New Kent University: Roles & Responsibilities of The Treasurer

New Kent University
Roles & Responsibilities of the Treasurer

New Kent County Treasurers Office
Directly Accountable to You
"Taxes are what we pay for a civilized society.

- Justice Oliver Wendell Holmes,1927
Rules of the Game
Learning is fun!!! Ask questionsplease! Experience is the best teacher! The instructor knows the exam questions!!
Catching spelling errors on the overheads or correcting the Kent County Treasurers Office result in instructor does not New extra points!Directly Accountable to You
AGENDA
Introduction Functions / Authority Collections Disbursements Accountability Security of Public Deposits Internal Controls Performance Measurement References / Contact Info
WHY ARE WE HERE?

We have a responsibility to be the best we can be for:
- You - New Kent County - The Commonwealth of Virginia - OURSELVES!

Its the Power!
Treasurers are (generally) unusually bright individuals.
Treasurers (generally) get it right the first time.
QUALITY IS JOB 1!
To the extent some people are dishonest or careless in their dealings with the government, the majority is forced to carry a heavier tax burden. John Kennedy April 20, 1961
Primary Functions of the Treasurer
Receipt and Collection of Revenue Safekeeping of Revenue Disbursing & Accounting for Revenue
The Legal Authority:

- Constitution of Virginia - Code of Virginia - Ordinances & Charters - Opinions of the Attorney General - Court Rulings - Dillon Rule
Dillon Rule
That local public bodies may exercise only those powers conferred expressly or by necessary implication
Checks & Balances

Federal State Local
Legislative
Judicial
Executive
Separation is a Good Thing! Locality Sets Tax Rate Assesses
Commissioner Treasurer
Bills & Collects Invests Disburses
RULE # 1: The Treasurer is responsible for collecting and accounting for all revenue coming into the locality (58.1-3127)
RULE #2: Know and love your Commissioner of the Revenue!!
RELATIONSHIPS!!!
Collections and Disbursements
First, we try notices, phone calls and gentle persuasion.
and if that doesnt work, we might try more aggressive tactics...
Real Estate & Personal Property Tax Timeline

1. Commissioner of the Revenue (CoR) delivers a copy of real estate & personal property book to Treasurer by 1st of Sept. each year 2. Treasurer prepares tax bills o/a 1st of October. Bills mailed between 15th October and 1st November 3. Tax payment due to Treasurer on the 5th December 4. First delinquent notice mailed o/a 15th January 5. 2nd/Final notice mailed 1st February 6. 1st March collection actions commence
Dates of Assessment
Real Estate Property - January 1 Personal Property - January 1
Localities are permitted to assess on fiscal year basis and to prorate personal property taxes.
Tax Bills
There is no section in Title 58.1 of the Code of VA that tells how to prepare a tax bill. The TREASURER is responsible for the bill form!
Information on Bill
Name & Address Locality Name Payment information & due date Type & amount of taxes due Penalty & interest due Tax rate & assessment value Optional information
Mailing Tax Bills
Mails bills no later than 14 days prior to due date Bills to be sent by U.S. mail Treasurer MAY not mail bills less than $20.00 R.E. bills may be mailed to mtg co. if certification received
Due Dates
Treasurer must publicize tax due dates at least 10 days prior to due date Regional cooperation promotes efficiencies
Applying Payments
Payments credited against most delinquent tax Treasurer to deliver receipts upon request Prepayments allowed Overpayments: applied to next years tax refunded
Convenience
Extended hours Off-site collection Drop boxes Credit Cards/ Debit/ATM cards Online payments Direct debit; PC banking Installment plans
PPTRA
Qualifying vehicles: Passenger car, pickup, panel truck, motorcycle used for non-business purposes weighing less than 7500 lbs.
PPTRA
Credits will be reflected on tax bill prior to mailing: 1998 1999 2000 2001 2002 100% 2003 - 2005 2006 2007 12.5% 27.5% 47.5% 70.0% 70.0% 70% 58% ????
Who does it???

Taxpayer name Taxpayer address Tax rate Property Description Due Date Tax Amount Due Where to send payment ____________ ____________ ____________ ____________ ____________ ____________ ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR ____________ ____________ ____________ ____________ ____________ ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR CoR ____________ ____________ ____________ ____________ ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR CoR BoS ____________ ____________ ____________ ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR CoR BoS CoR ____________ ____________ ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR CoR BoS CoR Code / BoS ____________ ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR CoR BoS CoR Code / BoS CoR ____________
Who does it???

