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Audit Objective

Determine whether the Board provided adequate financial oversight.

Determine if the Village obtained proposals and executed and monitored contracts for professional services.

Key Findings

• The Treasurer inaccurately recorded capital reserves and operating fund expenditures and the Board inappropriately authorized the use of capital reserve funds for non-capital expenditures.
• Professional service contracts lack RFPs and contracts are not monitored.

Key Recommendations

• Account for capital reserves and all operating expenditures in appropriate operating funds and use capital reserves for authorized capital purposes.
• Use RFPs and require and monitor written contracts for professional services.

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