FINANCE DEPARTMENT DIRECTOR

Transcription

1 FINANCE DEPARTMENT DIRECTOR Controller Financial Operations Analyst Deputy Treasurer Utility Accounts Procurement & Risk Services Accounting & Reporting Customer Service Purchasing Accounts Payable Collections Risk Management Payroll Utility Billing Warehouse Operations Accounts Receivable Meter Reading Mail & Print Services

2 FINANCE DEPARTMENT SUMMARY MISSION STATEMENT The Finance Department strives to provide quality service to all customers at the highest achievable levels of customer satisfaction through the continuing progress and contribution of its employees. The department will provide the citizen-customer with state-of-the-art financial management, financial reporting, and cost effective acquisition of goods and services for the Town government consistent with local, state and federal laws and governmental accounting and regulatory requirements. DIVISIONS WITHIN FINANCE Accounting Customer Accounting Procurement and Risk Services OTHER DEPARTMENTS CONTRIBUTING TO FINANCE DEPARTMENT PROGRAMS Public Works and Utilities Administration Human Resources Customer Accounting 5% FINANCE DEPARTMENT FY 20 BUDGET BY DIVISION Procurement and Risk Services 2% Accounting 42%

3 ACCOUNTING DIVISION Additional information about the Accounting Division may be obtained by calling Michelle Price, Controller, at (99) or through at Focus Area I: Community Planning Goal: Achieve a well-planned community using innovative and proactive planning approaches and techniques. Focus Area II: Infrastructure Goal: Ensure that infrastructure exists for current and future needs identified in the comprehensive plan. Town Focus Areas Focus Area III: Financial Condition Town Goals Goal: Achieve a stable and strong financial position by accurately estimating, prudently allocating, and managing financial resources. Focus Area IV: Municipal Services Goal: Achieve a high level of service to the citizens in a prompt, reliable, responsive, and cost-effective manner. Goal: Continuously ensure the right people and systems are in place to provide high quality, responsive community planning customer services every day. Goal: Develop comprehensive infrastructure plans, execute capital projects, and maintain the built environment in an efficient and effective manner. Goal: Continuously provide high quality financial services ranging from day-to-day management to long-term planning that will preserve the Town s strong financial condition. Accounting Goals and Initiatives (numbers reflect which Accounting Goal or Initiative supports each Town Focus Area) ALL,2 Specific / Major Town Initiatives Goal: Continuously deliver value-added citizen services in a friendly manner, that make our customers appreciative and our citizens proud to call Cary home. Comprehensive Land Use Plan Sustainability Downtown Redevelopment Economic Development Emergency Preparedness Remarkable Community Transportation Funding / Implementation Study Cary Downtown Theater PRCR Master Plan & Public Art Master Plan Water Plant Expansion Western Wake Regional Wastewater Management Facility Fire Station #8 Economic Recovery Existing Debt Management New Debt Management Revenue Forecasts November 202 Bond Referendum Aquastar Project PHOENIX C-Tran On-Line Services Accounting Goals and Initiatives (numbers reflect which Accounting Goal or Initiative supports each Town Initiative) ACCOUNTING GOALS AND INITIATIVES Treasury Management. Manage cash balances in accordance with the Town s financial policies to protect capital, provide liquidity and then to maximize investment earnings to provide funds for the Town s operational and capital needs. 2. Forecast cash flow to maximize investment earnings and postpone debt issuance.

