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Long -Term Financial Plan <br />Page Six <br />3. Prepare monthly financial reports, the annual <br />financial statements, and assist auditors in the <br />conduct of their annual audit of City financial <br />records <br />4. Invest temporarily idle City funds to maximize <br />return on available resources <br />5. Manage the City's insurance programs and evaluate <br />and recommend modifications to ensure maximum <br />protection at minimum cost <br />6. Oversee debt management program of the City <br />7. Oversee the City's general purchasing program <br />In recent years external factors have caused a <br />reprioritizaLion of the duties and <br />responsibilities of the Finance Department. <br />Economic considerations, i.e. the economy and <br />State's "fiscal crisis", have brought about an <br />increasing emphasis upon financial reporting. <br />New, generally -accepted accounting standards <br />and reporting requirements mandated by the State <br />of Minnesota, have and will continue to promote <br />greater disclosure and understanding of City <br />finances by bond rating services, State and <br />Federal agencies, the general public, and other <br />readers of City financial statements. Economic <br />conditions have precipitated reductions in the <br />amounts of Federal and State Aids to cities. <br />Those reductions have challenged cities to <br />maintain levels of service to their citizens with <br />reduced revenues. The City has met this <br />challenge through improved financial planning. <br />The annual budget has been substantially improved <br />in recent years as a result of greater involve- <br />ment and participation by staff and Council. In <br />1988 the Government Finance Officer's Association <br />of the United States and Canada awarded it's <br />Distinguished Budget Presentation Award to the <br />City for the 1988 Budget book. As a consequence, <br />the City has been able to continue to provide <br />neede public services to its residents with only <br />modest increases in property tax rates and <br />develop cash flow and contingency reserves needed <br />to maintain its financial integrity. In order to <br />maintain its ability to provide needed public <br />service to its residents, the City needs to <br />maintain the present level of financial planning <br />and to expand long range planning efforts begun <br />with the water and Sewer System Maintenance and <br />Capital Improvement Program. That type of <br />planning should be undertaken for acquisition/ <br />replacement and maintenance of all land, <br />buildings and equipment. <br />