FINANCE MATTERS
The responsibilities for the major financial functions of the city are divided among the Mayor, the Director of Finance and Council.

The city's fiscal year corresponds with the calendar year. The main sources of City revenue have been property (real estate), income taxes, and state distribution for gasoline and motor vehicle registrations, and county and state local tax revenues.

The Director of Finance is the City's fiscal and chief accounting officer. Among that officer's duties are to keep the books and statements of all moneys received and expended and of all taxes and assessments. At the end of each fiscal year, the director will examine all accounts of city officers and departments, and will review amounts set aside for all appropriations. The Director of Finance is responsible for receiving, maintaining custody of and disbursing all City funds.

Other important financial functions include general financial recommendations and planning by the Mayor and the council; budget preparation by the Mayor with the assistance of the Director of Finance; and express approval of appropriations by the County Auditor.

Property taxes and assessments are billed and collected by Lake County officials.

The city maintains its account, appropriations and other fiscal records in accordance with the procedures established and prescribed by the Auditor of State. The Auditor is charged by law with the responsibility of inspecting and supervising the accounts and records of each tax subdivision and most public agencies and institutions.

The most recent two-year examination of the city's accounts and records by the auditor was completed through December 2005. State auditors will do a two-year audit for FY 2006-07 when the 2007 year end is complete. The GASB conversion report is up to date for FY 2006 as well.