The Finance Department is responsible for developing and maintaining financial information management systems, policies, and practices to preserve and protect city financial resources while providing the City Council and City Administration with timely and accurate financial information to facilitate operations, policy development, and the accomplishment of short-term objectives and long-term goals.

Core Services

Accounting

This activity accounts for the costs associated with maintenance of the accounting systems and the preparation of monthly, quarterly, and annual reports. The accounting staff reviews and processes all payroll, accounts payable, and other data which affect the general ledger, and provides staff support for other departments. Also included are budget preparation and administration, fixed asset management and performance of internal audits to maintain the integrity of financial controls. This activity supports benefits, compensation, strategic planning, cost analysis and budgeting for city benefit plans.

Finance and Budget

This activity accounts for the costs associated with the management and administration of the Finance Department. The department prepares and administers the annual operating budget, assists with the annual Capital Improvement Program budget and the Utility Rate Study, management of the city’s cash and investments, preparation for bond issues and other financing, and coordination of city-wide budget control. The office also acts in an advisory capacity to other departments in finance-related matters and performs the role of financial analyst to the city as a whole.

The Finance Director is also charged with maintaining fiscal conformance and compliance with State statutes, the City Charter and ordinances, rulings of the Governmental Accounting Standards Board, and generally accepted accounting principles.

Treasury

This activity accounts for the costs associated with the billing, collection, and reconciliation of all receivables, including special assessments, semi-annual tax bills and quarterly water and sewer bills. The department collects and processes over $118,000,000 in taxes each year, transferring $94,000,000 to other jurisdictions, remitting on a weekly basis. A state authorized 1 percent property tax administration fee is collected by the city to offset the cost of providing this service to the other taxing jurisdictions.

Purchasing & Risk Management

The Purchasing Department is responsible for the procurement of goods, services, equipment and capital improvements in a cost-effective manner and the administration of vendor compliance with city policies. The procurement system focuses on competition, equal treatment of vendors, and responsiveness to user agencies. The department performs risk management for the city, seeking to minimize injury and loss. The Purchasing and Risk Management budget provides for the comprehensive review of liability insurance, additional joint governmental purchasing projects, and identification of additional opportunities for cost savings through contractual services.

Objective: Sustain AA+ Bond Rating to keep borrowing rates low

Goal: Maintain a debt balance under $70,000,000

Strategies: Track monthly payments; Continually analyze bond refunding opportunities to pay off bonds with higher interest rates; Analyze how Capital Improvement Projects affect debt.

Alignment with Strategic Priorities: Finance

Objective: Stable General Fund Balance

Goal: Maintain a fund balance of 24% in the General Fund

Strategies: Monitoring of month-end financials (revenues vs. expenditures); Regular budget to actual review meetings with departments

Alignment with Strategic Priorities: Finance

Objective: Financial Accounting Accuracy

Goal: Maintain a 99% accuracy rate with payroll and accounts payable

Strategies: Map out the processes, set up monitoring systems for errors and identify efficiencies, and if appropriate, partner with other departments to identify improvements.

Alignment with Strategic Priorities: Municipal Services and Finance

Objective: Expand access for Online Payments

Goal: Increase online payments by 2%

Strategies: Increase public awareness of online payment options; Work with online vendor to increase electronic payment options

Alignment with Strategic Priorities: Municipal Services