The City of Santa Ana’s Finance Department plays a critical role in ensuring the city’s fiscal health and stability. Responsible for managing all financial operations, the department oversees budgeting, accounting, treasury management, procurement, and risk management.
A core function is developing and managing the city’s annual budget. This involves working with various city departments to forecast revenues, identify spending priorities, and allocate resources effectively. The department meticulously prepares the budget document, presents it to the City Council for review and approval, and monitors its execution throughout the fiscal year. Budget amendments are made as needed to reflect changing circumstances and ensure financial solvency.
The Accounting Division maintains accurate and complete financial records in accordance with generally accepted accounting principles (GAAP). This includes processing accounts payable and receivable, managing the general ledger, and preparing financial statements. These statements are regularly audited to ensure transparency and accountability to residents and stakeholders.
Treasury Management safeguards the city’s financial assets. This involves managing cash flow, investing surplus funds, and issuing debt. The department strives to maximize investment returns while minimizing risk, adhering to strict investment policies established by the City Council. They also manage the city’s debt portfolio, ensuring timely payments and exploring opportunities for refinancing to achieve cost savings.
Procurement is another vital function. The department oversees the purchasing of goods and services for all city departments, ensuring fair and open competition while adhering to established procurement policies and regulations. This includes developing requests for proposals (RFPs), evaluating bids, and awarding contracts. The goal is to obtain the best value for the city while promoting ethical and transparent procurement practices.
Risk Management identifies and mitigates potential risks to the city’s assets and operations. This involves assessing liability exposures, implementing risk control measures, and managing insurance programs. The department also handles workers’ compensation claims and property damage claims, working to minimize losses and protect the city from financial liabilities.
Beyond these core functions, the Santa Ana Finance Department provides financial support and guidance to other city departments, helping them manage their budgets effectively and comply with financial regulations. They also work to improve financial transparency and accessibility for the public, providing online resources and engaging with residents through community outreach events. The department continually seeks to modernize its processes and leverage technology to improve efficiency and effectiveness.
Ultimately, the Santa Ana Finance Department is dedicated to responsible financial stewardship, ensuring the city’s long-term financial stability and enabling it to provide essential services to its residents.