Financial Information, Reports and Policies
The Finance Department provides financial information for management’s use in making decisions that impact City operations. We strive to provide timely, accurate and consistent financial data and reports, and to establish, implement and monitor Citywide accounting polices and procedures. These procedures are necessary for the preparation of multiple financial statements in accordance with City Charter requirements as well as generally accepted accounting principles (GAAP).
Supplier/Vendor Payments – This is a listing of payments made to vendors by the City. The listing is published every two weeks as required by Ordinance No. 970032 passed January 23, 1997.
FY 2016 Comprehensive Annual Financial Report – CAFR – The Comprehensive Annual Financial Report (CAFR) is designed to fairly present the City’s financial position and results of operations as measured by the financial activity of various funds. This report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) in conformance with the standards for financial reporting set forth by the Governmental Accounting Standards Board (GASB), using the guidelines recommended by the Government Finance Officers Association (GFOA).
FY 2016 Popular Annual Financial Report – PAFR – The Popular Annual Financial Report (PAFR) is an unaudited summary report of the financial activities of the City and is prepared primarily from detailed information contained in the City’s Comprehensive Annual Financial Report (CAFR), with selected information from CAFRs prepared in previous years. The PAFR is designed to simplify the information in the CAFR and better inform the public about the overall financial condition of the City, without the heavy use of technical accounting terms or excessive detail. The PAFR is not intended to provide a complete financial picture of the City in accordance with GAAP.
Adopted FY 2017-2022 Citywide Business Plan – The Citywide Business Plan serves as an overall roadmap for funding the City’s priorities during the next five fiscal years. As required by the City Charter, the plan is adopted by ordinance each year, no later than November 1. It outlines the City Council’s adopted goal statements to guide the budget process and ensure clearly communicated priorities. This version of the business plan is submitted by staff to the City Council for citizen input and Council approval.
FY 2016-17 3rd Quarter Analysis – A Quarterly Budget Report prepared throughout the fiscal year, which analyzes actual and anticipated revenues and expenditures. These quarterly reports provide detailed snapshots of the City’s financial situation and allow for necessary adjustments to be made to the budget.
FY 2017-18 Adopted Budget – The FY 2017-18 Adopted Budget provides the City Council’s approved allocation of City revenues to meet planned service levels, and provides information that is transparent and understandable to the community.
FY 2017-18 Administrative Budget – The FY 2017-18 Administrative Budget provides in detail appropriations at the fund, department, deptID and appropriation level.
FY 2017-18 Personnel Budget – The FY 2017-18 Personnel Budget provides in detail the total Full-Time Equivalent (FTE) personnel count for each city department.
Citizens’ Commission on Municipal Revenue & Addendum – The Citizens’ Commission on Municipal Revenue Report and Addendum is the final work product of the 2012 Citizens’ Commission on Municipal Revenue which was convened by the Mayor to study the City’s existing revenue structure and make recommendations for improvement.
Financial Trends Monitoring System – The Financial Trends Monitoring System (FTMS) is a tool prepared by the Finance Department to monitor the City’s financial condition over time.
Investment Committee Report – The Investment Committee Report is a required publication pursuant to the City’s codified Investment Policy, provided monthly to the five-member Investment Committee, and reflects the results of active management and investment of the City’s idle cash and bond and lease proceeds. A summary of the investment portfolio is also provided to the City Council each month as part of the Monthly Financial Report.
Monthly Financial Reports – These statements keep City Council members and the City Manager informed about the General Fund, General Municipal and Enterprise funds’ activity, and financial status. The Finance Department compiles financial information from all City departments in order to prepare this report. The report contains the monthly financial summaries of the City’s revenue and expenditure activities. These reports are prepared on a cash basis, whereas the Comprehensive Annual Financial Report (CAFR) is prepared on a basis that is consistent with Generally Accepted Accounting Principles. The CAFR is audited by an independent accounting firm, while the Monthly Financial Reports are not audited.
Single Audit Report – The Single Audit Report is the report of Federal Grants and Financial Compliance Audit. The report contains a schedule of expenditures of all federal grants, reports on internal control over financial reporting and compliance of each major federal grant program and a summary of the auditors’ results, findings, and questioned costs. The report is prepared in compliance with the federal OMB Uniform Guidance Reports.
Budget Transfers Policy – The Budget Transfer Policy specifies the parameters under which budget transfers can be made once appropriations have been established by the City Council. This Policy can be found in Section 2-1992 of the Code of Ordinances.
Debt Policy – The Debt Policy provides the framework for the issuance and management of the City’s debt portfolio. It includes guidelines for allowable debt instruments as well as financial ratio targets to ensure that the City’s debt is both manageable and affordable. This policy can be found in Section 2-1990 of the Code of Ordinances.
Fund Balance and Reserve Policy – The Fund Balance and Reserve Policy outlines the need to maintain its various fund balances and financial reserves at levels sufficient to pay obligations when due, address emergencies, cover temporary revenue shortfalls, provide stability throughout economic cycles, and protect the city’s creditworthiness in accordance with applicable federal, state, and local laws, and established best governmental practices. This policy can be found in Section 2-1954 of the City’s Code of Ordinances.
Investment Policy – The Investment Policy provides the framework for the investment of the City’s idle cash and bond and lease proceeds. The City uses its investment portfolio as a source of working capital with the primary goals under the policy of safety, liquidity, and return. This policy can be found in Section 2-1950 of the Code of Ordinances.
Revenue Policy – The Revenue Policy provides guidelines by which each existing and potential revenue source of the City is measured to ensure that revenue goals continue to be met in accordance with financial planning and budgeting efforts. This policy is codified in Section 2-1970 of the Code of Ordinances.
Street Maintenance Funding Policy – The Street Maintenance Funding Policy provides funding for street maintenance at a level equal to 7.5% of the net earnings tax receipts for any given year for the purpose of addressing the City’s deferred maintenance backlog. This policy can be found in Section 2-2000 of the Code of Ordinances.
Structurally Balanced Budget Policy – The Structurally Balanced Budget Policy specifies the steps needed to maintain a structurally balanced budget by, at a minimum, requiring current revenue to sufficiently support current expenditures. This policy can be found in Section 2-1955 of the Code of Ordinances.