Village of Yorkville – Budget Review (B3-13-7)

Issued Date
April 10, 2013

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.