Certificate of Achievement for Excellence
The City of Lake Worth has been repeatedly awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada for its Comprehensive Annual Financial Report (CAFR). An agency must conform to rigid standards and publish an easily readable and efficiently organized CAFR to be awarded a Certificate of Achievement. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
The Finance Department has overall responsibility for the financial operations of the City which includes its systems of financial policies, internal controls, accounting, financial reporting, procurement, grants management and budgeting.
The department works in conjunction with the Mayor, City Commissioners, City Manager and department heads in the preparation and adoption of the annual budget and expenditure of public funds based on that budget.
At the end of each fiscal year, the Finance Department prepares the Comprehensive Annual Financial Report (CAFR), which is audited by the City’s independent auditors.
The responsibilities of the Finance Department are:
Revenue Collecting and Receipting
Finance accounts for all revenue collections for the City and Community Redevelopment Agency (CRA). This includes billing and collection for all general City revenues from all sources. In addition the department is responsible for designing and monitoring cash collection activities of operating departments in satellite locations.
The department handles payroll processing for all City employees. This function includes paying employees, deduction processing, fringe benefit processing and Federal tax remittance and reporting.
Finance is responsible for paying for all City and CRA bills and debt payments.
The department manages all cash functions for the City and CRA; this includes daily deposit functions, cash movements among the City and CRA bank accounts, monitoring the investment portfolio and reconcilement of all accounts.
Fixed Assets Inventory
Finance, in conjunction with the operating departments, is responsible for recording and tracking the land, buildings, infrastructure and equipment belonging to the City.
Accounting and Financial Reporting
All accounting and reporting in the City takes place within the Finance Department. This includes internal reports for use by elected officials, management of the City and CRA as well as external reporting including the CAFR and reports required by State and Federal Agencies.
Finance is the lead City department in all bond and debt financing. Additionally, the department handles all debt covenant compliance issues as well as debt service payments.
Budget Preparation and Management
The department is responsible for developing, implementing and evaluating the financial plan for the provision of services and capital assets and ensures compliance with all State of Florida laws governing municipal budgets. Finance also develops and updates the Five Year Capital Improvement Plan and creates and maintains budget forecasts and multi-year budget plans.
Finance administers the financial components of all grants received by the City.
The department is responsible for ensuring that all procurements of goods and services for the City follow established purchasing guidelines consistent with the City’s Procurement Code and those of the State of Florida by requesting competitive bids and proposals.