ACTIVITY SUMMARY
DEPARTMENT
ACCOUNT 101-002-010
PROGRAM/ACTIVITY SUPPORT/TREASURY/CONTROLLER/BUDGET ACTIVITIES
FINANCIAL SERVICES
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.
* Optimize return on investments while attaining remaining investment objectives in accordance with established policies. * Submit the City's Investment Policy to the Government Treasurers' Organization of Texas for certification. PERFORMANCE MEASURES/SERVICE LEVELS
FY 2018 Actuals
FY 2019 Actuals
FY 2020 Actuals
FY 2021 Target
Quantifiable Factor(s)
Activity Demand/Workload 1. Average investment portfolio balance 2. Average Daily Bank Balance (Collected)
$74,150,321
$85,217,727 $95,679,219.75 $75,000,000
$500,000
$500,000
$500,000
$500,000
11,429 10,896
12,245 11,273
9,533 10,993
11,500 11,000
3. Number of invoices and check requests processed 4. Number of Payroll payments processed
$26,778,848
$29,283,189 $32,973,522
$33,759,922
5. Total Property Tax Levy
Efficiency/Effectiveness Measures M&O budget per capita
$18.36 2.40% 99.3% 1.42%
$18.90 2.38% 99.4% 2.20%
$18.09 2.25% 99.5% 1.23%
$20.38 2.27% 98.0% 0.50%
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 Accounts Payable 4. Percentage of payroll payments that had to be adjusted or corrected 5. Percentage of current Tax Levy Collected within FY
98%
98%
96%
98%
0.12%
0.20%
0.08%
<2.0%
98.95%
98.00%
98.88%
98.00%
6. Interest earnings on all accounts
$973,758
$1,800,034
$1,800,034
$250,000
70
109
78
80
7. Weighted average maturity of portfolio (in days)
8. Favorable Audit Opinion Received
Unqualified
Unqualified Unqualified
Unqualified
9. Annual Audit Findings of material weakness or significant deficiencies 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 13. Awarded Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting Award 14. Awarded Government Finance Officer's Association (GFOA)
N/A
N/A
N/A 99% 177
N/A 99% 130
100%
101%
140
156
2
1
2
2
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
155
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