Financial and Administrative Services Welcomes Citizens Academy Class

Financial and Administrative Services Welcomes Citizens’ Academy Class of 2013

Volusia County is Big Business $582 Million Operating Budget 2

Financial & Administrative Services “Behind the Scenes” • Develop and Administer Organizational Policies and Procedures • Provide Central or End Point to Where All Processes Flow • Provide Oversight of All Divisions • Monitor and Advise 3

Staying on the Right Track. . 4

Sound Financial Policies are Centralized for Consistency Fund Balance Reserves Pay As You Go Capital Funding Debt/Debt Refinancing Effective Monitoring to Minimize Surprises Monthly/Quarterly Mini-Budget Workshops Multi-Year Forecasting 5 -Year Capital Improvement Plan 5

Maintain Standards of Excellence Stay Current on all Changes in Accounting and Financial Standards Maintain High Quality bond ratings Receive GFOA Certificate of Achievement for Excellence in Financial Reporting (35 Years) Receive GFOA Certificate of Achievement in Popular Annual Financial Reporting GFOA Distinguished Budget Award National Purchasing Institute Achievement of Excellence in Procurement Award Continually Seek Improvement Opportunities 6

• Initiatives and Accomplishments o. Refinanced outstanding debt, saving $8. 6 million over the life of the debt o. Reduced/eliminated $28 million in debt with one-time revenues, saving $5. 2 million in interest o. Sought and received $45 million in FEMA reimbursements for storms o. Implemented automated time/attendance system o. Implemented new Financial/HR/Budgeting system o. Assisted in deployment of vendor and employee self service o. Expanded imaging system, reducing off-site storage o. Reduced the number of printed CAFRs opting to publish on the County’s website 7

Accounting Division Rhonda Orr, CGFO Deputy Director Financial & Administrative Services Donna de Peyster, CPA Accounting Director Accountants Monitor over 140 Funds Prepare Reports Prepare Audit Work Papers Prepare CAFR Complete Special Projects/Assignments EMS Billing & Collection Ambulance Transport (50, 000 transports per year) Payroll Reviews and Prepares Payroll (82, 000 checks/EFT’s each year) Assistant Accounting Director Treasury Management Manages Investment Portfolio ($430 million) Accounts Payable Pays the Bills (110, 000 vendor checks/EFT’s each year) Accounts Receivable Cash Management Bills for Services Manages banking activity for County’s bank accounts (8, 500 bills sent to customers) 8

Fund Types Government Funds Used to account for activities primarily supported by taxes, grants, and similar revenue sources • General Fund – Main operating fund used to account for and report all financial resources not accounted for and reported in another fund • Special Revenue Funds – Used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes. Examples: gas taxes, tourist taxes, impact fees, sales tax, confiscated funds. • Capital Projects Funds – Used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets • Debt Service Funds – Used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest 9

Proprietary Funds Used to account for activities that receive significant support from fees & charges • Enterprise Funds – Used to report any activity for which a fee is charged to external users for goods or services. Examples: Airport, Refuse Disposal, Water & Sewer Utilities, Parking Garage, Garbage Collection • Internal Service Funds – Used to report any activity that provides goods or services to other funds, departments, or agencies of the primary government and its component units, or to other governments, on a cost-reimbursement basis. Ex: Computer Replacement, Vehicle Maintenance, Insurance Funds Fiduciary Funds Used to account for resources that government holds as trustee or agent on behalf of an outside party that cannot be used to support the government’s own programs • Pension Trust Funds – Used to report resources that are required to be held in trust for the members and beneficiaries of defined benefit pension plans, defined contribution plans, other postemployment benefit plans, or other employee benefit plans. Example: Volunteer Firefighter Pension Plan • Agency Funds – Used to report resources held by the reporting government in a purely custodial capacity. Ex: Tax Collector Transfer 10

In Conclusion. . . We are your centralized source for financial information. 11