|
The Fund currently has a. balance approximately $700,000, so the impact will be negligible in
<br />the short term. However, in the future the General Fund's portion of the City's property /liability
<br />coverage will need to increase to an amount commensurate with the annual premiums.
<br />Fin.ance/Accounting Division
<br />Th e vast majority of duties and responsibilities of the Finance/Accounting divisi n are
<br />performed in conjunction with Federal, State, and Local (City Code) mandates; and/or in
<br />recognition of generally accepted accounting principles. In short, the Department provides very
<br />little discretionary -type services. we must also recognize that marry of the services provided by
<br />the Department are funded by specific revenue sources, which makes it problematic when
<br />considering budget reductions in revenue- generating programs..
<br />The following table summarizes the functions performed in the Finan e /Accounting division as
<br />well as any applicable program revenue:
<br />Function
<br />Payroll
<br />Purchase Orders
<br />Business Licensing a
<br />Accounts Payable
<br />Accounts Receivable
<br />Utility Billing
<br />Receptionist / Cash Receipts
<br />General Acetg Financial Deporting
<br />Risk Management
<br />Treasury Management b
<br />Debt Management e
<br />Budget and Capital Planning
<br />Contract Admin (JPA's, wireless leases)
<br />Econornic Development d
<br />Conti-acted Services - Dale Elmo
<br />Total
<br />Finance Division Functions
<br />Comments
<br />a Total revenues derived from business licensing = $350,000, Approximately $50,000 is used for
<br />Police background and compliance cheeps and. calls t the establishment, the remainin. is shown here.
<br />b Total interest earning - $1.7 inil.li n annually with portfolio management oversight. Absent this
<br />oversight it is estimated the earnings would arty be 1� .5 million.
<br />e Through conduit debt financing, the City earns on average, $30,000 per year..
<br />d The City typi cal. l r ch arge.s a 5% adinin fee for managing TI projects: The aYnount shown above relates
<br />only to the portion attributabl. e to the Finance Staff
<br />As the table above indicates, the functions performed. in the Finance /Accounting division
<br />generate over $730,000 annually in program- related revenues. This translates into an nn al
<br />divisional surplus of approximately $86,000 that is used to offset other- tax - supported programs.
<br />It could be argued however, that a portion of the program revenues ought to be allocated to other
<br />operational costs as well.
<br />2
<br />Less
<br />Cost
<br />Program
<br />Net
<br />FTE's
<br />Hours
<br />Cost
<br />Per Hour
<br />Revenue
<br />Cost &I-Plus)
<br />0..83
<br />13716
<br />S 605975
<br />35.53
<br />S
<br />60,975
<br />0.03
<br />52
<br />2475
<br />47.60
<br />-
<br />23475
<br />0.40
<br />832
<br />31,15
<br />37.4
<br />3
<br />(268,850)
<br />0.63
<br />1,.300
<br />41.;603
<br />32.00
<br />-
<br />41,6 3
<br />0.03
<br />52
<br />25150
<br />41.35
<br />-
<br />2115
<br />0.98
<br />2M28
<br />623805
<br />30.97
<br />(623805)
<br />-
<br />1.00
<br />23080
<br />64,355
<br />30.94
<br />-
<br />64,355
<br />1.38
<br />200
<br />136,775
<br />47.82
<br />-
<br />1363775
<br />0.50
<br />13040
<br />623150
<br />59.76
<br />T
<br />623150
<br />0.2.5
<br />520
<br />34,87 5
<br />67.07
<br />30
<br />265,15
<br />0.1.3
<br />260
<br />19,.575
<br />75.29
<br />(30,000)
<br />(10,42.5)
<br />0.50
<br />1 M40
<br />781150
<br />75.14
<br />-
<br />785150
<br />0.13
<br />260
<br />19;375
<br />74..52
<br />193375)
<br />-
<br />0.1
<br />260
<br />19,575
<br />75.29
<br />(53000)
<br />147575
<br />0.13
<br />260
<br />83751
<br />33.66
<br />14,400)
<br />(5,649)
<br />7.00
<br />143560
<br />644,738
<br />$ 44.28
<br />$ (731,580)
<br />(56,842)
<br />Comments
<br />a Total revenues derived from business licensing = $350,000, Approximately $50,000 is used for
<br />Police background and compliance cheeps and. calls t the establishment, the remainin. is shown here.
<br />b Total interest earning - $1.7 inil.li n annually with portfolio management oversight. Absent this
<br />oversight it is estimated the earnings would arty be 1� .5 million.
<br />e Through conduit debt financing, the City earns on average, $30,000 per year..
<br />d The City typi cal. l r ch arge.s a 5% adinin fee for managing TI projects: The aYnount shown above relates
<br />only to the portion attributabl. e to the Finance Staff
<br />As the table above indicates, the functions performed. in the Finance /Accounting division
<br />generate over $730,000 annually in program- related revenues. This translates into an nn al
<br />divisional surplus of approximately $86,000 that is used to offset other- tax - supported programs.
<br />It could be argued however, that a portion of the program revenues ought to be allocated to other
<br />operational costs as well.
<br />2
<br />
|