We are probably best known for coordinating and preparing the city's Comprehensive Annual Financial Report (CAFR). What you may not know is all of the other activities that happen in FAR. FAR is divided into three sections. Here's a brief overview of those sections and what they do.
Cash and Investments
- Daily balancing of the city's main bank account, which includes monitoring all cash receipts recorded in the city, and all credit card transactions.
- Daily balancing of the city's general warrant and payroll warrant accounts
- Review of bank reconciliations prepared by all city departments
- Reconcile all of the city's investment activity monthly
- Allocate and post interest earnings for all city funds
- Monitor and remit unclaimed property to all 50 states - if the city pays a check that never gets cashed, we are required to send those monies to the State of the payee's last known address.
Fixed Assets and CIP (Capital Improvement Program)
- Determine valuation of all city capitalized fixed assets - land, buildings, streets, traffic lights, parks, water and sewer lines, storm drains, vehicles
- Create and monitor capital projects
- Compile data from county, state and city to determine the top taxpayers in the city, annually
Reporting and Housing Reporting
- Prepare the Monthly Financial Report of revenues and expenditures for the Mayor and city Council.
- Prepare monthly sales tax reporting
- Prepare reports of Housing programs to city management and to HUD
