05/05/1999 Meeting Minutes - Laserfiche WebLink

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Comparison to Other Cities Although it is difficult to compare our structure to other cities, I have included a detailed .- survey (Attachment I) of many cities ranging in size between 12,000-70,000 in population. It should be noted that there are some structural differences with regard to collections and enterprises among the cities. Yet of the cities surveyed, some of the more evident similarities are as follows: • With a few exceptions, each city had between 2 and 4 professionals in their finance department. • Not all assistant directors were CPA's, but most had four year degrees. • The number of full-time department staff range from 3-11 performing similar duties as our finance department with the majority being between 5-11. • The salary range, for those who have ranges, is from the mid-thirties to the mid- sixties with most falling into the $40,000-$63,000 range. Therefore it appears the position, the structure and~the salary range of this proposal falls within that of other communities. In Summary We need to accomplish these controls and procedures and time already spent is money wasted. Our audit and GAAP (Generally Accepted Accounting Principles) conversion cost $67,180; Westlake's cost $32,900. If controls were in place, we would also have lower fees. If the above items are addressed, Moody's will respect our progress as managers and may increase our rating. Down the road this will save the city money because a higher rate is paid when you buy a AAA rating than when you earn your own. If we issued CAFRs and PAFRs we would greatly enhance our accountability to the financial community and to our residents. The accurate and timely accounting and reporting, more centralized vacation and personal time system and process improvements will allow other departments to spend less time accounting and more time serving the community in their applicable capacity. The purchasing projects will provide savings and reviewing RITA and HoteUMotel and sewer billings will surely bring in more revenues. An effective cash management program will maximize our interest earnings. In other words, adding a degreed professional in the Finance Department would snore than pay for itself by allowing the city to not just account and react to problems, but to become proactive by implementing procedures to avoid the occurrence of problems. Obviously even with one additional person all of these items will not change overnight. They didn't get this way overnight either. Please provide the Finance Department with the tools necessary to do our job effectively which is in the best interest of the city. 3