Laserfiche WebLink
r" <br />1987 LONG TERM FINANCIAL PLAN <br />Page Five <br />D. Finance - The Finance Department, headed by the Finance <br />Director, who also serves as 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 />budget with close involvement and input from <br />department heads and Clerk -Administrator <br />2. 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 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 />conduct 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 <br />at minimum cost <br />G. 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 repriorization of <br />the duties and responsibilities of the Finance Department. <br />Economic considerations, i.e., the economy and the State's <br />"fiscal crisis", have brought about an increasing emphasis upon <br />financial reporting. 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 <br />understanding 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 <br />reductions 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 />