Page 55 - CityofKennedaleFY25AdoptedBudget
P. 55

DEPARTMENT OUTLINE: FINANCE

               We have three main objectives: provide timely and materially correct financial reports,
               safeguard the financial assets of the City, and ensure those who conduct business with the City
               are paid in a timely manner.



                                        PRIOR YEAR RESULTS & ACCOMPLISHMENTS

                  Started a program to send Automated Clearing House (ACH) payments directly from the
                   City’s operating account. This reduced the number of necessary logins, reduced operating
                   expenses, and increased the speed vendors receive payments.
                  All payment requests and journal entries were scanned within 30 days of final approval
                  All active financial policies were reviewed and presented to Council
                  Revived our Government Finance Officers Association (GFOA) award submission program
                   This was a first for all full-time Department staff.
                  Offsite storage reduction was placed on hold due to a much higher than anticipated quote
                   to close our relationship with the facility. That item is budgeted in FY25.

                                                SHORT-TERM (FY25) GOALS

                  Increase payments made by ACH to 15% of payments initiated through the City’s operating
                   account
                  Remove all boxes from our offsite storage facility. Scan all documents within the retention
                   period provided by the Texas State Records Retention Schedule
                  Earn the Certificate of Achievement for Excellence in Financial Reporting, and the
                   Distinguished Budget Presentation Award. Both are issued by the GFOA

                                                    FUTURE INITIATIVES

                  Establish a system allowing for payment requests to be reviewed and approved
                   electronically
                  Continue to work with our investment partners to minimize the impact of inflation on our
                   capital project costs
                  Increase revenue through grant funded projects

                                                 PERFORMANCE MEASURES
                       Measure              Type        FY23 Actual  FY24 Target  FY24 Projected  FY25 Target
                Total Vendor Payments  Output              1,508       1,600         1,582         1,600
                ACH Payments (%)      Efficiency           0%           15%          12%            15%
                Financial Policies Reviewed  Output         1            9            9              9
                Boxes In Offsite Storage  Efficiency       190           0           190             0
                GFOA Award - Budget   Effectiveness    No Submission  Awarded       Denied        Awarded
                GFOA Award - ACFR     Effectiveness    No Submission  Awarded       Awarded       Awarded
                Bond Rating (S&P Global)  Effectiveness    AA-          AA-          AA-            AA-






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