05/05/1999 Meeting Minutes - Laserfiche WebLink

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Proposal for Assistant Director of Finance The addition of a second degreed professional in the Finance Department for the City of North Olmsted will provide many opportunities for much needed progress with regard to the city's financial health. I believe this is a necessary change which will enhance the city's financial status and without it, the city will continue operating at the unacceptable status quo that has existed for many years. At this time I believe the addition of the second degreed professional to be a major step needed toward improving our city's financial condition and will help achieve two goals critical to the present and future success of our city: 1. First and foremost, provide adequate controls that safeguard our assets. This is our duty. 2. Analyze and improve processes that will provide the most efficient use of our limited resources. The Auditor of State through the issuance of our annual audit report has repeatedly recommended hiring another degreed, experienced professional in the Finance Department. Many of the problems that exist are here because adequate care and oversight have not been given to safeguard our assets. The following controls should be addressed: • Cash Controls - An employee will not be tempted to steal if they know management is actively watching. • Vacation and Personal Days -This should be done through centralized reporting. One streamlined, coordinated system provides control and consistency. • Policies and Procedures and Cross-training - It is important to have depth in trained staff so one resignation does not mean risk. • Cayital Proiects -These should be managed from a financial standpoint. This provides segregation of duties and independence. • RITA Revenues -They need to be monitored and analyzed more closely to determine when there is a collection problem. We need to review and improve the process to enhance the tracking of residents and businesses moving in and out of our city to ensure collection of all taxes the city is entitled to.