Welcome to the World of Finance
The Finance department is charged with these primary responsibilities:
The department is also responsible for establishing and maintaining an internal control structure designed to ensure that
the assets of the Village are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial
statements in conformity with generally accepted accounting principles.
- Maintaining the financial records of the Village.
- Collecting all revenues due the Village.
- Assuring all debts are promptly satisfied.
- Providing for the safeguarding of assets.
- Providing financial information and support to all Village departments.
- Submitting monthly financial status reports to the Village Administrator and Village Board of Trustees.
- Providing estimate information for purposes of compiling budgets.
In an effort to achieve the department's purpose, a total of
five staff are employed serving in varying capacities, and are as follows:
- The Finance Director/Treasurer directs and supervises the overall activities of the department.
- The Assistant Finance Director is responsible for the supervision of two Accountants and
one Accounting Technician. In addition, this position provides administrative, accounting and financial reporting support to the Finance Director/Treasurer.
- Two Accountants provide professional skills to the financial reporting and maintenance of the Village's financial records.
- One Accounting Technician, primarily handles the responsibilities of Accounts Payable and Receivable.
Additionally, the department is instrumental in the compilation of the Village's Annual Budget. The Budget establishes management's fiscal plan for the year and is the control
tool employed and referenced throughout the year by Village staff. The services, programs, revenues and expenses contained in the Budget reflect the methods and use of resources through which staff
intends to accomplish the goals and objectives of the President and Board of Trustees. A summary of the Village's Budget for FY 2016 is shown below:
For the third year in a row, the Village was honored by the GFOA's Distinguished Budget Presentation Award program. In order to qualify for this program, the Village must prepare a
reader friendly document that contains information on the Village's profile, budget strategies and policies, as well as goals and objectives.
The GFOA Award Program was established to encourage government agencies to develop reader-friendly budget documents to their constituents. The Villlage's Budget document includes:
- Village Profile and Budget Process.
- Department Goals and Objectives.
- Revenue and Expenditure trend information.
Village fiscal operations are independently audited every year. An audit is required by local regulation, State law, and debt issuance compliance. The audit process generally begins
within 60 days after the end of the fiscal year, and takes 3-4 months to complete. Auditors issue a Comprehensive report of fiscal operations. Local governmental officials may then use this information to
supplement other methods of monitoring financial condition, such as for cash flow analysis and forecasting of revenues and expenditures.
The Village was notified on March 2, 2015 that its 2014 Comprehensive Annual Financial report qualified for a Certificate of Achievement for Excellence in Financial Reporting by the
Government Finance Officers Association (GFOA). This Certificate is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant
accomplishment by a government and its management.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C.
2014 marks the 32nd consecutive year the Village has received this award.
On July 10th, Moody's Investors Service affirmed the Village's Aa2 bond rating. This great news was the end product of an intense and thorough credit rating preformed by Moody's,
and which had started toward the very end of June. Moody's commended the Village for having a strong financial position and putting in place policies and practicies since the downturn in the
economy. The Moody's report indicates that their decision to keep the Village at the higher Aa2 reflects an ample reserve position, stable operations, and strong management team in the long-term fiscal
and capital planning practices.
A full copy of the Moody's report can be viewed here.
Senior Citizen Utility Tax Rebate Program
The Village offers a Senior Citizen Utility Tax Rebate Program to its residents. This program rebates qualifying* seniors towards Municipal utility taxes paid each year. The qualifying age is 65 and the rebate is
a fixed amount of $75. Gross household income cannot exceed $40,000. An applicant can be either a homeowner or renter, and must be the same person whom utilities are billed to. Municipal utilities are typically charged on electric, natural gas, and telephone (land line and/or cellular). Rebate applications are only accepted and processed beginning
February 1 and April 30.
Applications can be obtained at the Glendale Heights Center for Senior Citizens, 260 Civic Center Plaza or at Village Hall. Need to know more? Please call the Senior Center at 630.260.6050 or the Finance Department at 630.909.5342 or click
here to download an application.
Reimbursements will be made within 30 days following receipt of a completed and verified application.
*Proof of age, income, residency and payment of utilities is required.
||William Poling - (630) 909-5342
|Assistant Finance Director