Finance Departmental Update
June 27, 2023
The Finance Team
Organizational Chart
GFOA Code of Ethics
Finance Department Overview
Finance Department Customer
INTERNAL CUSTOMERS
City Council
City Management
City Department
City Employees
EXTERNAL CUSTOMERS
Businesses within the City limit
Vendors
Contractors
Investors
Property Owners
Finance Department Responsibilities
Bill, collect, monitor, invest, spend and report on over $20 million dollars in City of Hercules revenues annually Safeguard, track and report on all City of Hercules assets Plan, project and provide for City of Hercules resources to support programs, services and capital projects Provide financial reporting and transparency to all customers
Finance Department - Operations
FINANCE ADMINISTRATION
General Ledger (GL) Maintenance – 100 funds to maintain Budget upload to the GL at the beginning of the fiscal year Record journal entries and ensure accuracy of the entries Monthly accounting close
Budget monitoring
Monthly Cash Reconciliation – 9 Bank Accounts
Loan Receivable
Debt Management
Preparation of Recognize Obligation Payment Schedules (ROPS) Grant Accounting
Capital Assets
Risk Accounting
Annual Reports
Audits
Accounts Payable
Timely payments for all City’s financial obligation
Processed and issued payments for more than 2,000 invoices through checks, wires, ACH and purchasing cards Processed the issuance of 1099 and 1098 IRS reporting
Purchase Orders
Issued an average of 200 purchase orders annually
Recurring Journal Entries
Special Projects
Payroll & Other
Annual Financial Reports
Annual Budget
Annual Comprehensive Financial Report (ACFR)
Stand-alone Financial Statements & Agreed Upon Procedures Wastewater Fund
Measure N (Utility Users Tax)
Measure B (Additional Sales Tax)
Single Audit Report (Federal Grant Reporting)
State Controller’s Reports:
Cities Financial Transaction Report (CTR)
Annual Street Report (ASR)
Compensation Report
Other Regulatory Reports (Filed annually and quarterly) Investment Report
Debt Disclosures – All Bonds
Measure J Local Street Maintenance and Improvements (LSM)
Finance Department Accomplishments - Projects
Strategically and collaboratively worked with departments and City Manager to balance the annual budget and implement the Hercules Strategic Plan Completed the annual financial statements and audit with a clean audit opinion and fifth consecutive year with no audit findings Successfully refinanced the City’s Bonds that generated over $2 million in debt service savings Proactively addresses delinquent accounts and maximize City collections and cash flow through audits and collections efforts Identified redundancies in processes, analyzed their effectiveness at identifying errors and eliminated ineffective redundancies, saving staff hours weekly
Finance Department - Awards
Government Finance Officer Association (GFOA)
Distinguished Budget Presentation Award – 3 consecutive years Certificate of Achievement for Excellence in Financial Reporting – 2 consecutive years California Society of Municipal Finance Officers (CSMFO) Operating Budget Award – 2 consecutive years
Hercules Budget at a Glance
Finance Department – Key Initiative
Thank you!