Determine whether the Board adopted realistic budgets and effectively managed fund balance based on accurate financial records and reports.
- The water and sewer funds maintained excessive unrestricted fund balance levels, as a result of unrealistic budgets.
- Village officials have not developed multiyear financial or capital plans or a fund balance policy.
- The Board did not audit the Clerk-Treasurer’s records and reports or identify and address improper budgeting and accounting practices that resulted in inaccurate accounting records and reports.
- Adopt realistic budgets and reduce excessive fun and a fund balance policy.
- Annually audit the Clerk-Treasurer’s records and reports to ensure they are accurate.
Village officials agreed with our recommendations and indicated they planned to initiate corrective action.