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I I I III. STATUS OF PRIOR YEAR FINDINGS AND RECOMMENDATIONS - (CONTINUED) I I Current Year Status: See Note XI in the Footnote to the basic financial statements. The Village's financial condition assessment improved from an unfavorable to an inconclusive, However, comment will be repeated for follow-up during the 2006-07 fiscal year. I Managemenfs Response: During 2006, the Village implemented several cost containment measures, which together with rising property values and higher than anticipated revenues resulted in an improved financial condition for 2006 compared to 2005. The general fund reported an excess of revenues over expenditures of approximately $123,565 and overall all governmental funds reported an excess of revenues of $225,174 for the current year. I I Management will continue to search for ways to contain costs while providing the same level of services to the residents of the Village. For 2006-07, the Village Council voted to increase the Millage Rate to 9,2 and we have budgeted surpluses in the General Fund of $66,000, OTHER MATTERS I No. 2005-02 Develop and Document a Disaster Recovery Plan I During our testing of the Village's policies and procedures, we noted that the Village does not have a plan of action in case its offices should be destroyed by a fire, natural disaster such as a flood or hurricane, or a terrorist act. Such a disaster could strike at any time, perhaps without warning, In that case, the Village would have to act quickly to determine and preserve employees' safety and to take steps critical to assessing and recovering from loss of, or damage to, its personnel; premises; furniture and equipment; electronic files; and communications with employees, vendors, and customers, I Recom mendation: We recommend that the Village establish a written disaster recovery plan as part of its policies and procedures manual. I Current Year Status: A written disaster recovery plan has not been prepared. The Village is currently finalizing a disaster recovery plan for the police department. This comment will be repeated. I I Management's Response: We agree with the auditors' recommendation and will include a disaster recovery plan as part of our policies and procedures manual. I II I I I I I I