Page 177 - FY 2023-24 ADOPTED BUDGET

DIVISION SUMMARY FY 2023-24 BUDGET

Function Department Division Account
STAFF SERVICES FINANCE FINANCE 01-21-01

DIVISION DESCRIPTION:
The Finance Department, under the direction of the Finance Director, is responsible for the financial management of the City. Financial management involves
the administration of bonded debt, preparation of the Comprehensive Annual Financial Report (CAFR), and monthly monitoring of all City funds. The Finance
Director is also responsible for billing and collecting all amounts due to the City. These funds include: delinquent taxes, street assessments, and various other
receivables. The Finance Director also serves as the Budget Director, Purchasing Agent, and Risk Manager.

DIVISION GOALS:
• To prepare the Comprehensive Annual Financial Report by February 1.
• To collect 100 % of all receivables.
• To provide accurate and up-to-date financial information.

• To process cash disbursements and revenue collection reports on a daily basis.

DIVISION OBJECTIVES:
• To monitor expenditures of all Activities supervised and remain within + or - 5% of each Activity's budget allocation.
• To prepare the Comprehensive Financial Report and Approved by City Council by March 31.

• To provide accurate and up-to-date financial information by the twelfth working day of each month.
• To insure that all vouchers are processed and mailed by the tenth day of each month.

DIVISION MEASUREMENTS: ACTUAL ACTUAL ESTIMATED PROJECTED
2020-21 2021-22 2022-23 2023-24
Percent of Budget Expended - Finance Department 94.2% 107.8% 99.0% 100.0%
Percent of Budget Expended - Finance and Non-Departmental 99.5% 99.5% 103.0% 100.0%
Date CAFR Presented to City Council 3/18/2021 3/3/2022 3/16/2023 3/21/2024
Number of Monthly Reports Ready by Fifth Working Day 12 12 12 12
Percentage of Vouchers Processed and Mailed by 10th of Month 100% 100% 100% 100%

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