• ●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 Finance Department is currently working with a consultant to prepare a Request for Proposal for the purchase of a new ERP system (Enterprise Resource Planning) for city-wide utilization to increase integration and efficiency in FY 2027.
• ●Enhanced Financial Transparency: The Department expands efforts to communicate financial information to the public through user-friendly dashboards, online transparency portals, and community outreach.
• ●Grants and Funding: The annual review confirms that grant applications and compliance requirements are met consistently. The new Grant Writer position was be filled in FY 2026.
• ●Compliance with Financial Policies: The Finance department adheres to all financial policies and procedures established by the City, ensuring that they are consistently followed.
• ●Cost Efficiency: The Department is demonstrating efforts to find cost-saving opportunities and operational efficiencies within the department itself is another indicator of success.

Recommendations for Improvement: In the departmental successful performance outcome, there are some recommendations for improvement:

• ●Investment Management: The Finance department is pursuing avenues to increase effectiveness when managing the City's investments. The goal is to maximize returns while adhering to investment policies and regulations.
• ●Training and Development: Invest in ongoing training and professional development for finance staff to keep them informed about evolving financial practices and regulations.
• ●Supplier Training: Provide training and resources for suppliers to ensure they are well-informed about City procurement processes and requirements.
• ●Data Analytics: Implement data analytics tools to gain insight into procurement patterns, identify potential cost-saving opportunities, and optimize vendor selection.

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