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1985 LONG -TERN FINANCIAL PLAN <br />Page rive <br />B. Finance - The Finance Department, headed by the Finance <br />D rector, who also serves es Treasurer, coordinates the <br />financial activities of the City. Currently departmental <br />activities include the following: <br />1. oversee the financial planning activities of the City. <br />a. Coordinate the preparation of the Long -Term <br />Financial Plan <br />b. Direct and coordinate preparation of the annual <br />budyet with close involvement and inyut from <br />department heads <br />p. Perform all City accounting and financial reporting <br />activities <br />a) Prepare and control accounts payable <br />b) Receive and manage all municipal revenues <br />c) Prepare anu c"^'r^I nay roll <br />d) Utili'y billing preparation and collection <br />3. Prepare monthly financial reports, the annual <br />financial statement, and assist auditors in the <br />conduct of their annual audit of City financial <br />records <br />1. Invest temporarily idle City funds to maximize return <br />on available resources <br />5. Manage the City's insurance programs and evaluate and <br />recommend modifications to ensure maximum protection at <br />minimum cost <br />6. Oversee debt ma.iagement program of the City <br />7. oversee the City's general purchasing program <br />In recent years extecnal factors have caused a rep_iorization of <br />the duties aad responsibilities of the Finance Dspari.r.wnt. <br />econosic cons ideratioiis, 1.9., the economy and the 3tate's <br />'fiscal crisis', have br,)ught about an increasing emphasis upon <br />finan,:ral reporting. New generally accepted accounting standards <br />and reporting requirements mandated by the State 3f Minnesota <br />have and will continue to promote greater disclosure and under- <br />standing of City finances by twnd rating services, State and <br />Federal agencies, the general public, aad other readers of City <br />financial statements. Economic conditions have precipitated re- <br />ductions in the amounts of Federal and State Aids to cities. <br />Those reductions have challenged cities to maintain levels of <br />services to their citizens with reduced revenues. The City has <br />met this challenge through improved financial planning. The <br />annual budget has been substantially improved in recent years as <br />a result of greater involvement and participation by staff and <br />Council. As a consequence the City has been able to continue to <br />provide eyservices <br />tits <br />residents <br />with <br />only modest <br />increases in proprtYaxratesandtodevelopcashflowand <br />