Financial Transparency
Financial Transparency and Board Oversight
What happens when trustees cannot obtain the supporting records needed to verify the financial information they're asked to review?
For months, and in some cases longer, trustees have sought explanations of financial transactions, account balances, and adjustments appearing in the Village's financial reports.
When those explanations remained incomplete or unresolved, requests became more specific. Trustees sought underlying records, including journal entries, adjusting journal entries, and supporting documentation.
Access to some of those records has been disputed or delayed. Additional documentation has recently been provided, and its completeness is still being evaluated.
This is not about assuming that every unexplained transaction is improper. It is about ensuring that elected officials can understand the financial information they are responsible for reviewing.
Monthly financial statements are summaries. When questions arise about those summaries, the supporting records are often necessary to determine what happened and why.
I believe the Village needs a clear, consistent process for responding to reasonable financial documentation requests from trustees, including defined timelines and explanations when records cannot be provided.
This section will examine those requests, the responses received, and the broader question of how financial oversight should function.
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