Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Village’s tentative budget for the 2013-14 fiscal year are reasonable.

Background

The Village of Yorkville is in Oneida County. The Village Board consists of the Mayor and four Trustees. The Village’s tentative 2013-14 general fund budget totals almost $1.9 million.

Key Findings

Based on the results of our review, except for certain matters, we found that the significant revenue and expenditure projections in the tentative budget are reasonable.

• The Village has very limited fund balance and has proposed a limited contingency account.
• The Village’s tentative budget complies with the tax levy limit.

Key Recommendation

• Consider increasing the contingency appropriation in its adopted 2013-14 budget. A contingency account of 5 percent of appropriations ($94,000) would give the Village some flexibility in dealing with unexpected events.