HomeMy WebLinkAbout2025-02-26 Finance Dept. Overview & Initiatives Handout @ Meeting
Finance Dept Overview 2025February 26,and Initiatives
Goals for Presentation Ask Questions7.Explore Initiatives6.Review Total Cash5.Review Debt Trend4.Review Audit3.Review 2025 Budget2.Review Finance Structure and Duties1.
Finance Structure and Duties AA+ upgraded in 2023–Bond Rating •all City along with Federal, State, and County–Financial reporting •Investment and cash management•Send out and collect
utility bills•Run payroll•Pay bills•Responsible for all financial transactions•Sr. Accounting ClerkPT and the –The Finance Department consists of the Finance Director
Budget Total Tax Levy3,032,3213,265,0717.7%Total Debt Service308,338254,85017.3%-General Fund Tax Levy2,723,9833,010,22110.5%Tax LeviesGen Fund–Total Expenditures 3,357,5843,451,2212.8%Total
Transfers Out338,640388,80014.8%Total Economic Dev40,00056,658N/ATotal Culture and Rec39,10045,90017.4%Total Public Works540,500564,9004.5%Total Public Safety1,697,7141,669,0531.7%-Total
General Government701,630725,9103.5%ExpendituresGen Fund–3,357,5843,451,2212.8%Misc/ServCharges for 10,90075900696.4%Interest Earnings 65,00065,0000.0%Fines and Forfeits13,00013,0000.0%Intergovernme
ntal333,70172,20078.4%-Licenses and Fees191,000194,9002.3%Gambling20,00020,0000.0%Property Tax 2,723,9833,010,22110.5%RevenuesGeneral Fund2024 Budget 2025 Budget Chg% Comparison
Revenues & Expenditures Transfers OutCulture and RecreationPublic WorksPublic SafetyGeneral Government General Fund Expenditures 12.9%1.3%16.4%48.4%21.0%MiscellaneousInterest
EarningsFines and ForfeitsIntergovernmentalLicenses and FeesProperty Tax General Fund Revenues 2.20%1.88%0.38%2.09%5.65%87.80%
Audit Annual Financial Report is presented in either May or JuneField work is performed in December and April2026-Our current contract is to audit fiscal years 2024We have contracted
with Abdo for many yearsThe City needs to be audited on an annual basis by a CPA firm
Debt Service We levy for debt service a year ahead of the principal payment. Total Debt Service Levy308,338 254,850(53,488)Fund 353 Streets-/2021A 2013A 99,240 254,850155,610 Fund
351 Streets-2009A/2016A 209,098 0 (209,098)Debt Service Levy20242025Change
Debt Service We have special assessment revenues that reduces the need for tax levy. Adjusted Tax Levy Bonded Tax Levy Projected Debt Service Levies 20292028202720262025202420232022
400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 --183,135 208,440 228,810 254,850 308,338 311,008 328,798
Cash Balances 12/31/2024 Total$13,709,014.15Cable TV Fund10100-G 614$28,981.91RECYCLE SERVICE10100-G 605$2,176.45GARBAGE10100-G 604$3,492.86-Storm Water Fund10100-G 603$421,075.82Sewer
Fund10100-G 602$2,694,777.36Water Fund10100-G 601$4,296,480.43City Street Projects10100-G 452$1,756,990.83CAPITAL EQUIPMENT REPLACEMENT10100-G 409$552,951.07Park Capital Project Fund10100-G
402$450,106.66Escrow/Legal/Engineering10100-G 401$125,976.792021A REFUNDING BOND10100-G 353$144,093.91.Proj2009 Str. -2009 A Bond 10100-G 351$311,126.58Police Station-2012 A Bond 10100-G
309$66,557.04G.O. 2016A CAPITAL NOTES10100-G 302$500.14General Fund10100-G 101$2,860,712.02FundCash AccountAmount
Excess Fund Balance Available Funds over 50% -B -A481,588 1,096,635 938,318 736,550 50% of Total Expenditures -B 1,492,486 1,492,486 1,725,611 1,777,379 Total Expenditures and Transfers
2,984,972 2,984,972 3,451,221 3,554,758 Transfers 285,933 338,640 388,800 400,464 New Budget -Expenditures 2,699,039 2,646,332 3,062,421 3,154,294 Unassigned Fund Balance -A 1,974,074
2,589,121 2,663,929 2,513,929 Spendable -Less Non(45,051)(21,657)(207,269)Estimated2 -12/31/xx-Fund Balance 2,019,125 2,610,778 2,871,198 2023202420252026
City vs. Office of State Auditor Calculation 95%1,256,933 Available Funds over 50% Policy amount -B -A1,406,996 50% of Total Expenditures -B 2,813,991 2023 Total Expenditures 45,572
2023 Actual Special Rev Expenditures 2,768,419 2023 Actual Expenditures 2,663,929 Unassigned Fund Balance -A State Auditor Method 77%938,318 Available Funds over 50% Policy amount -B
-A1,725,611 50% of Total Expenditures -B 3,451,221 2025 Total Budgeted GF Outflow 388,800 2025 Budgeted GF Transfers 3,062,421 2025 Budgeted GF Expenditures 2,663,929 Unassigned Fund
Balance-A Current City Practice (Including Transfers)
Finance Initiatives We need to modernize to use electronic payments more effectively•Council needs input into limits and timing of payments•Need new policy that matches with current
state law •Purchasing Policy•Comparable Worth system is obsolete and not reproducible •we don’t have benchmarks–Current positions were created on the fly •Compensation Study•Modern
systems are more expensive•Current system is buggy and inefficient•New Software•
Questions & Answers