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<br />Memo <br />City Council, City Administrator <br />Finance Department Update <br />3 <br /> <br />earned. Now all revenue is booked when earned and put into accounts receivables. This <br />has reduced the effort on receivables at audit time, gives us current reports, and tightened <br />internal controls. <br /> <br />· Online bill pay <br />Online bill pay for utility billing was instituted. This allows customers to look up their <br />current balance online and pay with a credit card. This has also created efficiencies <br />within the finance department in regards to cash receipting utility bills. 872 purchases <br />were made online in 2008, currently for 2009 thru May we have 637 purchases online. <br /> <br />· Procurement Card and Credit Card Policy <br />A policy was written for the use of City credits cards in order to comply with state <br />statutes. Research was done on procurement cards and a policy and procedure was <br />written and adopt by the City Council. All paperwork has been filed and we are currently <br />working with the vendor to institute the program and will provide training to all <br />employees in the near future. This will create efficiencies in the accounts payable <br />function. <br /> <br />· Comprehensive Rate Study for City Utilities <br />A comprehensive utility rate study was completed for Water, Sewer, and Surface Water. <br />Fifteen year projections were used for both operating and capital improvements. The <br />City changed to a tiered system which is now in compliance with the new water <br />conservation regulations. Senior citizen discounts will be phased out by 2011. <br /> <br />· TIF analysis on existing districts <br />An analysis was completed on our TIF districts to determine what funds were available <br />and what types of projects would qualify. <br /> <br />· Internal Controls <br />Internal controls have been refined and continue to be worked on. Documentation on all <br />areas is being complied and cross training has been completed. Segregation of Duties is <br />continually being worked on and refined. <br /> <br />· Account reconciliations <br />This has been an area that still needs work and we have still received an audit finding on. <br />Due to workloads and the amount of transactions we process, some of the monthly <br />reconciliations get put off to deal with special projects and weekly process of data. Now <br />that we have the intern on board, I am happy to say that as of June - we are current in our <br />cash reconciliations. We have monthly statements for accounts receivables, but we still <br />have work to do on the old escrow accounts (prior to 2006). This is another area that we <br />hope to have the intern work on. <br />