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Treasurer's Manual: Red Flags Abound in Wonderland

Treasurer's Manual: Red Flags Abound in Wonderland

Ratings: (0)|Views: 33 |Likes:
Published by Craig Shibley
The treasurer must maintain custody of stabilization funds, pension reserve
funds, trust funds, enterprise funds, investments,
and all other funds of the town not specifically allocated to other agencies by general law or special act. (40:5B,5D; 41:46; 44:53; 44:53F½)

The Cash Book
Municipal treasurers must “annually render a true account of all [their] receipts and disbursements and a report of their official
acts.” 41:35:
This statutory provision necessitates treasurers' use of a cash book. The cash book provides a control that enables treasurers to reconcile the cash on hand with bank statements and with the general ledger.

A cash book may vary in form to suit a
particular community’s needs, and is generally made up of computerized records
The cash book should contain the dates and amounts of all receipts and deposits.

GULP...
The treasurer must maintain custody of stabilization funds, pension reserve
funds, trust funds, enterprise funds, investments,
and all other funds of the town not specifically allocated to other agencies by general law or special act. (40:5B,5D; 41:46; 44:53; 44:53F½)

The Cash Book
Municipal treasurers must “annually render a true account of all [their] receipts and disbursements and a report of their official
acts.” 41:35:
This statutory provision necessitates treasurers' use of a cash book. The cash book provides a control that enables treasurers to reconcile the cash on hand with bank statements and with the general ledger.

A cash book may vary in form to suit a
particular community’s needs, and is generally made up of computerized records
The cash book should contain the dates and amounts of all receipts and deposits.

GULP...

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Published by: Craig Shibley on Oct 12, 2013
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11/11/2013

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Page 1-0
Massachusetts Collectors and Treasurers Association 
TREASURER’S MANUAL
Revised 2009
 
Overview and Legal Basis of Municipal Finance in Massachusetts
Page 1-1
Chapter 1
Overview and Legal Basis of Municipal Finance inMassachusetts
Legal Foundation of Municipal Finance
 The development of the powers and duties of Massachusetts cities and towns hasevolved since colonial times. The Massachusetts General Laws set out the legalfoundation of municipal finance, but new statutes, court decisions, agency regulations, and guidelines are constantly changing. Knowledge of where to findthe statutes and regulations, and keeping up with changes is of great importancefor all treasurers.
Sources of Legal Information
 The Division of Local Services (DLS) of the State Department of Revenue (DOR)has statutory responsibilities regarding the assessment and collection of property and other local taxes, municipal budgets and debt, and municipal accounting andother financial practices. The Bureau of Municipal Finance Law serves as thelegal bureau of the DLS and is available to municipal treasurers for legal adviceand assistance. (See Bulletin 2006-02B titled
Bureau of Municipal Finance Law 
in Addendum at end of manual.) Treasurers can call to speak to one of the assigned“attorneys of the day” at 617-626-2400 or email a question toDLSLAW@dor.state.ma.us. In an email request, a treasurer needs to includename, community, position, telephone number, and best time to reach you in casefollow up is needed. The DLS has a website ( www.mass.govdls
 
) which is invaluable to municipaltreasurers looking for legal information pertinent to their jobs. There are quick links from the DLS home page to a local officials directory, bulletins on new laws,regulations, procedures, and seminars and workshops being offered by the DLS,Informational Guideline Releases (IGR’s) which explain new laws and relatedregulations, copies of the newsletter, “City and Town”, copies of the Cherry Sheet  which gives information regarding the state budget, state aid and assessments toindividual municipalities, and other important information. Treasurers shouldsubscribe to the online service for these important publications as they are nolonger mailed to local officials. This can be done online or by contacting the DLSat 617-626-2353. There is no charge for this online service. (See DLS Bulletin2003-09B titled
Dissemination of DLS Information by Email 
in the addendum of this manual)Each year, one of the DLS bulletins contains a summary of the prior year’schanges in municipal finance law. These bulletins are available at the DLS website quick links, cited above. Copies of the General Laws and Session Lawsare available at the State House Bookstore, located in Room 116 of the State
 
Overview and Legal Basis of Municipal Finance in Massachusetts
 
Page 1-2
House, or at  www.mass.gov/legis. There is also a site where one can search thestate laws on the mass.gov website. The DLS has also published a volume entitled “Laws Relating to MunicipalFinance and Taxation”, which provides municipal officials with most of thestatutes relative to city and town government. Multiple copies are mailed to eachmunicipality when the volume is updated –usually every three years. Contact theDLS legal department if there is not a volume in your office. The DOR website ( www.mass.gov/DOR ) has a number of publications which may  be helpful to treasurers. They may be downloaded or saved to one’s computer. Among the titles are the following:
Bureau of Accounts State House Note Program Forms; Cherry Sheet Manual; Developing a Capital Improvement Program: manual for Massachusetts communities; Guide to Financial Management for Town Officials; Technical Assistance—A brochure detailing the DLS financial management assistance/consulting available to Massachusetts local governments.
State law may also be researched by using the website, www.mass.gov/legis.Current legislation and adopted statutes are available at this site.
Massachusetts Collectors and Treasurers Association (MCTA) Website
 The website of the MCTA, www.masscta.com, has links to many other important  websites including the following:
 
Department of Revenue
 
Division of Local Services
 
Ethics Commission
 
Legislation, including pending laws, hearings, description of gov’t 
 
State and Local Employers
 
State Treasurer 
 
Social Security 
 
Mass Division of Employment and Training
 
Public Records Division
 
Registry of Deeds (Secretary of State)MCTA’s website also has the address, telephone number, and email address of the Association, which is available to all members for aid and assistance. In 2007,they were as follows: address: 510 King Street, Littleton, MA 01460; telephone:(978) 952-6644; fax: (978) 952-6655; email:MassCTA@aol.com 

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Craig Shibley added this note
treasurer maintains custody of all the funds ... like AMBULANCE FUND and TIPPING FEE "investments"... oh my.
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