Agenda Packets - 1986/10/27 - Laserfiche WebLink

Home Browse Search

1986 LONG TERN FINANCIAL PLAN Page Five �- 7. Oversee the City's general purchasing program In recent years external factors have caused a repriorization of the duties and responsibilities of the Finance Department. Economic considerations, i.e., the economy and the State's "fiscal crisis", have brought about ar. increasing emphasis upon financial reporting. New generally acceptsd 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. Economic conditions have Drecipitated re- ductions in the amounts of Federal and State Aids to cities. Those reductions have challenged ^ ties to maintain levels of services to their citizens with reduced revenues. The City has met this challenge through improved financial planning. The annual budget has been substantially improved in recent years as a result of greater involvement and participation by Staff and Council. As a consequence the City has been able to continue to provide needed public services to its residents with only modest increases in property tax rates and develop cash flow and contingency reserves needed to maintain its financial integrity. In order to maintain its ability to provide needed public services to its residents the City needs to maintain the present level of financial planning and to expand long range planning efforts begun with the Water and Sewer System Maintenance and Capital Improvement Program. That type of planning should be undertaken for acquisition/replacement and maintenance of all land, buildings and equipment. In January of 1986, the Council approved the purchase of an in-house computer system. Anticipated installation and implementation of the system wil! be the summer of 1986. This new system, when fully implemented, will enhance the financial reporting capabilities of the department. One of the goals of. the Department is to maintain and/or improve the City's bond rating. To achieve this, several objectives have been established that were approved during a 1985 Council Goal Setting Session. These objectives are outlined in the following paragraphs. The first objective is the implementation of a fixed asset accounting system. Such a system will enable the City to properly inventory and account for its investment in equipment, vehicles, and buildings and structures. Staff will be working to inventory existing items. After the inventory is completed it will be entered onto the new fixed asset accounting system which will he part of the new computer system. A second objective is to obtain a Certificate of Achievement for Excellence in Financial Reporting for the City from the Government Finance Officers Association of the United States and