2009-10 Adopted Budget - City of Hoquiam

CITY OF HOQUIAM2009-2010 BIENNIAL BUDGET DEVELOPMENTDepartment Budget NarrativeDepartment: Finance Department Director: FolkersDepartment Number: 03 Fund: 001Program Description:The Finance Department provides all financial management and accounting functions of the City.Financial management activities include cashiering, investments, banking, debt financing, andbudget development and other administrative functions. Accounting functions include accountsreceivable, accounts payable, payroll and benefits, utility billing and accounting, generalaccounting, and business licensing and business and occupation tax administration.The Finance Department serves as the chief advisory department to the legislative body,administration, and department staff on all municipal financial matters. Additionally, the FinanceDepartment is responsible for reporting the financial status of the City throught the preparation offinancial statements and budgets. Lastly, the Finance Department fulfills all requests for publicrecords.Mission:The Finance department strives to manage the City's financial assets in a controlled and prudentmanner, secure debt financing when required for capital projects and administer the outstandingdebt in a manner that will preserve the City's access to credit markets.Finance staff strive to coordinate preparation of a balanced, fiscally sound annual budget andmonitor performance against that budget throughout the fiscal year. Staff strives to pay allvendors and employees accurately and on a timely basis, administer employee benefit programsaccurately and consistently, account for all financial transactions in an accurate and timelymanner, produce monthly financial reports by the 10th day of the following month, and file theCity's Annual Report with the State Auditor by the required date. The staff also strives toadminister the City's business license and B&O tax programs accurately and consistently.133