The Finance Department is responsible for handling all City financial matters including, among others, payroll, investments, accounts payable, bank deposits, and account reconciliation. They work closely with all departments to accomplish this function. The department also is responsible for helping the Office of the City Manager prepare the annual municipal budget, which covers a fiscal year beginning on July 1 and ending on June 30.
The Finance Director of the City of Richmond Heights oversees the daily operations of the Finance Department including accounts payable, accounts receivable, investments, budgeting, audit and licensing. This person assists the City Manager in compiling an annual balanced budget. Additionally, the Finance Director is responsible for preparation of the City’s annual financial report.
Accounts payable is responsible for the disbursement of monies to various vendors for goods and services. Once an invoice is received and processed by a department, the invoice is sent to the accounts payable department for payment. This is typically done on a weekly basis to ensure timely payments.
Accounts receivable is responsible for collecting monies to be deposited into the City’s general checking account for investing or disbursement. The Finance Department daily reconciles cash receipts and posts them to the City’s general ledger.
Payroll is responsible for making payment to the City’s employees on a bi-weekly basis for work completed, and collection of monies for taxes, insurance premiums, and retirement investment. Payroll is responsible for processing payments for life insurance, health insurance, retirement planning, and all state and local tax disbursement.
The Finance Department guides the City through an annual audit. For the past 24 years, the City of Richmond Heights has received the “Certificate of Excellence in Financial Reporting” award from the Government Finance Officers Association (GFOA) of the United States and Canada. The requirement for this award is to publish an easily readable and efficiently organized comprehensive annual financial report with contents that conform to public standards.