The accounting and financial reporting functions of the Village are centralized in the Administration Department under the supervision of the Finance Director. Finance division activities include: accounting, accounts payables, accounts receivables, auditing, budget, business licensing, debt management, financial reporting, payroll, purchasing, revenue collection, risk management, and treasury operations.
The Division disburses approximately 530 paychecks/direct deposits per month, and pays an average of 800 vendor invoices monthly. The division collects and processes nearly 200 tax returns monthly related to the locally collected Amusement Tax, Hotel Tax, and Food & Beverage Tax. Finance also handles utility billing and receipts, with meter readings taken by the Water Utility. Currently, the Village has over 9,000 water accounts.
The Division also coordinates preparation of the annual budget on a basis consistent with generally accepted accounting principles. Budget status and expenditure reports are prepared and presented to the departments and the Village Board on a quarterly basis. In addition, an annual audit is performed by external auditors retained by the Village Board. The resulting financial statements and Audit Opinion are compiled by the Finance Director into a Comprehensive Annual Financial Report (CAFR).