ALBANY – An audit to determine whether the Monticello Village Board properly managed the village’s financial condition found it did not do so. As a result, the state comptroller’s office said the village is fiscally stressed.
The financial review said the village’s total fund balance will likely be fully depleted at the end of the 2019-20 fiscal year. It also found the village has exhausted nearly 100 percent of its constitutional tax limit.
The audit also said the village has significant infrastructure needs that it lacks the funds to address.
Key recommendations of the audit are for the village to create a plan to address the declining fund balance and financial condition; and monitor the village’s constitutional tax limit to ensure real property tax levies do not exceed it.
The audit also said the village should develop and adopt a multi-year capital plan that provides sufficient resources for necessary capital improvements.
Village officials generally agreed with the state’s commendations and indicated they plan to initiate corrective action.
