Page 211 - City of Bedford FY20 Approved Budget

City of Bedford
Program Summary
FY 2019-2020

Fund: Water & Sewer
Department: Administrative Services Division: Accounting

PROGRAM DESCRIPTION

The Accounting Division is a function of the Finance Division and is responsible for the oversight and management of the City's financial
assets. Accounting is responsible for managing the City's funds for operational expenses, as well as capital project financing and
monitoring of funds. Additionally, the Division coordinates the City-wide Purchase Card program and accurately reports financial
statement information. The Accounting Division schedules the semi-annual debt payments and agent fees towards the City's
outstanding debt. Lastly, this Division develops the necessary schedules for the annual audit process, coordinates with the auditors, and
prepares the Comprehensive Annual Financial Report. A Comprehensive Annual Financial Report (CAFR) is a set of U.S. government
financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the
accounting requirements promulgated by the Governmental Accounting Standards Board (GASB).

FY 2018-2019 HIGHLIGHTS

∗ The Accounting Division successfully transitioned through the annual audit process from an outside Audit Firm seamlessly without
any correcting audit adjustments.
∗ The Senior Accountant received their Certified Government Finance Officers (CGFO) certification.

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

Organizational Excellence
∗ Achieve the Certificate of Excellence in Financial Reporting Award from the Government Finance Officers Association of the U.S.
and Canada for the 23rd consecutive year.

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