To manage and maintain financial records in conformity with generally accepted accounting principles and in compliance with State and Federal laws.
To develop and maintain effective and efficient financial planning, reporting and support the operating departments in achieving their program objectives.
To provide the Town Commission and residents with transparent financial information in a timely and meaningful manner.
To provide quality service to the residents, merchants and to safeguard the Town's assets.
Services, Functions, and Activities:
The Finance Department provides for the effective, lawful, and efficient management of theTown’s financial matters. The department manages and maintains the Town’s financial recordsin conformity with generally accepted accounting principles and in compliance with State andFederal laws. The department develops and maintains effective, efficient financial planning andreporting, and supports the operating departments in achieving their program objectives. Thedepartment provides the Town Commission and residents with transparent financialinformation in a timely and meaningful manner with a focus on providing quality service tothe Town’s residents, merchants and businesses while safeguarding the Town’s assets.Main areas of responsibility include: departmental administration, accounting, payroll and riskmanagement,
budgeting, financial reporting, banking, treasury management, debtmanagement, fixed asset management, internal support, and pension plan oversight. Each ofthese areas requires their own reporting and documentation procedures.
Administration entails addressing the functions typical of managing a department: personnelissues and scheduling, policy development, coordination with internal and external agencies,and ensuring appropriate compliance with contract and legal requirements.
Accounting functions include: accounts payable, accounts receivable, pension, calculatinginterest, compliance with generally accepted accounting principles, compliance with Federal,State, and Town statutes and ordinances, cash management and deposits, and payrollaccounting.
Payroll and Risk Management includes: risk related policy development andrecommendations, ensuring compliance with Federal Internal Revenue Service requirementsas well as Fair Labor Standards and other Federal, State and local requirements, reviewingand processing hours and benefit calculations for payroll purposes, and ensuring fundtransfers and availability for the twenty-six (26) regular payrolls each year, calculatingretroactive payments and other pay and benefits adjustments as part of the regular cycle orspecial payrolls.
Budgeting responsibilities include: development, revision, publication, managing the adoptionprocess, implementation, monitoring the budget throughout the year, and Capital ImprovementPlan coordination.
Banking Relations includes: ensuring transfers are completed, maintaining a professionalworking relationship with bank officials, bank account reconciliation, interest allocations andcontaining costs while maximizing interest earned.
Treasury Management responsibilities include: identifying available balances for investment,reviewing placement options to ensure each conforms to Town fiscal policy, managing thetransfer and regularly reviewing yields and other investment options.
Debt Management involves: the identification of debt needs, researching available options fordebt placement, issuing debt, avoiding positive arbitrage, and ensuring timely debt principaland interest payments.
Fixed Asset Management involves: identifying and tracking all capital assets owned by theTown, calculating depreciation where appropriate and complying with external auditrequirements established by the Governmental Accounting Standards Board (GASB).
Information Technology Management: The Finance Director serves as liaison between acontracted IT vendor including on-site IT staff and coordinating the technology needs of allTown staff and Elected Officials with the services provided through the IT contract. Thoseservices include:
- hardware, including desktop computers, laptops, telephones, office machines including copiers and printers for all departments
- network trouble shooting
- software maintenance and development
- phone hardware and software
- provide broadcast services and monitor Channel 77
- automation of billing service payments through credit cards on Web access
Internal Support functions include providing necessary training and communication on financerelated items, providing information for departmental research/reports, supporting requests ofthe Town Commission and all other interested parties, assisting with the identification ofservice resources.