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The City of Olney is a non-home rule unit which operates under a Council-Manager form of government. The City Council is comprised of the Mayor and four Councilmembers who are elected for four-year terms. The City Clerk, the City Treasurer, and the Department Heads are all appointed by the Mayor with the consent of the City Council.

The City Council meets formally on the second and fourth Mondays of each month at 7:00 p.m. The City Manager oversees the daily operations of the City. 

There are currently approximately 55 full-time employees and 4 part-time workers (not including seasonal help). The City has an operating budget of $10,799,984.00 (FY 2019/2020). The population of the City is 9,115. (2010 Census)

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