The mission of the Finance Department is to provide fiscally responsible control of the city's financial affairs that typically registers in excess of $100 million annually. The department is made up of nine employees who collaborate to perform daily responsibilities such as accounts payable to city vendors, maximizing return on the city’s approximate $25 million cash and investment portfolio, capital asset tracking and accounting, cost accounting for the enterprise funds including three utilities and golf, issuance of debt for infrastructure improvements and new equipment, grant compliance, internal audit functions, payroll, ensuring competitive ethical bid and purchasing law compliance; as well as assisting all city departments with monitoring their budgets and financial analysis through the Personal Accountant Liaison (PAL) program. In 1994, the PAL program resulted in statewide recognition for the city by being awarded the State Treasurer's Governmental Accounting/Financial Management Award.
Recognized nationally for the 25th consecutive year, the Finance Department has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. The driving criteria of the award program is "to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure." This award is the highest form of recognition in governmental accounting and financial reporting; with approximately only 6% of 52,000 cities, counties, and school districts across the nation receiving this recognition.
Financial Cycle of Responsibilities
The City operates on a July 1st to June 30th fiscal year. This annual cycle encompasses three key financial projects that occur annually over the course of several months throughout the year, involving extensive commitment and collaboration by Finance personnel. When the year-end closes, the department coordinates the annual independent audit and preparation of the Comprehensive Annual Financial Report (CAFR). In the winter months, the department coordinates the update of the five-year financial forecast model, which lays the groundwork for reporting at the City Council's annual retreat typically held in February. Finally, goals set by City Council at the retreat lay the groundwork for the Annual Budget development which is adopted in June and sets the financial framework for service levels and initiatives in the new year.
Requests for Information
For inquiries related to the City of Lexington's finances, budget or bid opportunities, please contact us.