The Finance Department is responsible for maintaining the financial records of the Village, including collecting all monies due to the Village, assuring all obligations are properly paid, safeguarding the Village’s assets and generally providing financial information and support to all Village departments. The main concentration of the Finance Department is to ensure the Village’s fiscal resources are utilized in an efficient and effective manner consistent with the policies set forth by the Mayor and Village Board.
To fulfill these responsibilities, this department is responsible for establishing and maintaining a system of internal controls designed to protect the assets of the Village from loss, theft or misuse and to ensure that adequate accounting data is available for the preparation of financial statements in conformity with generally accepted accounting principles.
The Finance Department is also instrumental in the compilation of the Village’s Annual Appropriation Ordinance. The Appropriation Ordinance establishes the Village’s maximum legal spending limit for the fiscal year. A more detailed working budget is also prepared in conjunction with the annual Appropriation Ordinance as a control tool employed and referenced throughout the year by Village Staff.
State law requires the Village to prepare a complete set of audited financial statements,
also referred to as a Comprehensive Annual Financial Report (CAFR), within six months
of the close of each fiscal year. The Village has received national recognition
of its CAFR by being awarded the prestigious Certificate of Achievement for Excellence
in Financial Reporting from the Government Finance Officers Association for the past
Comprehensive Annual Financial Report (CAFR)