Murray City's Finance Department strives to be an accountable steward, by cooperating with city departments, elected and appointed officials, in providing accurate, timely and relevant financial information for the use of citizens, council, management and employees.
The Finance Department is responsible for the systems and procedures that assure the sound and efficient functioning of the City's financial activities. The financial activities begin with a plan or budget. The budget is implemented and the transactions recorded (accounting). The results are reported in financial statements on an annual basis.
Adopting the Annual Budget
To make this process function smoothly, the Finance Department assists the Mayor in preparing a budget for presentation to the City Council for final adoption before the start of each fiscal year. As each fiscal year unfolds, the budget is carefully monitored for the extent to which actual financial transactions vary from the budget.
Collecting Monies and Liabilities
When the actual financial transactions occur, the Finance Department must see all monies due to the City are collected and all City liabilities are paid timely. All cash received is safeguarded and invested according to the Utah Money Management Act. When funds are needed that exceed the City's cash reserves, the Department arranges appropriate financing through the financial market.
Ending the Fiscal Year
The Finance Department keeps accurate records of all financial transactions, generates financial reports, and produces audited financial statements at the end of each fiscal year. Included in this process is preparing the City's payroll as well as billing, collecting, and accounting for City power, water, sewer, and refuse fees. The Department maintains a file of the City government's fixed assets.
The Department administers the City's insurance program, which includes partial self insurance.