FY 2026 Adopted Budget - Flipbook - Page 158
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Financial Reporting: Timely and transparent financial reporting is essential. The annual review
indicates that the department provides clear and understandable financial reports to both
internal and external customers, including city management, elected officials, and the public.
Audit Compliance: The Department is demonstrating compliance with auditing standards and
requirements. The annual review confirms that the City’s financial statements are audited or
reviewed by independent auditors, and any audit findings are addressed promptly.
Revenue Collection: The revenue collection process is in place to ensure that all revenues,
including taxes, fees, and grants, are collected accurately and in a timely manner.
Expenditure Control: The control over expenditures ensures avoiding overspending and
taxpayer funds are used responsibly, the expenses are managed within budgetary constraints.
Debt Management: The Finance department demonstrates sound debt management practices,
including refinancing opportunities to reduce interest costs.
Cash Flow Management: Maintaining healthy cash flow is essential for meeting financial
obligations and capitalizing on investment opportunities. The annual review demonstrates that
the City manages its cash flow efficiently.
Cost Savings: The Purchasing Division successfully negotiated contracts and agreements that
resulted in significant cost savings for the City. These savings were achieved through
competitive bidding and strategic vendor negotiations.
Vendor Relationships: The division cultivated strong relationships with vendors and suppliers,
promoting competitive pricing, reliable delivery, and improved service quality.
Reserve Fund Adequacy: The Department is ensuring that reserve funds, and contingency
reserves, are adequate to address unexpected financial challenges.
Technology Integration: The department invests in modern financial software and systems to
streamline financial processes, enhance reporting capabilities, and improve data security. The
Finance Department will be issuing requests for proposals for a new ERP system (Enterprise
Resource Planning) city-wide to increase integration and efficiency in FY 2025.
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Enhanced Financial Transparency: The Department expands efforts to communicate financial
information to the public through user-friendly dashboards, online transparency portals, and
community outreach.
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Grants and Funding: The annual review confirms that grant applications and compliance
requirements are met consistently. The new Grant Writer p o sit io n is e xpected t o be filled
in FY 2025.
Compliance with Financial Policies: The Finance department adheres to all financial policies
and procedures established by the City, ensuring that they are consistently followed.
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Cost Efficiency: The Department is demonstrating efforts to find cost-saving opportunities and
operational efficiencies within the department itself is another indicator of success.
Recommendations for Improvement: In the departmental successful performance outcome, there
are some recommendations for improvement:
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Investment Management: The Finance department should effectively manage the City’s
investments to maximize returns while adhering to investment policies and regulations.
Training and Development: Invest in ongoing training and professional development for finance
staff to keep them informed about evolving financial practices and regulations.
Supplier Training: Provide training and resources to suppliers to ensure they are well-informed
about City procurement processes and requirements.
Data Analytics: Implement data analytics tools to gain insight into procurement patterns, identify
potential cost-saving opportunities, and optimize vendor selection.
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