FINANCE DEPARTMENT Description The Finance Department is responsible for financial management, planning support, including periodic analysis, development of the City's operating budget, and assisting the Public Works Department in preparing the Five-Year Capital Improvement Program. The department also administers the fiscal affairs of the City through maintenance of a general ledger; production of financial reports; collection and posting of revenues; payment of and accounting for obligations; payroll; preparation of the Comprehensive Annual Financial Report; preparation of other financial reports, such as the State Controller's Reports; and maintaining custody and investment management of all City funds in accordance with State law and the City Investment Policy. Prior Year Accomplishments • Revised Investment Income strategy, increasing expected investment income budget by 494%. • Prepared a balanced budget for Fiscal Year 2024-25. • Received first Government Finance Officers Association (GFOA) Award for Fiscal Year 2023-2024 Operating and Capital Budget. • Ended Fiscal Year 2022-2023 with a General Fund surplus of $1.8 million. • Produced a “clean” financial audit for fiscal year ended June 30, 2023, with no audit findings. • Produced a “clean” compliance audit over federal grants received for fiscal year ended June 30, 2023, with no audit findings. rd • Received GFOA Award for Annual Comprehensive Financial Report for fiscal year June 30, 2022, for the 23 consecutive year. • Completed on-boarding and transition for three new employees, including the Finance Manager. • Reviewed City contracts and ensured compliance with the City’s Purchasing Policy. • Updated and revised City’s primary financial policies: Financial Reserves, Investment, and Purchasing. • Increased volume of virtual payments to vendors. • Captured additional credit card rebates via virtual payments. • Implemented various cost-saving measures via early payment discounts:  Credit Card payments.  OC Sherrif early payment.  OCTA SMP Program. 38