Page 166 - Colleyville FY21 Budget

Finance Department

FY 2021 Department Business Plan

Department Description

The Finance Department services housed in the Utility Fund provide financial support and
utility billing operations. In the area of financial support, staff provides financial
reporting, payroll processing, debt payment and reconciliation, treasury management,
general ledger maintenance, coordination of the external audit, accounts payable,
employee expense report processing, monthly reports to the City Council, policy and
procedure development, and maintenance and preparation of the annual financial report.

Utility billing services include setting up new accounts, processing bills and payments for
approximately 10,500 accounts, responding to service orders in a timely manner, and
providing customer assistance and information regarding utility billing accounts.

Core Services

To successfully accomplish the duties of the office, Finance is responsible for the following
core services:

1. Provide accurate, reliable reporting of financial data
2.4- Demonstrate stewardship of public resources

Finance oversees the recording of all financial information into the city’s accounting
software. This is done in accordance with
Generally Accepted Accounting Principles to
increase reliability on financial reporting, as well
as rules set by the Governmental Accounting
Standards Board.

2. Manage the city’s annual budget process
2.4- Demonstrate stewardship of public resources

The finance department is responsible for coordinating and managing the annual budget
process, including multi-year forecasting and capital improvement planning. This process is
set up to ensure the city does not spend or obligate more than its annual financial resources
can cover, and it results in a legally adopted budget by the end of September each year.

3. Ensu re all purchases made a re i n accordan ce wi th th e ci ty’s purchasing policy
2.4- Demonstrate stewardship of public resources

Purchases must follow the city’s purchasing policy which was written according to
applicable laws and regulations. All purchases are approved electronically in the Munis
financial software. 164