Page 218 - Hurst FY19 Approved Budget

FISCAL SERVICES

110 GENERAL FUND
0323 FINANCE

MISSION STATEMENT

The City of Hurst implements plans that provide funds to maximize
the quality of services while balancing revenue sources with cost of

maintenance, operations, and debt.

DIVISION DESCRIPTION

The Finance Division is responsible for the administration of the City’s financial affairs
in accordance with federal and state laws, local ordinances, and generally accepted
accounting principles (GAAP). The Finance Division is comprised of the following
functions: oversight of all Fiscal Services Department activities, accounting, cash and
investment management, debt management, fixed asset management, accounts
payable/receivable, capital project reporting, internal audit, Oracle financial system
operations, tax assessment and collection, preparation of the Annual Operating Budget
and preparation of the Comprehensive Annual Financial Report (CAFR). All functions
have different reporting requirements and deadlines.

PRIOR YEAR RESULTS & ACCOMPLISHMENTS

• Fiscal Services’ staff members participated in various employee and
organizational leadership development activities.
• Staff earned additional continuing professional education (CPE) hours to
maintain their certifications.
• GFOA’s Distinguished Budget Presentation Award (30th consecutive year).
• GFOA’s Certificate of Achievement for Excellence in Financial Reporting (44rd
year).
• Maintained credit rating with both Moody’s (Aa2) and S&P (AA).
• Received an unqualified (positive) audit opinion.
• Fully Funded Annual Required Contribution (ARC) for retiree health care.
• Updated multi-year plans estimating future funding and needs.
• Issued a low interest loan through the Texas Water Development Board to
finance wastewater system improvements. This loan also includes a 15% grant
reimbursement.
• Chase Bank procurement program put $50,000 in rebates back into city coffers.
• The city’s tax collection contract with Tarrant County saves the city at least
$50,000 per year.

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