The Treasurer's Office is responsible for the collection, safekeeping, and allocation of all City revenues, including real and personal property taxes, highway revenues, federal and state grant and other revenues, special assessments, fees, licenses and water revenues. These monies are invested utilizing several sophisticated money management techniques to optimize interest earnings while ensuring the safety of City funds. The interest revenue earned from investment of the City's funds is a significant factor in maintaining a high level of City services and minimizing City taxes.
In a constantly changing, increasingly complex economic environment, it is essential for the City Treasurer to keep abreast of new regulatory and technological developments in the financial marketplace. Government legislation, economic trends, new financial instruments, and technical innovations must be monitored and evaluated so investment strategies can be revised and improved. The Treasurer, in conjunction with the City's money manager, strives to keep Southfield at the forefront of investment policy.
Organizational and procedural methods affecting the efficiency and accuracy of the flow of financial information between the Treasurer's Office, the Accounting Department and other City departments are continuously reviewed, updated and improved to meet the increasing demands by the public and other users for financial accountability and timely reporting. Systems improvements in several administrative functions, such as revenue collection, property tax information systems, and investment activity, are implemented on an ongoing basis to further assist in meeting these demands.
As a Charter member of the Fire and Police Retirement System Board, the Treasurer also manages the Fire and Police Pension Fund with the assistance of outside professional actuarial and financial consultants. This fund is managed in accordance with sound actuarial-determined standards.
The City Treasurer also acts as the property tax collection agent for all taxing units located in the City. Over $170 million in local unit taxes are collected and distributed annually by the Treasurer for various local governmental and school district units.
