The mission of the Finance Department for the City of Orange Township is to ensure the financial integrity of its books and financial records in an effort to safeguard the assets of the municipal corporation. The Finance Department strives to strengthen the City’s finances to improve its economic outlook as a means to improving its bond rating and reducing its debt service cost, hence making capital projects more affordable. The department aims to provide a best in class level of service to the residents and businesses in the City of Orange.
Audit and Internal Controls (AIC)
The AIC is responsible for reporting on all financial matters to the Division of Local Government Services in the Department of Community Affairs for the state of NJ. Several functions are performed by the staff in the AIC on a daily basis. Some of the many functions include but are not limited to the following:
- The proper maintenance of an encumbrance system of accounting, fixed assets and general ledger system as required by Technical Accounting Directives 1, 2 and 3
- Preparation of the annual calendar year operating and Water Utility budgets
- Preparation of the Annual Financial Statement and Annual Debt Statement
- Preparation of the User Friendly Budget
- Preparation of annual financial Warning Trends
- Preparation of the Best Practices Inventory
- Preparations of monthly bank reconciliations
- Preparation of an annual Tax Rate Analysis based on the official Certification of the Tax Rates for the Board of Education, the City and Essex County
- Monitoring of revenues and expenditures to ensure funds are being collected and disbursed in accordance with the annual City budget and to avoid over-expenditures.
- Provide guidance and assistance to department directors on financial matters affecting their departments
- Ensure strict adherence to the laws governing the procurement process for municipalities in the state of New Jersey and the maintenance of the City’s Purchasing Manual
- Provide information to the independent auditors to aid in the preparation of the Annual Audit and Single Audit
The city’s Chief Municipal Finance Officer (CFO) oversees the daily operations of the AIC, ensuring deposits are made and recorded timely; purchase orders are processed and disbursements properly recorded against budget line items; and that the various assets of the city are safeguarded and accounted for. The Finance Director oversees the operations of the AIC, Tax Collector's Office, the Tax Assessor's Office, and the financial reporting for the City’s Water Utility. Together the CFO and the Director of Finance have a fiduciary responsibility for ensuring the financial integrity of the City’s finances.