Finance

Finance is one of many components of the Administration Department. Finance is responsible for the day-to-day and strategic financial operations of the Village. The primary responsibilities include the following major categories:
 

 Accounting, Auditing and Grant Compliance


The Village employs an independent auditing firm to review, reconcile, and certify the financial results for the Village to assure complete compliance with all federal, state, and local accounting standards, regulations, and laws. The Village’s auditing firm for the past several years has been SIKICH, LLP.  The annual audit is composed in a Comprehensive Annual Financial Report (CAFR) and is a public document that is available for viewing online.

 Accounts Payable and Accounts Receivable

Accounts Payable and Accounts Receivable is responsible for assuring the timely and accurate payment of all invoices and for ensuring that the proper accounts have been charged. All expenditures are made within the constraints of the Village’s budget. Large expenditures (those in excess of $2,500) are presented for approval to the Village’s Finance Committee and the Village Board. This subsection is also responsible for seeing that money owed to the Village is collected in a timely manner.

 Annual Treasurer's Report

Within six months after the end of each fiscal year, the municipal treasurer must prepare a statement of receipts and disbursements. The Annual Treasurer's Report requirements are found in Chapter 24, paragraph 3-10-5.1 to 3-10-5.4 of the Illinois Revised Statutes. The report is published annually in the local newspaper.

Each report contains a listing of revenues, expenditures and changes to governmental funds; a listing of all vendors receiving more than $2,500 by name and amount; the total amount disbursed to vendors receiving under $2,500 and the name and gross amount received in compensation by each elected official and employee.

 Cash Receipts and Revenue Collection

The Village of Berkeley derives its operating funds from a variety of sources. Sales tax, water and sewer billing, property tax, utility tax, motor fuel tax, fines, licenses and other fees are collected in order to provide necessary funding for services such as police (law enforcement, traffic control, and crime prevention), public works (street repairs, street snow plowing and salting, brush pickup, tree trimming), water and sewer services, and administrative services.

 Personnel, Payroll, and Employee Benefits

The Personnel, Payroll, and Employee Benefits subsection is responsible for ensuring all employees are paid on a bi-weekly basis and receive, if eligible, a variety of benefits that include, but are not limited to health, dental, and life insurance. The Village contributes towards the retirement benefits of each employee who qualifies. The Finance Department maintains personnel files for employees and periodically updates and revises the personnel policy, as needed.

Public Act 97-609 requires the Village of Berkeley to post information pertaining to benefits offered through the Illinois Municipal Retirement Fund.  The Act requires the Village to post the total compensation package for each employee having a total compensation package that exceeds $75,000 per year.  The Act defines “total compensation package” as payment by the employer to the employee for salary, health insurance, vehicle allowance, bonuses, vacation days granted, and sick days granted.

 Preparation of Tax Levy

Annually, the Village of Berkeley is required by law to prepare its tax levy, which details the property taxes to be collected for the following year. The tax levy is a public document and is available with a FOIA request.

 Risk Management (Insurance)

The Risk Management subsection is responsible for maintaining current and adequate liability, auto, boiler and machinery, and fraud insurance coverages for all of its equipment, buildings and employees. In addition, the Village carries and administers workers’ compensation insurance in the event of work related injury or illness. The Village also provides health and dental insurance coverage to those employees who qualify.

 Water Billing

The Village of Berkeley is responsible for the monthly billing of water/sewer and refuse service to residential, business, industrial and commercial customers.