The Finance Department provides general management oversight of all financial transactions of the Village. Specific responsibilities include:
Accounting and financial reporting of Village resources
Capital asset accountability
Cash (treasury) management
Cash disbursements and accounts payable
Employee benefit and retirement matters
Financial budgeting and forecasting
Insurance and risk management
Parking ticket violation collection and set-up court dates
Payroll and personnel matters
Police Pension Fund accounting
Vehicle license registration and sale
The Finance Department works with the Village's Departments to create several reports and information on the financial condition of the government.
Each year, Village staff develops a budget, which is then reviewed and adopted by the Village Board. This budget is a planning document that directs project management and dictates where monies will be spent. The Village’s budget year runs from May 1 through April 30.
In addition to publishing an annual budget, the Village also releases a Comprehensive Annual Financial Report (CAFR). This report is required by the Governmental Accounting Standards Board, and provides an overview of the financial statements according to generally accepted accounting principles.