FINANCE

About The Finance Department

The Finance Department is responsible for development of the annual budget and long-range financial plans, for assisting Town leadership with policy decisions that may impact Town finances and for developing and implementing policies and procedures that serve to protect all Town assets. Other department responsibilities include accounting, financial reporting, sales tax administration, debt management, cash management, central purchasing and payroll.

GENERAL FUND: EXPENDITURES

Finance

Shaded sections represent equivalent positions with title or level changes.

GENERAL FUND: EXPENDITURES

Department: Finance

Explanation Of Significant Budget Variances

2023 Adopted Budget vs. 2022 Projected Actual

• The 2023 budget for Salary and Benefits includes funding for the performance pay adjustment of 5% and healthcare cost increases.

• A contingency of $300,000 is included within the Purchased Services category for legal assistance related to employee 401(a) and 457(b) plans. This category also includes contract services for sales tax audits.

• The Capital Outlay in 2022 includes a one-time $350,000 expense for paperless procurement and accounts payable software to increase transparency and efficiency of the Town’s financial processes.

2022 Accomplishments

Innovate with Collaborative Governance

• Modified and adopted Municipal code changes to implement remote seller business license changes and sales tax exemption of state-imposed fees resulting from Colorado Legislation

• Received Government Finance Officers Association’s Certificate of Achievement for Excellence in Financial Reporting for the 2021 Annual Comprehensive Financial Report and its Distinguished Budget Presentation Award for the 2022 budget

Enhance Economic Vitality

• Awarded a contract to a third-party audit firm to assist with Sales/Use Tax audits

2023 GOALS

Innovate with Collaborative Governance

• Improve efficiency with a paperless accounts payable process, including electronic workflow and a paperless procurement system

• Implement initiatives within the Procurement Division that will allow recognition via the Achievement of Excellence in Procurement (AEP) through the National Procurement Institute

• Develop and implement procurement training programs for Town staff

• Develop and implement a separate, dedicated Procurement Manual for Town procurement activities

• Implement online Business Tax Licensing portal

Enhance Economic Vitality

• Complete a filing frequency review to ensure vendors are following Town code

Section Title

GENERAL FUND: EXPENDITURES

Department: Finance

PERFORMANCE MEASURES BY STRATEGIC GOAL

Innovate

OUTPUT MEASURE: Number of sales tax audits completed

Sales tax audits are opportunities to connect with businesses to ensure that they understand and comply with Town sales tax code. Audits also ensure that the Town is receiving all the revenue that is owed and that businesses are not overpaying.

OUTPUT MEASURE: Business licenses issued

Licensing businesses helps to ensure that they comply with Town code and sales tax requirements, and it allows the businesses to access Town services. Business Licenses also provide demographic information to the Town for economic development purposes.

OUTPUT MEASURE: Number of sales tax returns processed

The sales tax division relies on sales tax returns to determine the amount of sales tax revenues owed to the Town Sales taxes are the Town’s primary source of revenue, so it is critical that they are accounted for accurately. Sales tax returns are increasing as more remote sellers remit to the Town.

OUTCOME MEASURE: Percentage of sales tax returns processed electronically

Electronic processing improves the efficiency and accuracy of returns processing.

* The 2022 target anticipated a vacancy in the audit staff.

The 2022 and 2023 targets reflect fewer new licenses because a code change requiring remote sellers to license has been repealed.