CSMFO COACHING PROGRAM
CSMFO COACHING PROGRAM
BEST PRACTICES FOR FINANCE DIRECTORS
APRIL 11, 2002 CONFERENCE CALL NOTES
INTERNAL RELATIONSHIPS: Most of your success will be judged on your interpersonal relationships, no matter how technically competent you may be.
| | | |
|BEST PRACTICE |WHY IMPORTANT |NOTES |
| | |Discuss issues privately and put any concerns on the table in a |
|Nurture your relationship with the City |Whatever the title, this person is your boss and you were either hired by this |constructive way. If dealing with difficult people, a team building |
|Manager/Administrator |person or were inherited by him/her. Work with this individual, not around them. |session may help. If difficulties continue, work with other |
| | |department heads to figure out how to address them. |
| | | |
|Be an active team member with other Department Heads|You are on the same team; act like it. | |
| | |Invest in these relationships. Some FD’s have holiday parties and/or|
|Appreciate and respect your staff. |In the long run, the extent of your accomplishments will be based on the working |informal social events on a monthly basis—BBQ, monthly birthday days,|
| |relationship you have with your staff. |etc. financed by FD personally or group members themselves. Spend |
| | |informal time getting to know your staff. |
| | |Do you have contact? If not, and Council members contact you, keep |
|Be clear on how to work with the City Council |You should have a clear understanding with the City Manager/Administrator as to |your City Manager informed. There’s a range of philosophies here—no |
| |how and when you are to interface with the City Council (Board of Directors). |contact, open contact, and open contact but keep CM informed. |
EXTERNAL RELATIONSHIPS: Nurturing external relationships with open, honest, communication and mutual respect will gain you credibility and trust.
| | | |
|BEST PRACTICE |WHY IMPORTANT |NOTES |
| | |Have a clear understanding with the CM about the relationship. |
|Develop a healthy relationship with the press. |Tell the truth, including, “I don’t know” when you don’t know an answer. Build |Find a point of contact with reliable people. Encourage the |
| |mutual trust by showing respect for the job they have to do. Make it clear what |press to be accountable by calling when misquoted or |
| |you can discuss and what you can’t. |inaccuracies arise. |
| | |The public is both the customer and the ultimate boss. |
|Remember that service to the public is the ultimate |Treat the public with respect and courtesy even when delivering bad news. Make | |
|objective. |sure your staff is trained to do the same. Treat the public as though they could | |
| |get the service somewhere else, even if they can’t. | |
| | |Look in the CSMFO directory for the listing of members who |
|Tap State and League organizations. |These resources can help you get your job done and they influence many decisions |serve on various boards and professional organizations. Check |
| |that affect your work. |out the League’s divisional “grass roots” representatives. |
HIRING/STAFF DEVELOPMENT: Hiring will be the single most important action for which you will have responsibility during your career.
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|BEST PRACTICE |WHY IMPORTANT |NOTES |
| | | |
|When hiring, let the process work. |Don't try to shorten the formal process. Keep it open and honest. | |
| | | |
|Provide adequate staff training. |This is a continuation of the hiring process. | |
| | | |
|Support staff growth. |For those that show growth potential, give encouragement and support and look for | |
| |it in others. | |
| | |Adequate supervision is the key part. |
|Provide adequate resources. |Make a personal effort to provide adequate equipment, supplies, materials, guides | |
| |and supervision for your staff members to perform their duties. | |
| | | |
|Respect you staff. |Your respect and understanding of your staff will be repaid many times. | |
ACCOUNTING, AUDITING, Accuracy, honesty, integrity, objectivity, consistency, credibility,
FINANCIAL REPORTING: and timeliness are the best practices for this area of responsibility.
| | | |
|BEST PRACTICE |WHY IMPORTANT |NOTES |
| | |See GFOA “Recommended Practices” book [reference at end of |
|Maintain accounting systems that enable preparation |Consistency. |notes]. |
|of financial statements. | | |
| | | |
|Prepare and publish comprehensive annual financial |Reliability. | |
|report. | | |
| | | |
|Prepare financial statements in conformity with |Disclosure. | |
|GAAP. | | |
| | | |
|Obtain annual independent audit of financial |Reliability. | |
|statements. | | |
| | |If not the full Council, then use an Audit, Finance, or Budget |
|Audit procurement process. |Should be done in an open process that has City Council included, and it should be|Committee of the Council. Consider a policy of rotation or at |
| |their decision. |least an RFP process. Five years seems to be a desirable |
| | |interval. |
| | |Think like an auditor. If a formal internal audit role is not |
|Consider internal audit function. |No matter what the size of the organization, internal audits and internal controls|possible, try an informal or overview approach. |
| |should be considered. | |
| | | |
|Identify full cost of services. |The term "full cost recovery" is used, but not always possible. However, it is | |
| |desirable to have full cost identification (fee setting, budgeting, setting | |
| |priorities, subsidy awareness). | |
BUDGETING: Good budgeting practices can be attained through honesty, accuracy, policymaking, comprehensive communication.
