Municipal Budget and Accounting Services

The vendor is required to provide municipal budget and accounting services for city.
1. Budget preparation and management:
•    Budget development: assist the city in the development, review, and submission of the annual operating and capital budgets, including department-specific resource allocation and long-term financial planning. 
•    Revenue and expense projections: provide accurate revenue and expenditure forecasts based on historical data, economic trends, and policy decisions. 
•    Strategic financial planning: work closely with city leadership to develop strategic financial plans that align with the city's long-term goals and objectives, ensuring sustainability and fiscal health. 
•    Budget monitoring and amendments: monitor actual revenues and expenditures against the approved budget, recommend budget adjustments as necessary, and assist in preparing budget amendments or transfers throughout the fiscal year.
2. Financial reporting and accounting:
•    Annual financial statement (AFS) preparation: prepare the city’s annual financial statement in compliance with state laws and regulations, ensuring accuracy and timely submission. 
•    Annual debt statement (ADS) preparation: prepare the annual debt statement in accordance with state requirements and ensure it aligns with the city's financial status and debt obligations. 
•    Supplemental debt statement preparation: prepare supplemental debt statements as required for special financing or debt issuances, ensuring compliance with all state and local regulations. 
•    General ledger maintenance: maintain the city's general ledger, ensuring the accuracy of recorded transactions and compliance with GASB. 
•    Bank reconciliations: perform monthly bank reconciliations, ensuring all transactions are properly recorded and discrepancies are resolved in a timely manner. 
•    Single audits: manage the preparation and submission of single audits for federal grant compliance, ensuring adherence to uniform guidance and timely reporting. 
•    Grant reporting and monitoring: track and report on grant-related financial activities, ensuring compliance with grant terms, and providing timely reporting and monitoring of funds.
3. Debt management and issuance support:
•    Debt issuance: provide expert guidance on debt structuring, issuance, and management of bonds and other debt instruments for capital projects and other municipal needs. 
•    Debt service monitoring: monitor all municipal debt service schedules, ensure timely payments, and assist with debt service reporting. 
•    Rating agency representation: act as the city's representative to credit rating agencies, preparing necessary financial information, presentations, and documents to maintain or improve the city's credit rating. 
•    Preparation of official statements: prepare and review official statements for debt issuances, ensuring accuracy, compliance, and transparency to bondholders and rating agencies. 
•    Local finance board representation: represent the city in interactions with the state local finance board, ensuring compliance with all state regulations, preparing necessary documentation, and presenting financial data when required.
4. Audit support and compliance:
•    audit preparation and response: assist in preparing for annual external audits and single audits, ensuring that all financial statements and documentation are complete and accurate. 
•    Respond to audit findings and implement recommendations to improve financial processes. 
•    Compliance reporting: ensure timely submission of all regulatory reports, including the annual financial statement (AFS), annual debt statement (ADS), supplemental debt statements, and other required documentation.
5. Internal controls and policy development:
•    Internal controls review: conduct a comprehensive review of the city's internal controls related to financial management, procurement, and disbursements. 
•    Provide recommendations for improvements to mitigate risks and enhance transparency. 
•    Policy development: assist in developing, updating, and implementing financial policies, including budgeting, procurement, cash management, and debt management policies to ensure compliance and best practices.

- Contract Period/Term: 1 year