Page 126 - FY 24 Budget Forecast at Adoption.xlsx

FINANCE & ACCOUNTING DEPARTMENT

The Finance and Accounting Department is responsible for management of the City's financial assets and seeks to demonstrate
fiscal discipline thru budgeting conservatively, following financial best practices from GASB and GFOA, and providing timely
reports, including the annual audit. The Administration Division of the Finance & Accounting department is responsible for
purchasing, accounting, payroll, accounts receivable, accounts payable, cash and investment management, capital financing,
and customer service (utility billing) activities. The Tax Division of the Finance & Accounting Department is responsible for the
assessment and collection of property and other special assessment taxes for the City.

DEPARTMENT GOALS:
1. Safeguard the City's assets by developing and/or complying with financial, investment and other related policies and
procedures, and proper and timely recording of accounting transactions.
2. Ensure the City's financial accountability and responsible use of resources.
3. Maintain effective cash and investment management in order to realize a competitive rate of return, while protecting the City's
safety of principal, in accordance with the City's Investment Policy and procedures.
4. Provide for the efficient and timely procurement of supplies, materials, equipment, and services for all City operations by
working closely with vendors and other governmental entities to ensure that both the proper quantity and quality of materials and
services are available.
5. Continue to strengthen internal control procedures by maintaining and updating formal financial management policies.
6. Provide timely and efficient assistance and information to citizens and City staff as requested.

DEPARTMENT OBJECTIVES:
1. Complete reporting requirements to continue receiving the "Certificate of Achievement for Excellence in Financial Reporting"
from the Government Finance Officers Association for the Annual Comprehensive Financial Report for the 35th consecutive year
(FY1989 – FY2023).
2. Complete reporting requirements to continue to receive the "Distinguished Budget Presentation Award" from the Government
Finance Officers Association for the annual budget document for the 28th consecutive year (FY1996 – FY2024).
3. Maintain or strengthen the financial status of the City with outside sources, e.g. rating agencies, investors, and other
governmental agencies by providing accurate and timely financial information.
4. Continue applying for Transparency Stars from the State Comptroller’s office.
5. Continue collection and assessing contract with Tarrant County.
6. Ensure timely assessment and collection of the City's property taxes by working closely with the Tarrant Appraisal District and
generating timely and accurate tax statements.
7. Support other City departments by providing property ownership information.
8. Ensure that all real and personal property located in the Keller TIRZ#2 which is properly recorded by the Tarrant Appraisal
District.

SERVICE LEVEL ANALYSIS:
FY 2023-24
FY 2021-22 FY 2022-23 FY 2022-23
Actual Budget YE Proj. Adopted
SERVICES PROVIDED Budget
Accounting Activities:
Accounts payable checks processed 6,663 5,500 6,131 6,500
Invoice Payments Processed 9,525 8,000 8,850 8,500
Journal entries processed 3,014 3,500 2,752 3,500
Payroll checks processed 8,646 11,000 9,273 10,000
Employee W-2's issued 499 550 499 550
Purchasing Activities:
Total Purchase Orders Processed 318 450 450 500
Total Bids 26 25 25 25
Budgeting Activities:
Number of budget amendments 1 2 2 2
Investing/Banking Activities:
Number of Quarterly Investment Reports 4 4 4 4

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