About the Department of Finance
The Department of Finance (DoF) provides centralized financial services to the City. DoF has four key areas of responsibility; (1) oversight of the City’s operating and capital budgets, (2) accounting and financial reporting for all City funds, (3) payroll and vendor payments, and (4) financing and management of City debt obligations, all of which are the foundation of the City's financial operation. The DoF comprises three divisions: Financial Planning, External Financial Reporting, and Debt Management & CIP.
The Financial Planning division coordinates the development of the annual budget by working with City departments to identify expenditure savings and implement Mayoral initiatives, develops the Five-Year Financial Outlook, identifies new revenue sources, and forecasts revenues. Furthermore, the division performs internal financial reporting functions for the City, monitors the City's expenditures and revenues, produces reports to City Council to forecast year end results, and coordinates budget transfers and adjustments throughout the year to accommodate unforeseen budget changes. This division is also responsible for the development and monitoring of personnel expense components of the operating budgets, including analysis of salaries and fringe benefit rates, and conducts analyses to support labor negotiations.
The External Financial Reporting division prepares the Annual Comprehensive Financial Report (ACFR) which includes an accounting of all City funds and its component units, including related disclosures; implements and monitors internal controls over financial reporting, and prepares the required reporting to the Audit Committee and City Council; maintains multiple modules of the SAP system to ensure data accuracy and develops and provides citywide financial training. Furthermore, the division is responsible for the general accounting for the City. This division is also responsible for the centralized processing of all vendor payments and payroll processing for the City's approximately 13,000 employees.
The Debt Management & CIP division develops and monitors the CIP Budget, develops financing plans, and conducts issuance activity for all short- and long-term debt, which together support projects that help maintain or improve City infrastructure. Additionally, the division coordinates and monitors citywide post-issuance administrative functions related to bond offerings, commercial paper programs, Federal and State loans, and capital leases, and regularly reviews obligations for refunding opportunities and timely refinances to lower interest costs. The division also coordinates, as needed, the City’s formation procedures for its Special Financing Districts, related conduit bond issuances to fund public infrastructure, and the enrollment process for assessments and special tax levies.
The vision is:
To set the national standard for municipal financial management
The mission is:
To provide the highest quality financial services with integrity, transparency, and accountability
Goal 1: Establish strong financial management by applying nationally recognized best practices.
- Establish fiscally sound financial policies
- Prepare fiscally sound balanced budgets
- Promote sound long-term financial and infrastructure planning
Goal 2: Optimize financial resources and safeguard public assets.
- Identify and implement continuous business process improvements to reduce costs and enhance revenues
Goal 3: Provide excellent customer service.
- Encourage collaboration with customer departments
- Pay employees timely and accurately
- Pay vendors timely and accurately
Goal 4: Strengthen the City’s financial knowledge, skills, and abilities.
- Develop financial competencies for Department of Finance staff
- Establish and promote financial training programs for relevant City staff.
Goal 5: Produce relevant, accurate and timely financial information.
- Complete internal and external financial reports accurately and timely, including all relevant disclosures
- Maintain strong internal controls over financial reporting
All financial policies have been adopted by the City Council as a resolution. A resolution is a formal expression of opinion or intention of the City Council.
An ordinance is a law adopted by the City Council and usually amend, repeal, or supplement the Municipal Code; provide zoning specifications; or appropriate money for specific purposes.
The City charges a range of fees for services provided to residents and businesses, such as fees for recreational services, inspections and permits, use of City property, and other services. These fees are charged to recover costs associated with the services provided and are detailed in the User Fee Schedule linked below.