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B. FINANCE <br />The Finance Department, headed by the Finance Director, who also serves as Treasurer, <br />coordinates the financial activities of the City. Currently, department activities include the <br />following: <br />1. Oversee the financial planning activities of the City. <br />a. Coordinate the preparation of the Long -Term Financial Plan. <br />b. Direct and coordinate preparation of the annual budget with close <br />involvement and input from the Department Heads and Clerk - <br />Administrator. <br />2. Perform all City accounting and financial reporting activities. <br />a) Prepare and control accounts payable. <br />b) Receive and manage all municipal revenues. <br />c) Prepare and control payroll. <br />d) Utility billing preparation and collection. <br />3. Prepare monthly financial reports, the annual financial statements, and assist <br />auditors in the conduct of their annual audit ofCity financial records. <br />4. Invest temporarily idle City funds to maximize return on available resources. <br />5. Manage the City's insurance programs and evaluate and recommend <br />modifications to ensure maximum protection at minimum cost. <br />6. Oversee the debt management program of the City. <br />7. Oversee the City's general purchasing program. <br />In recent years external factors have caused a reprioritization of the duties and <br />responsibilities of the Finance Department. Economic considerations, i.e., the economy <br />and State's "fiscal crisis", have brought about an increasing emphasis upon financial <br />reporting. New, generally -accepted accounting standards and reporting requirements <br />mandated by the State of Minnesota, have and will continue to promote greater disclosure <br />and understanding of City finances by bond rating services, State and Federal agencies, <br />the general public, and other readers of City financial statements. The City has met this <br />challenge by incorporating new reporting requirements into the City's Financial Reports <br />and by participating in the Certificate for Excellence in Financial Reporting Program of <br />the Government Finance Officers Association of the United States and Canada. <br />25 <br />