2
2443 IMRF NET PENSION LIABILITY 43,607.00
2445 IMRF DEF OUTFLOWS - CONTR MADE AFTER MEAS 258.00
2444 IMRF DEFERRED OUTLFOWS-ACTUARIAL REPORT 19,650.00
2448 IMRF - DEFFERED INFLOWS 6,876.00
4420 EMPLOYER CONTRIBUTION - IMRF 17,339.00
Total 43,865.00 43,865.00
Adjusting Journal Entries JE # 3
2100 ACCOUNTS PAYABLE 309.00
5110 CONTRACTUAL SERVICES 309.00
Total 309.00 309.00
Adjusting Journal Entries JE # 4
1308 SYSTEMS & EQUIPMENT 72,310.00
2310 Capital Lease Payable 72,310.00
Total 72,310.00 72,310.00
Adjusting Journal Entries JE # 5
2310 Capital Lease Payable 24,103.00
8300 EQUIPMENT 24,103.00
Total 24,103.00 24,103.00
Adjusting Journal Entries JE # 6
9510 DEPRECIATION EXPENSE 10,847.00
1388 ACCUM DEPREC - SYSTEM & EQUIPMEN 10,847.00
Total 10,847.00 10,847.00
Record Depreciation on Capital Lease
Record IMRF GASB 68 Activity
Adjust AP to match PBC Document
Adjusting Journal Entries JE # 1
Record GASB 75 OPEB Activity
Record Capital Lease
Reclass payment made on capital lease
1 of 2
10/1/2021
8:03 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:620 - Information Technology Fund
Workpaper:620 - Information Technology Fund AJE Report
Account Description W/P Ref Debit Credit
Adjusting Journal Entries JE # 7
2310 Capital Lease Payable 24,103.00
2309 Current Portion of Capital Lease Payable 24,103.00
Total 24,103.00 24,103.00
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
Adjust Current Portion of Capital Lease Payable
2 of 2
9/15/2021
10:20 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:620 - Information Technology Fund
Workpaper:620 - Information Technology Fund AJE Report
Account Description W/P Ref Debit Credit
2449 DEFERRED OUTFLOWS - OPEB 2,532.00
2450 NET OPEB LIABILITY 344.00
9930 OPEB Expense 657.00
2451 DEFERRED INFLOWS - OPEB 3,000.00
9940 OPEB Contributions 533.00
Total 3,533.00 3,533.00
Adjusting Journal Entries JE # 2
2443 IMRF NET PENSION LIABILITY 43,607.00
2445 IMRF DEF OUTFLOWS - CONTR MADE AFTER MEAS 258.00
2444 IMRF DEFERRED OUTLFOWS-ACTUARIAL REPORT 19,650.00
2448 IMRF - DEFFERED INFLOWS 6,876.00
4420 EMPLOYER CONTRIBUTION - IMRF 17,339.00
Total 43,865.00 43,865.00
Adjusting Journal Entries JE # 3
2100 ACCOUNTS PAYABLE 309.00
5110 CONTRACTUAL SERVICES 309.00
Total 309.00 309.00
Adjusting Journal Entries JE # 4
1308 SYSTEMS & EQUIPMENT 72,310.00
2310 Capital Lease Payable 72,310.00
Total 72,310.00 72,310.00
Adjusting Journal Entries JE # 5
2310 Capital Lease Payable 24,103.00
8300 EQUIPMENT 24,103.00
Total 24,103.00 24,103.00
Adjusting Journal Entries JE # 6
9510 DEPRECIATION EXPENSE 10,847.00
1388 ACCUM DEPREC - SYSTEM & EQUIPMEN 10,847.00
Total 10,847.00 10,847.00
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
Record Depreciation on Capital Lease
Record IMRF GASB 68 Activity
Adjust AP to match PBC Document
Adjusting Journal Entries JE # 1
Record GASB 75 OPEB Activity
Record Capital Lease
Reclass payment made on capital lease
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Employee Flex Fund Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Developmental Escrow Fund AJEs
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
7/8/2021
1:38 PM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:740 - Retained Personnel Escrow Fund
Workpaper:740 - Retained Personnel Escrow AJEs Report
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
1 of 1
Client:City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Workpaper:Revolving Loan Fund Adjusting Entries Report
Account Description W/P Ref Debit Credit
None in Fiscal Year 2021
I have reviewed and agree with the adjustment(s) above:
Client Signature
Date
9/15/2021
10:23 AM
Client:City of McHenry - City of McHenry
Engagement:City of McHenry
Period Ending:4/30/2021
Trial Balance:760 - Police Pension Fund
Workpaper:760 - Police Pension AJE's Report
Account Description W/P Ref Debit Credit
None in FY21
Client Signature
Date
1 of 1