Operating Budget 2025-2026

FINANCIAL SERVICES DEPARTMENT

NARRATIVE

The Financial Services Department maintains a high standard of financial excellence by providing the citizens, vendors and co-workers with exceptional, ethical and professional customer service through the collection and disbursement of funds, financial reporting, management of assets and risks, and administrative and procurement services. The department is composed of five divisions: General Administrative Support, Accounting, Management Information Systems, Purchasing, and Utility Services. FY 2023-2024 ACCOMPLISHMENTS  Managed the annual Audit and prepared the Annual Comprehensive Financial Report (ACFR) for the Town and its Fiscal Agencies.  Managed the Town’s Capital Improvement Program (CIP) and Operating Budget.  Collaborated with the Town Attorney’s Office regarding collections during a difficult economic environment.  Managed the Cost Allocation Plan process.  Managed the Other Post-Employment Benefit (OPEB) Plan valuation.  Managed the American Rescue Plan Act (ARPA) Fund spending, reporting, and audit documentation.  Implemented the Governmental Accounting Standards Board (GASB) Statement No. 96 Subscription Based Information Technology Arrangements (SBITAs).  Implemented the new requirements for the Government Finance Officers Association (GFOA) Distinguished Budget Award.  Assisted the Planning and Building Department with a new community development system.  Updated the Town’s travel policy and procedures to the current training and travel climate.  Implemented an online system for business licenses, meals tax, and lodging taxes renewals and payments.  Continued to assist departments with the updated federal procurement policies.  Continued to provide excellent customer service with reduced staffing challenges. FY 2024-2025 OBJECTIVES  Manage the annual Audit and prepare the ACFR for the Town and its Fiscal Agencies.  Manage the Capital Improvement Program and the Operating Budget.  Manage the Series 2024 General Obligation Bond Issue.  Manage the Cost Allocation Plan process and the OPEB Plan valuation.  Manage ARPA funds, including federal compliance, monitoring and reporting requirements.  Review and update wireless policy for technology changes and work with consultants on the Town’s wireless and telephone services.  Continue to monitor and implement new GASB standards.  Improve the process for Electronic Funds Transfer (EFT) payments for vendors.  Monitor the development of data standards and regulations by the federal government for the recent passage of the Financial Data Transparency Act (FDTA).

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