The Finance Department is comprised of accounting, utility billing, customer service, and office services. The Department is responsible for maintaining the City's financial assets and investments, as well as overseeing utility billing, payroll, accounts payable, and fixed assets. The Department prepares the annual operating budget and the annual financial report.
The City of Waterloo operates under the Annual Budget Ordinance as required by 65 ILCS 5/8-2-9.3 and our fiscal year begins May 1 of each year and ends April 30 for all funds.
An audited Annual Financial Report is issued each fiscal year. The City’s fiscal year runs May 1 through April 30th. Typically the Annual Financial Report is published in October following the close of the fiscal year.
The Treasurer’s Report is required by law to be published once a year in a newspaper of local circulation. The report summarizes financial condition and revenues, and lists expenditures made by the City for services, commodities, wages, equipment, and supplies during the fiscal year. It is a snap shot in time and caution should be used when trying to compare year to year. Often expenditures do not fall neatly and evenly into fiscal years. Often times retirement payouts required by law of accumulated vacation or sick time inflate gross wage numbers. A more sophisticated and informed review of the detail the report is based on is required to make meaningful comparisons.
Public Act 97-0609 requires all IMRF employers post, within 6 days of the approval of a budget, the total compensation package for each employee having a total compensation package that exceeds $75,000 per year.
"Total compensation package" for purposes of the Act means "payment by the employer to the employee for salary, health insurance, a housing allowance, a vehicle allowance, a clothing allowance, bonuses, loans, vacation days granted, sick days granted."
Public Act 101-0504 requires all IMRF employers with a website post a link to the IMRF "Employer Cost & Participant Information" on their websites.