Finance
Mission
The mission of the Finance Department is to provide residents of Delaware with a timely and accurate accounting of the City's receipts and disbursements.
The Finance Department is responsible for maintaining a comprehensive accounting system that includes: budgeting, centralized accounting, financial reporting, and evaluating program performance.
Various staff specialists oversee the duties of the treasury, income tax administration, utility billing, debt management, payroll administration, fixed asset reporting, and other financial customer service.
In addition, this department coordinates the annual audit conducted or overseen by the Auditor of State of Ohio of the City's financial statements.
Responsibilities
Cash Management
Effective forecasting of current cash requirements allows for the investment of available interim cash resources of the City. Rates have fluctuated drastically since 2000. General fund interest went from $486 thousand in 2000 to $216 thousand in 2004 and back up to $440 thousand in 2006. Managing resources becomes more difficult with such a low return on investment and almost as difficult with the uncertainty of future rates.
Ohio Senate Bill 81 and GASB 31 guide the investment policy of the City, which describe what types of investments and repurchase agreements are allowable.
The City's investment policy stipulates that investments be fully secured by pledged collateral or U.S. government guarantee. All securities, including repurchase agreements and pledged collateral are delivered to a third party safekeeping account in the name of the City.
Debt Management
The City utilizes several types of debt instruments, including short-term notes, revenue bonds, and general obligation bonds. The City has issued several short-term notes for improvements to the City's Grounds and Facilities building, Glenn Road construction, southend Water Tower construction, and the Southeast Highland Sewer project.
The City also has a loan with Ohio Water Development Authority for a maximum just over $26 million for the construction of the new Wastewater Treatment Expansion Facility, just southeast of downtown Delaware near the Olentangy River. This will double the capacity of wastewater treatment the city currently handles.
Accounting
Accounting for the City is mainly handled by three people. A Fiscal Specialist is in charge of Accounts Payable and an Accounting Specialist is in charge of Payroll and assists the City Accountant in recording Revenues.
The City utilizes a purchase order system for expenditures exceeding $250. All expenditures require being appropriated, and expenditures exceeding $250 also require being encumbered prior to purchase. In 2006, the department processed about $77.2 million in non-payroll related expenditures and over $21.2 million in payroll and payroll-related expenditures. The Finance department processed receipts for over $81.6 million in revenue. [Note: these amounts reflect rollovers in bond anticipation notes. See Comprehensive Annual Financial Report for more details]
The City has an income tax rate of 1.4 percent. Filing an annual return is required for City residents and non-residents whose income tax is not withheld correctly. The City's 5-person Income Tax department processes some 13,000 income tax returns annually. Income Tax revenues account for about half of all the City's General Fund revenues. In 2006, the tax department posted over $11.9 million for income taxes collected.
The City's Utility department bills residents and businesses monthly for Water, Sewer, Storm Sewer, and Refuse services. The 3-person department handles close to 13,000 bills, and as many receipts, each month. These billings and collections amounted to over $10.1 million for 2006.
The City Accountant prepares the Comprehensive Annual Financial Report [CAFR], and assists with budgeting, billing, and receipting. GASB 34 reporting requirements were implemented for the City's 2003 financial statements and the City was awarded the Certificate of Achievement for Excellence in Financial Reporting for the 2002, 2003, 2004 and 2005 CAFR. The 2004-2006 CAFRs are available on this website.
Dean Stelzer began in 1990 as the City Finance Director. Since that time, Dean has served as Finance Director, Assistant City Manager and Acting City Manager.
