Finance and Administration
The Finance Department is responsible for all financial transactions of the Borough of Magnolia. The responsibilities include but are not limited to the following:
- Custody and Investment of all Borough funds.
- Provide assistance to the Mayor and Council in the preparation of the Annual Budget.
- Maintenance of all financial records for the Borough including a complete General Ledger for all funds as well as Monthly and Annual Reporting of all revenues and appropriations.
- Handling of all aspects of Debt Service including payment schedules and correspondence with attorneys concerning temporary and permanent financing.
- Provide assistance and oversight to departments in regard to Purchasing functions in accordance with State and Borough regulations.
- Processing of Accounts Payables in accordance with State and Borough regulations.
- Developing and maintaining an Internal Control System to safeguard Borough assets.
- Preparation of the Annual Financial Statements and Annual Debt Statements in accordance with State regulations.
- Preparation and coordination of Bank Reconciliations.
- Compilation of Fixed Asset Reports for audit presentation.
- Preparation of Financial Reporting for Grants including handling of all reimbursement requirements.
- Audit and reconciliation of Payroll for Borough employees including the preparation of all Federal and state tax fillings.
2020 User Friendly Budget / 2020 Adopted Budget / 2020 Audit Report
2021 User Friendly Budget / 2021 Adopted Budget / 2021 Audit Report
2022 User Friendly Budget / 2022 Adopted Budget / 2022 Audit Report
2023 User Friendly Budget / 2023 Adopted Budget / 2023 Audit Report