The Finance Department is responsible for the accounting and safekeeping of all funds of the Town. The major functions of the department include: accounting, accounts payable, budget implementation, cash management, debt management, investing of town funds, employee benefit administration, insurance administration, payroll and purchasing. The Department prepares financial statements at year-end and to meet state and Federal reporting requirements. The Finance Department also prepares an annual report.
Accounting of Financial Transactions
- Receiving, recording and reconciling Town revenues
- Processing and posting purchase orders, and payments to vendors
- Preparing Town payroll and maintaining benefit records
- Investing Town funds
Reporting of Financial Position
- Periodic reporting of the Town's financial position to the First Selectman, Board of Selectmen, Board of Finance, Town departments, etc.
- Assembling financial statements and related schedules for annual audit
- Compiling of information for issuance of short-term and long-term debt
- Analyzing financial data for special projects as necessary
Monitoring of Financial Operations
- Reviewing the budget during the fiscal year to ensure adequate funding
- Overseeing the Town annual audit
- Ensuring compliance with various Federal and State laws and the Town ordinances with regards to fiscal matters
Planning for the Future
- Preparing of Town's annual budget
- Plan funding of capital expenditures through issuance of bonds, notes, etc.