As a key position of local government, the city treasurer ensures financial stability, transparency, and adherence to fiscal regulations.
In this blog, we’ll cover the roles and responsibilities of a city treasurer, and also explore how city treasurers can leverage government meeting software to streamline their responsibilities, improve communication, and ensure seamless and orderly governance.
What is a City Treasurer?
A city treasurer is a public official who is responsible for managing the financial affairs of a city or municipality. The role involves overseeing and safeguarding the city’s financial resources, including revenue collection, investments, disbursements, and financial reporting. The city treasurer is usually a key figure in the city’s financial administration and plays a crucial role in maintaining the financial stability and health of the municipality.
To ensure sound financial decision-making, the city treasurer must understand financial principles, local tax regulations, and governmental accounting standards.
City treasurers assess the city’s financial needs and consider future challenges, helping officials, such as the city manager, develop strategies to achieve sustainable growth.
If city treasurers are inefficient in carrying out their responsibilities, it can also lead to financial mismanagement, put the municipality at risk of fraud and corruption, impact the city’s creditworthiness, and violate financial regulations and compliance requirements.
Related: City Manager vs. Major: What’s the Difference?
City Treasurer’s Roles and Responsibilities
The city treasurer holds a foundational role in ensuring sound financial management. Let’s explore a city treasurer’s key roles and duties, focusing on their contributions to financial planning and decision-making within the local government.
1. Oversee the Annual Budget
The city treasurer helps prepare and oversee the annual budget. Collaborating with various departments, they assess financial needs and allocate resources strategically to align with the city’s priorities.
Through diligent budget management, they ensure available funds are optimally utilized to support essential services and community development projects.
2. Evaluate and Adjust Tax Rates
City treasurers evaluate revenue streams and tax collections to determine the appropriate tax rates.
They assess the financial impact of proposed rate adjustments and work with city officials to make informed decisions that balance revenue needs with the community’s tax burden. Their expertise ensures tax policies remain fair and sustainable.
3. Collect Building Permit Fees
Managing the collection of building permit fees falls under the purview of city treasurers. They ensure timely and accurate collection of fees from developers and construction projects.
This revenue source contributes to the city’s funds, enabling the financing of public works, infrastructure improvements, and community services.
4. Manage New and Outstanding Debt
City treasurers are responsible for managing the city’s new and outstanding debt. They assess borrowing needs, negotiate favorable terms with lenders, and monitor repayment schedules.
By prudently managing debt, they safeguard the city’s creditworthiness and financial stability.
5. Prepare and Distribute Monthly Reports
City treasurers prepare and distribute comprehensive monthly financial reports to promote transparency and accountability.
These reports provide city officials, stakeholders, and the public with a clear understanding of the city’s financial status, expenses, revenues, and investment performance.
Related: How to Run a City Council Meeting
City Treasurer Compensation
According to Salary.com, the average salary of a city treasurer in 2023 is $233,116, but typically ranges between $190,075 and $286,719.
The exact compensation of a city treasurer depends on the following factors:
1. Education
City treasurers with higher levels of education usually command higher salaries. A bachelor’s degree in finance, accounting, or a related field is usually the minimum requirement for this position.
However, those with advanced degrees, such as a Master’s in Public Administration (MPA) or a Certified Public Accountant (CPA) designation, may qualify for higher-paying positions.
2. Experience
Those with several years of relevant experience in financial management, accounting, or treasury positions are more attractive candidates and may earn higher salaries.
Also, city treasurers who have successfully managed larger budgets or complex financial challenges may be eligible for increased compensation.
3. Location
Cities in high-cost-of-living areas or regions with robust economies may offer higher salaries to attract top talent. On the other hand, smaller towns or economically challenged areas may offer lower compensation packages for this role.
eScribe Powers Effective City Treasurers
Advanced meeting software like eScribe, a leading government meeting software, offers a comprehensive suite of tools to improve collaboration, enhance decision-making, and streamline processes. eScribe automates administrative tasks like document distribution, agenda creation, and meeting management.
eScribe also improves data management by providing a centralized repository for financial reports and meeting documents, making it easy for city treasurers to access and manage crucial data.
Other valuable eScribe features include:
- Meeting Manager: Create, share, edit, and contribute to meeting content without printing or chasing people down.
- Meeting Minutes: Simplifies the process of accurately recording meeting minutes, lowering the chance of errors and guaranteeing that all critical topics are addressed.
- Workflows and Reporting: Makes it simple to handle reports and permits, track updates, monitor deadlines, and save time.
- Collaboration Tools: Streamlines collaboration and provides secure access for looking up and evaluating content, uploading meeting documents, and keeping track of notifications.
Check out the City of Greensboro case study to learn more about how eScribe’s capabilities boost meeting effectiveness for city treasurers and other government personnel.
