The City’s Finance Department is responsible for all monetary transactions that occur within the entire City government. In addition to managing the day-to-day flow of revenue in and expenditures out, the Finance Department must plan for the future cash needs of the City and the tax impact of its residents. As stewards of the public funds, officials of the Finance Department must exercise the highest standards of prudence and integrity in the management of funds in their custody and all financial transactions.
The department is segregated into four key areas, all under the direction of the Chief Financial Officer.
Treasury handles the daily cash management of the City’s finances. All banking functions, including the reconciliation of accounts, are performed here. When purchases have been approved for payment, checks are drafted and distributed to vendors. Various cash revenues due as part of an Accounts Receivable process are also posted here.
Payroll processes the paychecks for the City’s 500+ employees. The City’s annual payroll of over $40 million must be reconciled to the penny for each and every payroll cycle. Pension payments and retirement benefits are also coordinated for the City’s active and retired employees.
The City’s Health Benefit program for active and retired employees is a self-insured enterprise with an annual operating budget of over $15 million. All facets of employee health benefit, worker’s compensation, and general liability claims are handled here.
The Procurement area of the City’s Finance Department oversees a decentralized system of purchasing where departments are responsible for the processing of their own requisitions. Upon receiving all of the proper approvals, the Finance Department processes over 6,000 Purchase Orders annually – all under the strict guidelines of the Local Public Contracts Law.
The Procurement area also makes sure the City is receiving the best value in its purchases. Every purchase over $40,000 must be publicly bid and awarded to the lowest responsible respondent. Bid specifications are developed by the Procurement areas as well as Requests for Proposals (RFP’s), Requests for Qualifications (RFQ’s) and Professional Service Agreements (PSA’s) for the City’s professional attorneys, engineers, auditors, etc.
Annual Municipal Budgets