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The Finance Team…

The Finance Team…. The Finance Department includes the following staff: Anna Bartlett – Finance Manager Marc Cassidy – Rates Officer Jenni Elso – Payroll Officer Narelle Greenwood – Finance Officer Maryanne Stone – Accounts Payable Officer Sheryl Wright – Debtors Officer. Our Role….

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The Finance Team…

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  1. The Finance Team… The Finance Department includes the following staff: Anna Bartlett – Finance Manager Marc Cassidy – Rates Officer Jenni Elso – Payroll Officer Narelle Greenwood – Finance Officer Maryanne Stone – Accounts Payable Officer Sheryl Wright – Debtors Officer

  2. Our Role… The Finance Department plays an important part in day to day Council operations. For example: • Can you imagine what it would be like to work without an operating budget? • What if you didn’t receive your wages on a timely basis? • What if our suppliers of goods and services were not paid on time? • Or, if there were no funds in Council’s bank account to pay your wages??

  3. Operating Budget • Every year the Finance Department is responsible for the completion of a Annual Budget followed by a Mid Year Budget Review • The Budget is split into eight functions/activities: • Community • Health & Human Services • Economic Development • Culture & Heritage • Recreation & Leisure • Transport • Waste & Environment • Administration

  4. Operating Budget • Council has a current operating revenue budget of approximately $32 million dollars. • Of this $32 million, $30 million is allocated towards operating expenditure including over $10 million for Council’s capital works program. • As you would imagine spending and receiving these funds, involves more than just a few transactions…

  5. Accounts Payable • Maryanne processes a fortnightly cheque-run • This involves the processing purchase orders, checking and matching invoices to purchase orders, ensuring invoices are accurate and appropriate, then processing invoices for approval and payment. • For the current year to date 2,557 creditor cheques have been raised totalling $14.09 million dollars. • This is a significant amount of $$, especially when compared to the 2009/2010 total which was only $13.64 million in 3,272 cheques.

  6. Other Payment Types • Other payment methods include Council’s “Advance” cheque account (for urgent/one-off cheques), Purchasing Cards, Petty Cash, and the occasional EFT transfer and Direct Debit using Council’s bank account

  7. Payroll • Jenni processes a fortnightly pay transfer. • Council has approximately 190 employees with an EFT around 140. • Each fortnight individual timesheets must be processed, employees leave entitlements are managed, superannuation is calculated and then paid, other employee deductions are processed, and payslips are produced and circulated. • Each fortnight a pay transfer of around $300,000 takes place. • For 2009/2010 Council’s total employee costs amounted to $8.21 million.

  8. Rates • In 2009/2010 Rates represented 40% of income. • Council’s total rateable property valuation pool is currently in excess of $1.368 billion dollars!! • In 2010/2011 Council levied approximately $9.014 million in rates and charges to over 8,000 ratepayers. • With over 8,000 ratepayers, the Finance Department, in particular Marc, is kept quite busy not only during February (when we collect approximately 62% of Council’s rate revenue) but throughout the year. • Tasks include managing Council’s property database , issuing rate notices, handling never-ending ratepayer queries, collecting and receipting rate payments and following up on outstanding monies owed to Council.

  9. Debtors • In addition to Rates, Council’s other main income streams are Grants (37% of income in 2009/2010) and User Charges, Fees & Fines (11%). • The receipting of these revenue items generally involves the issuing of invoices, and monthly statements, with these processes being performed by Sheryl. • Sheryl also handles all debtor related queries, and follows up on unpaid invoices on a regular basis.

  10. Financial Reporting • Narelle and myself perform regular reporting of financial transactions including the following: • A monthly BAS, and an annual FBT return • Monthly Account Management reports comparing budgeted against actual results • Monthly Council Finance Report • Monthly Executive Finance Report with detailed variance analysis of income, expenditure and capital works programs • An annual financial report which is subject to audit by the Victorian Auditor General’s Office • We also assist with and complete a number of other ad hoc financial reports, and acquittals each year

  11. Hopefully after this presentation you will have a better understanding of the Finance Departments role, in particular: • The significant transactions which we deal with on a daily basis • The role we play in relation to financial reporting and accountability • How important it is to have an effective finance department to ensure money is in the bank, bills are paid on time and I guess most importantly, that you all are paid on time!! • Any questions?? • Thankyou 

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