Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 181
FUND: GENERAL - 001
Finance Department Services Outcome: Results and Accomplishments
The Finance department’s annual review outcome would encompass various key aspects that
demonstrate effective financial management, transparency, and fiscal responsibility.
Following are the points of departmental annual review, required by City policies and regulations
and guided by the U.S. and State fiscal services:
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Budget Accuracy: The Finance department ensures that the City’s budget is prepared accurately, reflecting both revenue projections and expense estimates realistically. The outcome
involves the actual financial results aligning closely with the budgeted figures.
Financial Reporting: Timely and transparent financial reporting is essential. The annual review
indicates that the department provides clear and understandable financial reports to both
internal and external customers, including city management, elected officials, and the public.
Audit Compliance: The Department is demonstrating compliance with auditing standards and
requirements. The annual review confirms that the City’s financial statements are audited or
reviewed by independent auditors, and any audit findings are addressed promptly.
Revenue Collection: The revenue collection process is in place to ensure that all revenues,
including taxes, fees, and grants, are collected accurately and in a timely manner.
Expenditure Control: The control over expenditures ensures avoiding overspending and
taxpayer funds are used responsibly, the expenses are managed within budgetary constraints.
Debt Management: The Finance department demonstrates sound debt management practices,
including refinancing opportunities to reduce interest costs.
Cash Flow Management: Maintaining healthy cash flow is essential for meeting financial obligations and capitalizing on investment opportunities. The annual review demonstrates that the
City manages its cash flow efficiently.
Cost Savings: The Purchasing Division successfully negotiated contracts and agreements that
resulted in significant cost savings for the City. These savings were achieved through competitive bidding and strategic vendor negotiations.
Vendor Relationships: The division cultivated strong relationships with vendors and suppliers,
promoting competitive pricing, reliable delivery, and improved service quality.
Reserve Fund Adequacy: The Department is ensuring that reserve funds, and contingency
reserves, are adequate to address unexpected financial challenges.
Technology Integration: The department invests in modern financial software and systems to
streamline financial processes, enhance reporting capabilities, and improve data security. The
third year the Finance Department implements CIP, Budget and Annual Financial Report into
digital books. In FY 24, a new HR-Payroll module will be implemented as well.
Enhanced Financial Transparency: The Department expands efforts to communicate financial
information to the public through user-friendly dashboards, online transparency portals, and
community outreach. In FY23 a new Open Data portal was implemented to the City’s official
website, and a new ViewPoint Dashboard was implemented to the City’s Financial System.
Grants and Funding: The annual review confirms that grant applications and compliance
requirements are met consistently. The new Grant Writer position was filled in FY 2023.
Compliance with Financial Policies: The Finance department adheres to all financial policies
and procedures established by the City, ensuring that they are consistently followed.
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City of Eustis, Florida
Adopted Budget
179
