Manhattan Fire District Earns Clean Audit, Hires Investment Manager

Manhattan Fire Protection District Meeting | September 15, 2025

Article Summary: The Manhattan Fire Protection District received a clean bill of financial health with an “unmodified opinion” on its latest audit. The board also took steps to maximize its returns by hiring an asset management firm and authorizing the opening of a new investment account.

Fire District Financials Key Points:

• The district received an unmodified opinion on its Fiscal Year 2024 audit, the best possible result.

• An 8-month financial analysis shows the district is on track with its budget, having collected 56% of anticipated revenue.

• The board hired Sawyer Falduto Asset Management and approved opening a Schwab account to manage district investments.

MANHATTAN, IL – The Manhattan Fire Protection District is on solid financial ground, according to an independent audit presented to its Board of Trustees on Monday, September 15, 2025.

Monica Adaminski of the firm Lauterbach & Amen presented the Fiscal Year 2024 audit, stating the district received an “unmodified opinion,” which she called the “cleanest opinion” possible. The audit summary highlighted a “very healthy year end balance” and robust pension information. The board voted unanimously to approve the audit as presented.

Further financial updates reinforced the positive report. James Howard of Governmental Accounting presented an 8-month financial analysis showing the district has collected 56% of its budgeted revenue for the current fiscal year. He noted that ambulance revenue and interest collected have been strong.

Building on this stable foundation, the board took action to enhance its investment returns. Following a discussion that began at their previous meeting, trustees voted unanimously to hire Sawyer Falduto Asset Management LLC as the district’s investment manager. The objective is to “earn as much interest as possible” on the district’s funds.

In a related motion, the board also unanimously approved opening one or more accounts with Charles Schwab to facilitate the new investment strategy.