Skokie Finance Dept

The Village of Skokie’s Finance Department plays a crucial role in maintaining the fiscal health and stability of the community. Responsible for managing the Village’s financial resources, the department ensures responsible spending, accurate accounting, and compliance with all applicable laws and regulations. Key functions of the Skokie Finance Department include budgeting, accounting, treasury management, and purchasing. The annual budget process is a collaborative effort, involving various departments and the Village Board. The Finance Department compiles departmental budget requests, analyzes revenue projections, and ultimately develops a comprehensive budget document for Board approval. This document outlines planned expenditures and revenue sources, reflecting the Village’s priorities and strategic goals. Accounting responsibilities encompass maintaining accurate financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and conducting internal audits. These efforts ensure transparency and accountability in the Village’s financial operations. The department also manages accounts payable, processing invoices and ensuring timely payments to vendors. Treasury management focuses on safeguarding the Village’s assets and maximizing investment returns. The Finance Department invests Village funds in accordance with a Board-approved investment policy, seeking to balance safety, liquidity, and yield. They also manage the Village’s debt portfolio, ensuring prudent borrowing practices and compliance with debt covenants. The purchasing division oversees the procurement of goods and services for all Village departments. This function promotes fair competition, cost-effectiveness, and adherence to procurement policies. The department solicits bids and proposals, negotiates contracts, and ensures that purchases are made in accordance with budgetary constraints and ethical standards. Furthermore, the Finance Department administers several local taxes, including the Amusement Tax and the Hotel Operators’ Occupation Tax. They are responsible for collecting these taxes, auditing compliance, and ensuring that revenues are properly allocated. The department is committed to providing exceptional customer service to residents and businesses. Staff members are available to answer questions regarding property taxes, utility bills, and other financial matters. They also work to improve the efficiency of financial processes and enhance transparency in financial reporting. In recent years, the Skokie Finance Department has embraced technology to streamline operations and improve service delivery. They have implemented online payment options for various services, making it easier for residents to pay bills and access information. They also utilize advanced financial management software to improve budgeting, accounting, and reporting capabilities. The dedication to sound financial management and continuous improvement has earned the Skokie Finance Department numerous accolades, including recognition from the Government Finance Officers Association (GFOA) for excellence in financial reporting. This recognition reflects the department’s commitment to transparency, accountability, and best practices in public finance. By effectively managing the Village’s financial resources, the Skokie Finance Department plays a vital role in ensuring the long-term financial stability and quality of life for the Skokie community.