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<br />CITY OF NEW BRIGHTON <br />STRATEGIC PLAN 2018 <br /> <br /> <br /> <br /> <br /> <br />Service Description <br /> <br /> The Finance Department performs a vital role for <br />the City to implement its Vision to be the preferred place, <br />to live, work and play. Through its efforts with <br />accounting, financial reporting processes, and system of <br />internal controls the City’s Value - Accountability & <br />Integrity in Service Delivery and the City’s Mission – By <br />working in partnership with our citizens, we are <br />committed to guaranteeing that their investment in New <br />Brighton will be protected and will be returned to them in <br />financial and social dividends are achieved. Specifically, <br />the Finance Department’s support services include <br />processing accounts payable, accounts receivable, payroll, <br />maintaining the City’s investment portfolio, recordkeeping <br />for our capital assets and infrastructure, and accounting and <br />financial reporting. It is also heavily involved in the <br />preparation of the City’s annual budget and long-range <br />financial plans. Finance oversees the City’s debt <br />management and obtaining comprehensive property, <br />liability and workers compensation insurance coverage. The Department coordinates the annual <br />audit of the City’s financial transactions, accounting records, and annual financial statements. <br />The City has received the Certificate of Achievement for Excellence in Financial Reporting for <br />its annual financial reports for over twenty-six consecutive years. The Government Finance <br />Officers Association of the United States and Canada presents this prestigious award to those <br />governments whose annual financial reports achieve the highest standards in government <br />accounting and financial reporting. <br /> <br /> In addition to the General Fund, four enterprise operations and six internal service <br />operations are supported by the Finance Department. The City maintains enterprise funds to <br />account for the operations of the Water, Sewer, Stormwater, and Street Lighting utilities. <br />Enterprise funds are used by governmental units to account for services provided to the general <br />public on a user charge basis. The Finance Department prepares a rate study to ensure that utility <br />rates are sufficient to cover the cost of providing the services. Activities and operations that <br />provide services to departments of the City on a cost reimbursement basis are accounted for by <br />internal service funds. The six internal service funds of the City are; Risk Management, <br />Compensated Absences, Fleet Replacement, Non-Fleet Replacement, Pavement Management <br />and Information Technology. <br />FINANCE <br /> FINANCE and LICENSE BUREAU <br /> Provide financial management of <br />City resources <br /> Manage finances of City utilities, <br />including utility billing <br /> Operate the License Bureau <br /> Coordinate the preparation of the <br />annual operational budgets <br /> Prepare financial reports including <br />the annual financial statements <br /> Manage the capital budgets and <br />other long-term financial plans <br /> Perform debt management <br />responsibilities <br /> Perform accounting duties, such <br />as payroll, accounts payable, and <br />accounts receivable <br />23