If you are interested in public finance and accounting, you might wonder what does a city treasurer do. A city treasurer is a local government official who manages the financial affairs of a municipality. In this article, you will learn about the main duties, skills, and challenges of a city treasurer.
One of the primary responsibilities of a city treasurer is to prepare and monitor the annual budget of the city. The budget reflects the city's priorities, goals, and policies, and allocates funds for various programs and services. A city treasurer also oversees the collection and distribution of revenue from taxes, fees, grants, and other sources. A city treasurer must ensure that the city has sufficient cash flow and meets its financial obligations.
A city treasurer is very important to local finance because they are in charge of managing and administering the city's money. Managing cash flow, taking care of finances, and making sure that financial rules are followed are all common duties. They make budgets, come up with financial policies, and give financial reports to city leaders and the public. City treasurers' main jobs are to make sure that the city gets the most money possible, manages its debt, and works with other offices to make sure that the city's financial plans are in line with its overall goals. In order to do their job well, they need to know a lot about financial markets, risk management, and how to make smart choices that will protect the city's finances.
In brief, the city treasurer managers the cities debtors and creditors, prepares the payroll for the city, and monitors and controls the budget for the city. He/she works with auditors to certify tax assessments and levies, as well as other service fees proportioned by the city. The city treasurer also collects building permit fees and other special fees assessed by the city for services rendered to its residence, such as water and sewerage, electricity supply. Each city has varied responsibilities based essentially on the economic and socio-economic dynamics of that particular city.
Another key function of a city treasurer is to manage the city's investment and debt portfolio. A city treasurer invests the city's idle funds in safe and profitable instruments, such as bonds, certificates of deposit, or money market funds. A city treasurer also issues and administers debt instruments, such as bonds or notes, to finance capital projects or refinance existing debt. A city treasurer must comply with legal and ethical standards and optimize the city's return and credit rating.
A city treasurer also performs accounting and reporting tasks for the city. A city treasurer maintains accurate and timely records of all financial transactions and accounts. A city treasurer also prepares and presents financial statements, reports, and audits to the city council, the public, and external agencies. A city treasurer must follow generally accepted accounting principles (GAAP) and government accounting standards board (GASB) rules.
A city treasurer also supervises and communicates with various staff and stakeholders. A city treasurer leads and trains a team of financial professionals, such as accountants, analysts, or clerks. A city treasurer also communicates and coordinates with other city departments, elected officials, auditors, bankers, investors, or regulators. A city treasurer must have strong leadership, interpersonal, and communication skills.
A city treasurer also uses and adopts technology and innovation to improve the city's financial operations. A city treasurer utilizes various software and systems to perform financial analysis, forecasting, modeling, or reporting. A city treasurer also implements and evaluates new technologies, processes, or policies to enhance efficiency, transparency, or accountability. A city treasurer must have a good knowledge of financial technology and innovation trends.
A city treasurer typically requires a bachelor's degree in finance, accounting, public administration, or a related field. Some cities may prefer or require a master's degree or additional coursework in municipal finance. A city treasurer may also obtain voluntary certifications, such as certified public finance officer (CPFO), certified government financial manager (CGFM), or certified treasury professional (CTP). A city treasurer must have a solid background in public finance and accounting.
THEY ARE ONE OF THE KEY SIGNATORIES TO LOCAL GOVERNMENT ACCOUNT: City Treasurers are one of the signatories to the Local Government Account. They and the Head of Personnel management of their respective Local Government sign funds from the federation account in the case of Nigeria. They are responsible for managing the revenue and cash flow; collection of taxes;and management of the city budget. They're responsible to prepare vouchers for workers salaries; collect receipts, advertise biddings for contracts; and disbursement of fund approved by the Executive Head. The Treasurer is responsible for Bank deposit of funds; and tracks the annual budget ,evaluates it , and build trusts .