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and send to the county the final budget and tax levy by five business days after <br />December 20. <br />b. Interim Reporting <br />Staff enter the budget into the financial system and produce reports based on <br />monthly revenues and expenditures Î which are cash payments. Monthly reports <br />detailing the revenues and expenditures, cash balances and investment positions <br />are delivered to the City Council. <br /> <br />Accruals are generally made at year end after the fiscal year is closed at the end of <br />February, but before the audit. Accruals are generally made for bills of the previous <br />year paid in the current year, receipts from the previous year for current year <br />licenses, receipts from the current year for invoices from the previous year, wages <br />for partial pay periods, depreciation expense, pension expense, and other <br />miscellaneous items. <br /> <br />c. Financial Reporting <br /> <br />The city is required to prepare an annual financial report on the activities of all city <br />functions. The report must be audited by a qualified CPA firm. <br /> <br />The Finance Department prepares and submits required reports for state and federal <br />payroll and miscellaneous reporting including Public Employee Retirement <br />Association pension reports, unemployment reports, quarterly 941 reports, annual <br />W-2 and 1099 reports. <br /> <br />We also provide required reports to the Office of State Auditor regarding budget <br />and annual financial reports, reports to the Minnesota Department of Revenue, and <br />to Minnesota Management and Budget. <br /> <br />Department Initiatives <br /> <br />1. Financial Software Replacement <br />Our current financial software is from Banyon Data Systems located in Burnsville, MN. <br />We have had the software for over 20 years. The software is based on Microsoft Access. <br />Banyon has not announced any plans to port the software to another database platform. <br />The software is clunky to operate in a distributed server environment and not efficient. We <br />often need to have all users except one log out to perform certain tasks. We have frequent <br />crashes that require closure of the software or a reboot to complete certain operations. <br />We had a plan to replace the software in 2024 but did not accomplish that task. Staff is <br />looking for a modern Enterprise Resource Planning (ERP) solution that will replace the <br />General Ledger Financial System, Payroll, and Utility Billing functions. We would also <br />like to add integrated software for building permit issuance and tracking. <br />10 <br /> <br />