City Council Study Session Agenda and Packet 2014 04 08

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Finance Program Description The Finance Program is responsible for the administration, recording, accounting, and reporting for all financial transactions and activities of the City. Finance Program functions include cash management and investments, debt administration, budget development and monitoring, revenue collection and cash receipting, utility billing, payroll, accounts payable, and sales and use tax administration. The Finance Program is responsible for ensuring the City’s internal control structure adequately safeguards the City’s assets. The Finance Program is responsible for all financial reporting, including the Comprehensive Annual Financial Report, the Annual Operating and Capital Budget, the Five-Year Capital Improvement Plan, and the Long-Term Financial Plan. Sub-Programs The Finance Program is comprised of two (2) main sub-programs: 1.Finance Administration & Accounting provides budget, accounting, treasury, and debt administration services for the City. Accounting services include accounts payable, payroll, utility billing, cash receipts, fixed assets, and financial record keeping and reporting to departments, Finance Committee, City Council, and to the public. Finance Administration & Accounting also provides front counter customer service. 2.Tax Administrationadministers the City’s sales and use tax program, including the issuance of sales and use tax licenses, the collection, monitoring, and reporting of sales and use tax revenue, and the performance of sales, franchise fee, and use tax audits. Goals, Objectives, & Initiatives The 2014 goals, objectives, and initiatives for the Finance Program include: Receive the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for the City of Louisville’s 2012 Comprehensive Annual Financial Report (CAFR). Issue the 2013 CAFR to departments and elected officials prior to June 30, 2014. Receive the Distinguished Budget Presentation Award from the Government Finance Officers Association for the City of Louisville’s 2014 Operating & Capital Budget. Issue the 2014 Operating & Capital Budget to departments and elected officials prior to January 15, 2014. Begin implementation of from Utility Rate Study. Some recommendations regarding significant changes to utility billing structure may not be completely implemented until January 1, 2015. Participate as needed with the selection, procurement, and implementation of an Enterprise Resource Planning (ERP) system. Coordinate Finance staff participation.