Page 66 - Haltom City Budget FY21

CITY OF HALTOM CITY aNNUAL BUDGET, FY2021 GENERAL FUND

FINANCE

Mission Statement

The Finance Department is responsible for optimally managing the City’s resources through bud-
geting, 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 super-
vision and oversight of accounting, financial reporting, treasury and purchasing.

Accomplishments of FY2020

◊ 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.
◊ 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).
◊ Refinanced one bond at lower interest rate.
◊ Sourced new software company for Finance, Utility Billing, Human Resources and Payroll

Objectives of FY2021

 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.
 Produce timely financial reports.
 Refinance Refunding bonds at lower interest.
 Work with Financial Advisor on future debt capacity for new City buildings.
 Work with software company to be ready to “Go-live” with General Finance portion of
software by October 2021

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