Village Board keeps finances in order

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The Village Board of Trustees approved its annual audit, completed by Joseph Mammina of the firm Markowitz, Fenelon and Bank, during last Thursday’s meeting.

“It’s similar to prior years. We didn’t find anything that implied that there’s something going on here,” Mr. Mammina said in a phone interview. “The numbers are all correct.”

Mammina has done the audit for the last seven years.

In this audit, one noted “significant deficiency,” or deficiency in the village’s control over its financial matters, was that the auditor, Mr. Mammina, had also prepared the village’s annual financial report. These reports should be prepared by two separate parties, in accordance with the American Institute of Certified Public Accountants’ new auditing standard.

“We can’t be a part of their internal controls,” Mr. Mammina said. “But honestly, they’ve been very transparent about this. Usually it’s not discussed in an open forum.”

During the meeting, Mr. Mammina also reported that in fiscal year 2008, the village dipped into its surplus and might need to again this year, depending on the economy.

“We started the year with a $3.9 million surplus and finished with a $3.4 million surplus,” said Larry Cantwell, the village administrator, once Mr. Mammina finished his report. He explained that the surplus had reached a percentage of the year’s total expenditures that was high, so the village used half a million by design for capital projects, instead of borrowing the money.

Capital projects are the village’s largest projects, such as building roads, parking lots and buildings.

“The Board of Trustees is very sensitive to the financial world and we’ll be very aware of how the taxpayers’ dollars are spent,” said Mayor Paul Rickenbach at the conclusion of the meeting.

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