The Finance Department provides a wide scope of financial services to the city. The department consists of 23 full-time employees, 1 part-time employee, and 1 summer intern. Employees are highly trained in accounting, finance, retiree benefits administration, and payroll. Department professionals keep abreast on federal and state developments especially in the areas of tax laws and accounting principles. Unlike other departments, Finance has 2 year-ends. For taxes and wage reporting, there is a calendar year-end (December). For financial reporting, there is a fiscal year-end, which is June 30.
The Finance Department interacts with all city departments on a daily basis in terms of administering employee payroll and benefits, establishing and maintaining the accounting systems, auditing, processing department expenditures, and communicating the financial policies of the department. The Director of Finance serves as the ex-officio secretary of the retirement board and as administrative head of the fund which at present exceeds $900 million.
Although financial management is the major function of the department, personal financial responsibility seen through the deferred compensation plan, and employee education through administration of an onsite undergraduate program are added aspects of the department.
The Finance Department oversees the functions of Accounting, Accounts Payable, Retirement, and Payroll. Accounting is responsible for recording and reporting all financial transactions on an accurate and timely basis and preparing financial statements in accordance with General Accepted Accounting Principles including the Comprehensive Annual Financial Report (CAFR). Accounts Payable processes payment of invoices for all city departments and manages travel requests in accordance with city policy. The Retirement Division maintains the retirees' benefits such as health, dental, and vision. Retirements are also processed through the Retirement Division. Payroll processes weekly, semi-monthly, and monthly checks.
To provide efficient and effective financial and administrative services; to maintain accurate financial accounting records according to Generally Accepted Accounting Principles (GAAP) by compiling monthly and annual financial reports; to administer the Employee Retirement Fund and the Post Retirement Health Fund; to disburse funds needed for services and/or goods rendered to the city; to process city and pension payrolls; and to provide the most comprehensive benefits at the lowest possible cost to the retiree.