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APPROVED BUDGET FISCAL YEAR 2022-2023

CITY OF HURST
110 GENERAL FUND ADMINISTRATION 0323 FINANCE

MISSION STATEMENT

The City of Hurst implements plans that provide funds to maximize the quality of services while
balancing revenue sources with cost of maintenance, operations, and debt.

DIVISION DESCRIPTION

The Finance Division is responsible for the administration of the City’s financial affairs in
accordance with federal and state laws, local ordinances, and generally accepted accounting
principles (GAAP). The Finance Division manages various activities through our Enterprise
Resource Planning software, including accounting, procurement, accounts payable/receivable,
capital projects and fixed assets. Finance also manages the City’s cash and investment portfolio,
debt issuance and debt service activities, and internal and external audit activities. In
collaboration with the Citizens, the City Council and all City Departments, Finance prepares the
City’s Annual Operating Budget.

PRIOR YEAR RESULTS & ACCOMPLISHMENTS

✓ Staff participated in various employee and organizational leadership development
activities.
✓ Staff earned continuing professional education (CPE) hours to maintain their
certifications.
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✓ Received GFOA’s Distinguished Budget Presentation Award (34 consecutive year).
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✓ Received GFOA’s Certificate of Achievement for Excellence in Financial Reporting (48
year).
✓ Maintained our credit rating with both Moody’s (Aa2) and S&P (AA).
✓ Received an unqualified (positive) audit opinion.
✓ Fully funded our Actuarially Determined Contribution (ADC) for retiree health care.
✓ Updated our multi-year plans to identify future funding needs.
✓ Received $36,000 in rebates through the Chase Bank procurement card program.
✓ Maintained operating efficiencies through our ongoing tax collection contract with
Tarrant County.
✓ Hired a consultant who performed an annual data analysis of Accounts Payable and
Payroll activity.
✓ Assisted with the issuance of $1.975 million in debt for future streets/drainage projects.
✓ Assisted with the purchase of two properties in South Hurst for future redevelopment.

FUTURE INITIATIVES

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