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January 5, 2013

Audit rips Walton village accounting

(Continued)

“Further, there was no requirement for purchases to be approved prior to being ordered, and no one maintained any records to track where equipment purchases are used or stored,” the report added. “The failure of village officials to provide effective oversight of the financial records, ensure proper authorizations and track equipment assets leaves the village vulnerable to errors and fiscal mismanagement.”

The report also pointed to the fact that the village board adopted budgets during the past seven years that increased the real property tax levy by nearly 5  percent a year.

“In the absence of reliable records and controls over spending, there is no assurance that such increases are necessary or in the taxpayers’ best interest,” the report stated.

The village of 3,088 residents had an annual budget of $4.5 million for the 2011-12 fiscal year.

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