4 . Manage the Town s debt through long-term planning, debt issuance, covenant compliance, arbitrage management, and application of bond proceeds. 4. Participate in long-range financial planning for the Town. 5. Support the FY 20 general obligation bond referendum process and ensure that all legal requirements associated with holding a referendum are met. Revenue and Expenditure Management 6. Manage delinquent collections of final utility bills and collections for all other areas of the Town.. Manage invoicing for all non-utility bill charges. 8. License and provide customer service to over 8,000 businesses subject to the Town s privilege licensing laws. 9. Implement financial procedures for new programs and monitor existing revenue systems Town-wide. 0. Prepare accurate bi-weekly payroll and provide payroll customer service to over,00 Town employees.. Prepare weekly vendor payments maximizing cash balances, discount opportunities, and staff and vendor relationships. Financial Transactions, Records & Reporting 2. Maintain financial records through timely and accurate accounting, analysis, and reconciliation.. Provide customer service and transparency to Town staff and public through compilation and analysis of meaningful financial reports. 4. Prepare and distribute an audited Comprehensive Annual Financial Report of the Town of Cary accurately on or before regulatory due dates. 5. Reduce the risk of error, fraud and waste through the performance of Town wide internal reviews to ensure policy compliance, to identify efficiencies, and to improve internal control. 6. Provide training to employees in areas such as the security of sensitive information, the use of the Town s financial information system, and purchasing/accounts payable process and guidelines. Grant and Contract Management. Provide technical assistance and accounting for acquisition, reporting, and management of grant funding. 8. Review Town contracts for compliance with financial policies. FY 202 ACCOMPLISHMENTS Treasury Management Managed investment portfolio of over $400 million to stated goals of safety, liquidity and then maximization of yield through cash flow forecasting, daily oversight, and market analysis. Refunded $0.85 million in 2002 Certificates of Participation in February 20 for a net present value savings of $828,000. This produced a reduction in the FY 202 debt service expense of $58,400, for FY 20 $200,000, FY 204 $585,000 and marginal savings of $500-,500 each year through FY 202. Managed numerous operational banking changes resulting from bank mergers. Converted operating bank accounts to an earnings credit process which earns 40 basis points in investment income. Based on average qualifying balances, this is expected to earn the Town a minimum of $5,000 in additional interest revenue per year. Revenue and Expenditure Management Coordinated with Parks, Recreation and Cultural Resources department to establish procedures and proper internal controls related to e-tix operations, gift cards, on-line special registrations, and new table tennis programs. Coordinated with other departments to establish procedures and proper internal controls related to code enforcement, minimal housing, C-Tran fare box implementation and retail lease management.

5 Completed internal audits for accounts payable and purchasing card transactions. Conducted final investigations and plans to implement e-payables services. Assisted citizens in the recently annexed neighborhoods of Windsor Oaks and Franklin Heights with payment arrangements for fees. Improved business continuity for payroll through cross training and testing of remote processing procedures. Financial Transactions, Records and Reporting Accepted the NC State Treasurer s Award for Excellence in Financial Management for the Town s production of Collateral Trust, The Security of Sensitive Information, a component of the Town s program to educate employees about the security of sensitive information. Produced the FY 20 Comprehensive Annual Financial Report (CAFR) on time and without management letter comment from external auditors. Coordinated with and assisted in downtown related matters such as retail lease management, downtown property purchases, accounting and reporting of all downtown related activities. Continued to plan for an update of financial and community service software. Initiated work on system changes necessary to address new IRS requirements for reporting of health insurance benefits on employee W-2 s. Compiled formal internal audit plan that will cover fiscal years 20 and 204. Developed numerous new SAS reports for utility billing, budget, project management and account inquiry. Grant and Contract Management Supported multiple departments in their attainment, receipt and management of grant awards and federal appropriations. KEY PERFORMANCE OBJECTIVES Ensure that the average daily invested cash as a percentage of average daily cash ledger balance is greater than or equal to 90%. Earn an average rate of return on investments that is at least 0 basis points higher than the two year rolling average of the two-year Treasury Bill rate. Ensure that no more than 0% of average receivables are greater than 60 days old. Earn the Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. Submit CAFR to regulatory agencies by regulatory deadlines. Close the monthly general ledger within 0 business days of month end. Reconcile major balance sheet accounts within 0 days of month end. Address 95% of employee and departmental questions within two business days. Pay 20% of vendors electronically per week.

