The Treasurer's Office
The treasurer’s office primary responsibility is managing, safeguarding, investing and disbursing municipal funds and advising city officials on matters of finance. The treasurer’s office receives funds through the collections of real estate taxes, personal property taxes, motor vehicle excise taxes, water, sewer, waste management charges and other charges and receivables payable to the city.
The treasurer’s responsibilities are regulated by various statutes of the Commonwealth of Massachusetts found in chapters 59 and 60 of the general laws. The treasurer’s office prepares and files federal and state payroll tax returns with the Internal Revenue Service and the Massachusetts Department of Revenue.
Additional responsibilities include the management of long-term debt service concerning municipal bond issues and any short-term borrowing the city has issued. The city finances major construction projects and departmental equipment purchases through the sale of municipal bonds, which are exempt from federal and state income taxes. An official statement describing the financial and economic conditions of the city needs to be prepared with each bond sale.
The treasurer’s office is also responsible for the collection of outstanding real estate tax accounts transferred from the collector’s office after a tax lien has been recorded on the property. These are referred to as tax title accounts.
The treasurer’s office maintains a high degree of reporting and accountability as an integral part of the internal control process inherent in municipal government.