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A city treasurer manages a city’s budget, working with local government leaders to produce a budget and ensure revenues cover liabilities. They must be legal adults with a background in finance or accounting, and may oversee the sale of municipal bonds. The treasurer prepares an annual budget based on income and expenditure projections.
A city treasurer is an individual responsible for managing a city government’s budget. In some places, a city treasurer must be elected and hold a mandate, while in many countries a city treasurer is appointed by the mayor or other government official with authority to appoint high-ranking city officials. The treasurer must work with local government leaders to produce a city budget and ensure that revenues are sufficient to cover city liabilities.
Candidates for city treasurer must be legal adults, and in cities where the office is elected, the treasurer must be someone with the legal right to vote. Treasurers usually have a background in finance or accounting. Many people move into the position of city treasurer after a long career in banking or accounting. In most cities, anyone wishing to be elected or appointed to the office of city treasurer must live within city limits, and some locations require all government officials to be residents for a certain number of years before becoming eligible for these roles.
On a daily basis, the city treasurer signs invoices, pays bills on behalf of the city and maintains cash flow records. A city treasurer working for a large city usually has a departmental budget, from which the assistant treasurer and other support staff must be paid, and the treasurer must deal with both the departmental budget and the general city budget. Treasurers frequently meet with the mayor and other civic leaders to share information on economic developments, as well as upcoming legislative and fiscal policy changes.
Municipal governments often issue municipal bonds to raise funds for short-term expenses. The treasurer must work with licensed brokers to oversee the sale of bonds and ensure that tax revenues are sufficient to cover income payments made to bondholders. If revenues decline, the treasurer must make a revised budget to keep bond payments on time, or pressure civic authorities to raise taxes or reallocate funds previously earmarked for other expenses.
The treasurer must prepare an annual budget for the city based on income and expenditure projections. To make an accurate forecast for the coming year, the treasurer must be aware of changes in insurance premiums, utility costs, national taxes, and any other factor that may cause annual operating costs to increase or decrease from one year to the next. To the other. The treasurer must also determine how much money the city can pay for salaries of city employees and for community projects such as school renovations or road repairs.
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