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Audit shows multi‑year shortfalls; village narrowed a larger deficit to about $70,000
Summary
Trustees reviewed an audit showing a prior larger cumulative deficit of about $518,000 that, after expense cuts and revenue adjustments, resulted in a roughly $70,004.77 shortfall in the most recent fiscal year; trustees discussed deferred capital and operating decisions.
The chair told trustees the village began the fiscal year carrying a cumulative deficit of about $518,000 that arose across multiple prior years. After expense reductions and some favorable revenues, the chair said the deficit was reduced to "just over $70,000," a figure quoted from the audit discussion.
Trustees discussed line‑by‑line drivers: deferred capital projects (paving and sign replacement), savings in health‑insurance costs and lower dispatch expenses, and the need to catch up on deferred maintenance. The chair said staff will provide a more detailed breakdown from the audit for trustees to review.
