Financial Services
The Director of Financial Services oversees the following divisions: Accounting/Risk Management; City Assessor's Office; City Treasurer's Office; Information Technology; and Purchasing.
The Director of Financial Services prepares the City's budget in accordance with the State Budgeting Act. The City's financial condition is monitored through budget amendments; forecasts; quarterly budget reports; and the review of department performance measurements. The capital improvement plan; water and sewer rate studies; and financial/demographic trend reviews are also prepared in this division.
Archive of Financial Documents:
The mission of the Accounting Department is to achieve excellence in the accounting of all financial transactions, and provide support to City departments with financial, budgetary and procurement issues. The mission of Risk Management is to acquire appropriate insurance coverage for the City and to evaluate City facilities, activities, procedures, and policies to limit risks.
The Financial Services Division encompasses the Accounting, Risk Management and Treasury functions.
The Accounting Department is responsible for the books of original entry for the assets, liabilities, equities, revenues and expenditures of the City. Payroll, retiree payments, accounts payable, escrow deposits, fixed asset details, grant records, and accounts receivable are under the direction of the financial services director.
All funds are monitored for accuracy and proper accounting methods. An annual audited financial report, required by State statute, is produced and expanded into a Comprehensive Annual Financial Report.
Monthly financial reports are provided to all departments. These reports provide actual expenditures for the previous fiscal year and current expenditures to date as compared to budgeted amounts for the current year. Any questions regarding these reports are handled through the Accounting Department.
DID YOU KNOW
- City of Troy unlimited general obligation bonds boast AAA ratings from Fitch IBCA, Standard & Poor's and Moody's Investors Services
- Troy is one of only two Michigan cities to earn the trio of Government Finance Officers Association Awards for the Comprehensive Annual Financial Report, the Annual Budget, and the Financial Summary.
- Risk Management received the Michigan Public Risk Management Association (MIPRIMA) Membership Achievement Award for 2009.
- Risk Management was able to obtain a reduction in rates to produce an anticipated 21.59% savings to the City for the employee benefits of short-term disability, long-term disability and life insurance.
- The City employee dental benefit program went to a self-insured program with an anticipated savings of 14%.
