Page 146 - City of Mansfield FY22 Operarting Budget

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.

Services Provided
• Management of all City funds, to include operational, enterprise, special revenue, capital, and
debt service funds.
• Coordinate and facilitate the development of the long-term Strategic Plan.
• Provide sound financial advice to City Council, management, and City staff.
• Publish annual and semi-annual reports.

Accomplishments in FY 2020-2021
• Presented a balanced budget that included a tax decrease and homestead exemption, new service
programs, and a cost-of-living adjustment for employees.
• Received bond rating upgrades for Drainage Revenue and the Water/Sewer fund.
• Received recognition for the 35 year in a row for the Budget Document and Annual Financial
th
Report.
• Improved the General Fund fund balance to over $21M.

FY 2021-2022 Goals and Objectives

1. Maintain strict financial accountability.
• 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.

2. Maintain strong financial control and budget compliance.
• Review and report monthly to the City Council and City Manager the status of financial activity.
• 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.

3. Maintain financial credibility with the investment community necessary to ensure the availability of
future capital spending.
• Maintain a Bond Covenant that includes a 1.30 Utility Debt Coverage factor annually.
• Search for ways to improve the revenue position and reduce future costs.
• Ensure open communication with all bond rating agencies and financial markets.

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