Page 197 - City of Bedford FY20 Approved Budget

City of Bedford
Program Summary
FY 2019-2020

Fund: General
Department: Administrative Services Division: Finance

PROGRAM DESCRIPTION

The Finance Division strives to be the standard of excellence in the development and implementation of innovative programs and
processes. The Finance Division is responsible for the oversight and management of the City's assets. Moreover, Finance is primarily
responsible for ensuring proper stewardship of the City's financial resources by properly classifying and accounting for every dollar the
City collects and spends. The areas of responsibility that fall under the Finance Department include: utility payments and billing,
accounting, municipal court, accounts payable, payroll, ambulance billing, accounts receivable, revenue monitoring, cash and
investment management, purchasing, financial reporting, banking, debt management, and capital financing. In addition, this Division is
responsible for coordinating the annual audit process and preparing the Comprehensive Annual Financial Report (CAFR), as well as
coordinating the City-wide Purchase Card program and accurately reporting financial statement information. The citizens of Bedford
can rely on Finance to accurately disclose how the City effectively manages its financial assets.

FY 2018-2019 HIGHLIGHTS

∗ The Government Finance Officers Association (GFOA) awarded the 23nd consecutive year Certificate of Achievement for Excellence
in Financial Reporting to the City of Bedford for its Comprehensive Annual Financial Report (CAFR) for fiscal year ended September
30, 2017. The Certificate of Achievement is a prestigious national award that recognizes conformance with the highest standards for
preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement a government unit
must publish an easily readable and efficiently organized CAFR with contents that conform to program standards. In addition, an
award winning CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
∗ The Finance Division designed and implemented an interactive long-range planning model worksheet which is now part of the
Budget process. The purpose is to assist the City of Bedford in establishing priorities and to better serve the needs of its
constituency based on past, present, and future revenues and expenses enabling strategic adjustments when necessary.
∗ The Finance Division has maintained its 'AA' long-term bond rating for the City's general obligation (GO) bonds and its public
property finance contractual obligations, which categorizes the City as having a stable outlook.

FY 2019-2020 DIVISIONAL GOALS
(AS RELATED TO COUNCIL STRATEGIC FOCUS AREAS)

Organizational Excellence
∗ Adhere to policies and changes in legislative statutes governing all aspects of financial accounting.
∗ Maximize the highest yield on investments while maintaining safety and liquidity of public funds and minimizing risk.
∗ Monitor market conditions and determine feasibility of potential debt refunding opportunities.
∗ The Finance department is accountable and strives to grow and learn from our experiences. The department is held to the
highest standards of moral and ethical conduct as faithful stewards of the public resources.
∗ Promote the highest ethical standards in presenting financial information fairly and free of material misstatements.

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