Finance ProposalF*ina �e Budget
City Council Special Meeting
October 4, Zoi6
Presented byAde Ariwoola,
Finance Director
FINANCE
ACCOUNTING OPERATIONS
Chase Donnelly
Accounting Supervisor
■ Payroll
■ Accounts Payable
■ Purchasing
■ Cash Receipting
■ Accounts Receivable
■ Business License
■ Interoffice Mail
■ Utility Tax Rebate
Ade Ariwoola
Director
■ Department direction and administration
■ Interdepartmental Coordination
■ Debt Management
■ Budget Management
■ Financial Planning
ADMINISTRATION
Robyn Buck
Administrative A sst. TI
■ Support to Finance
Director/Office
■ FEDRAC
■ Business License
■ Utility Tax Rebate
FINANCIAL PLANNING:
■ General Accounting
■ Budget
■ Banking Services
■ Cash & Investment Management
■ Monthly Financial Report
■ Year -End Financial Reporting
■ Audit Coordination
■ Internal Controls
■ Financial Analysis
CASH & INVESTMENT
MANAGEMENT
■ Banking Services
■ Cash Management
■ Cash Investment
Accomplishments
Awards:
GFOA Award for Excellence in Financial
Reporting
GFOA Award for Distinguished Budget
Presentation
Received:
Unqualified audit opinion
Accomplishments continued
Implemented GASB Statement 68:
• New accounting standard for pension reporting.
Improvements:
• Improved communication and presentation of the City 's
financial information.
• Streamlined the Ciry's aoi7/i8 budget development
process.
2017/18 Goals and Objectives
Pay employees and vendors accurately and on time.
Submit the City's 2oi6 and aoi7 CAFR to the GFOA
Excellence in Financial Reporting award program.
Submit the City's 2017/18 Biennial Budget to the GFOA
Distinguished Budget Presentation award program.
r
2017/18 Goals and Objectives continued
Continue active participation on the SCORE Finance
Committee.
Continue active participation in M E BT.
Maintain Aa3 Bond rating by continuing to manage
the City's debt.
Continue monitoring for proper controls and
procedures to ensure unqualified audit opinion.
i
2017/18 Goals and Objectives continued
Provide timely and accurate financial information and
services to citizens, City Council, and city staff.
Ensure compliance with purchasing laws and
regulations.
Ensure proper internal control in City operations to
safeguard City resources.
Performance Measures
--pelDescription
2015
2016
2017
1018
Workload Measures-
• I umber of new business licenses issued. renewed
9 317
1.1,) �
1.1. - 6
800 5 6
Outcome Measures-
FOA OAFR Awards - of documents submitted.:
awarded
26 } 26
, - , -
28 Y 28
29 / 9
• FOA Budget Award - ir�r; of documents submitted.
awarded
+ (s-witched to bionrialbudget begiun g vAth 199- 199E
do cument)
16 } 16
17 i 17
17/17
Unqualified Audit Opinion— consecutive years
26
27
28
29
• Bond Rating per Mood 's
Aa3
Aa3
Aa3
Aa3
• Investment return_ total SIP and 6 month T-Bill
benchmarks
0.25% SIP &
0.49% T-Bill
0.49% SIP &
0.47% T-Bill
0.49° 4 SIP &
0.47% T-Bill
0.49° o SIP &
0.47% T-Bill
Of month Cash reconciled v�ithin 15 days of
receiving bank statement
12
12
12
12
Efficiency ie asures:
FTE Staffing: Finance.--City-Wide
8.0 .' 323.95
8.0 .' 333_20
S .: 336_20
81337_20
Average working days to compile M FR
3
3
3
3
Average number of weeks to issue aregular
business license
2-3 weeks
2-3 -;.-eels
2-3 weeks
2-3 ;�-eel:s
.i■ r 1 r
Position Inventor
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Highlights/Changes
Operating Budget
Increase of 2% from 2oi6
2017 - $959,591
2o18 - $971,822
Salaries and Wages
Increase of $7,848
Step increases
Salary adjustments
Benefits
Increase of slo, 632,
Salaries increasing
percentage driven benefits
Health insurance premium
increase
BUD ,ET
Revenue and Expenditure Summary
Code
Item
2014 2015
Actual I Actual
2016
I------------ 7---------
I Adopted I Adjusted Projected
2017
Proposed
2018
Proposed
11 Proposed -16 Adj
------------ T---------
$ Chg I % Chg
Expenditure Summary,
1XX Salaries & Wages
312�SQ 388�112
624�444 %444
%444
%292
NQ74
1,848 1,3%
2XX
Benefits
193�657
224� 49
234�191
D4J91
D4J91
244�W
24Q72
10,632
4.5%
3XX
Supplies
0.0%
4XX
SXX
Services and Charges
Intergovernmental
0.0°/
6�717
gsv
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0.0%
9XX
Internal Services
nla
Total Fxpen(Itures;, $
962,916
$ 883,630
941,111
$ 941,111
$ 941,111,
$ 959,591
$ 971,822
$
18,480
2.0%
e.aerai we
2017 Proposed Expenditures by
Category
ParwDDI
91.E
1phas
eva
Svc, rh' S
1. EM
Lugo-Vt
6-3%
12
Questions