FY2018 Recommended Budget

Finance

MISSION

The Finance Department’s mission is to manage Town Funds in accordance with the Local Government Budget and Fiscal Control Act, applicable State and Federal regulations, and sound principles of accounting and cash management.

SERVICE TO COMMUNITY

The Finance Department is committed to the highest standards of accountability, accuracy, timeliness, professionalism, and innovation in providing financial services. This encompasses investing all Town funds; maintaining accounting and financial records; billing and collecting; maintaining an encumbrance system for purchasing; processing accounts payable each week; preparing biweekly payrolls; preparation of the Comprehensive Annual Financial Report; and issuance of and collections related to various user fees and charges.

BUDGET NOTES

Cost Value

New Initiatives & Priorities

Debt Financing Costs (Legal & Financial Advisors)

200,000 $200,000

Total

2015

2016

2017

2018

Actuals

Actuals

Estimated

Proposed

FINANCE Total Salary and Benefits

$ 401,591 $ 154,180

$ 286,655 $ 413,700 $ 445,100 $ 193,800 $ 170,248 $ 384,000

Operations

Capital Outlay

$ - $ - $ - $ - $ - $ - $ - $ -

Transfers out of General Fund

Total Expenditures

$ 555,771

$ 480,455 $ 583,948 $ 829,100

Year Over Year % Change Total 42.0% Year Over Year $s Change Total $ 30,478 $ (2,097) $ 103,493 $ 245,152 5.8% -0.4% 21.5%

5 – Full-time Employees

49