This report presents a description and evaluation of the groundwater and surface water monitoring program associated with the Bunker Hill Mining and Metallurgical Complex Superfund Site (Bunker Hill) Operable Unit (OU) 2. A monitoring network consisting of 77 groundwater monitoring wells and 18 surface water stations was evaluated to assess its overall effectiveness at achieving the OU2-specific monitoring objectives, and to (1) identify potential opportunities to streamline monitoring activities while still maintaining an effective monitoring program, and (2) identify data gaps that may require the addition of additional monitoring points. A three-tiered approach, consisting of a qualitative evaluation, a statistical evaluation of temporal trends in contaminant concentrations, and a spatial statistical analysis (groundwater only), assessed the degree to which the monitoring network addresses the objectives of the monitoring program, as well as other important considerations. The results of the three evaluations were combined and used to assess the optimal frequency of monitoring and the spatial distribution of the components of the monitoring network. The results of the analysis were then used to develop recommendations for optimizing the monitoring program at OU2.