The finance staff is responsible for accounting for various forms of revenue and expenses for the city. The city is consistent in the form of accounting that is open and accountable to all interested parties. This provides the City Council the ability to make the best decisions based on accurate and consistent accounting. Accounting functions include check processing, accounts payable and receivable management, bank confirmations and payroll. These functions are an essential part of the day-to-day operations of the city and play a key role in meeting the city's financial goals.
Budget Forecast
Top-level finance employees are responsible for creating annual budgets and reviewing actual results to these budgets. Each department develops a budget for their expenses; each budget is then reviewed by the department managers for any changes or requests. The City Council direct the overall direction and plays a key role in developing and approving the budget. The budget forecasts are used as tools for strategic decisions. Month-end analysis of reported expenses versus the budget is lead by the finance staff and department heads.
The finance staff is familiar with the rules that govern the city. The staff assures that the city is in compliance with these rules. These compliance rules and regulations are put in place to boost transparency for the general public.
Financing Decisions
When the city needs outside financing for their operations, they use their finance staff to help procure favorable loan terms for the city.
Audit and Risk Management
The financial staff must identify risk and manage the assets of the city in a way that maximizes efficiency and compliance. The financial staff will audit processes and accounting functions to determine the accuracy and safety of funds. When a risk to the accuracy or safety of funds or assets is identified in an audit, the financial staff must bring the deficiency to management's attention. Risk management also applies to proper insurance coverage for the city including General, liability and human resources insurance.