A city treasurer is a person who is in charge of the city government’s budget. A city treasurer must be elected and serve a term in office in some places, whereas a city treasurer is appointed the mayor or another government official with the authority to appoint high-ranking municipal officials in many countries. The treasurer must collaborate with local officials to develop a city budget and ensure that revenues are sufficient to cover municipal obligations.
Candidates for city treasurer must be legal adults, and the treasurer must have the legal right to vote in cities where the position is elected. Treasurers typically have a financial or accounting background. After a long career in banking or accounting, many people move into the position of city treasurer. Most cities require residents to live within the city limits to be elected or appointed to the position of city treasurer, and some places require all government officials to have lived in the city for a certain number of years before becoming eligible for such positions.
The city treasurer signs invoices, pays bills on behalf of the municipality, and keeps track of cash flow on a daily basis. A city treasurer in a large city usually has a departmental budget from which the assistant treasurer and other support staff are paid, and the treasurer is responsible for both the departmental and city-wide budgets. Treasurers meet with the mayor and other civic leaders on a regular basis to discuss economic developments and upcoming legislative and fiscal policy changes.
Municipal bonds are frequently issued city governments to raise funds for short-term expenses. The treasurer must oversee the sale of the bonds with licensed brokers and ensure that tax revenues are sufficient to cover income payments to bondholders. If revenues fall short of projections, the treasurer must either revise the budget to keep bond payments on track, or lobthe city council to raise taxes or reallocate funds previously set aside for other purposes.
The treasurer is responsible for preparing an annual budget for the city based on projected income and expenses. The treasurer must be aware of changes in insurance premiums, utility costs, national taxes, and any other factors that could cause annual operating costs to rise or fall from one year to the next in order to make an accurate forecast for the coming year. The treasurer must also figure out how much money the city can set aside for employee salaries as well as community projects like school renovations and road repairs.