It is the mission of the City Treasurer's office to receive and safely keep all monies coming to the treasurer's office, cash management, invest public funds in a manner which will provide the highest investment return with the maximum security, (while meeting the daily cash flow demands of the entity and conforming to all state province and local statutes governing the investment of public funds) and to secure the deposit of funds.
The Treasurer is required to keep records showing all monies received, the source of which it was received, and the purpose for which it was paid out and to keep an accurate account of all debts due to the City.
Goals & Objectives
The City Treasurer services the City of Lynwood based on the following goals and objectives:
- Return on investments
- Achievement of maximum yield on investments in relation to market conditions by:
- Investing approximately 90% of all available cash
- Maintaining a projected cash budget on a quarterly basis, showing idle cash available for investment
- Improving revenue collection and disbursement techniques to ensure maximum cash available
- Maintaining investment information on City's mini-computer
- Review and approval of placement of funds with financial institutions that meets the City's criteria and determination of maturing dates based on cash flow needs
- Maintaining computerized files on financial data
- Review of bond documents and investing of related monies
The City Treasurer prepares a monthly Treasurer's Report of investments and an investment list for interest. An investment policy is prepared annually which will provide guidelines for all investments and is presented to City Council.
The City Treasurer is responsible for the signing of payroll checks to employees of the City of Lynwood. The division makes payments to over 270 employees each payday. They are also responsible for signing checks for all merchants and warrants that do business in the City of Lynwood. To accomplish these responsibilities, the Treasurer utilizes the city payroll system and Finance Department.