6 KEY PERFORMANCE MEASURES Performance Measure FY 20 FY 202 Projected FY 20 % average daily cash invested 96% 90% 90% Basis points over average two-year Treasury note rate % of average receivables over 60 days old 8.2% 8.4% 0% Receipt of Certificate of Excellence in Financial Reporting Submitted CAFR to the Local Government Commission by deadline Close out of 2 months by the 0 th business day Average no. of days spent to reconcile major balance sheet accounts % of departmental and employee inquiries addressed within two business days % of payments made electronically per month Yes Goal Goal Yes Goal Goal out of 2 out of 2 out of 2 0 days 0 days 0 days 95% 95% 95% 2% 2% 25% KEY WORKLOAD INDICATORS Workload Indicator FY 20 FY 202 Projected FY 20 Average no. of payroll transactions per pay period (a),80,00,00 Average no. of accounts payable payments processed per month (b) Checks Electronic payments (c) ,025 20,00 5 Average number of AP transactions and invoices processed per month (b),40,600,600 Average number of purchase card transactions per month 2,020 2,200 2,500 Average pooled cash balance $409,000,000 $400,000,000 $400,000,000 Average receivable balance $4,260,000 $4,20,000 $5,000,000 Average receivables over 60 days old $50,000 $96,000 $500,000 No. privilege licenses issued 8,89 8,00 8,400 No. of contracts reviewed annually (a) In addition to standard payroll payments, it also includes benefit changes like retirement system updates and other file maintenance issues like bank account updates for direct deposit. (b) Does not include procurement card transactions. (c) Includes vendor direct deposit, wires and direct drafts.

7 ACTIVITY HISTORY Fund Number: Activity FY 2009 FY 200 FY 20 FY 202 Budget FY 20 Personnel Services $,295,82 $,42,424 $,50,609 $,589,44 $,6,89 Operations and Maintenance $562,95 $64,652 $62,464 $5,29 $98,40 Capital Outlay $0 $0 $0 $0 $0 Total $,858,9 $2,08,06 $2,58,0 $2,64,44 $2,45,99 Authorized FTEs SIGNIFICANT BUDGET AND SERVICE LEVEL CHANGES FROM CURRENT LEVELS There are no significant budget or service level changes for FY 20.

8 PROCUREMENT AND RISK SERVICES DIVISION Additional information about the Procurement and Risk Services Division may be obtained by contacting Cheryl Perry, Procurement & Risk Services Manager, at (99) , through at or by visiting the Town s website at Town Focus Areas Focus Area I: Community Planning Goal: Achieve a well-planned community using innovative and proactive planning approaches and techniques. Focus Area II: Infrastructure Goal: Ensure that infrastructure exists for current and future needs identified in the comprehensive plan. Focus Area III: Financial Condition Town Goals Goal: Achieve a stable and strong financial position by accurately estimating, prudently allocating, and managing financial resources. Focus Area IV: Municipal Services Goal: Achieve a high level of service to the citizens in a prompt, reliable, responsive, and cost-effective manner. Goal: Continuously ensure the right people and systems are in place to provide high quality, responsive community planning customer services every day. Goal: Develop comprehensive infrastructure plans, execute capital projects, and maintain the built environment in an efficient and effective manner. Goal: Continuously provide high quality financial services ranging from day-to-day management to long-term planning that will preserve the Town s strong financial condition. Goal: Continuously deliver value-added citizen services in a friendly manner, that make our customers appreciative and our citizens proud to call Cary home. Procurement and Risk Services Goals and Initiatives (numbers reflect which Procurement and Risk Services Goal or Initiative supports each Town Focus Area) Specific / Major Town Initiatives All 8 Comprehensive Land Use Plan Sustainability Downtown Redevelopment Economic Development Emergency Preparedness Remarkable Community Transportation Funding / Implementation Study Cary Downtown Theater PRCR Master Plan & Public Art Master Plan Water Plant Expansion Western Wake Regional Wastewater Management Facility Fire Station #8 Economic Recovery Existing Debt Management New Debt Management Revenue Forecasts November 202 Bond Referendum Aquastar Project PHOENIX C-Tran On-Line Services Procurement and Risk Services Goals and Initiatives (numbers reflect which Procurement and Risk Services Goal or Initiative supports each Town Initiative) PROCUREMENT AND RISK SERVICES GOALS AND INITIATIVES Purchasing and Warehousing Services. Provide centralized purchasing services in support of Town government operations. 2. Operate a central warehouse with approximately,00 items valued at approximately $,25,000 consisting of water and sewer parts, traffic signal maintenance parts, employee safety products, office and paper products, chemicals, and general maintenance and repair items. Approximately $,50,000 issued to departments.. Assist Accounting division with the review and approval of expenditure contracts for compliance with purchasing law and policy, financial policy, and risk management policy.

