Agenda Packets - 1995/06/05 - Laserfiche WebLink

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