The Finance Department acts in accordance with the City of Hartford Charter, Chapters VII and VIII and is responsible for the administration of the financial affairs of the City, including compiling estimates for the operating budget and capital budget, supervising and controlling all revenues and expenditures, preparing monthly and annual financial statements, purchasing goods and services, risk management, employee benefits and collecting taxes and other revenues.

The Finance Director is responsible for ensuring efficient and effective financial management practices; advising the City Manager on financial policy; providing centralized accounting and control, including management of the automated financial system; handling matters pertaining to debt and revenue management; providing centralized purchasing for goods and services, billing and collecting taxes, managing employee health benefits and property and casualty insurance programs and performing financial auditing and reporting.


DEPARTMENT BUDGET:

The 2000-2001 Adopted Budget is $3,040,660. This reflects a decrease of $400 or 0.01% from the 1999-2000 Adopted Budget.

BUDGET HIGHLIGHTS:

Overall, the adopted budget is $400 less than the Adopted Budget for Fiscal Year 1999-2000. Significant changes are; the addition of an Asset Manager position, the elimination of a vacant Cashier position within the Tax Collection Division and the addition of funds for the Independent Audit ($60,000). Additionally, misc. adjustments were made to operating supply accounts.

The Finance Department will continue the review of Smartstream business requirements during the coming year, focusing on the design and implementation of more efficient procedures to be utilized throughout all city departments. In addition, a user-training program will be developed, thus providing users in all departments the necessary mechanism to take full advantage of this financial system. Staff from the Finance Department will work with staff from the Management and Budget Office, Personnel Department, the Board of Education, and the Library to complete the installation and implementation of the Smartstream Human Resources/Payroll module in fiscal year 2000-2001. In addition, the Finance Department will begin implementation of GASB-34, concerning the city’s fixed assets, during the next fiscal year. The department will also begin review and implementation of a new chart of accounts for the City and the Board of Education during the next fiscal year, to become effective with the fiscal year 2001-02 budget. This effort will be followed by the implementation of the Smartstream Funds Control module during the latter months of fiscal year 2000-01.