Determine whether the Village of Monticello (Village) Board of Trustees (Board) properly managed financial condition.
The Board did not adequately manage the Village’s financial condition. As a result, the Village is fiscally stressed.
- The Village’s total fund balance will likely be fully depleted at the end of the 2019-20 fiscal year.
- The Village has exhausted nearly 100 percent of its constitutional tax limit.
- The Village has significant infrastructure needs that it lacks the funds to address.
The Board should:
- Create a plan to address the declining fund balance and financial condition.
- Monitor the Village’s constitutional tax limit to ensure real property tax levies do not exceed it.
- Develop and adopt a multiyear capital plan that provides sufficient resources for necessary capital improvements.
Village officials generally agreed with our recommendations and indicated they plan to initiate corrective action.