Issue link: https://www.e-digitaleditions.com/i/850954
E n s u r i n g a S t r o n g F u t u r e 53 | P a g e Financial Management: Key Focus Areas The key focus areas of the Financial Management Program are Accounting, Financing and Investing and Budgeting and Planning. Accounting Accounting concentrates on the everyday financial transactions that are essential to run the District including Purchasing, Accounts Payable, Payroll, Developer Billing and General Ledger. Accounting also focuses on tracking and reporting financial information for both internal and external stakeholders. Financial statements are prepared monthly and mandated external reports are prepared timely and accurately. Accounting assists all departments by providing them with financial information needed for sound decision making. They also work very closely with customer service in revenue recognition and balancing of customer payments against bank receipts. Financing and Investing Financial needs vary over time. Effectively managing investments and debt is key to maximizing the benefits of both. Continually monitoring the market for borrowing and investment opportunities is critical and the District relies on professional consultants to help inform and guide decision making. Maximizing the District's credit rating through sound financial management, healthy reserves and strong coverage ratios helps lower borrowing costs and benefits our customers. Budgeting and Planning Budgeting is essential to regulating spending and ensuring resources are available to get work done. The District's comprehensive budget is based on departmental budgets that were developed in detail based on goals and objectives in the Plan. These budgets are monitored continuously and updated annually to reflect current conditions. The Five Year Budget, approved in June 2017 for Fiscal Years 2018 - 2022, is reaffirmed annually by the Board of Directors.