CITY TREASURER

MISSION STATEMENT:

The City Treasurer is the custodian of all funds belonging to the City. The Treasurer’s Office provides support in the performance of her official duties, which include the investment and disbursement of all City funds. A primary responsibility of the City Treasurer is to maximize the amount of cash available, both to meet daily cash needs and to increase the amount available for investment, thereby providing a source of revenue to support the City’s financial commitments. Additionally, in her capacity as Secretary of the Pension Commission, the City Treasurer is responsible for the management of the Municipal Employees’ Retirement System. The purpose of this system is to assure that current retirees receive accurate, timely benefit payments while generating income sufficient to finance the City’s future pension obligation.

LEGAL REQUIREMENTS/PRIMARY RESPONSIBILITIES:

The City Treasurer’s role and authority is defined in accordance within the City Charter as follows: Custodian of all funds belonging to the City, Chapter IX; investment of funds, Section I; disbursement of funds, Section II; Secretary of the Pension Commission, Chapter XVII, Section 2; administration of the Municipal Employees’ Retirement System, Chapter XVII, Section 5; investment of pension funds, Section 5. Beyond these legal requirements, there are standards of prudence, fiduciary responsibilities, and other provisions, which relate to the City Treasurer’s role as defined by state and federal laws. Other responsibilities include: cash management; check signing and disbursement; account reconciliation; banking relations; pension benefit calculation and counseling; pension fund investment; actuarial services; and information reporting to the Pension Commission, Court of Common Council and City Administration.

DEPARTMENT BUDGET:

The 2000-2001 Adopted Budget is $513,460. This reflects a decrease of $56,930 or 10.0% under the 1999-2000 Adopted Budget

BUDGET HIGHLIGHTS:

The decrease is due to all pension-related costs within the Treasurer’s Office budget continuing to be reimbursed quarterly to the General Fund by the Municipal Employees’ Retirement Fund (MERF). This is pursuant to the amendment of City Charter Chapter XVII, Section 5, by the Court of Common Council in 1998, which changed the methodologies by which the MERF is governed and administered. Thus, reimbursements from the MERF will result in a reduction of the General Fund obligation by year-end. The Treasurer’s Office will continue to add revenue to the General Fund through the investment of temporarily idle cash, thereby increasing revenue and relieving costs to the taxpayers. In addition, in the general fund, an Administrative Clerk position and a Financial Systems Manager position, were added in the Custody of Funds center.

DEPARTMENT BUDGET SUMMARY: