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Treasurer outlines village finances, $28 million in annual receipts and plans for debt management
Summary
The Village Treasurer reviewed Treasury functions and internal controls, reported $28,000,000 in annual receipts, described seven statutory funds and the audit schedule, and explained bond issuance costs and constraints on prepaying debt.
The Village of Marinette Treasurer presented an overview of the village’s financial operations at the Board of Trustees’ April 8 special budget meeting, saying the Treasury manages seven statutory funds and handles tax collection, bonds, grants and routine financial controls.
The Treasurer told the board the village operates under GAAP and Governmental Accounting Standards Board (GASB) guidance, maintains seven funds — including General, Water, Sewer, Capital and Debt Service — and reconciles the general ledger twice a month. The office also conducts monthly cash‑flow analysis and maintains certificates of deposit (CDs) for the major funds. "We bring in the most revenue of any other department in the Village. That's $28,000,000 to be exact," the Treasurer said while describing the tax‑billing cycle and the roughly 5,200 parcels the village bills annually.
The Treasurer said the New York State Annual Financial Report is filed after the audit (due 120 days after fiscal year‑end) and described the audit timetable: preliminary sampling in June and the formal audit in September. She said the village must perform a single audit only if federal grant spending exceeds $750,000 in a year. On bond matters, the Treasurer explained issuance costs (printing, bond counsel and a rating agency) and that some outstanding bonds include no‑prepay clauses; the village currently transfers from its debt‑service fund into the general fund to meet annual payments. A recent bond issuance was described as approximately $4,000,000, and the Treasurer noted that library debt service is partially reimbursed (about $788,000).
Board members raised questions about audit procurement and fees and about whether surplus cash should be used to prepay debt. The Treasurer said prior refinancing lowered long‑term borrowing costs and that many bonds have contractual limitations on early payoff. She recommended continued review of bond schedules and noted the capital plan and a meeting with the bank to examine refinancing or restructuring options.
Next steps: the board will continue budget deliberations and consider the Treasurer’s proposed modernization items — including ACH payments for accounts payable, online access to tax bills and an accounting‑software upgrade slated for future capital planning.
