Duties and Responsibilities of the Treasurer: The Treasurer maintains custody of all municipal funds and possesses responsibility for the deposit, investment and disbursement of these monies per Mass General Laws Chapter 41 Section 35. The treasurer utilizes and maintains a cashbook, containing a breakdown of all receipts, disbursements, and cash balances. The treasurer determines the cash needs of a municipality and ensure that sufficient liquid assets are available to pay current obligations. All money not required to be kept liquid for purposes of distribution must be invested by the treasurer in such a manner as to require the payment of interest on the money of the highest possible rate reasonably available, taking account of safety, liquidity and yield according to Mass General Laws Chapter 44 Section 55B. The treasurer’s responsibilities also include a major role in the issuance of municipal debt. Debt instruments must be signed by the treasurer and countersigned by the Mayor. Upon the authorization of long-term debt, the treasurer should prepare for the sale by working with the finance director, bond counsel and other local officials. The treasurer should negotiate borrowings, prepare the necessary documents and notes and report to the Director of Accounts on all debt issued. (Chapter 44, Sections 16, 23, 24, 28) Only the treasurer may pay out public money. The treasurer may only make payments upon the signature of the Mayor and the Town Accountant who authorize the payments of bills and payrolls. (41:41,52, 56) The treasurer also receives, processes, and disburses all payroll and personnel deductions amounts (taxes, retirement, insurance, annuities, etc.) The treasurer is the remitting agent for federal and state withholding taxes, retirement programs, teacher’s annuities, insurance plans, credit unions, labor unions, deferred compensation plans, flex spending plans. Various year-end reports and W-2’s are also processed in the treasurer’s office. The treasurer also serves as the treasurer of the Contributory Retirement System. The treasurer maintains custody of stabilization funds, pension reserve funds, trust funds, enterprise funds, investments, and all other funds of the town not specifically allocated to other agencies by general law or special act. (40:5B, 5D; 41:46; 44:53; 44:53F1/2).