The Finance Department is responsible for managing the financial operations of the City in accordance with the state law, the City Charter, applicable ordinances and policies of the governing body, reporting directly to the City Manager.
Functional responsibilities include accounting, financial reporting, cash management, budgeting, debt management and investments. The accounting function includes accounts receivable, accounts payable, fixed assets and general accounting. The responsibility for financial reporting includes preparing monthly interim financial statements as well as the Comprehensive Annual Financial Report(CAFR) in accordance with generally accepted accounting principles.
Applicable portions of the CAFR are audited by a firm of independent certified public accountants. The CAFR is also submitted to the Government Finance Officers Association (GFOA) each year under its Certificate of Achievement of Excellence in Financial Reporting. The City has received this award of over ten years.
At midyear and year-end, a narrative review of operations is prepared which critiques the actual results of operations - particularly as compared to the appropriated budget. The cash management program assures that an adequate level of liquidity is maintained to pay employees and vendors as well as meet other financial responsibilities of the City's Investment Policy, prioritizing the objectives of safety, liquidity and yield- in that order.
The responsibility for budgeting includes managing the budgeting process under the direction of the City Manager, preparing the Official Budget Document, and monitoring actual results for compliance with budget limitations. The Official Budget Document is also submitted each year to GFOA under its Distinguished Budget Presentation Award. The City has received this award for over ten years, during the most recent of which it was awarded outstanding designation in 2 out of 4 categories. Debt management responsibilities include assisting and advising the City Manager on matters related to bond issues and bond rating Federal Excise Tax Ultimate Purchaser Certificate