Page 168 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Goals and Objectives

18 Finance Department

Program Service Description

FINANCE RESPONSIBILITIES
The Finance Department is responsible for collecting, recording, summarizing, and reporting
the results of all financial transactions of the following entities in a timely manner and in
accordance with generally accepted accounting principles while ensuring compliance with
applicable state and federal statutes, bond covenants and grant contracts by reviewing
financial data and reporting such in a timely manner.
Payroll Processing - The Finance Department is responsible for the payment of salaries and
wages according to established procedures on specified days according to the adopted
payroll calendar. The Town of Westlake operates two payroll systems concurrently; one for
employees who are on a normal 40-hour work week, and another cycle for DPS employees
who work 24-hour shifts. This dual system is commonplace in cities to accommodate FLSA
requirements.
Budgets – The Town’ s annual budget is prepared in the context of a five (5-8) year financial
forecast. The proposed budget is submitted to the Council approximately thirty to forty-five
days prior to the beginning of the fiscal year for their consideration. The Town’ s budget is
allocated by fund and is designed to provide a clear picture of the Town’ s spending,
allocation of financial resources, and priorities as well as how they are set to carry out the
policy direction of the Council.
Westlake Academy - The Department works with the Education Service Center ( Region 11) to
help maintain Westlake Academy’ s financial system and fiscal controls, i.e. general ledger,
and payroll. Accounts payable, accounts receivable and cash management have been
brought in house with the addition of personnel.
Cash Collections - The establishment of strong internal controls for cash collections is
necessary to prevent mishandling of funds and to safeguard against loss. In addition, strong
internal controls are designed to protect employees from inappropriate charges of
mishandling funds by defining employee responsibilities in the cash handling process. Cash is
considered to include coin, currency, checks, money orders, and credit card transactions.
Audits - In conjunction with maintaining financial records, the Department is responsible for
the preparation for and coordination of the annual external financial audits for the Town of
Westlake, Westlake Academy and Westlake Academy Foundation.
Fraud - The Town of Westlake is committed to protecting its revenue, property, information
and other assets from any attempt, either by members of the public, contractors, agents,
intermediaries or its own employees, to gain by deceit, financial or other benefits. It is
Westlake’ s intent to fully investigate any suspected acts of fraud, misappropriation or other
similar irregularity.
Accounts Payable - The Accounts Payable section of the Finance Department is responsible
for reviewing all invoices for making payments of all legally incurred and property authorized
obligations. Payments will be issued in a manner to maintain the credit worthiness of the Town
of Westlake and Westlake Academy and to take advantage of all available discounts.

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