Taxpayer Name Taxpayer Address Tax Rate Property Description Due Date Tax Amount Due Where to Send Payment CoR CoR BoS CoR Code / BoS CoR Treasurer
Other Taxes / Fees

State Taxes Dog Licenses Decals Business License Food & Beverage/Meals tax Transient Occupancy/Lodging Tax Amusements/Admissions Tax Recordation Tax Utility Taxes E-911 Tax Ambulance Fees
Disbursements
The Treasurer is responsible for the disbursements of local funds. The Treasurer shall pay all legally drawn warrants. Appropriation Proper signature Sufficient funds
Accountability
Transporting Funds:
Treasurer takes deposits Use police/sheriff escorts Use armored carriers (Brinks, Dunbar)
Selecting the Bank:

Treasurer has sole discretion! RFP for best banking services
Accountability
Investing: - Safety, liquidity, yield! - Identify cash flow needs of locality - Prudence!! - Maintain a current, written investment policy.
Security for Public Deposits Act

All funds must be deposited in qualified institutions! Administered by Virginias Department of Treasury Qualified institutions have pledged sufficient collateral to cover all public depositsin the event the bank fails! Failure to use approved institutions is a criminal act!
Internal Controls
Safeguard assets Ensure reliable records Protects the integrity of the Office Ultimately, this is the Treasurers responsibility!!!!
Performance Measurements
Budget Comprehensive Annual Finance Report
Government Finance Officers Association (GFOA) Excellence in Financial Reporting ~ 2005 / 2006 / 2007
Accreditations / Certifications
Accredited by Treasurers Association of Virginia (TAV) Certified ~ Master Government Treasurer
Collection Rates
Real Estate - 99% Personal property - 96%
References / Links
Treasurers Association of Virginia (TAV) Government Finance Officers of America (GFOA) Natl Association of County Collectors, Treasurers, and Finance Officers (NACCTFO) Association of Public Treasurers of United States and Canada (APTUS&C)
Public Confidence and Good Government

The basis of effective government is public confidence, and that confidence is endangered when ethical standards falter, or appear to falter.
--President John F. Kennedy
Keep New Kent Fi$cally Fit! Stay Involved!

Herb Jones 12007 Courthouse Circle POB 109 New Kent, Virginia 23124-0109 Phone: 804/966-9615 Fax: 804/966-8538 www.herbjones.net treasurer@co.newkent.state.va.us

New Kent University: Roles & Responsibilities of The Treasurer

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

New Kent University: Roles & Responsibilities of The Treasurer

Uploaded by

Copyright:

Available Formats

New Kent University

Roles & Responsibilities of the Treasurer

Directly Accountable to You

"Taxes are what we pay for a civilized society.

New Kent County Treasurers Office

Directly Accountable to You

Rules of the Game

Directly Accountable to You

WHY ARE WE HERE?

- You - New Kent County - The Commonwealth of Virginia - OURSELVES!

Directly Accountable to You

Its the Power!

New Kent County Treasurers Office

Directly Accountable to You

Treasurers are (generally) unusually bright individuals.

New Kent County Treasurers Office

Directly Accountable to You

Treasurers (generally) get it right the first time.

New Kent County Treasurers Office

Directly Accountable to You

Directly Accountable to You

Directly Accountable to You

Primary Functions of the Treasurer

New Kent County Treasurers Office

Directly Accountable to You

The Legal Authority:

Directly Accountable to You

New Kent County Treasurers Office

Directly Accountable to You

Checks & Balances

New Kent County Treasurers Office

Directly Accountable to You

Separation is a Good Thing! Locality Sets Tax Rate Assesses

Bills & Collects Invests Disburses

New Kent County Treasurers Office

Directly Accountable to You

New Kent County Treasurers Office

Directly Accountable to You

RULE #2: Know and love your Commissioner of the Revenue!!

New Kent County Treasurers Office

Directly Accountable to You

New Kent County Treasurers Office

Directly Accountable to You

Collections and Disbursements

New Kent County Treasurers Office

Directly Accountable to You

First, we try notices, phone calls and gentle persuasion.

New Kent County Treasurers Office

Directly Accountable to You

and if that doesnt work, we might try more aggressive tactics...

New Kent County Treasurers Office

Directly Accountable to You

Real Estate & Personal Property Tax Timeline

Directly Accountable to You

New Kent County Treasurers Office

Directly Accountable to You

New Kent County Treasurers Office

Directly Accountable to You

New Kent County Treasurers Office

Directly Accountable to You

Mailing Tax Bills

New Kent County Treasurers Office