In 2001, the Finance Department disbursed more than $40,000,000 in Budget Appropriations through the processing of over 5,000 vouchers. In addition, the Department prepares a biweekly payroll for over 375 full time employees as well as part time and seasonal employees, and prepared all State and Federal payroll returns. The Finance Department also gives administrative support to the Cedar Lane Special Improvement District and the Teaneck Economic Development Corporation, maintaining their financial records and preparing their payroll returns.
The Finance Department has maintained an in-house computer for its budget and accounting system since 1995. The Finance Department also maintains and manages a local area network which connects all departments located in the Municipal Building. The Finance Department has relied on automation in order to keep staffing costs to a minimum. For example in 2001, there were only three employees in the Finance Department compared to twenty years prior when there were five employees.
In 2001, the Finance Department refinanced $3,544,000.00 of a one year bond anticipation note at a rate of 3.10% which was first issued in 1997 to finance the construction of the addition to the Rodda Community Center. The Finance Department also invests the monies of the Township and in 2001 produced $410,395 of interest income on an after budget surplus of $1.9 million.
The Tax Office is the central receiving agency for all municipal fees collected for licenses, fees, permits, fines, etc. In addition, this office handles the billing, tax collection, senior citizen and veteran deductions and tax searches for more than 12,000 properties in the Township. Inquiries for related information from residents, attorneys, Realtors, banks, mortgage companies and others are responded to by this office, which is managed by the Tax Collector.
The Tax Office collected 97.82% of the total tax levy of $94,098,725.51 in 2001. Also in 2001, 91.36% of all delinquent taxes were collected. The Tax Office holds an annual tax sale, which in 2001 yielded $330,700 in tax sale premiums. When combined with all other revenues and fees, the Tax Office collected over $100 million in 2001. All these funds are recorded and deposited by the Tax Office within 48 hours of receipt as required by State law. Like the Finance Office, the Tax Office is minimally staffed with three employees.
The Registrar of Vital Statistics is also temporarily located in the Finance Department. The Registrar is scheduled to returned to the Health and Human Services Department when suitable space is prepared.