Village of Monticello – Records and Reports (2020M-104)

Issued Date
December 23, 2020

[read complete report - pdf]

Audit Objective

Determine whether the Village of Monticello (Village) Treasurer (Treasurer) maintained accurate, complete and timely records and reports.

Key Findings

The Treasurer did not maintain accurate, complete and timely accounting records or properly reconcile bank accounts in a timely manner.

  • About $5 million of real property tax revenue was not posted to the accounting records.
  • Bank reconciliations were generally performed two to three months after the statement date.
  • Periodic financial reports were not prepared for the Board of Trustees (Board) or department heads.
  • Annual Update Documents (AUDs), which are the annual financial reports, constitutional tax limit (CTL) forms and adopted budgets were not filed in a timely manner.
    • AUDs were typically filed over 200 days late.

Key Recommendations

  • Maintain accurate and timely accounting records and properly reconcile bank accounts.
  • Provide the Board and department heads with periodic financial reports.
  • File AUDs, CTLs and adopted budgets by the established deadlines.

Village officials generally agreed with our recommendations and indicated they planned to initiate corrective action.