Page 148 - Mansfieldr FY20 Approved Budget

FINANCE DEPARTMENT

MISSION STATEMENT:

The mission of the Finance Department is to administer, support and guide the financial programs of the
City in an effective manner that allows for creation and development of the annual service programs and
budgets, monthly reports, annual reports and creditable bond ratings.

Department at a Glance

The Finance Department includes one Deputy City Manager, the Assistant Business Services Director and
one Financial Analyst. The Finance Department budget increased 5.32% in FY 2019-2020 due to a merit
increase and market adjustments.

Key Goals and Objectives
Goal 1
Maintain strict financial accountability.

Objectives:
• Administer the recording and reporting of all financial transactions.
• Work closely with auditors and oversee the annual audit process ensuring all financial statements
and policies are a true and accurate picture of the City’s finances.
• Maintain strict compliance with Generally Accepted Accounting Principles.

Goal 2
Maintain strong financial control and budget compliance.

Objectives:
• Review and report to the City Council and City Manager the status of financial activity on a
monthly basis.
• Provide strict control over expenditures and all accounting transactions to ensure proper
authorization prior to the encumbrance and/or purchase of goods and services.
• Maintain auditable records in accordance with generally accepted auditing standards.
• Implement new technology improvements to provide accurate and timely financial data.

Goal 3
Maintain financial credibility with the investment community necessary to ensure the availability of
future capital spending.

Objectives:
• Maintain a Bond Covenant that includes a 1.30 Utility Debt Coverage factor annually.
• Search for ways to improve the revenue position and reduce funding costs.
• Ensure open communication with all bond rating agencies and financial markets.

Performance Objectives
• Enhance the bond rating of the City in all funds.
• Review and revise the City’s rate structure as needed.
• Publish annual and semi-annual reports.
• Maintain strong financial management in all funds.

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