MISSION AND PURPOSE
The Department of Finance oversees the city’s assets and protects its resources for Newark citizens. In this way, the department supports the City of Newark’s overall mission to provide security and opportunities for economic prosperity to all of its citizens and to create an environment that is nurturing and empowering for families.
Led by the city director of finance/chief financial officer, the Department of Finance provides fiscal policy recommendations to the mayor and Municipal Council and is responsible for all financial activities and functions of city government. This includes paying all employees; paying all vendors; collecting all revenue; investing all idle funds; billing all taxes; recording all receipts, expenditures, and other financial transactions; preparing all financial reports; and raising all capital funds on behalf of the City of Newark. The department is also responsible for the city’s assets and resources, including investments, revenues, budgetary appropriations and expenditures, and fixed assets.
The department is broken into the following separate divisions, each with specific responsibilities regarding the financial operations of the city:
- Abatement and Special Taxes, which administers the overall operations by monitoring the performance indicators and productivity for enhanced accountability.
- Accounts and Control, which protects the assets of the City of Newark by maintaining accurate accounting records and recording all financial transactions for all of the city’s funds including current, water, sewer, general capital, water capital, sewer capital, insurance and other trust funds.
- Assessments, which locates and determines the taxability of real estate and personal property value within the city to maintain the tax base; maintains detailed tax maps for each parcel of real estate in the city, prepares property mergers and sub-divisions; and inputs changes to property records including ownership, mortgage codes, assessments, and etc.
- Employee Retirement System, which insures that eligible employees are enrolled and contributing accurately to the pension system and that eligible retirees are receiving payments in an accurate and timely manner.
- Revenue Collections, which insures that all taxpayers of the City of Newark are billed properly and accurately for their property taxes and tax abatement charges; collects and reports this and all revenue of the city in a timely and accurate fashion; and initiates and carries out various enforcement procedures related to the non-payment of taxes and other municipal charges.
- Treasury, which assists the chief financial officer in maintaining prudent custodianship of municipal funds through careful cash management (including projection of cash position, recommendation of investment of idle cash, and reconciliation of city’s cash records to the city’s bank accounts) and timely issuance and distribution of all city checks and payments.