Finance

The mission of the Finance Department is to provide quantitative and trend analysis, including the current, relevant financial data needed to make informed decisions about the effective use of our resources; to ensure the safety of village resources through efficient use of internal controls; and to satisfy applicable accounting and financial regulations.

As part of fulfilling our mission we are responsible for the accounting and financial reporting of all village operations including:
  • Accounts payable
  • Biweekly processing of vendor payments, printing of year end 1099s, and purchase order tracking and maintenance
Utility Billing
The Finance Department creates water and sewer utility bills for all utility customers including final billings. Approximately 3,670 customers receive quarterly bills for services provided.

Long Range Planning
Prior to budget preparation, the Finance Department prepares a long-range financial plan with the goal of providing policy makers a "100-foot view" of the village's comprehensive financial future. This is done to solve any particular issues, but in order to better understand the context in which the village will be making annual budgetary decisions.

Annual Budget
The village budgets on a calendar-year basis. The process begins with each department preparing their budgets in August for review during each September and October. The proposed budget is normally completed by each November and ready for a public hearing. Tax bills are prepared by the Clerk / Treasurer’s Department based on the tax levy as approved during the budget process. These bills are required to be mailed out no later than December 15 each year.

Financial Reporting
The village must comply with various state and federal reporting requirements on an annual basis. The Finance Department prepares the village’s annual financial statements for review by the village’s independent auditor. Other annual reports prepared include the State of Wisconsin’s Annual Financial Report and Public Service Commission Report, and tax incremental financing district reports. Other interim financial reports and analysis are provided as needed by departments, the Village Board and village committees.

Public Service Commission Reporting
The Wisconsin Public Service Commission established the regulations under all Wisconsin Water Utilities operate. As part of this process, the Finance Department prepares and files with the Public Service Commission, annual reports on the Shorewood Water Utilities operations.

Financial Documents
See financial documents for frequently requested documents.