Finance
Accomplishments and Problems
Accomplishments
The Finance Department has received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report for the tenth consecutive year.
A significant accomplishment for the Finance Department was the collective effort to comply with requirements of the new GASB #34 reporting model. This was the biggest change in decades in how governments report financial information. The June 30, 2003 financial statements reflect a major portion of this implementation, which was recently awarded the certificate mentioned above.
Due to the work of Finance Department personnel, the Director was able to dedicate the time necessary to invest the City’s funds, earning twice the rate of return for comparable cities. The investment income from pooled investments amounted to $260,167 for FY 2004. Income from other investments (Event Center/Sewer and Solid Waste Reserves) amounted to $312,895 for FY 2004.
Administrative fee income for FY 2004 amounted to $830,983. Of this amount, $504,303 was directly attributable to the work performed by the Finance Department. This is $185,549 more than the entire Finance Department budget for FY 2005.
Increased General Fund balance by $1.5 million.
Department Organization
Director of Finance / City Treasurer
Robert Jay ~ 641-683-0622
jayr@ci.ottumwa.ia.us
Finance Department
Welcome to the City Finance Department, 
We are responsible for the overall financial management of the City. Our department provides support services to all other City departments consisting of accounting, payroll, accounts payable, accounts receivable, risk management, cash management, debt management, investments and budgeting.