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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.

The division’s budget is organized into five activities: Administration, Disaster Assistance, Tort Liability, and Non-Operational Administration.

Administration

Administration monitors financial trends and provides analysis of budget to actual data and three-year financial projections. Staff provide oversight of long and short-term investment portfolios, cash flows and reserves, and oversees the preparation of general liability, fire & casualty, and workers compensation insurance specifications. Administration coordinates annual health and dental insurance renewals.

Administration prepares the annual budget, three year financial plan, and five year capital improvement program and subsequent amendments thereof.

Disaster Assistance

This activity accounts for Federal Emergency Management Agency (FEMA) reimbursements for repairs to public facilities damaged in the June 2008 floods. Revenue includes State of Iowa matching funds. In addition to public facility repairs, reimbursements are also provided for some flood recovery services. Also, this activity accounts for expenses incurred from the June 2008 flood for which the City does not expect reimbursement.

Tort Liability

Chapter 384.12 of the Iowa State Code provides municipalities within the state of Iowa the legal authority with which to levy “a tax to pay the premium costs on tort liability insurance, property insurance, and any other insurance that may be necessary in the operation of the city, the costs of a self-insurance program, the costs of a local government risk pool and amounts payable under any self-insurance program, or local government risk pool.”

The Tort Liability cost center accounts for General Fund’s contribution to the Risk Management Loss Reserve; general liability, fire and casualty and workers compensation premium costs. The account is administered by the Finance Department’s Revenue and Risk Manager.

Non-Operational Administration

The Non-Operational Administration cost center facilities financial transactions which are non-operational in nature.

Employee Benefits Levy: State code requires that a separate fund be established to account for revenue from the Employee Benefits Levy. Monies are then transferred into Non-Op Admin to cover General Fund’s share of Employee Benefit costs levied.

Local Option Sales Tax: A one percent (1%) sales tax was approved by voter referendum in May, 2009. These funds are transferred out to the respective capital projects in FY2012 and 2013. The sunset for this tax was June 30, 2013.

Community Event and Program Funding: The City’s Community Events and Programming budget has financially supported groups that have requested funding for various community events.

Aid to Human Service Agencies and Community / Economic Development grant funding were moved out of this cost center with the FY2013 budget proposal.