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DEPARTMENT DESCRIPTION

The Finance Department is a service department. The Department services both external and internal customers. The citizens of Lincolnwood are our external customers. The Department serves as the main billing and collection agent of the Village. Items such as vehicle sticker licenses application and collection, parking ticket payments, water bill payments, processing of business licenses, and other miscellaneous billings are conducted in the Department. Internally, the Department provides services to other Village  Department such as payroll, accounts payable, purchasing, and accounting and budget assistance. The Department's goals are to provide excellent customer service and satisfaction to all residents and Departments; and manage the finances of the Village in a progressive manner to ensure the Village is able to deliver services effectively on a sustained basis.

The Finance Department also records the financial transactions to present the financial position of the Village's funds in accordance with generally accepted accounting principles (GAAP) promulgated by the Government Accounting Standards Board (GASB). The  staff compiles interim financial information to facilitate management control of financial operations and prepares the Comprehensive Annual Financial Report (CAFR). The Department also oversees various special audits of the Village's financial records.

The Department also prepares the annual operating budget of the Village. The budget process involves balancing revenues and expenditures, developing program objectives and producing both the proposed and approved budgets. The Department also performs budget analysis during the year and monitors the departmental revenues and expenditures and performance of each of the departments.