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Audit Objective

Determine whether the Treasurer maintained adequate accounting records and the Board effectively monitored the Village’s financial condition.

Key Findings

• The Treasurer did not maintain accurate accounting records and failed to file required annual financial reports for the last four fiscal years.
• The Board did not adequately monitor the Village’s financial condition.
• The general fund’s unrestricted fund balance decreased from $213,327 as of fiscal year-end 2014 to $30,487 as of fiscal year-end 2018.

Key Recommendations

• Maintain adequate accounting records in a timely manner.
• Monitor the Village’s financial condition and ensure the Treasurer files timely financial reports.
• Develop a plan to address the general fund’s declining fund balance and the Village’s overall financial condition.

Village officials indicated that they plan to implement the recommendations in this report.