Finance

Duties

• Maintain  city website
• Maintain city email
• Keep records of software licenses
• Keep inventory of computer hardware in city
• Troubleshoot hardware and software issue
• Research and advise  new IT purchases
• Set-up and install new hardware and software

Contact Information

Information Technology Specialist

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.

In reality, the organizational chart is much flatter, with financial information flowing back and forth between all our employees.

Staff/FTE's Activities Performed

Presently there are 6.6 full time equivalent employees in the Finance Department. Their titles and respective duties are as follows:

DIRECTOR-Mike Heffernan (683-0622)

• Reviews and approves all bills
• Reviews and monitors purchases and risk management function
• Monitors Budget
• Monitors Cash and Fund Balances
• Prepares Budget
• Invests Money
• Handles bond sales, coordinate with bonding attorneys, etc
• Compiles information and writes Annual Report (CAFR)
• Provides Financial Information to City Administrator, Mayor and City Council
• Federal Grant Drawdowns (EDA/EPA/FAA)
• Vision Iowa Grant Drawdowns
• Chair Insurance Committee/Determine Funding Levels for Employee/Retiree
• Health Insurance/Complete Iowa Code Chapter 509A Filing

ACCOUNTANT-Kristi McDowell(683-0673)

105 E. Third Street
Ottumwa, Iowa 52501
Phone:(641) 683-0623
Fax: (641) 683-0613

The Finance Department is responsible for the overall financial management of the City. It 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.

The Finance Department is also responsible for providing financial information and annual budget documents to citizens, bondholders, auditors, City departments, the City Administrator, the Mayor and the City Council.