To efficiently manage City assets, including cash and receivables. The Treasurer ensures that all assets are accounted for and all receipts due to the City are collected. In accordance with Mass General Laws Ch44 Section 55B, the Treasury is responsible for ensuring the safety and liquidity of the City’s funds while earning the highest yield possible. The Treasurer also maintains banking relationships, electronic payment relationships, City debt, and building insurance for all City-owned property.
Personal Services Changes
Personal Services are projected up 10% for FY22.
Primary drivers of the increase include fully funding positions that were reduced for FY21 as well as a small Temporary Salaries line increase for a full-year intern.
Changes in salaries are due to negotiated collective bargaining agreements and merit increases based on annual performance reviews.
Ordinary Maintenance Changes
Ordinary Maintenance costs are projected up 10% for FY22.
Primary drivers of increases to various lines are returns to pre-COVID levels of funding as well as re-allocations of funding to better align spending projections for FY22.
FY22 Goals & Measures of Progress
GOAL 1: Increase treasury’s online presence
- Implement Debt Tracking module for debt service management.
- Implement online debt exclusion calculator tool so taxpayers cans see the Somerville High School debt exclusion portion of their tax bill.
- Implement the Citizen Self-Service (CSS) Munis module and publicize it to taxpayers, closing attorneys, and mortgage companies and mortgage holding banks.
GOAL 2: Increase sustainability efforts.
- Work with personnel and payroll departments to encourage employees to sign up for direct deposit with email notification in lieu of a printed direct deposit notice or a paper check and promote the idea that all new hires should be required to have direct deposit with email notification as a condition of employment.
- Work with auditing, Information Technology, and Tyler Technologies to implement direct deposit option to enable payment of vendors via EFT.
GOAL 3: Improve website content with the assistance of the SomerViva department to further translate treasury handouts, forms and website content into multiple languages.