The Finance Department manages the financial affairs of the City, including budget development and management, cash management, investments, debt, payroll, procurement, revenue, disbursements, fixed assets, and accounting and financial reporting for all City operations. This Department is responsible for developing and maintaining a balanced budget, monitoring and analyzing ongoing fiscal activity, and producing documents and reports to assist management in financial planning and maximizing the allocation of resources.
MISSION STATEMENT - "The mission of the Department of Finance is to use an innovative and technologically oriented approach to responsibly manage the financial affairs of the City by providing efficient internal services, careful investment and debt management, sound financial leadership and professional and courteous support services to other City departments."
FY 2014/2015 GOALS & OBJECTIVES:
- Produce the City's Comprehensive Annual Financial Report.
- Maintain and produce monthly financial and investment reports.
- Reconcile and track over 24 different funds.
- Perform internal monitoring procedures.
- Accounts Payable & Purchase Orders
- Cash Receipts
- Credit Card Audits
- Payroll Audits
- Timely and accurate preparation of a quality annual budget document.
- Bi-weekly processing of payroll for 300 +/- employees.
- Grants monitoring and compliance.
- Issue annual business tax license renewal and late notices.
- Continue improvement of financial record keeping of the City by employing technology solutions to increase efficiency and accuracy.
- Provide training throughout the year related to budget, fixed assets, and procurement services.
DEPARTMENTAL PERSPECTIVE, TRENDS & HIGHLIGHTS:
The Department has and will continue to strive for excellence in financial reporting and budget preparation. The City has received the GFOA Certificate of Achievement for Excellence in Financial Reporting for the FY 12/13 CAFR and has received the GFOA Distinguished Budget Presentation Award for FY 13/14. The Department will strive to continue to meet or exceed the high professional standards required in order to receive these awards.
The City has continued to maintain compliance with all financial requirements of the revenue bond issues related to the acquisition of the water/sewer utility and to the improving of existing roads within the City.
The Department continues to further utilize the City’s ERP software. Finance completed a successful implementation of the City’s paperless filing and records retention process with the ability to electronically store accounts payable, purchasing and payroll records. We migrated the business tax license billing process to the City’s ERP system providing for better internal control, audit and reconciliation.
We are working with the Human Resources Department to implement the ERP system’s workflow process for routing and approval of all employee status/pay changes.
In a continuing effort to improve the City’s fixed assets inventory process, the Department implemented a software system to electronically scan and reconcile the City’s Fixed Assets which are physically inventoried on an annual basis.
The Department has and will continue to play an integral role in cost control and budget reductions during what has been and continues to be very challenging times.