Finance Department Goals
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Complete Analysis and Recommendation to Secure Competitive 457 Fees: With the aid of a third-party consultant, analyze the 457 retirement plan fees. If existing fees are higher than industry standard, issue an RFP to seek bids from 457 plan providers.
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Develop Strategic Debt Issuance/Capital Project Financing Plan: Evaluate financing options for upcoming water capital projects outlined in the 10-Year Capital Improvement Plan. Ensure all options account for capital projects occurring over the next decade or more to mitigate long-term financial liabilities.
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Implement GASB 101: GASB 101 is the most recent accounting standard in need of implementation based on Lincolnshire's accounting practices. The goal of GASB 101 is to more accurately account for financial liability of compensated absence policies. The Village will implement GASB 101 as a part of the Fiscal Year 2024 audit to comply with all accounting standards.
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Updated Financial Policies: Review all existing financial policies and recommend updates based on any recent changes in operational procedures or industry standards.