Purpose of Audit

The purpose of our audit was to determine whether the Town Clerk/Tax Collector maintained adequate records and deposited collections intact and timely and whether the Board adequately managed the Town’s financial position by adopting realistic budgets, establishing a fund balance policy and developing long-term financial and capital plans for the period January 1, 2016 through December 31, 2016.

Background

The Town of Palatine is located in Montgomery County and is governed by a five-member Town Board. Budgeted appropriations for 2017 total approximately $1.1 million.

Key Findings

• The Clerk did not maintain adequate records of collections and did not deposit collections intact and timely.
• The Board did not adequately manage the Town’s financial position by adopting realistic budgets and establishing a fund balance policy, a long-term financial plan and a long-term capital plan.

Key Recommendations

• The Clerk should maintain adequate records of collections and deposit collections intact and timely as required by Law.
• The Board should adopt realistic budgets and establish a fund balance policy, a long-term financial plan and a long-term capital plan.