CC 12-13-2022
Special Meeting
#1
Council Orientation &
Training
Desk Item
FINANCE
DIVISION
Beth G. Viajar
Acting Finance Manager
FUNCTIONAL AREAS
Introduction - Finance
Treasury
Internal & External Audit
Accounts Receivable
Accounts Payable/Fixed Assets
Business License
Payroll
ACFR
Audit Committee
INTRODUCTION
Finance Division, consists of 8.5 staff, Finance Manager, Sr.
Accountant, 2 Accountants II, Acctg. Technician, 3 Account Clerks and Part Time, Senior System/Financial Analyst
Does accurate and timely maintenance of all City Financial Records in compliance with Federal, State and other regulatory reporting Under the general direction of and in collaboration with the Administrative Services Director, Kristina Alfaro.
3 TREASURY
City invest with LAIF and Chandler Asset
Management. The primary objectives of our
portfolio with Chandler are safety, liquidity, and
return (in descending order).
Report, prepared by Chandler quarterly
US Bank prepares quarterly performance reports
for Section 115 Trusts (Pension and OPEB)
INTERNAL & EXTERNAL AUDIT
5 • Prepares financial and operational reports
• Serves as liaison to the City auditors
• Workplan is recommended by Audit Committee and approved by City Council annually
• Analyzes and recommends revisions to accounting procedures • External Audit – fy2122, auditor Crowe LLP
• Current field work on going, estimated issuance of draft ACFR report Mar’23 • GASB87, new pronouncement effective at fiscal audit year • Debtbook, 3rd part firm contracted for the implementation and using the application • Change in Lease accounting treatment
ACCOUNTS RECEIVABLE
6 • a team of 2, responsible for:
• invoicing customers, false alarms, Sheriff services; other dept's request & retirees
• processing revenue collections (cash receipts & deposits - WFB) • Business License on-line processing using Accela
BUSINESS LICENSE
Accela, City of Cupertino current software/application
How to access and apply for the business license
On-line
• instructions is provided guiding the customer
• Any question, phone number is provided
• Accepting payment online via credit card
• Business license is issued & printed as soon as the process is completed • All business owners with licenses are posted in the City website for transparency
Making appointment, Finance window if guidance is needed in Accela.
Cupertino business license is "solely to raise revenue for municipal purposes and is not intended to license or tax for regulation. A business license is for taxation purposes only and is not a regulatory mechanism.
7 PAYROLL
• Bi-weekly schedule
• review and process by Accounting Tech
• 2nd reviewer, Accountant II and or Finance Manager
• Reporting:
• all required reports by other government entities/agencies • (EDD)
• Calpers/PARS
• Year end - W2
8 DISBURSEMENTS
9 • De-centralize, department
process invoices, approve by
department heads;
• Finance - final review and
approval
• Check run, bi-weekly on
Thursdays except Holidays.
• Unclaimed checks over 90
days is published, if no
claimant after 45 days, it is
voided.
• Y ear end report, Form 1099
is issued.
FIXED ASSETS
• Capital Assets:
• Acquisitions are recorded,
paid, and monitored.
• Service date, basis of
depreciation
• Details are reported for
analysis
• additions
• deletions
• depreciation (recorded
monthly)
• Y ear end report for ACFR
ACCOUNTS PAYABLE
ACFR (ANNUAL CALIFORNIA
FINANCIAL REPORT
10 SECTION 1
• Introductory Section
• Transmittal letter
• Organizational Chart
• CC and Officials
• Commissions and
Committee
• Award
SECTION 2
• Financial Section
• Auditor’s report (opinion)
• Management discussion and
Analysis (MD&A)
• Financial Statements
• Notes to Financial
Statements
• Required Supplementary
Information
SECTION 3
• Statistical Section
• Financial trends
• Revenue Capacity
• Debt Capacity
• Demographic Economic
• Operating
AUDIT COMMITTEE
11 Source: Cupertino, CA Municipal Code, Chapter 2.88.100: Audit Committee
The powers and functions of the Audit Committee shall be as follows:
A: To review the annual audit report and management letter B: To recommend appointment of auditors (external & internal) C. To review the monthly Treasurer’s report
D. To recommend a budget format
E. To review City investment policies and internal controls of such policies G. To review internal audit reports. (Ord. 20-2208, § 1, 2020; Ord. 1679, § 1 (part), 1995
THANK YOU
Beth G. Viajar, Acting Finance Manager
Thomas Leung, Budget Manager
Kristina Alfaro, Director of Admin Services