Determine whether the Board provided adequate oversight of the Village’s financial operations.
- Failed to comply with statutory requirements when presenting and adopting budgets for 2013-14 through 2018-19.
- Underestimated revenues by a total of $151,908 (9.5 percent) and underestimated appropriations by a total of $210,126 (13.1 percent) over the past five years (2013-14 through 2017-18). As a result, the general fund realized operating deficits in four of the five years and general fund balance declined from $61,710 to $3,491.
- Did not properly authorize a local law to exceed the tax levy limit. The 2018-19 levy exceeded the calculated limit of $331,470 by $65,143.
- Ensure tentative and adopted budgets comply with statutory requirements.
- Develop and adopt budgets that include realistic estimates of revenues and expenditures for both the general fund and capital projects.
- Monitor budgets on a monthly basis to ensure that budget line items are not overspent and the Board can take corrective action if necessary.
Village officials disagreed with one of our findings but indicated they have taken or plan to take corrective action. Appendix B contains our comment on an issue raised in the Village’s response.