Page 107 - City of Colleyville FY22 Adopted Budget

Finance Department

FY 2022 Department Business Plan

Department Description

The Finance Department services housed in the General Fund provide financial
administration, accounting and purchasing services. 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.

The Finance department aligns with the strategic point to demonstrate stewardship of
public resources and provide responsive, efficient city services. Finance is committed
to increased transparency by continually improving ways to make information available to
employees as well as citizens to support the City’s vision, mission and values.

Core Services

To successfully accomplish the duties of the office, the department’s General Fund core
services are responsible for the following:

1. Provide accurate, reliable reporting of financial data
1.4- Communicate thoroughly and strategically
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
1.4- Communicate thoroughly and strategically

2.4- Demonstrate stewardship of public resources

3.4- Thoroughly plan for future capital investments and associated costs

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
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can cover, and it results in a legally adopted budget by the end of September each year.