Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Village of Monticello’s tentative budget for the 2014-15 fiscal year are reasonable.

Background

The Village’s proposed 2014-15 budget totals $6.9 million for the general fund, almost $1.9 million for the sanitation fund, over $1.7 million for the water fund and almost $1.7 million for sewer fund.

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 tentative budget does not include a tax overlay.
• The Village does not have adequate records to demonstrate the reasonableness of the revenue estimate for collection of past due amounts.
• The tentative budget does not include appropriations for anticipated contract settlements.

• The proposed budget complies with the tax levy limit.

Key Recommendations

• Include a tax overlay in the budget they adopt.
• Determine the reasonableness of revenue estimates for collection of past due amounts.
• Consider providing adequate resources to cover potential salary increases.