Page 195 - City of Bedford FY21 Budget

City of Bedford
Program Summary
FY 2020-2021

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: financial reporting, banking, cash
and investment management, debt management, capital financing, accounting, purchasing, accounts payable, general and fire payrolls,
ambulance billing, accounts receivable, revenue monitoring, utility payments, billing, and municipal court.
In addition, this Division is responsible for coordinating the annual audit process and preparing the Comprehensive Annual Financial
Report (CAFR), as well as supporting schedules. Finance also manages the City-wide Purchase Card program and accurately reports
financial statement information. The citizens of Bedford can rely on Finance to accurately manage, disclose, and safeguard the City's
financial assets.

FY 2019-2020 HIGHLIGHTS

∗ The Government Finance Officers Association (GFOA) awarded the 22nd 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, 2018.
∗ The Finance Division further designed and implemented an interactive long-range planning model worksheet which is now part of
the Budget process.
∗ 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 2020-2021 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.
∗ Achieve the Certificate of Excellence in Financial Reporting Award for Fiscal Year 2018 from the Government Finance Officers
Association of the U.S. and Canada for the 22nd consecutive year.
∗ 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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