[Adopted 4-10-1989 by Ord. No. 262]
[Amended 12-14-1998 by Ord. No. 335]
The financial business of the borough shall be committed to the Finance
Committee, consisting of the Chief Financial Officer, the Treasurer (who may
be the Chief Financial Officer) and three members of the governing body.
There shall be a Chief Financial Officer of the borough who, in consultation
with the governing body, shall be responsible for overall facets of planning,
execution and reporting associated with the borough's finances. The official's
duties shall include the following:
A. Compile monthly and quarterly operating expenditure reports.
B. Prepare historical operating expenditure report for the
purpose of yearly budget preparation, suggesting to the Committee, based on
historical trends, the specific allocation for each line item of operation
budget.
C. Collect and review cash-flow information along with current
expenditure needs to develop a cash-management program for the borough. This
program shall consist of investments in any one or a combination of those
investments prescribed by New Jersey statutes. The Chief Financial Officer
shall prepare a yearly report of investments indicating interest earned.
D. Inform department and boards of budget appropriation
balances.
E. Perform and exercise all the functions, powers and duties
provided by general law and borough ordinances. He shall keep and maintain
books and records of all financial transactions of the borough in accordance
with the standards and requirements of the Division of Local Finance in the
Department of Community Affairs of the State of New Jersey. He shall have
custody of all public moneys of the borough and shall make monthly reports
to the Borough Council of all receipts, expenditures, commitments and unexpended
appropriations. Within 60 days after the end of each fiscal year, he shall,
under penalties prescribed by law, make to the Borough Council and file with
the Borough Clerk a detailed statement of the amount of bonds issued and outstanding
and full and detailed account of his receipts and disbursements for the preceding
fiscal year. The statement shall be in writing and verified by his oath and
may be prepared with the advice, assistance and consultation of the Borough
Auditor. All moneys received from any source by or on behalf of the borough
or any department, board, office or agency thereof, except as otherwise provided
by borough ordinance, shall be paid to the Chief Financial Officer who shall,
within 48 hours after their receipt, deposit them in the authorized public
depository of the borough to the credit of the proper account.
F. Make disbursements in payment of bills and demands upon
his preaudit and approval by the Borough Council. Every warrant shall be in
the form of a warrant-check payable to the order of the person entitled to
receive it and shall specify the purpose for which it is drawn and the account
or appropriation to which it is chargeable. Each warrant-check shall be prepared
by the Chief Financial Officer and shall bear the signatures of the Mayor
and the Clerk.
Within the Borough Finance Committee, there shall be a Division of the
Treasury, the head of which shall be the Borough Treasurer appointed by the
governing body. The official shall serve for a term of one year. The Treasurer
may be the Chief Financial Officer. The Borough Treasurer's duties shall
include the following:
A. Coordinate with the Tax Collector and the Chief Financial
Officer in all duties set by ordinance, with emphasis on delinquent tax trends,
foreclosures and monthly monitoring of tax receipts, to aid in a sound investment
program.
B. Coordinate and develop a financial investment
program for the borough.