Page 144 - Manfield FY21 Budget
P. 144

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/Chief Financial  Officer (CFO) and  the
               Assistant Finance Director. The CFO’s salary is funded in the City Administration Department budget.
               The Finance Department budget decreased 65.83% in FY 2020-2021 due to personnel redistribution.

               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.
                   •  Demonstrate strong financial management in all funds.


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