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• HoteUMotel Tax Revenues -These revenues are growing and an audit program <br />needs to be developed to insure sales are reported to us accurately. If the <br />participating hotels are aware that we do not scrutinize -and audit their returns, they <br />maybe more inclined to include more funds in the exempt category. <br />• Fixed Asset Svstem - At present there is no such system for the reporting and <br />tracking of assets purchased, disposed of or transferred to another department. <br />What does an organization do when there is a limited revenue source yet the cost of <br />doing business goes up every year? They review processes and Look for ways to achieve <br />savings, work smarter, etc. These projects take manpower and skilled financial analysis. <br />• Purchasing - Amore centralized purchasing procedure will save money. We need <br />to pool our buying power and obtain the same pricing for the entire city. We also <br />need to standardize the products we use. <br />• Reporting Devel~ment -This must be done for internal and external purposes. <br />Internal examples: Provide payroll in hours and dollars for departments. Many <br />departments key it into a spreadsheet each pay. Provide a monthly comparison of <br />expenditures. External examples: Prepare a CAFR (Comprehensive Annual Finance <br />Report) which is standard, for the financial market and a PAFR (Popular Annual <br />Financial Report) for accountability to the residents in anon-technical format. <br />• Cash Management -This will maximize investments by matching maturities for <br />expenditure needs other than for payroll and debt service. <br />• Analysis -Maximize revenue, minimize expenditures -better planning -being <br />proactive rather than reactive. <br />• Research and Develov Interfaces to Accounting Svstem -Point of Sale, Time and <br />Attendance, Online Banking. <br />• Controlled System Access -This should be provided to directors, department heads <br />and their secretaries for timely review. Why keep two sets of books? <br />• Productivity Model Analysis - Best Practices. <br />• Strategic Planning - Provide the financial piece to it. <br />2 <br /> <br />