Page 61 - Haltom City FY19 Annual Budget

FINANCE

Mission Statement

The Finance Department is responsible for optimally managing the City’s resources through
budgeting, purchasing, management analysis and financial reporting. The Director serves as the
Chief Financial Officer of the City and acts as the primary contact with the City’s outside auditors,
bond council, rating agencies and underwriters. The Finance Department also provides general
supervision and oversight of accounting, financial reporting, treasury and purchasing.

Accomplishments of FY2018

✓ Awarded the Government Finance Officers Association (GFOA) “Certificate of
Achievement for Excellence in Financial Reporting” for the high standard and level of
financial reporting
✓ Awarded the Government Finance Officers Association (GFOA) “Distinguished Budget
Presentation Award” for the high standard and level of the annual budget document
✓ Maintained the city’s AA- and Aa3 bond rating on the General Obligation Bonds
✓ Updated the Investment Policy
✓ Presented periodic financial reports to City Council and Boards on a timely basis
✓ Issued General Obligation Bonds for streets and park capital projects and Certificate of
Obligation for smart water infrastructure

Objectives for FY 2019

➢ Receive an unmodified (clean) opinion on the Comprehensive Annual Financial Report
(CAFR)
➢ Maintain the high standard and level of financial reporting for obtaining GFOA “Certificate
of Achievement for Excellence in Financial Reporting”
➢ Maintain the high standard and level of the annual budget document for obtaining the
GFOA “Distinguished Budget Presentation Award”
➢ Monitoring cash management practices to ensure timely billing and collections
➢ Continue cost saving measures by converting payments to vendors from manual checks
to electronic funds
➢ Maximize the City’s return on investments in accordance with the adopted investment
policies
➢ Update the financial policies and procedures
➢ Produce timely financial reports
➢ Issue General Obligation bonds to provide resources for construction of fire station, street
and park capital projects

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