Finance

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The Finance Department staff are the financial stewards responsible for the day-to-day financial functions and yearly tax collection for the city.

Process a minimum of 90 percent of all invoice received for payment within 10 days.
Apply at least 95 percent of all utility bill and property tax payments received within 24 hours.
Reduce the number of year-end audit correcting entries by 50 percent.

2024 Achievements

Staff is continuing to review the City’s core financial and accounting practices.
Staff completed the City’s annual audit in a timely manner with significantly reduced audit entries
compared to the prior year.
Staff took over the preparation and filing the City’s annual Municipal Financial Report C with the Department of Revenue.
Staff took over the preparation and filing of the Water Utility’s Annual Financial Report with the
Public Service Commission.
Staff filed the annual Coronavirus State and Local Fiscal Recovery Funds (ARPA) report with the Department of Treasury.
Staff issued and RFP and selected a new vendor (BS&A) for the City’s financial software systems.
Staff worked on numerous planning and conversion issues to complete the financial software
implementation.
Staff is maintaining a city-wide vehicle and equipment inventory list and replacement schedule to
aid in future fiscal planning.
Staff prepared a 10-year fiscal outlook planning document to assist elected officials in evaluating the key issues of:
- Debt service trends
- Debt capacity under State Statutes
- Levy Limit constraints
- Operational projections
- TID performance

2025 Goals

The primary goal of the department is our ongoing work to review the financial transactions of the
City and to apply them in a manner that is consistent with the Generally Accepted Accounting
Practices (GAAP) applicable for governmental activities.
Continue to improve processes related to capital project funding and administration.
A major initiative for 2025 will be leveraging the implementation of a new accounting ERP system to provide process improvements.
The Finance team will be taking over the city’s payroll processing in 2025 with the implementation of the new accounting system.

Annual Financial Reports

Port Washington, WI