Serve as an advisor to the Mayor and to
the Assembly regarding fiscal management of the general operational
budget and projects having a financial impact to the Borough. Coordinate
the Treasury/Budget, Accounting, and Child Care divisions to implement
special projects and oversee normal operational procedures.
Major Long-Term Issues and Concerns
The state of the local, state, national, and international economies,
and their impact on the Borough’s financial condition, and therefore the
Borough’s ability to provide local stability, weighs heavy.
The Government Accounting Standards Board (GASB) as well as recent
legislation (Sarbanes-Oxely Act) is indicating that more transparency in
financial reporting at all levels is migrating to the government sector
and should be expected to impact the Borough. This will result in
increased workloads as well as placing new demands on an already
stressed financial management system that will be challenged to offer
greater functionality, efficiency, and easier access to information.
Objectives for FY 2010
Continue the close monitoring of our investments, and banking
Do research, make recommendation, and then possibly seek modification to
our Code so that 2a7 AAAm S&P rated prime money market funds are an
allowable investment vehicle for the Borough.
to maintain the health of the Borough’s bond ratings.
Continue to work with the Mayor’s Office on special projects.
Significant Budget Changes
The FY 2010 budget reflects only cost of living adjustments, union and
management longevity, and benefit rate changes.
Previous Year’s Accomplishments
The Borough lost no principal value on any of its investments.
The Borough’s strong bond ratings were maintained.
Promoted public visibility of Borough budget and financial management
through the Financial Services Webpage which explains, in detail, the
Department of Financial Services and allows on-line access to the
Borough’s past and present Budgets, Comprehensive Annual Financial
Reports, and bond official statements (Bonds F, G, H, I, J, K, and L).
Worked with various departments to resolve new and challenging issues.
Continued to produce CDs as a cost-effective and efficient means to
distribute Borough financial information.