The Director of Finance and Administration/Treasurer is responsible for the management and coordination of the activities of the Finance Department (i.e., Accounting Department, Assessors’ Office, Management Information Systems, Purchasing Department, Tax Collections and the Treasurer’s Office). The Director, acting also as the Treasurer, is responsible for the statutory duties of that office. The Director is also responsible for the preparation of the annual budget and the City’s long-range strategic financial plan.
The primary responsibilities of the Treasurer’s Department are the safeguarding, investing, recording and disbursing of municipal funds. The Treasurer must take custody of all monies belonging to the city or town and must scrupulously account for those monies per M.G.L. Chapter 41, Section 35. The Treasurer must also determine the cash needs of the City and ensure that sufficient liquid assets are available to pay current obligations. Per M.G.L. Chapter 44, Section 55B, all money not required to be kept liquid for purposes of distribution must be invested by the Treasurer in such a manner as to require the payment of interest on the money at the highest possible rate reasonably available, taking account of safety, liquidity and yield.
The Treasurer’s Department also manages Long Term Debt Service related to major capital improvement projects. The City finances capital projects through the sale of Bond Anticipation Notes, which are later converted to Municipal Bonds, with a fixed term and interest rate. The Department also maintains and collects tax title accounts and enters into payment agreements with taxpayers for delinquent taxes. The Treasurer’s Department bears responsibility for the reconciliation of the City’s bank accounts and the City’s cash with the City Accountant on a monthly basis.
The Treasurer’s Department is responsible for the processing, auditing and disbursement of payroll checks on a weekly basis alternating between the city and school employees. The Department acts as remitting agent for federal and state withholding taxes as well as deductions for:
- Deferred Compensation Plans
- Flexible Spending Accounts
- Health, Dental, Optional Life and Disability Insurance Plans
- Labor Union Dues
- Medicare Taxes
- Municipal Credit Union Savings Programs
- Payroll Liens (e.g., Child Support)
- Retirement System
- United Way donations
The Treasurer’s Department is also responsible for the processing and disbursement of all accounts payable checks on a weekly basis. The Department also assists city employees and retirees with various City benefit programs and acts as liaison with the respective agencies.