Page 106 - Fort Worth City Budget 2019

General Fund

The Financial Reporting Division prepares all financial publications including the city's Comprehensive
Annual Financial Report (CAFR) and coordinates the annual external audit by an independent audit firm
as required by the city’s charter within the Department of Financial Management Services and
throughout the city. This division also assists with general ledger maintenance and completes complex
entries to ensure compliance with modified accrual and accrual level account requirements as
promulgated by the Governmental Accounting Standards Board (GASB). This team also verses the
maintenance of the chart of accounts.

The Treasury Division manages the city's cash, investments, and debt portfolios and is responsible for
billing, collection, and deposit of general revenues and licenses. The payroll and accounts payable teams
are housed within Treasury, which oversee the disbursement of all city funds. This team manages the
city’s banking and investment management relationships.

The Financial Systems Management (FSM) Division is responsible for ongoing support of the financial
management software systems. This team oversees the configuration and application of software to the
day to day business operations while the city’s Information Technology Department provides the
network and infrastructure for which these systems are delivered to users. The FSM team assists in
driving efficiency in business processes through applying technology solutions across the department.

The PID Administration section administers the city’s Public Improvement Districts by coordinating the
development of the annual financial plan and budget, assessment rolls, service plans, ensuring
compliance with enabling legislation, contract administration, city ordinances and appropriate policies.
This section oversees operating PIDs, capital PIDs, and one tourism PID.

The Purchasing Division provides purchasing support for all city departments, disposes of obsolete or surplus
materials/equipment and confiscated property, manages the city’s vendor relationships, and oversees the city-
wide mail operations.

MAJOR ACCOMPLISHMENTS
Certificate of Achievement for Excellence in Financial Reporting for the city’s Comprehensive Annual Financial
Report Fiscal Year Ended September 30, 2017.

Published the 2017 Comprehensive Annual Financial Report on February 28, 2018 (151 days after fiscal year-end),
marking a significant reduction from prior years and well within the State law requirement of 180 days.

Eliminated a ten-year external audit finding related to Capital Asset accounting and financial reporting.

Implemented a 56% reduction in the Average Daily Balance of Departmental Operating cash accounts when
comparing activity to fiscal year 2017 allowing interest earnings to increase on cash and investments by 169%
which equated to over $4.5 million.

PID Administrator improved attendance of PID Advisory Board Meeting by attending 100% of meetings.

Stabilized and enhanced PeopleSoft Accounts Receivable/Billing and the iNovah Point of Sale systems in Finance.
This included a significant effort to re-engineer and streamline billing and payment receipting processes.

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