Town of Brookline FY23 Program Budget
Administration and Finance l Finance
Program Description
The Finance Department, under the direction of the Finance Director, is responsible for the implementation, oversight, integrity, and reporting of the Town’s operating and capital finances.
The Finance Department is comprised of the following four divisions:
- Comptroller — This division is responsible for maintaining and administering a financial accounting and management information system that provides accurate, complete, and timely information pertaining to all financial activities of Town and School departments.
- Purchasing — This division is responsible for ensuring that all purchases of goods and services, including public construction, are made in accordance with state laws and are open, fair, competitive, and obtained at the lowest possible cost without sacrificing quality. This is done for all Town and School departments. The Division is also responsible for the General Services unit (Town wide postage and printing).
- Assessing — This division is responsible for uniformly and accurately valuing all taxable property in town. Quality and accurate assessments ensure that all areas of town and all classes of property equitably share responsibility for their portion of the property tax levy.
- Treasury — This division is responsible for the billing, collecting, and investing of all funds and the arrangement of timely disbursements of all payments to vendors, town employees, and retirees. The Division is also responsible for processing payroll for the Town and School.
FY23 Objectives
- Maintain the Town’s Aaa bond rating - the highest bond rating attainable.
- Actively monitor post issuance compliance with federal arbitrage regulations and S.E.C. disclosure requirements and all other State and Federal mandated rules, regulations, and requirements to avoid penalties and other punitive sanctions.
- Maintain a prudent debt management program and continue favorable relationships with rating agencies, financial advisors, bond counsel, and the investment community.
- Maintain a high collection rate for all tax, refuse, and water/sewer bills.
- Continue to offer customers multiple options for paying bills, including the drop box, mail, telephone, text and online payments.
- Continue to analyze the Town’s cash flow needs and maintain a reasonably safe level of short-term investments in local banks while providing liquidity to ensure timely distribution of all debt service, vendor, and payroll obligations.
- Research new investment portfolios screened for Environment, Social, and Governance (ESG) issues.
- Monitor banking service charges and credit card processing fees. Maintain positive relationships with local banks.
- Continue to monitor the funding strategy for the Town’s unfunded liabilities of pensions and other post-employment benefits.
- Continue to expand the Town’s PILOT program.
FY22 Accomplishments
- Created efficiencies in processing paper checks.
- Implemented additional payment methods for town transactions.
- Managed the Town Hall concierge and appointment calendar during the COVID-19 pandemic.
- Implemented an electronic form/signature platform for employee payroll processes.
- Continued requesting employees to sign up for direct deposit in payroll.