The Finance Department is responsible for the collection, investment, and disbursement of all city funds, preparing the annual budget and audit, processing the city’s payroll, managing Utility Billing, overseeing the city’s risk management program, monitoring city purchases, and administering the city’s depository agreements and transactions.
Other duties of the department include processing accounts payable transactions for all city programs; publishing the city’s monthly, quarterly and annual financial statements; administering the city’s cash management and investment program; coordinating the capital improvement program; invoicing miscellaneous receivables; and maintaining records of the city’s fixed assets.
Funds & Programs
The General Fund is the most important of the funds and is used to account for all resources not required to be accounted for in another fund and not otherwise devoted to specific activities. Most of the financial transactions for the city are reported in this fund. Only one General Fund exists and it finances operations of all basic city services such as Police, Public Works, Parks and Recreation, and Community and Planning / Development / Zoning. Administrative services provided by the city are classified according to activity and presented as operating departments in the budget.
Special Revenue Funds
These funds account for the accumulations and disbursement of legally restricted revenues for the specific purpose, or revenues that need to be accounted for separately. The City's Special Revenue Funds include the Hotel Occupancy Tax, Police Department Special Fund, Parks & Recreation Special Fund, Municipal Court Special Technology Fund, and the Municipal Court Building Security Fund.
Treasury & Debt Service Administration
This program is responsible for the investment of city funds and administration of banking transactions and for administering the legal and fiduciary responsibilities of the city for the timely payment of principal and interest on the city’s outstanding bond obligations, as well as ongoing bond disclosure reporting. The current level of service will be maintained by ensuring that allocation of financial resources for the timely payment of debt service is a first priority of revenue available to a fund with bonded indebtedness.
Debt Service Funds
This fund type is employed to account for resources used to service the principal and interest on long-term debt such as general obligation bonds, revenue bonds, certificates of obligation, tax notes, and tax-exempt leases classified as debt. These are the sinking funds used to account for the accumulation of funds for principal and interest payments on the city’s bonded indebtedness. They are bound by bond covenants and there is little flexibility in revising the revenue or expenditures scheduled for next year.
During the 2015 Legislation, HB 1378 requires every city to annually report various figures related to the city's amount of debt. This report is found in the annual budget report.
Revenue Collection Services
This program provides customer support, administration and revenue collection for utility bills.
This program provides for oversight of the services contract for maintenance, training, and new development of the city’s computer systems. This program provides for the budgeting, purchasing, installation, maintenance, training, new technology project review, and development of the city’ computer systems. Information Technology provides for operation and maintenance of the city’s computer system that runs the city’s financial, building permits, water and wastewater billing, and other major staff support systems.
This program is responsible for providing non-health related insurance coverage for city-owned property, excess liability coverage, and excess worker’s compensation coverages.