The Finance Department operates under the management and leadership of Finance Director Desmond Chin, and reports to the Village Manager. The Finance Department is responsible for administration of the Village's financial and fiscal affairs.
- Accounting practices
- Financial planning and analysis
- Audit coordination processing
- Recording of daily fiscal activities in accordance with generally accepted governmental accounting principles
- Budget coordination and monitoring
- Preparation of financial reports
- Providing support on fiscal and financial matters
- Ensure proper implementation of financial and accounting practices for the effective and efficient use of the Village's financial resources
- Maintain proper accountability over the Village's financial resources
- Prepare timely financial reports on the Village's financial condition
- Completed audit report
- Expanded the online check register report to also include the vendor name and purpose of each Village expenditure for which checks are made.
- For the first time since the selection of the current insurance provider, we are reviewing our policy and options to ensure that the Village is getting the best possible coverage at the best possible price.
- Included an in-house information technology position in the budget in accordance with our auditor's recommendations to address potential cyber safety concerns and moved functions to the Finance Department for oversight.
- Proposed the allocation of surplus funds into individual categories to be used for specific purposes including emergency events, maintenance, solar initiatives and surplus funding.
- Reduced cash payment transactions and allowed for greater efficiency in accepting and processing payments for Village services by establishing online payment options.
- Reduced expenses by $75,000 by centralizing maintenance functions in a single division and address minor repairs with Village staff rather than outside vendors.
- Revamped the budget cycle for better transparency holding 6 budget workshops at various locations throughout the Village and discussing all aspects of the budget, inclusive of restricted funds and user fees.
- Started a monthly report of actual expenditure percentages that is distributed to the Village Council and provided to the residents on the Village website. This greater transparency allows the Council and residents the opportunity to review and monitor monthly expenditures.
- Refinancing of the Edward and Arlene Feller Community Room bond, resulting in a projected savings of almost $357,000 over the next 15 years, which also decreases the Village's obligation in the financial books by the same amount.