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50 Kings Road
Madison, NJ 07940 (map)
** Click here to see the Finance Presentation given on October 20, 2010. **
The Finance Department
The Chief Financial Officer has responsibility for the Finance Department which includes the following areas: Financial Administration, Tax Collection, and Water & Electric Utility Administration.
The Finance Department functions under the Chief Financial Officer who must:
- Manage an automated payroll system and prepare all necessary state and federal reports.
- Maintain a computerized budget and appropriations control system that meets all state and legal requirements.
- Maintain a general ledger record for all municipal, utility, capital and trust funds.
- Prepare and manage the accounts payable functions.
- Maintain all the relationships with the Borough's commercial banks and execute all banking transactions.
- Manage all cash investments to maximize the amount of interest earned on the Borough's funds.
- Issue the approved Borough Notes and Bonds to the Borough's capital projects.
- Prepare Municipal Budget, Annual Financial Statements and the Budget In Brief documents with the Administrator.
- Maintain, analyze and control the various Borough Trust Funds.
- Collect all property taxes and follow up on delinquencies. Conduct the sales of tax liens on properties.
- Prepare all water and electric bills and provide the required customer service.
- Maintain an accounts receivable system for both utilities.
- Manage and analyze the financial performance of both the water and electric utilities. Recommend any rate increases or decreases whenever appropriate.
- Manage the Borough's insurance coverage for liability, property and automobile damage, and medical and dental benefits.
- Prepare and manage the Borough’s Twenty-Year Capital Plan. This Plan identifies the annual spending and funding sources for road and sewer reconstruction, public works’ equipment, fire and police equipment, building maintenance, parking lots, ball fields and all other capital projects.