AUDIT_2025_07_17_MINUTESThe City of Lake Forest
AUDIT COMMITTEE
Proceedings of the July 17, 2025 Meeting
5:15 p.m. – City Hall, 220 E. Deerpath
Minutes
I. Call to Order and Roll Call
Chairman Dillon called the meeting to order at 5:15 p.m. Audit Committee Members present: Chairman
Dillon, Mr. Durkin, Ms. Larisey and Mr. Nowlin. Absent: Finance Committee Chairman Weber and Mayor
Tack. Quorum present.
City staff present: Katie Skibbe, Finance Director; Diane Hall, Assistant Finance Director; Mark Krygeris, Staff
Accountant; Jamese Scott, Staff Accountant; Kevin Zelk, Deputy Police Chief
Others present: Joe Lightcap of Baker Tilly; Gorton Foundation: Andrew Trees, Michael Slover, Bob Scales
and Amy Wagliardo; Ragdale Foundation: Hearther Sannes, Brett Taylor, Paul Sacaridiz and Cathy Ramsay;
Cheryden Juergense of Eccezion; Police Foundation: John Ormsby.
There was one in attendance in the audience
II. Consent Agenda
Approval of Minutes from Audit Committee Meeting Held on April 17, 2025:
Mr. Durkin made a motion to approve the minutes from the April 17, 2025 Audit Committee meeting.
The motion was seconded by Ms. Larisey. The motion carried unanimously by voice vote.
III. FY2025 Audit Status
Mr. Joe Lightcap provided an overview of the audit status. No issues have been identified, and the audit is
going well and on track to be completed by the October Audit Committee meeting.
The Committee discussed the timing of the Single Audit, which will be completed during final field work.
The Committee discussed Baker Tilly’s acquisition of another firm. The firms are currently running in parallel
systems.
IV. Gorton Foundation - Financial Presentation
Mr. Dillon read a statement as to the purpose of the Audit Committee as it relates to each Foundation.
Mr. Michael Slover and Cheryden Juergensen of Eccezion provided an update on the annual audit. The audit
went well with no unusual entries and internal controls are good. A clean opinion was received with no
findings.
The Committee discussed financial trends that are improving depreciation going down and contributions
increasing. Staff turnover has improved over the previous year. The investments held at Waynne Hummer
are invested conservatively. The Investment Committee meets quarterly, and returns have been good. A
drawdown of the endowment is budgeted each year but is seldom used. Dividends cover strategic plan
expenses. Visitors to Gorton have increased, where 85-90% are Lake Forest/Lake Bluff residents.
V. Ragdale Foundation – Financial Presentation
Mr. Dillon read a statement as to the purpose of the Audit Committee as it relates to each Foundation.
Mr. Paul Sacaridiz, Executive Director of Ragdale, reviewed the presentation provided in the packet. The
Foundation received a clean audit opinion. Revenues are currently outpacing expenses, growing the balance
sheet. A loan of $1.5m was received from the City and the first principal payment was paid in March. A
donation of $750k was received to cover operation costs. The Capital Campaign was the most successful to
date. Ragdale was awarded an Americas Treasures Grant for $350k and must spend by 2027. Currently
working with doners to raise the matching funds for the project.
The Committee discussed the capital projects completed, including the dance studio and renovation of the
barn house. The fiscal policy was updated to separate each fellowship for better tracking. The target for
grants moves based on identified capital projects. The current unrestricted endowment reserve is $300k.
The goal is to increase this to $600k to ensure two months of operating expenses are covered.
VI. Police Foundation – Financial Presentation
Mr. Dillon read a statement as to the purpose of the Audit Committee as it relates to each Foundation.
Mr. Kevin Zelk, Deputy Police Chief, reviewed the presentation. In 2023 there was not a donation drive due
to staff changes. In 2024, two donation drives were conducted. Operating costs have increased with the
addition of online QuickBooks, 2 donation drives and taxes. An awards banquet is held each July to
recognize officer accomplishments. Corporate donations were solicited for the first time. The Foundation is
keeping expenses low at this time in anticipation of purchasing a new K-9 dog in 2026. In the future they will
work to conduct more targeted fundraising for specific projects. A golf cart was donated to the Foundation
and has been donated to the Police Department. The Foundation was able to open a savings account to
earn interest on deposits.
VII. Other Business
Foundation Summary – No changes since the April 2025 meeting.
Foundation Financial Review – Updated for Gorton, Ragdale and Police Foundations.
IT Finance Committee Update – Mr. Cameron Burrel, IT Director included an update on cybersecurity and
potential upgrades to Microsoft licensing suite.
VIII. Opportunity for Public to Address the Audit Committee – No one requested to address the Audit
Committee
IX. Adjournment
There being no further business, a motion was made by Mr. Durkin to adjourn the meeting.
The motion was seconded by Mr. Nowlin. The motion was approved unanimously by voice vote. The
meeting was adjourned at 6:44 p.m.
Respectfully submitted,
Diane Hall
Assistant Finance Director