Views
1 year ago

2018 Adopted Annual Operating & Capital Improvement Budget

ACCOUNTING & FINANCIAL

ACCOUNTING & FINANCIAL REPORTING Statement of Purpose The purpose of the Accounting and Financial Reporting Program is to ensure the communication of accurate and useful financial information in a manner that contributes to successful organizational outcomes. Description The Accounting & Financial Reporting Program ensures financial integrity through the dissemination of timely and reliable information in accordance with generally accepted accounting principles within the context of a comprehensive framework of internal control. The program is responsible for the production of the annual operating and capital improvement budget, the comprehensive annual financial report, and coordination of the year-end financial audit. Additional services provided by the program include payroll, accounts payable and receivable, cash management, investments, and administration of the City’s purchasing card program. Accomplishments In 2017, for the twenty-seventh consecutive year, the City received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting. The City also received its fourth GFOA Distinguished Budget Presentation Award. Both programs require that the City publish transparent, comprehensible financial documents which demonstrate best practices and exceed the minimum requirements of generally accepted accounting principles and state and local guidelines. In addition, internally, the program focused on staff development particularly in governmental financial reporting. Externally, the program began the development and implementation of a training program to educate financial system users on a variety of unknown processes and system enhancements. Goals/Objectives In 2018, the program will focus on the following initiatives: Evaluate and refine the financial system end user training program. Continue the assessment of the effectiveness of the City’s system of internal control which involves (1) analyzing and documenting the assessment including the presence and functioning of components and relevant principles as set forth in the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Framework, (2) documenting internal control deficiencies, and (3) developing a corrective action plan. Outcome Measures 2015 Actual 2016 Actual 2017 Estimate 2018 Target Accuracy: Number of error/corrections discovered by the external auditors during the previous year’s financial statement audit. 0 2 0 0 Number of errors found in previous year’s financial reports. 1 1 0 0 Unmodified opinion received on previous year’s Comprehensive Annual Financial Report. Yes Yes Yes Yes Number of post-payroll corrections required due to processing errors. 6 2 2

ACCOUNTING & FINANCIAL REPORTING Service Level Indicators 2015 Actual 2016 Actual 2017 Estimate Number of full-time employees (as of December 31st). 254 251 264 Number of payroll checks/direct deposits issued. 7,389 7,111 7,200 Number of W-2’s issued. 341 333 340 Number of accounts payable checks issued. 5,636 5,249 5,150 Number of purchasing card transactions processed. 3,776 3,867 3,900 Expenditure Detail 2016 Audited Actuals 2017 Amended Budget 2018 Adopted Budget % Change Personnel Regular Wages $ 344,062 $ 364,993 $ 379,613 4.01% Longevity Service Award 1,415 1,780 2,165 21.63% Overtime Wages 133 - - 0.00% Social Security 20,971 22,594 22,948 1.57% Medicare 4,905 5,285 5,368 1.57% Workers Compensation 401 554 493 -11.01% Retirement Contributions 20,876 26,369 14,899 -43.50% Medical Insurance 23,836 21,296 51,543 142.03% Dental Insurance 968 967 1,785 84.59% Insurance Waivers 3,988 4,350 1,700 -60.92% Life/AD&D Insurance 1,167 1,322 1,236 -6.51% Disability Insurance 1,063 1,132 1,102 -2.65% Total Personnel 423,785 450,642 482,852 7.15% Purchased Services Professional Services 157,235 165,990 170,990 3.01% Contracted Services 28,455 26,000 30,870 18.73% Catering/Dining Services 94 - - 0.00% Training/Education 8,259 9,995 9,675 -3.20% Dues/Memberships 1,499 1,890 1,910 1.06% Mileage/Travel 125 225 200 -11.11% Total Purchased Services 195,667 204,100 213,645 4.68% Supplies/Non-Capital Equipment Office Supplies 3,627 5,000 5,000 0.00% Operating Supplies 78 300 500 66.67% Non-Capital Equipment 2,000 2,750 - -100.00% Total Supplies/Non-Capital Equipment 5,705 8,050 5,500 -31.68% Total Expenditures $ 625,157 $ 662,792 $ 701,997 5.92% 85