Finance Department QUARTERLY REPORT
Finance Organization Chart Finance Director
Assistant Finance Director
Accountant
Senior Accounting Specialist
Accounting Specialist (Occupational Tax)
Accounting Manager
Accounting Specialist
Financial Analyst
Payroll Specialist
Administrative Assistant
Accounting Specialist (Accounts Payable)
Finance Goals for Fiscal Year 2024
Monthly Audit of Capital Assets Objective: • Audit to include at least 10 assets • Recommended best practices by GFOA • Subject department selected randomly each month • Reported monthly in the monthly Finance report • Adopt a formal capital assets disposal policy
Implement GASB 96 - SBITAS Objective: • To be implemented for fiscal year 2023, ending June 30, 2023. • The Why? • As cloud-based data management, storage, and computing have grown, more organizations are using subscription-based and time-bound IT contracts known as SBITAs, which have similar traits to traditional leases. • Utilize software to assist in preparing required schedules, journal entries, and other required financial report items.
Establish an Investment Program Objective: • Establish a business partnership with a qualified investment management firm. • The city is working with Davenport & Co. • Evaluate the city’s current investment vehicles and determine a recommended investment strategy to maximize earnings. • Invest in secure, low-risk investment vehicles • Establish a comprehensive investment management policy.
Facilitate the Annual Budget Objective: •
Begin work as soon as the Mayor and Council goals for the year are finalized.
•
Thoroughly review and update the five-year capital plan to identify the best use of funding sources.
•
Thoroughly review personnel for new additions, pay schedule changes, and new operational needs (Amphitheater, for example)
•
Continue to receive the annual budget award from GFOA by continuously evaluating recommended best practices and requirements.
•
Consolidate the budget workshop to one day versus two days.
Receive a “Clean Opinion” For Audited Fiscal Year Ending June 30, 2023 Objective: •
Implement all new GASB pronouncements prior to audit fieldwork. • Attend training and utilize outside resources
•
File with the State of Georgia and required agencies by December 31, 2023.
•
Receive a final audit report with “No Findings” and a clean opinion.
•
Conduct a “post-mortem” to help identify strengths, weaknesses, and improvements for future audits.
QUESTIONS & COMMENTS