Page 55 - Haltom City FY20 Approved Budget

City of Haltom City Annual Budget, FY 2020
General Fund

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 FY2019

 Awarded the Government Finance Officers Association (GFOA) “Distinguished Budget
Presentation Award” for the high standard and level of the annual budget document
 Awarded the Government Finance Officers Association (GFOA) “Certificate of
Achievement for Excellence in Financial Reporting” for the high standard and level of
financial reporting
 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
 Received an unmodified (clean) opinion on the Comprehensive Annual Financial Report
(CAFR)
 Updated the financial policies and procedures
 Reduced Accounts Receivable staff by combining duties with Utility Billing Cashier

Objectives of FY2020

 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.
 Create new procedure guides for each position.
 Produce timely financial reports.
 Refinance Refunding bonds at lower interest.
 Work with Financial Advisor on future debt capacity for new City buildings.

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