FY2016-17 Budget Final

ACTIVITY SUMMARY

DEPARTMENT FINANCIAL SERVICES

PROGRAM/ACTIVITY SUPPORT/TREASURY/CONTROLLER/BUDGET ACTIVITIES

MISSION/PROGRAM DESCRIPTION

The Financial Services Department is responsible for providing Controller, Treasury, Budget and Purchasing services to city departments, management and Council so that programs can be effectively administered, financial reporting needs met, and internal controls for payments and receipts established to minimize business risks. In addition, the department is accountable for establishing, monitoring and updating the City's fiscal and purchasing policies to ensure they are both responsive in the current environment and in compliance with applicable state and local regulations. The activities of this program is tasked with planning, collecting, recording, summarizing and reporting the results of all financial transactions of the City in a timely manner and in accordance with generally accepted accounting principles (GAAP), ensuring compliance with applicable state and federal statutes, bond covenants, grant contracts, and management polices.

The mission of Financial Services is to maintain the financial integrity of the City and provide comprehensive and integrated financial management, administration, and support services to City departments and other customers so that they can accomplish their missions.

GOALS AND OBJECTIVES

* Receive the Distinguished Budget Award and Certificate of Achievement for Excellence in Financial Reporting from the GFOA.

* Adhere to policies established by the Public Funds Investment Act, the City's adoped investment policy, and applicable bond covenants.

* Receive the Distinguished Comprehensive Annual Financial Reporting (CAFR) Award from the GFOA. * Monitor market conditions and determine feasibility of potential debt refunding opportunities.

* Increase training of team members on existing and new software, governmental accounting, invoice payments, revenue management, and budgeting. * Monitor advances in and leverage of new technology to automate processes, streamline procedures and increase efficiency. * Submit the City's Investment Policy to the Government Treasurers' Organization of Texas for certification. * Optimize return on investments while attaining remaining investment objectives in accordance with established policies.

PERFORMANCE MEASURES/SERVICE LEVELS

Actuals FY 2014

Actuals FY 2015

Quantifiable Factor(s)

Target FY 2016 Target FY 2017

Activity Demand/Workload 1. Average investment portfolio balance 2. Average Daily Bank Balance (Collected)

$48,780,980 $56,359,790 $50,000,000 $50,000,000

$682,204

$743,448 $600,000 $600,000

13,793 10,679

14,500 10,700

14,500 10,300

14,500 10,300

3. Number of invoices and check requests processed

4. Number of Payroll payments processed

$21,819,157 $22,858,302 $23,475,212 $23,475,212

5. Total Property Tax Levy

Efficiency/Effectiveness Measures M&O budget per capita

$17.08 2.61% 98.6% 0.32%

$16.45 1.58% 98.7% 0.13%

$16.95

$19.74

2.54% 2.75% 98.8% 98.8% 0.13% 0.13%

M&O Budget % of General Fund Budget 1. Percentage of available funds invested

2. Average Portfolio yield

3. % of invoices paid within 30 days of receipt in Controller’s Office 4. Percentage of payroll payments that had to be adjusted or corrected manually.

NEW

NEW 98.0% 98.0%

NEW

<1%

<1%

<1%

5. Percentage of current Tax Levy Collected within FY

98.5%

98.0%

98.0% 98.0%

6. Interest earnings on all accounts

$141,428

$222,259 $200,000 $200,000

163

178

180

80

7. Weighted average maturity of portfolio (in days)

Unqualified Unqualified Unqualified Unqualified

8. Favorable Audit Opinion Received

9. Annual Audit Findings of material weakness or significant deficiencies

1

<3

<2

<2

108%

102%

103%

100%

10. Actual General Fund revenue as a percentage of budget 11. Number of days of expenditure in General Fund Balance 12. # of employees with professional certifications

121

144

152

90

1

2

3

2

13. Awarded Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting Award 14. Awarded the Distinguished Investment Policy Award by the Government Treasurers' Organization of Texas (GTOT) 15. Awarded Government Finance Officer's Association (GFOA) Distinguished Budget Presentation Award

YES

YES

YES

YES

N/A

YES

N/A

YES

YES

YES

YES

YES

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