The City of Peekskill’s Finance Department plays a critical role in managing the municipality’s financial resources and ensuring fiscal stability. The department is responsible for a wide range of activities, all geared towards maintaining the financial health and transparency of the city. These activities include budgeting, accounting, accounts payable and receivable, payroll, debt management, and purchasing.

The core function of the Finance Department is the preparation and administration of the city’s annual budget. This involves working closely with all city departments to understand their needs, prioritize spending requests, and develop a comprehensive financial plan that aligns with the city’s strategic goals. The budget process is a multi-stage undertaking, including initial departmental submissions, review and analysis by the Finance Department, public hearings to gather community input, and ultimately, adoption by the Common Council.

Beyond budgeting, the department oversees all accounting functions, ensuring that financial transactions are accurately recorded and reported. This includes maintaining the city’s general ledger, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and managing internal controls to safeguard city assets. The department also manages accounts payable, processing invoices and making payments to vendors for goods and services rendered. Conversely, they handle accounts receivable, billing and collecting payments from individuals and organizations that owe money to the city.

Payroll management is another significant responsibility of the Finance Department. This includes processing employee salaries, withholding taxes and other deductions, and ensuring compliance with all applicable federal, state, and local regulations. Accurate and timely payroll processing is vital for maintaining employee morale and ensuring the smooth operation of city services.

Debt management is also within the department’s purview. This encompasses managing the city’s outstanding debt obligations, including issuing bonds for capital projects and ensuring timely repayment of principal and interest. Prudent debt management is essential for maintaining the city’s credit rating and minimizing borrowing costs. Further, the department oversees the city’s purchasing process, ensuring that all purchases are made in accordance with established policies and procedures, and seeking competitive bids to obtain the best value for taxpayer dollars. This includes managing contracts with vendors and ensuring compliance with all relevant regulations.

The Finance Department is committed to providing accurate, timely, and transparent financial information to the Common Council, city departments, and the public. They play a crucial role in ensuring the city’s financial stability and promoting responsible stewardship of taxpayer dollars.