Table of Contents - Unified Government of Wyandotte County ...

Unified Government of Wyandotte County/Kansas City, KansasDepartment Overview:2012 Amended and 2013 Operating BudgetDepartment OverviewFinance AdministrationFinance Administration provides oversight and guidance to the accounting, budget, research, andtreasury functions, and implements changes to the Unified Government’s finance and budget software.In addition, Finance Administration coordinates the debt financing of all capital projects and reviews allIRB, IDB, TDD, and TIF applications in conjunction with Administration and Development. In 2010assumed financial administration for Development’s Revolving Loan Fund program.Important Issues:Highlights:Enhance long-range financial planning – continue efforts recognizing the need to strengthenfund balances through cost containment and revenue enhancement.Refine dedicated sales tax and casino revenues forecasts as trends emerge.Continue review and summary of TIF project expenses and revenues.Review and update government financial policies.Align capital and operating budgets with Commission goals and objectivesStabilized General Fund balance with an increase in 2011, exceeding $3 million. Positiveoutlook for continued improvement with 10% adjustment for 2011 General Fund mill rate.Successful long-term bonds ($16 million) and temporary note financing ($47.8 million); Interestrates were below 3% for 20-year bond financing and 0.24% for single-year tax-exempttemporary notes. (February 2012).Re-financing of a 2002 bond issue in August of 2011 resulting in a net present value savings of$733,000 and a 1.8% interest rate reduction.Provided technical support and financial analysis for three development initiatives, including theLegend’s auto mall; Shawnee Plaza CID; and the Metropolitan Avenue TIF/CID.Completed a reconciliation and review of all current revolving loan fund accounts.Maintained strong credit ratings by Standard and Poor’s (AA) and Moody’s (Aa3).New Initiatives:Working with the “Commission as a whole” to prepare the 2012-2017 CMIP program.Developed a Bond Compliance Policy, February 2012, to review on an annual basis the taxstatus of tax-exempt financings.Will evaluate a refunding of the outstanding 2001 STAR Bond series.Tracking and processing revenues associated with various development agreements and TIFSincluding: Shawnee Plaza, Legend’s auto mall, 39 th and Rainbow, and Metropolitan Avenue TIF.Administration’s budget proposal moves the Payroll Division to the Finance Department. Thischange will further strengthen the existing relationship. The various divisions within Financework closely with Payroll in the areas of government financial reporting, position inventory,personnel forecasting, and weekly payroll runs.22