Carpentersville has decided it can save money by hiring an outside accounting firm rather than filling the vacant finance director position.
Trustees recently approved a $117,000 annual contract with Naperville-based Lauterbach & Amen LLP to manage the village’s finance and accounting processes. That fee, according to village documents, is approximately $58,000 less than a full-time staff position for half the number of hours.
“The village board has a clear directive from residents to control and cut costs wherever we can,” said Trustee Kevin Rehberg, a member of Carpentersville’s Audit and Finance Commission. “This is a good example of how we can save some money by doing things a little differently.”
Former finance director Hitesh Desai resigned in the spring to become chief financial officer for the city of Evanston. At the time, village officials said they would be actively seeking a successor.
But while reviewing options with interim Village Manager Marc Huber, officials determined the accounting services could be obtained through a consultant.
The firm will be responsible for managing and administering all the village’s finance and accounting processes. Duties will include financial forecasting, utility billing, payroll management, tax levy preparation, special service area administration, audit preparation, banking and investment management, and police pension fund administration, among others, according to the contract.
The agreement can be terminated with 60 days’ notice, according to village documents.
“I especially like how this doesn’t paint us into any corners,” Rehberg said. “If for whatever reason, we need more finance department resources than agreed upon in the contract, we can terminate the deal and take a more traditional route relatively easily.”
