Page 54 - Town of Bedford FY 2018-2019 Budget.pdf

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FINANCE

MISSION

It is the mission of the Department of Finance to provide fiduciary responsibility to the citizens and
taxpayers of the Town of Bedford to ensure that financial resources are collected, safe-guarded,
maximized and dispersed in a fiscally judicious manner. As employees of the Town we provide optimal
financial services to a wide range of constituents in a transparent and professional way that meets the
expectations of those we serve while adhering to all current accounting and management standards.

DESCRIPTION

The function of this division is to administer the financial operations of the Town of Bedford by
overseeing Budget Administration, Financial Accounting Processes, Treasury Office, Collections, Payroll
Administration, Revenue Management, Utility Services, Debt Management, Risk Management,
Procurement & Purchasing Services, and Financial Reporting. Compliance monitoring is done in all
financial areas to conform Town operations to existing Federal, State, and local rules and regulations. It
is the responsibility of the division to promote the fiscal soundness of the community so that its social,
public safety, infrastructure and overall quality of life will be maintained at the high standard required
and desired by its residents.

GOALS, OBJECTIVES, & MEASURES

Goal Exhibit financial stability and operational efficiency through effectively managing
resources. We will ensure that Town residents receive great value for their tax dollars, and
that Town programs, services, and capital projects benefit the community as a whole.
Objective Be proactive by providing in advance accurate and timely financial reporting
that complies with laws governing municipalities accounting and regulatory
practices.
Measure: Complete the monthly financial report for submission to Town
Council Finance Committee no later than 15 business days after
month-end close.
FY 2017 FY 2018 FY 2019 (Goal)
100% 100% 100%
Objective The quick ratio is another, more conservative measure of the Town’s ability to
pay its short-term obligations. The quick ratio compares total current assets,
less the inventory and other assets which are not currently convertible to cash
to current liabilities. A quick ratio of 1.00 to 1.00 indicates good current
liquidity and an ability to meet the short-term obligations.
Measure: Maintain a minimum of a 1.00 to 1.00 quick ratio of liquidity.
FY 2017 FY 2018 (Goal) FY 2019 (Goal)
General 2.0 2.0 2.0
Enterprise 5.5 6.0 6.0
Objective The debt service coverage ratio compares the Town’s debt service
requirements on revenue bonds to the net operating cash generated by the

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