The Village Deputy Treasurer is responsible for the precise, accurate, and timely processing of all funds received and disbursed by the Village of Richfield, and oversees the implementation and observance of the Village's budget. The Village Deputy Treasurer is committed to maintaining the Village's solid financial position, while providing quality service to Village taxpayers by the use of sound financial strategies and the promotion of efficiency in the provision of municipal services in order to maintain control of property taxes. Other duties performed by the Treasurer include, but are not limited to:
Compilation, development and performance analysis of the annual budget
Coordination of village tax collection in accordance with the village financial practices and government regulations
Investment of idle funds as prescribed by the adopted village financial policy and banking relations
Maintenance of personnel records and payroll processing, accounting and reporting for all village staff
Maintenance of the governmental accounting system and provision of financial support for all departments
Preparation of disbursement vouchers
Processing of accounts payable and receivable
The Village of Richfield's conservative fiscal policy has resulted in its strong financial position. Each year, the Village Board strives to increase the year-end undesignated fund balance. A healthy undesignated fund balance is required to cover cash-flow requirements in the interim between receipt of tax revenues in January, and the receipt of major state aids in November of each year.
Capital Projects / Equipment Reserve Funds
The Village has implemented the use of reserve funds for large equipment purchases, and other recurring equipment replacement. Major expenses are planned for and budgeted for over a period of years, so that funds are accumulated for the purchase of the equipment. This policy eliminates fluctuations in the tax levy, as the budgeted amounts each year are kept as consistent as possible.
Currently the Village of Richfield has approximately $489,310 in debt service as of December 31, 2021.