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Auditors recommend several steps to improve Fox Point's financial standing

July 18, 2010

Fox Point — Although the village was given a clean bill of financial health by outside auditors, it needs to increase reserves and possibly change software to tighten up internal controls, two of several recommendations.

Representatives from Baker Tilley, formerly known as Virchow Krause, presented their findings on the 2009 financials at last week's Village Board meeting.

Baker Tilley officials found most of the village's financial results were at or below initial budget projections.

The auditors recommended the village look into borrowing to pay off its portion of the unfunded pension liability since interest rates remain low. Baker Tilley also suggested the village consider reviewing its fund balance reserves, which constitute about 10 percent of the overall budget. Most municipalities have a fund balance somewhere around 15 percent.

Village officials took several measures to correct issues outlined in the 2008 audit, including a greater segregation of financial-related duties among staffers at Village Hall, to ensure improved internal controls. Baker Tilley noted the change in its 2009 report.

Trustee Bill Warner, who sits on the village Audit Committee, reviewed the report with other members prior to the Village Board meeting. Warner said he and fellow Audit Committee members were pleased with the policy changes that had been implemented at Village Hall.

Baker Tilley pointed out one remaining deficiency in the village's budget management system. According to officials, the existing software could make it easier to circumvent or modify documents than some other programs on the market.

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