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|BEST PRACTICE |WHY IMPORTANT |NOTES |
| | | |
|Develop good budget policies. |Develop policies that contribute to the ongoing fiscal stability| |
| |of the organization. They should include such things as ongoing| |
| |expenses are 100% supported by ongoing revenues, level of | |
| |reserves, authority for budget amendments, etc. They should | |
| |reflect what is important to your organization. | |
| | | |
|Provide summarized information in your budget document in |Budget documents are so large, it is important to provide | |
|addition to any detail you wish to provide. |summarized information to help those that prefer not to wade | |
| |through pages and pages of numbers get an overview of the | |
| |impacts of the budget. | |
| | | |
|Review fees and charges to keep pace with the cost of the |By reviewing fees and charges on an annual basis, they can be | |
|services. |adjusted incrementally to keep up with the cost of providing the| |
| |service. The services that are designed to be self-supporting | |
| |need periodic adjustment so they are not subsidized by | |
| |discretionary revenue sources. | |
| | |Use the one-page “Budget in Brief.” [See and CSMFO |
|Promote effective communications with stakeholders. |Develop a method of communications that is simple and clear to |budget awards for examples.] |
| |those interested in budget information. Keep in mind that not | |
| |all who are interested in budget information are proficient with| |
| |numbers. Don’t confuse them with too much detail. Explain what| |
| |is being accomplished for the budget period and the bottom line | |
| |costs. | |
| | |Performance-based budgets? There are some beginning efforts |
|Develop a budget that addresses and discusses the goals and |The budget document should describe not only how much the agency|with a few measures. [See reference at end of these notes; GFOA|
|objectives of the organization. |plans on spending, but why they are spending. By including |web site; and check out .] |
| |goals and objectives in the budget document and process, it | |
| |keeps the organization focused on what needs to be done to | |
| |achieve them. Making budget decisions based on outcomes and | |
| |results is a far more effective way of budgeting. | |
| | |Use long-range financial planning, multi-year budget or separate|
|Fully disclose the impacts of the budget. |The budget process should include an analysis of fund balances |projections. Develop and follow good long-term financial |
| |so that decision makers are fully aware of the impact of their |policies. |
| |decisions. | |
CASH MANAGEMENT: Good cash management practices can result in prudent stewardship over agencies assets.
| | | |
|BEST PRACTICE |WHY IMPORTANT |NOTES |
| | | |
|Develop good cash management policies. |Good policies will serve as the foundation for good cash | |
| |management practices. All policies should be reviewed | |
| |periodically to determine if they are still sufficient. The | |
| |Investment Policy requires annual review. | |
| | |Daily cash report is a good idea. Some use an East Coast bank |
|Know your cash/investment position at all times. |By knowing your cash/investment position at all times, you can |for disbursement to help timing. |
| |keep the funds working rather than having excess idle funds. | |
| | |This is a key issue. Don’t assume that a pool is safe. |
|Remember Safety, Liquidity and Yield, in that order. |Keep your investments safe is foremost. There have been too | |
| |many agencies that have sought yield to the detriment of safety | |
| |and lost. We have all heard the stories. Liquidity is also | |
| |important so that when it’s time to pay the bills, the funds are| |
| |available. | |
| | |Some qualify brokers every two years. |
|Pre-select brokers you will work with. |By pre-selecting brokers, you establish reasonable parameters by| |
| |which you will measure a firm’s worthiness to provide brokerage | |
| |services. | |
| | | |
|Always use a 3rd party custodian for your investments. Never |Your 3rd party custodian can purchase and hold the investments | |
|send the funds directly to the brokerage. |sold to you by your broker. This will ensure that the | |
| |investment is actually made and will provide a place where it is| |
| |kept safe. The same diligence in selecting your 3rd party | |
| |custodian should be used as was used in pre-selecting your | |
| |brokers. | |
Other Comments:
Bond Issuance
See “Recommended Practices” publication from GFOA. Also, consider the California Debt and Investment Advisory Committee’s “Mechanics of a Bond Sale” course. If it’s your first bond issuance, consider an independent financial advisor and be sure to have a good bond counsel.
RESOURCES:
Governmental Accounting, Auditing, and Financial Reporting – Using the GASB 34 Model. Available from GFOA.
Best Practices of City Governments - U.S. Conference of Mayors. Includes a searchable Best Practices Database.
Performance Measures Best Practices - National Performance Review, June 1997.
Best of Practice - Government Solutions - State Technologies, Inc. (STI) is a not for profit research group based in Albany, NY specializing in issues of policy and technology in the public sector. Provides best practices information by state and functional area.
Council for Excellence in Government - The Council works to improve the citizen confidence and participation in government.
Recommended Practices for State and Local Government. Approved by Government Finance Officers Association May 2001. .
Effective Supervisory Practices: Better Results Through Teamwork Available from ICMA)
Best of Governmental Budgeting . Available from GFOA.
Accounting Issues and Practices. Available from GFOA.
Introduction to Broker/Dealer Relations. Available from GFOA.
services/nacslb/ (Web site for Best Practices in Budgeting from the National Advisory Council for State and Local Budgeting). Note: This site is exceptionally rich in information .
CSMFO Resource Room: .
CSMFO Outreach Program.
Sample list of publications available through the League of California Cities Citybooks - :
Best Practices in Customer Service
• Benchmarking Staff Performance
Analysis for Improving Performance
• Coaching, Counseling & Mentoring
• Delivering Knock Your Socks Off Service
• Developing Charlie: How to Grow Great Employees
• Finding & Keeping Great Employees
• Benchmarking for Best Practices in the Public Sector: Achieving Performance Breakthroughs in Federal, State, and Local Agencies
• Management of Public Funds: Adoption of Reserve Policies
Dollars & Sense, Local Government: 225 Financial Tips for Guarding the Public Checkbook
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