3.0. SR 04-02-2001 - Laserfiche WebLink

Home Browse Search

EPARTMENT GALS FOR 2001 FINANCE/BUDGET PLANNING AND POLICIES: Long range planning and policy review and adoption have been goals of the Finance Department for several years, and the opportunity to accomplish these goals is now underway. To operate efficiently and effectively for both the short and long term, it is critical to have the proper policies and tools in place. Long range planning, including establishing priorities, is especially important because it provides staff and Council the direction and guidance needed to make informed decisions. Most, if not all, of the Finance Department's requests for policy adoption and implementation will be rolled into the Key Financial Strategies process the city is now undertaking. This will eliminate the need for the Finance Department to request additional Council meeting time to address these issues. Some of the policies being proposed are very simple like a Purchasing Policy that sets the level of authority for purchases by the department head, city administrator, and those that require Council approval. On the other hand, the Fund Balance policy will be much more complex. Some of the other policies that will be proposed include budgeting, use of one-time revenues, and debt management. In the past, the Council has done long range planning for streets and other public improvements, but long-range equipment and facility planning have not been part of the process. It is very important to include these in the long range planning process because these are long term and some times ongoing needs that often require a significant financial commitment from the city. Having a plan in place to address needs for a ten or twenty year time frame will help the Council make decisions now that will ensure that the long range needs of the city are met in the most efficient way possible. Of course, the Council will need to annually review, update and revise the plan to keep it accurate. CONTINUE GASB 34 IMPLEMENTATION: Work has already begun on implementing GASB 34 to meet the required December 31, 2003 deadline. One of the new requirements changes the way budget information is presented in the Comprehensive Annual Financial Report (CAFR). Governments will continue to provide budgetary comparison information in the CAFR, but now along with the amended budget, the original budget must be compared to the actual results. This may change some of the city's current budget procedures so the Council should be prepared for implementation changes in the next budget process. There are many other components of implementation that will require significant time and resources such as inventorying all infrastructure and recreating and redoing all of the computer spreadsheets and forms required in the CAFR, to name a few. STAFF ADDITIONS: The 2001 budget includes the addition of a part time accounting clerk. This position will assist with daily deposits, accounts receivable, accounts payable, Community Recreation receipts and payments, and other office duties as assigned. The current workload certainly justifies the addition of this position even without the extra