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14 V. Long Term Financial Management <br />2014 Annual Report · Public Works Department · St. Anthony Village, Minnesota <br />V. Long Term Financial ManagementV. Long Term Financial Management <br />COMPREHENSIVE REVIEW OF 2015-2031 CAPITAL FUNDS <br />With the participation of all City departments and WSB as City Engineer, the Finance Department <br />championed an eff ort to document all equipment used by each department, the estimated useful life of that <br />equipment, and the subsequent timeline and estimated replacement cost of that equipment. An update of <br />a facilities needs assessment was performed by the original contractor (Sebesta Inc.) to prioritize needs at <br />each of the Cities facilities. <br />Overall six capital funds were analyzed and each funds unique sources and uses were defi ned. As <br />each fund has its own purpose, it therefore has its own “bucket“ of functions, revenues, needs <br />and timelines. These documents provides a clear picture of each fund’s short-term and long- <br />term capital needs and serves as the planning tool to ensure that all departments are equipped <br />properly to deliver a high level service to St. Anthony residents. <br />Going forward the information contained in these documents will be used by Department <br />Heads as a desk to guide in the management, maintenance and replacement priorities <br />of their physical operating assets. It is envisioned that information provided by these <br />products will become the bedrock for capital funds sustainability. <br />FIXED ASSET PROGRAM <br />The accounting system conversion from ACS to Caselle Civic allowed for the ability to more effi ciently manage and report <br />its fi xed asset information for the Comprehensive Annual Financial Report (CAFR). The software provides the fl exibility to <br />report the information in such manner that makes review and reporting the information as swift as possible for the City’s <br />auditors, and thus minimizing the burden on City staff to produce redundant supporting spreadsheets and reconciliations. <br />MIEXCEL <br />The accounting system conversion from ACS to Caselle Civic included a feature to pull data directly into Microsoft Excel, <br />bypassing the need to run a report and either modify the structure and formatting or manually re-keying the information in <br />order to meet internal or external reporting needs. <br />As an initial application of this feature, the Finance Department began using this feature to compile the internal, monthly <br />Profi t & Loss Statement for the City’s Liquor Operation. The look and feel of the report is identical to the previous manual <br />process, but the staff time needed to produce the report went from approximately 30-45 minutes to as little as 15 minutes. <br />formation as swift as posssssssiiible for the Citys <br />uuuppppppporororororoorrrtitttitittiitiinngggnnnnnn ssprpreaeaeaeaadsdsssdssdsdsdddsdshehhehhhhehehehehhetttettttetttetsss sssssss aaaaaannnnannnaddd d rerererecocococccocooooooooooncncncnncncncncnnccccncccnccncnciliaaatttitititittttiititttttonononnnonnnnnnononnnns.sssssssssssss.s