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1985 LONG-TERM FINANCIAL PLAN <br />Page Five <br />B. Finance - The Finance Department, headed by the Finance <br />Director, who also serves as Treasurer, coordinates the <br />financial actuvlties 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 />budyui whir ciuzc involvement and input from <br />department heads <br />2. Perform a'_1 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 and control payroll <br />d) utility billing preparation and collection <br />3. Prepare monthly financial reports, the annual <br />financial statement, and assist auditors in the <br />condi.ct of their annual audit of city financial <br />records <br />4. 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 management program of the City <br />7, rX ersee the city's general purchasing program <br />In recent years external factors have caused a repriorization o: <br />the duties anc responsibilities of the Finance Department. <br />E.or.cmic considerations, i.e., the economy and the State's <br />"fiscal :risis", have Drought about an increasing emphasis upon <br />financial repotting. New generally accepted accounting standards <br />and reporting requirements mandated by the state of Minnesota <br />have and will continue to promote greater disclosure and under- <br />standing of City finances by bond rating services, State and <br />Federal agencies, the general public, and 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 />Seivices 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 needed public services to its residents with only modest <br />increases in property tax rates and to develop cash flow and <br />