FINANCIAL MANAGEMENT & STRATEGIC PLANNING
FISCAL SERVICES SUMMARY OF SERVICES
The Fiscal Services Division provides timely, accurate, and complete financial information to all City departments as well as the community at large. The division administers fiscal policy and procedures, maintains internal control over financial reporting, and ensures compliance with rules and regulations at local, state, and federal levels in regards to financial operations. The Division manages and accounts for all City’s financial transactions through the Accounting Operations, Financial Reporting, Payroll, and Treasury sections. Specific functions include: annual financial report preparation; financial analysis and account reconciliation; financial and compliance audits; financial administration of grants and internal service funds; financial system security and enhancements; treasury portfolio administration; receipt, custody, and recordation of all revenues; banking services; accounts receivable; accounts payable; issuance and administration of City debt; and financial planning support. Accomplishments Received GFOA’s Certificate of Achievement for Excellence in Financial Reporting for the 39 th consecutive year Successfully issued a $72 million Community Facilities District bond to facilitate the development of the Great Park Successfully launched a web-based cash handling training to 384 employees, with a completion rate of 99% Completed a business process review and identified key areas for enhancements for financial system upgrade
Performance Measures
2017-18 Actuals
2018-19 Estimate
2019-20 Budget
2020-21 Budget
Performance Measure
Target
Number of A/P warrants and electronic payments
11,500
12,039
11,000
11,500
12,500
Number of active developer deposit cases
3,000
2,913
3,200
3,000
2,800
Total value of payables processed
$265M
$252M
$258M
$265M
$273M
Number of debt issues administered
31
32
34
31
31
Average number of timesheets processed each pay period
1,443
1,446
1,485
1,438
1,448
Fiscal Services as a percentage of the citywide General Fund Budget
1.2%
1.3%
1.2%
1.2%
1.1%
Percent of funds placed in interest bearing accounts
99.9%
99.9%
99.9%
99.9%
99.9%
FY 2019-21 Proposed Budget
139
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