Page 79 - City of Fort Worth Budget Book

General Fund Financial Management Services

The Accounting & Financial Reporting Division maintains the general ledger, performs grant accounting and
administration, and records and tracks the city’s capital assets in an accounting system conforming to city charter
requirements and municipal accounting principles. This team also completes bank and balance sheet account
reconciliations in addition to performing fund-level reviews to ensure the accuracy of entries made to general
ledger accounts. This team manages the traditional period-end close processes and oversees interfaces from
external systems into the general ledger. The Financial Reporting area of this division prepares all financial
publications including the city's Comprehensive Annual Financial Report (Annual Report) and coordinates the
annual external audit by an independent audit firm as required by the city’s charter within the Department of
Financial Management Services and throughout the city. This division also assists with general ledger
maintenance and completes complex entries to ensure compliance with modified accrual and accrual level
account requirements as promulgated by the Governmental Accounting Standards Board (GASB).
The Financial Systems Management Division is responsible for the ongoing support of the financial management
software systems. This team oversees the configuration and application of software to the day-to-day business
operations while the city’s Information Technology Department provides the network and infrastructure for which
these systems are delivered to users. This team assists in driving efficiency in business processes by applying
technology solutions across the department.

The Central Purchasing Division purchases goods and services for all city departments, assist with the disposal of
obsolete or surplus materials/equipment, manages the city’s Purchase Card Program, manages the city’s vendor
relationships, and oversees the city-wide mail operations.

The Treasury Division is responsible for effectively and efficiently managing the City’s cash and investment
portfolios, seeking the highest return possible while complying with Texas Public Funds Investment Act and
applicable law. In addition, the Treasury Division is responsible for administration of the City’s large and complex
debt portfolio, executing vendor and payroll disbursements, and the billing and collection of a variety of city-wide
revenue sources.

FY2024 Discussion AND SIGNIFICANT CHANGES
The Recommended Budget:

• Increases by $176,242 and one one authorized position (AP) in salary and benefits related in retaining a
mission critical Sr. Purchasing Manager
• Increases by $146,060 and one AP in salary and benefits associated with addition of Financial Reporting
Coordinator (FRC) in FMS

• Increases by $135,228 and one AP in salary and benefits related associated with Sr. Management
Analyst to provide analytical support to the Debt Manager
• Increases by $100,694 and one AP in salary and benefits associated with addition of a second buyer
position on the dedicated Water team to provide true procurement support. The cost is offset by transfer
from Water Department

• Increases by $660,390 in salary and benefits for previously approved costs associated with pay for
performance, rising health care costs and pension contributions
• Increases by $175,270 in salary and benefits related to equity adjustment for Sr. Accountants in FMS to
offer a more market competitive salary to recruit & retain highly skilled and qualified staff
• Decreases by ($97,120) in General Operating & Maintenance for previously approved costs associated
with risk management and IT solutions allocation costs
• Increases by $65,646 in salary and benefits related to reclassification of Sr. Accountants to Sr. Financial
Analysts in the Financial Reporting Department

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