Page 154 - CityofMansfieldFY23Budget

Objectives
1. Ensure open communication with all bod rating agencies and financial markets.
2. Comply with all bond covenants.
3. Meet the 25% fund balance requirement.
4. Attain excellent bond ratings from all three major bond rating agencies.

Actual Actual Budget Budget
Performance Measures 2019-2020 2020-2021 2021-2022 2022-2023
General Fund unassigned fund balance as a percentage of next year's 31% 35% 35% 35%
budgeted expenditures
Maintain bond covenant that includes a 1.3 Utility debt coverage factor annually 3.64 3.82 3.67 3.17
Maintain bond covenant that includes a 1.3 Drainage debt coverage factor annually 2.71 2.17 2.79 2.36
Preserve or improve the bond ratings from all three major bond rating agencies 100% 100% 100% 100%

N O R T H
Goal #3 ● ● ●
Ensure adequate and appropriate financial controls in place.

Objectives
1. Safeguard assets from unauthorized loss or dispositions.
2. Ensure payments and purchase card transactions are processed in
accordance with financial policy.
3. Reconcile all bank accounts to the City's financial records.

Actual Actual Budget Budget
Performance Measures 2019-2020 2020-2021 2021-2022 2022-2023
Purchase cards processed for payment (monthly) 180 185 190 190
Bank accounts reconciled within 30 days 100% 100% 100% 100%
Investment policy is reviewed, updated, and approved annually 100% 100% 100% 100%

Finance & Accounting Actual Actual Budget Budget % Change
Summary 2019-2020 2020-2021 2021-2022 2022-2023 2022-2023
Personnel Services $ 911,499 $ 509,662 $ 801,125 $ 842,611 5.18%
Operations 124,149 174,678 226,697 553,278 144.06%
Total $ 1,035,648 $ 684,340 $ 1,027,822 $ 1,395,889 35.81%

Finance & Accounting 2020-2021 2021-2022 2022-2023 2022-2023
Full Time Equivalent Positions Budget Budget Budget Change
Chief Financial Officer* - 1 1
Assistant Finance Director 1 1 1
Grant Specialist 0 0 1 1
Chief Accountant 1 1 1
Accountant II 1 1 1
Accounts Payable Clerk 1 1 0 -1
Total 4 5 5 0
* The CFO was previously included in the City Manager's budget.

Contact: Bryan Rebel, 817-276-4296

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