Finance

Purpose

The Finance Department is delegated the responsibilities of maintaining the financial records of the village, collecting all revenues due the village, assuring all debts are promptly satisfied, safeguarding of assets and generally providing financial information and support to all village departments. The department also ensures the village's fiscal resources are utilized in a manner consistent with the intentions of the village President and Board of Trustees.

Activities

To fulfill these responsibilities, the department is responsible for establishing and maintaining an internal control structure. It's designed to ensure that the assets of the village are protected from loss, theft or misuse. Our financial systems also strive to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles.

Financial Statements

Statements are issued in the form of the Bloomingdale Village's Comprehensive Annual Financial Report For Fiscal Year 2020 (PDF). The full report is also available at the village Hall or the Bloomingdale Public Library. The Comprehensive Annual Financial Report details the village's financial activity and position, which is audited by an independent firm of Certified Public Accountants. The report is the culmination of the village's fiscal year financial activity and the formal mechanism used to communicate and demonstrate compliance with the intentions of the President, Board of Trustees and applicable laws. The information in the Comprehensive Annual Financial Report has not been updated for developments subsequent to the date of the independent auditor's report.

Annual Budget

Additionally, the department is instrumental in the compilation of the village's Annual Budget which is available for review online. This is called the FY22 Budget - Detail Form. The budget establishes management's fiscal plan for the year and is the control tool employed and referenced throughout the year by village staff. The services, programs, revenues and expenses contained in the budget reflect the methods and use of resources through which staff intends to accomplish the goals and objectives of the President and Board of Trustees.