The Treasury Division is comprised of two cost centers: Cash Management and Payroll. Cash Management is responsible for all of the City's banking, including the banking services contract; identification of all wire transfers into City bank accounts; investment of City cash; management of the City's trust funds; reconciliation of all cash; timely payment of all debt service obligations; and prompt payment of all approved obligations to vendors and contractors.
Payroll's primary responsibility is the timely weekly payment of approximately 3,000 employees. It is also responsible for paying federal, state and Medicare withholdings; health and life insurance; deferred compensation; retirement; MBTA pass purchases; and administering garnishments and attachments to employees' wages. At year-end, Payroll prepares and distributes approximately 5,700 W2s.