Sunday, April 30, 2017
City Of Marshalltown
About Finance Department

The Finance Director is responsible for compliance with and implementaton of legal requirements that apply to the City of Marshalltown, management of the City's financial resources, administration of the City budget, accounts receivable, accounts payable, the City's payroll, insurance, general accounting, and information services.

 

Employment Opportunities 

 

E-mail the Finance Director

 

Finance Dept.

City Hall

24 N. Center St.

Marshalltown, IA 50158

 

Office: 641-754-5760

 

Departmental Awards and Recognition

 

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the years ending June 30, 1990 and consecutively 1993 through 2015.  The Certificate of Achievements is a prestigious national award, recognizing conformance with the highest standards for preparation of state and local government financial reports.

 

In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report.  This report must satisfy both generally accepted accounting principles and applicable legal requirements.

 

 

Current Bond Rating

Moody's Investors Service: Aa2

 

On July 12, 2016 the city issued General Obligation Bonds during a public bidding. The bonds were rated by Moody's with an Aa2 rating. 

 

Legal Requirements

  • Comply with federal, state, and local laws, to include, but not limited to, 1099’s and W-2’s.
  • Use Generally Accepted Accounting Principals (GAAP) while preparing the Comprehensive Annual Financial Report (CAFR)
  • Adhere to state statutes concerning appropriations and expenditures, and fund classifications i.e., Road Use Tax, Grants, Employee Benefits, business-type funds and other public trust funds
  • Insure legal publication compliance for annual Financial Reports, Budget, Amendments, Bond Sales, Audits or any other publications as may be required from time-to-time.

 

Independent Audit

 

State statute requires an annual audit by independent certified public accountants.  The accounting firm of Eide Bailly LLP has been utilized in recent years.  In addition to meeting the requirements set forth in state statute, the audit is designed to meet the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. 

 

Eide Bailly LLP assists in preparing our Comprehensive Annual Financial Report (CAFR).  A copy of the CAFR is available for the public to examine.  To view this on-line, click the Resources link on our department page. 

 

 

Money Management

  • Facilitate preparation of annual operating and multi-year capital budgets
  • Determine cash flow based on revenues, current and future budgeted needs, spending trends, and debt retirement
  • Maximize interest earnings through approved, competitively bid investments
  • Pay all expenses of the City as approved by the Council
  • Manage cash allocations to the Capital Plans and Cash Reserve funds as approved by Council
  • Oversee Administrators of Deferred Compensation Plans (ICMA and Equitable)
  • Reconciliation of checks written, ACHs, wires and deposits made
  • Monitor all cash transactions for internal safety and accounting integrity
  • Negotiate bank competition and service contracts. Contracts are competitively bid and have established the availability and fee structure for banking services which has proven beneficial to the City.
  • Monitor all financially related transactions

 

Budget Administration

  • Prepare budget vehicle for department head preparation to facilitate ease and flexibility without sacrifice to data integrity
  • Facilitate preparation of revenues
  • Prepare expenditure budgets for: Finance, Data Processing, Economic Development, Debt Service Funds, General and Tort Liability Insurance, the City’s liabilities for Social Security, Medicare, IPERS, Group Health, Life, Occupational Insurance, Police & Fire Retirements and Pension systems, also some Trust Funds, and some central store and bulk equipment bids. Prepares wage and benefit funding levels for all departments
  • Process all other department’s expenditure requests Prepares documents for Council review and approval of budget Monitors all departmental budgets for compliance during the fiscal year, making recommendations to Council concerning shortfalls in revenues or over-spending
  • Prepare and present public information and education for general population, high school and university students, civic groups and the internet.

 

Accounts Receivable

  • Oversee accounts receivable, facilitating and monitoring billing, collection and receipting monies from: tax collections, rentals, licenses & permits, user fees, rents, fines, intergovernmental grants, interest income, donations, special assessments, sales taxes and parking tickets

 

Accounts Payable

  • Pay all bills for activities in all funds of the City
  • Prepare distribution of approval reports for all departments
  • Prepare 1099 forms as required by federal law
  • Maintain good public relations with vendors
  • Prepare list of bills for Department Heads, Council and publications
  • Insure compliance with City Purchasing Policy and procedures

 

Parking Tickets

 

Payroll

  • Maintain employee payroll records to insure proper pay, deduction processing, union contract and personnel manual compliance
  • Pay employees bi-weekly based upon time sheets approved and submitted from each department
  • Process federal and state taxes, voluntary deductions (i.e., savings bonds, credit union, deferred comp, wage assignments), supplemental compensation (i.e., clothing allowances, EMT bonus), and garnishments
  • Prepare all federal and state reports (i.e., 941, W-2’s, IPERS, Census Bureau)

 

Purchasing

  • Purchasing for Citywide office supplies and other miscellaneous items.

In accordance with the City's Purchasing Policy, and to continue to foster ethical and equal opportunities within the business community, no gratuities are to be offered to any City employee.  The Purchasing Policy states that monetary or non-monetary gifts cannot be offered to or received by City employees or their immediate family members.

 

Insurance

  • Maintains insurance coverage for general, liability and bonds city wide
  • Maintains location, cost and coverage records for facilities, road equipment, park equipment, vehicles, etc.

 

Information Systems

  • Provide and maintains functional hardware and software programs to process all payables, receivables, payroll, general ledger, fixed assets, budgetary reporting, special reporting, data base, spreadsheet, word processing and associated operating system software.
  • Facilitate access on network and accounting computer for all departments
  • Train users on current software for accounting and network applications
  • Give daily attention to validating input/output, back-up procedures, operations analysis and troubleshooting
  • Seek out and selects additional software/applications to efficiently achieve the goals of the department

 

General Accounting

  • Generate reports for Mayor, Council, citizens and all departments
  • Prepare all audit schedules in anticipation of required annual examinations
  • Maintain buildings, vehicles and equipment and furniture as fixed assets
  • Manage disposal of asset records
  • Prepare depreciation schedules for all capitalized assets
  • Compile necessary financial reports for various grants and 28E Agreements
  • Generate reports for all financial aspects to other agencies, i.e.: investments, group health insurance, actuarial, etc.
  • Adhere to the retention policy of financial documents through electronic means and/or the safe keeping of physical documents
  • Insure that all employees handling cash or checkbook activities are absent from their duties for at least five consecutive days during each year.
Date Event
04/28/2017
3:30 PM
Investment Advisory Committee
02/13/2017
5:30 PM
Council Meeting
01/25/2017
3:30 PM
Investment Advisory Committee
10/19/2016
3:30 PM
Investment Advisory Committee
04/11/2016
3:30 PM
Investment Advisory Committee
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