Finance

The Finance Department is responsible to the Mayor and the Village Board for sound fiscal management and integrity of the accounting system in the administration, development, and monitoring of the operating and capital budgets. The Finance Department is also here to assist the public and citizen group with information requests to make recommendations to the Mayor, Village Manager, and Village Board on financial and budgetary policies.

Financial Backbone

The Finance Department represents the financial backbone of Village operations. Virtually everything the Village performs, the Finance Department is involved at some point in time. The Finance Department provides administrative support services to all Village departments in the following areas:

• Accounting: Collection and investing Village funds; maintaining financial records of transactions; safeguarding Village assets; developing and maintaining sound financial management information systems; policies and practices; budget preparation and administration; accounts payable processing; payroll processing; and the administration and oversight of locally imposed taxes and fees.
• Annual Reports: Budgets, Comprehensive Annual Financial Report (CAFR or annual audit), Annual Financial Report (AFR), and the Annual Treasurer’s Report.
• Debt Administration: Providing for the timely payment of the Village’s outstanding bonds; preparation of information and reporting required for bond rating firms; and the preparation and filing of required debt disclosures.
• Custodian: The Village Treasurer is the custodian for the assets of the Palos Park Police Pension Fund. In this role, the Finance Department processes all payments for the fund, maintains records of all financial transactions, and prepares all required financial reporting.