Finance Presentation 2021Finance Department
September 2, 2021
Cassey Ogden, Director of Finance
Finance Staff by Function
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Cassey Ogden Director of Finance
Nick Vincent Assistant Finance Director
Budget (11 FTEs)
Accounts Payable (4 FTEs)
Payroll (3 FTEs)
Finance
Administration (2 FTEs)
Perla Tavera Controller
Accounting (11 FTEs)
Randee Klingele Treasury Manager
Treasury (2 FTEs)
Laura Behrens Grants Administrator
Grants Management (2 FTEs)
Governmental Accounting
•Rules set by Governmental Accounting Standards Board (GASB)
▫Governmental (Fund Balance)
▫Proprietary (Net Position)
•Annual audit by an external firm that issues an opinion on the
Comprehensive Annual Financial Report
•Budgeting based on accounting requirements, federal and state
legal requirements along with local laws and the city charter
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Municipal Budgeting Concepts
•Accounting requirements are a key to understanding municipal budgets.
▫Designed to segregate funds designated for specific purposes.
▫Cash is managed through “pooled” system.
•Each fund has unique requirements and revenue streams.
▫As such, understanding the key elements of each of these funds is necessary to understand
the budget as a whole.
•Policies and Strategic Priorities should drive the formulation of budgets.
▫Once policies are determined, a funding strategy should be developed to achieve stated
objectives.
•Multi-year financial plans should be developed so that decision makers
understand the long-term impact of choices.
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Budget Cycle
Oct. 1:
New Budget
Year
March:
Budget Kickoff
April-May:
Budget Submissions and Reviews
July :
Proposed Budget Submitted
August:
Budget
Workshops with City Council
September:
Public Hearings
Tax Rate & Budget Approved
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General Fund
10.4%
General Debt Service Fund
6.7%
Electric Fund
17.1%
Water Fund
3.9%
Wastewater Fund
2.7%Airport Fund
0.1%
Solid Waste Fund
3.3%Internal Service Funds
7.4%
Street Improvement Fund
1.2%
Other Funds
1.4%
Grants
0.5%
Capital Budget -New Funding
45.3%
FY 2020-21 Adopted Budget by Fund
$1,347,656,015 for all Funds
General Fund Revenues -FY 2020-21 Adopted
$140,226,503
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Ad Valorem Taxes
34.5%
Sales Tax
26.5%
Franchise Agreements
2.9%
Other Taxes
0.2%
Service Fees
5.5%
Fines and Fees
2.5%
Licenses and Permits
4.4%
Miscellaneous Revenue
4.0%
Transfers
19.6%
General Fund Expenditures by Department –
FY 2020-21 Adopted $139,548,843
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*Non-Departmental
Libraries 4.5%
Parks and Recreation 8.9%
Fire 23.8%
Community Improvement
0.9%
Police 30.9%
Animal Services 1.7%
Economic Development 2.4%
380 Agreements 0.0%
Planning/ Community
Development/ Inspections
6.5%
Municipal Court/Judge 1.3%
Traffic/Transportation/Street Lighting
2.4%
Finance 2.8%
Internal Audit 0.4%
Human Resources 1.7%
Legal and CMO 3.9%
Public Affairs 1.7%*Other 6.3%
Outstanding Debt (Principal Only) -$1.197 billion
(8/27/2021)
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•City of Denton GO/CO debt is AA+
rated (one notch below AAA)
•Revenue debt is A+/A rated
•Chart includes 2021 Utility Revenue
Refunding Bond Issuance
GO -Tax Supported,
$193.38 , 16%
GO -Revenue Supported,
$110.80 , 9%
CO -Tax Supported,
$113.96 , 10%
CO -Revenue Supported,
$438.45 , 37%
Revenue Bonds, $341.33 ,
28%
Website Resources
Open Government/Financial Transparency
•Budget Simulator
•Budget Documents
•Annual Financial Reports
•Quarterly Financial Reports
•Debt & Hotel/Motel Tax Reports
•Check Register
•Wire Payments
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Questions
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City Investment Portfolio -$702.48 million
(8/27/2021)
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U.S. Treasuries
22.04%
U.S. Federal Agencies
16.04%
Municipal Bonds
0.73%
Commercial Paper
12.81%
Local Government Investment Pools
43.32%Demand Deposits
5.06%