9 Mail, Copy, and Courier Services 4. Process large volumes of copy/print jobs. 5. Distribute internal and external mail for all Town departments. 6. Provide courier/delivery services for all Town departments. Risk Management Services. Administer the Town s insurance program including yearly evaluation and procurement of the Town s property and casualty, public officials, and law enforcement insurance with premiums valued at approximately $825, Provide customer service and process claims for damages against the Town and to Town-owned property. 9. Analyze incidents for trends and risk indicators. Employ risk prevention methods to minimize losses in the property and casualty areas. Capital Asset Inventory Management 0. Maintain accountability for the Town s capital asset inventory valued at approximately $.46 billion. Surplus Property Disposal. Coordinate transfer of materials, equipment, or vehicles between departments. 2. Coordinate the sale of surplus materials, equipment and vehicles through utilization of GovDeals, North Carolina State Surplus Property Agency, direct sale and other appropriate outlets. FY 202 ACCOMPLISHMENTS Approximately $29,000 (5%) in postage savings through presort and standard (bulk) mail processing methods. Continued utilization of postal software to check Town-wide address databases for Change of Address notices allows the Town to continue to receive up to 5% postage discounts on large mailings. Additional savings are realized as incorrect or bad addresses are removed. Approximately $,500,000 calculated purchasing savings from formal and informal bids and use of state and national contracts. Utilized national on-line surplus property sales methods resulting in the collection of approximately $00,000. These methods have allowed us to extend our reach to a much broader national market with buyers from multiple states that have traveled distances as far as,000 miles to obtain property. Participated in the contracting, acquisition, and compliance process for a variety of grants received by multiple departments including the American Recovery and Reinvestment Act program (ARRA) funding. Due to implementation of advanced meter infrastructure project, Aquastar, Purchasing completed the sale of 40,42 surplus water meters and received revenue in the amount of $208,0. In conjunction with Accounting, conducted financial management training for Town staff including quarterly training for new users and refresher training for existing staff. In conjunction with Fleet Management, monitored bulk fuel availability to ensure adequate supplies were kept on hand during emergency weather events. Coordinated rd annual town-wide recycling campaign for sensitive documents resulting in the shredding of approximately 240 cartons of records. KEY PERFORMANCE OBJECTIVES Process 90% of all (routine and non-routine) orders within one day. Provide warehouse inventory products 90% of the time upon request. Produce a 40% savings on postage charges through presort and bulk mail processing. Resolve 50% of all small claims within 45 days. Maintain 00% end of year reconciliation on capital asset inventory.

10 KEY PERFORMANCE MEASURES Performance Measure FY 20 FY 202 Projected FY 20 % of all orders placed within one day 90% 90% 90% Warehouse stock item availability 90% 90% 90% Postage savings 40% 5% 5% % of small claims resolved within 45 days 50% 45% 50% Year end fixed asset reconciliation 00% 00% 00% KEY WORKLOAD INDICATORS Workload Indicator FY 20 FY 202 Projected FY 20 Purchase orders processed 6,900,500,500 Number of issues from inventory 2,000 2,000 2,000 Number of small claims processed Number of copies/prints produced 940,000 90,000 90,000 Pieces of external mail processed 49, , ,000 Annual postage expenditures $,000 $4,000 $4,000 ACTIVITY HISTORY Fund Number: Activity FY 2009 FY 200 FY 20 FY 202 Budget FY 20 Personnel Services $5,92 $552,6 $59,858 $606,888 $625,98 Operations & Maintenance $264,8 $242,9 $258,59 $05,00 $06,9 Capital Outlay $0 $4,50 $9,8 $22,000 $0 Sub Total $802,58 $89,095 $80,268 $9,889 $9, ,58 89,095 80,20 9,889 9,864 Small Claims $528,6 $20,89 $40,406 $00,000 $400,000 Total $,,54 $,59,94 $,280,66 $,6,889 $,,589 Authorized FTEs SIGNIFICANT BUDGET AND SERVICE LEVEL CHANGES BEYOND CURRENT LEVELS There are no significant budget and service level changes for FY 20.