Page 176 - Hurst FY20 Approved Budget

CITY OF HURST

GENERAL FUND FISCAL SERVICES 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.
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 GFOA’s Distinguished Budget Presentation Award (31 consecutive year).
 GFOA’s Certificate of Achievement for Excellence in Financial Reporting (45 year).
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 Maintained credit rating with both Moody’s (Aa2) and S&P (AA).
 Received an unqualified (positive) audit opinion.
 Fully funded Actuarially Determined Contribution (ADC) for retiree health care.
 Updated multi-year plans estimating future funding and needs.
 Issued voter-approved General Obligation Debt for a new animal adoption and services
center; Issued Certificates of Obligation for street and drainage improvements.
 Chase Bank procurement program put $53,000 in rebates back into city coffers.
 The city’s tax collection contract with Tarrant County saves the city at least $50,000 per
year.
 Engaged a consultant to perform an annual data analysis of Accounts Payable and
Human Resources activity.

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