Budget - 2003 Admin-Finance-Rec~~
FINANCE
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BUDGET 2003
Finance Programs
^ Finance is made up of nine programs:
Benefit Administration, Budgeting,
Cash Management, Debt Management,
General Accounting, Payroll, Risk
Management, Tax Increment Reporting
and Utility Billing.
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Finance Programs
^ Major objectives accomplished in 2002
include:
Implement ACH payment for utility
customers and progress to monthly billings
where radio read meters are installed,
r Applied for GFOA budget award,
~ Project future debt needs and abilities,
~ Reconciled health and dental insurance
billings.
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Finance Programs
^ Major objectives to be accomplished in
2003 include:
Reconcile general ledger liability accounts for
insurance,
~ research two year budget process,
prepare RFP for banking services,
monthly Onancial reports in update,
aggressively seek 100% participation in
direct deposit.
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Finance Programs
^ Objectives accomplished annually include:
. Invest city funds prudently,
. maintain cash flow projections,
. maintain bond rating,
. CAFR award ,
. ensure adequate insurance coverage for all city
property,
• analysis of TIF funds,
. overall conservative financial management and
accurate reporting of financial information.
Finance Programs
^ The Finance departments overall
increase is 6.4% or $9,488.
^ The increase is attributed to
increased salary costs of 7.7 %,
which is primarily a result of the
comparable worth study conducted in
2001-2002.
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Finance Programs
^ As a result of the future state deficits,
all departments have been required to
come up with two scenario's of
reductions of budgets, one temporary
and one permanent. Both scenario`s
are 2.7% reductions in current
requested budgets, to resolve potential
state aid cuts.
Finance Programs
^ For Finance the scenario's are as follows:
. 1. Temporary decrease in training and travel
of $4,280.
. 2. Permanent reduction for one senior clerk
position, to 36 hours a week. Finance would
then discontinue the budget award
application process and discontinue
supporting the receptionist duties. This
would enable us to absorb the work from
one clerk loosing 2Q8 hours a year.
Finance Programs
^ Benefit Administration
Up - i3.1%, increase in salaries
for personnel.
We provide employees with
benefit information and
administration by maintaining
benefit records in house and
with vendors, administer
flexible benefit accounts and
ensure proper coverage for
employees.
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Finance Programs
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^ Budget
Up - 6.6%, increase in
personnel expenses.
Prepare annual budget, Apply
for budget award, monitor
budget, prepare
equipment replacement
plan and assist with CIP.
Finance Programs
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^ Cash management
'~' r Up -15.7%, decrease in amount
charged to other funds for
cash management and
increased salary expenses.
t ~ ~~~ Invest funds according to policy
`" and needs and project cash
flows for all city funds.
Finance Programs
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Finance Programs
^ General Accounting
Up - 5.1%, increase in
salary expenditures.
Pay bills, keep complete and
accurate records, prepare
monthly financials,
provide information to
Council, Departments and
Citizens.
Finance Programs
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^ Payroll
Down - 6.9%, substantial
decrease in the amount
charged for equipment
replacement and reallocation
of employee time.
Maintain all payroll records,
process payroll biweekly,
complete and file all required
payroll reports and provide
payroll information.
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Finance Programs
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^ Risk Management
Up - 83.2%, substantial
increase in allocation of
personnel time in this
program.
Prepare insurance claims,
follow through on open
claims, review insurance
needs and ensure accurate
coverage.
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Finance Programs
^ Tax Increment
'
Financing Admin. , ~
Zero change to the general ~
fund. All charges are ,../
applied to Tax Increment
Funds.
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Prepare annual reports and ~~~~~~~
keep abreast of changes in
the TIF laws.
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Finance Programs
^ Utility Billing
Zero affect on the general
fund. All charges are
against utility funds.
~ ~ Process monthly and
~ ~ quarterly utility bills,
~ ~ ~ analyze rates, notify
water and sewer of
maintenance needs and
requests.
Facility bonds
^ $5,375,000
The HRA will be issuing debt in
October or November, for
only the fire station portion
of the redevelopment
project. The amount of debt
being issued at this time has
been reduced from its'
original projections. This
impacts our levy projection
for 2003.
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Facility bonds
^ .Levy impacts
Our new projected debt levy for 2003
is $809,000, down $85,000 from
our original projection.
The total levy increase is reduced to
7.63% from 8.92%. Overall,
residential taxes for the average
home will increase $94 a year
instead of $115 a year.