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It is the mission of the Finance Department to provide quality services to residents and to safeguard City assets. The role of the Finance Department is to support the operating departments in achieving their program objectives utilizing effective and efficient financial planning, reporting, and central support systems.

Department Description

Finance Administration provides direction and administrative support to departmental operating divisions. It supervises the preparation and dissemination of financial data for use by City Council and staff in making managerial decisions and coordinates the annual budget process.

Administration also oversees the City’s Health & Dental Reserves as Internal Service Funds which are maintained for permanent employees’ health care coverage through the City’s self-insurance plan. Finance Administration also manages the City’s Employee Benefits Fund which is a Special Revenue Fund that collects property taxes levied for the purpose of funding public employee benefits such as IPERS, MFPRSI, health insurance, dental insurance, Social Security and Medicare, as well as other similar benefits.

The Accounting division provides processing and reporting of all financial transactions for the City of Iowa City. The division also provides financial controls for departments to help ensure proper stewardship of public funds. Accounting provides services that support management decisions through timely and accurate processing and reporting of payroll, accounts payable, accounts receivable, and cash transactions.

The Purchasing division provides quality service to City departments, protects the City’s legal interests, and acts responsibly on behalf of the public by maintaining the integrity of the City’s procurement system through the encouragement of open competition and the impartial and fair treatment of vendors. This division also operates the Central Services Internal Service Fund that manages the City’s mail and copier operations and other central functions.

The Revenue division is responsible for the customer service, billing, and collection procedures for 25,500 City of Iowa City utility accounts and 200 Landfill accounts. The division also records and reconciles all City receipts and banking activity.

The Information Technology Services (ITS) division provides server management, legacy system management, software development, system integration, desktop computer management and support, data network design and management, website application development and management, City phone systems support, and fiber optic network design and management.

The Risk Management division is responsible for managing the City’s property and casualty risks and selecting prudent and cost effective solutions to minimize the financial impact of losses to the City. Risk Management also coordinates the City’s safety and OSHA programs.
 

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