The Finance Department provides comprehensive financial services to the City government, recommending financial policies to the Mayor and administration, maintains all of the City's financial transactions and statements in compliance with the requirements of the Government Accounting Standards Board, and provides support to City departments with financial, budgetary and procurement issues.
The Finance Department includes the accounting, budgeting, and purchasing functions. The following are some of the activities:
Budget preparation & monitoring
An annual budget is adopted by City Council 45 days prior to the beginning of the fiscal year on July 1. A budget is an essential tool for the planning, control, and evaluation processes of government finance. It is the primary means by which most of the financing, acquisition, and service delivery activities are controlled.
The Finance Department prepares monthly and quarterly utility billings based on meter readings and appropriate fixed rate charges. Annually review and establish rate structure in accordance with the wholesale customer service contracts (Great Lakes Water Authority, Downriver Sewage Disposal System, and the Rouge Valley System) and charges. Set department procedures and implement policies to insure Water and Sewer ordinance compliance.
Financial Planning, Reporting, & Accounting
All funds are monitored for accuracy and proper accounting methods (45 Funds and over 3,700 accounts). Review of department activities and processes on an ongoing basis - seeking to maximize organizational effectiveness, including cash control, collections, purchasing, and payroll controls.
An Annual Financial Report, as required by State statute and City Charter, is generated and is to present fairly, with full disclosure and in conformity with generally accepted accounting principles, the financial position, and results of operations of the City's fund and account groups as well as those of the City's discretely presented component units.
The Finance Department is responsible for preparing and processing checks for payments after performing an audit of approved purchase orders, with the receipt of appropriate documentation and approved invoices. A warrant is generated and included for City Council approval on the 2nd and 4th Monday of each month.
The Finance Department is responsible for the billing and reconciling of various non-departmental related invoices to different entities and individuals for services provided.
Accurately and timely issuance of payroll checks based on current work and hours reporting methods properly distributed to appropriate cost centers (funds/department/personal service type). All associated payroll benefits, deductions, and reporting of all income taxes are handled by this department including pension payments, worker's compensation, long-term disability, sick and vacation pay. Maintenance and reconciliation of individual earning records.
Central Services receives, sorts, and distributes incoming mail to the various city departments. Processes outgoing mail daily and charges costs to appropriate departments. Reconciles and completes allocation of centrally located copiers and office supplies as needed.
Risk Management handles all insurance claims against the City in coordination with our current insurance carrier.
The Finance Department is responsible for debt management for all funds of the City including General Obligation (GO) Bonds (including Building Authority Bonds), General Taxable Obligation Bonds, Special Assessment Bonds, Capital Improvement Bonds, and Limited Tax GO Bonds.