Program Overview

The Financial Management (FM) program supports all Menlo Park Fire Protection District (District) programs by ensuring financial accountability and transparency to the public. It provides financial, analytical, and purchasing services to all District operations. The program upholds excellence in financial reporting and oversight, managing the District's funds and accounts in compliance with established policies and regulations. 

Management Oversight 

The FM program is overseen by the Administrative Services Director, with operational oversight delegated to the Finance Manager. The program is staffed by four full-time equivalent positions and covers expenses related to bank and merchant services, auditing and actuarial services, consulting, general services, training and conference fees, office supplies, and property tax collection fees assessed by San Mateo County.

Goals and Objectives

• Oversee all financial activities of the District, including budgeting, accounting, investments, purchasing, and financial reporting.
• Interpret and apply laws, regulations, and policies to guide financial decisions and ensure compliance.
• Develop and enforce financial accounting practices aligned with generally accepted accounting principles (GAAP).
• Supervise the annual audit conducted by an external auditing firm to ensure accuracy and accountability in financial reporting.
• Coordinate the review and preparation of the District's annual preliminary budget, ensuring alignment with organizational goals and priorities.

FY 2023-24 Accomplishments

• Received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the FY 2022-23 Annual Comprehensive Financial Report (ACFR). This marks the 13th consecutive year the District has earned this prestigious recognition.
• Completed the annual financial audit and single audit with an unmodified opinion and produced the ACFR within the required legal deadline.
• Enhanced the District's budget preparation process by implementing new budget software, increasing efficiency and accuracy.
• Built a more robust and diversified investment portfolio to better meet the District’s financial goals.
• Developed a comprehensive pension funding policy to effectively manage the CalPERS Unfunded Accrued Liability (UAL).
• Revised the fund balance reserve policy to align with the District's strategic goals and financial priorities.

FY 2024-25 Program Initiatives

• Continue to improve the clarity and accessibility of financial reports for the Board of Directors and the public.
• Create a comprehensive financial strategy to guide the District’s fiscal health and decision-making over the long term.
• Ongoing development and refinement of financial policies and internal controls to ensure accountability and efficiency.
• Begin evaluating and selecting an Enterprise Resource Planning (ERP) system to integrate accounting, budgeting, payroll, and timekeeping functions for greater operational efficiency.
• Ensure all required audits are completed in a timely manner, achieving satisfactory results.
• Obtain the GFOA Certificate of Achievement for Excellence in Financial Reporting and initiate the process for earning the GFOA Budget Excellence Award.