Finance Department Goals

  • Review and Recommend Options to Increase Revenues: Work with all Departments to evaluate existing revenue for possible change and recommend potential revenue sources to diversify Village revenue sources.

  • GASB Statement 72 Reporting - Fair Value Measurement and Application: Address accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement provides guidance for determining a fair value measurement for financial reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. Statement No. 72 is applicable for the fiscal year ending December 31, 2016.

  • GASB Statement 77 Reporting: Tax Abatement Disclosures, requires disclosure of tax abatement information about (1) a reporting government’s own tax abatement agreements and (2) those that are entered into by other governments and reduce the reporting government’s tax revenues. The requirements of this statement are effective for financial statements for the fiscal year ending December 31, 2016.

  • Lockbox Services: Review quality of existing contract services and costs. If necessary, terminate existing contract and enter into agreement with new provider.

  • E-Bill Solution: Deploy E-Bill solution.

  • Bill Payment Via Automatic Withdrawal: Finance will research the benefits of authorizing our vendors to withdraw funds -- also known as electronic funds transfers to pay critical operating bills (ie: fuel and utilities).

  • Financial Reporting: Given the critical role financial statements play, Finance will examine ways to improve the necessity and quality of reports provided to users (i.e.: Board, Management, Staff, and Public)

  • Transparency/ FOIA: Review Lincolnshire’s online reports and add items as appropriate to improve public transparency and reduce FOIA requests. For example: Add monthly, BS&A Smart Procure export.