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EB 10-11 Finance_stamped

EB 10-11 Finance_stamped

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Published by Matt Hampel

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Published by: Matt Hampel on Apr 13, 2010
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04/13/2010

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FINANCE (23)
 AGENCY PLAN: MISSION, GOALS AND BUDGET SUMMARY 
MISSION:The Finance Department is responsible for maintaining the City’s financial solvency, providing finance-basedservices to City departments and facilitating economic growth in Detroit through the effective and efficientmanagement of resources and processes that provide essential services, a safer environment and an improvedbusiness climate for the City’s public and private sector customers.AGENCY GOALS:1. Provide a safer environment for our citizens and our employees by enhancing our safety, training and wellnessprogram.2.
 
Improve customer satisfaction by instituting business processes that meet the needs of departments, vendors,taxpayers and employees in an accurate and timely manner.3. Improve the City’s financial position by maximizing revenues, controlling expenditures, managing exposure torisk, monitoring debt parameters and reporting financial information in an accurate and timely fashion.
AGENCY FINANCIAL SUMMARY:2010-112009-102010-11IncreaseRequestedBudgetRecommended(Decrease)38,233,172$ City Appropriations42,062,777$ 43,955,955$ 1,893,178$ 38,233,172$ Total Appropriations42,062,777$ 43,955,955$ 1,893,178$ 9,849,235$ City Revenues10,573,959$ 9,711,735$ (862,224)$ 9,849,235$ Total Revenues10,573,959$ 9,711,735$ (862,224)$ 28,383,937$ NET TAX COST:31,488,818$ 34,244,220$ 2,755,402$ AGENCY EMPLOYEE STATISTICS:2010-112009-1003-31-102010-11IncreaseRequestedBudgetActualRecommended(Decrease)271City Positions344290319(25)271 Total Positions344290319ACTIVITIES IN THIS AGENCY:(25)2009-102010-11IncreaseBudgetRecommended(Decrease)Administration2,290,199$ 1,506,557$ (783,642)$ Assessments6,951,9376,982,66230,725  Purchasing1,667,7731,998,378330,605  Treasury6,260,9715,874,555(386,416)  Accounting Operations12,252,71815,707,4433,454,725  Income Tax Operations4,311,2454,566,076254,831  Pension Administration8,327,9347,320,284(1,007,650)  Total Appropriations42,062,777$ 43,955,955$ 1,893,178$
23-1
 
FINANCE (23)
 ADMINISTRATION ACTIVITY INFORMATION 
ACTIVITY DESCRIPTION: ADMINISTRATIONThe Administration sets and maintains policies and procedures to be used throughout the department for efficientoperation and the achievement of its mission, which includes directing and coordinating the activities of theAssessments Division, Treasury Division, Purchasing Division, Income Tax Division, Pension Bureau, and theAccounts Division. The Accounts Division includes the following sections: Project Administration, AccountsPayable, Payroll Audit, Risk Management General Accounting, Grants Management, Departmental Accounting, andDRMS Support. Finance Administration is also charged with developing and assisting in financing for variouseconomic development projects citywide for governmental and quasi-governmental agencies.GOALS: 1. Provide efficient administrative support for the effective delivery of financial services to our customers, whichinclude City agencies and the public.2. Continually improve our level of customer satisfaction through process improvement initiatives and increasedagency linkages.3. Identify and achieve appropriate levels of personnel for optimal divisional operations.4. Improve employee morale through increased training and empowerment initiatives.5. Establish financial policies and procedures to be used throughout City government to maintain financialintegrity and solvency.6.
 
Maintain relationships with credit rating agencies, bond insurers and investors.7.
 
Serve as liaison for Finance Divisions with City Council, Mayor’s Office, Budget, Human Resources,Information Technology Services and other City agencies as needed.MAJOR INITIATIVES FOR FY 2009-10
 
Completion of the 2008 CAFR and Single Audits
 
Facilitated a reduction in operating expense to better match revenues for 2009/10
 
Successful sales of bonds in February 2010PLANNING FOR THE FUTURE FOR FY 2010-11, FY 2011-12 and BEYOND: 
 
Improve credit ratings
 
Implement 3 year strategic
 
planning process
 
Improve financial reporting
 
Establish Departmental Performance Metrics.
 
Establish Individual Employee Performance Metrics.
23-2
 
FINANCE (23)
 ADMINISTRATION MEASURES AND TARGETS
Type of Performance Measure:
List of Measures
2007-08Actual2008-09Actual2009-10Projection2010-11TargetInputs: Resources Allocated or ServiceDemands Made
Employee slots budgeted 351 365 344 ????Percent of employee slots filled 90% 90% 90% 100%
Outcomes: Results or Impacts of ProgramActivities
1
 
Moody’s credit rating
Baa3/A2/A2 Ba2/A2/A2 Baa2/A2/A2 Baa2/A1/A1
Standard and Poor’s
BBB/A+/A+ BB/A+/A+ BB/A+/A+ BB/A+/A+
Fitch Investor’s Service
BBB/A+/A+ BB/A+/A+ BB/A+/A+ BB/A+/A+
Efficiency: Program Costs related to Units of Activity
Response time to complaints and inquiries 2 days 2 days 2 days 2 days
Activity Costs $1,714,097 $2,990,882 $2,290,199 $1,506,557
1
Major credit ratings (G.O./Water/Sewerage Disposal)
23-3

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