PALMETTO BAY RECEIVES DISTINGUISHED BUDGET PRESENTATION AWARD
The Government Finance Officers Association of the United States & Canada is pleased to announce that the Village of Palmetto Bay, Florida has received the GFOA's Distinguished Budget Presentation Award for its budget. FEB 4, 2016
LIBRARY BOND REFINANCING GETS COUNCIL APPROVAL
Village Council has approved refinancing of its 2005 Bond used in the construction of the Palmetto Bay Branch Library at Ludovici Park. Village administration was able to reduce the interest from 4.46% to 2.359% and reduce the maturity date by five years. This resulted in a present value savings of $217,528 while only increasing the annual payments by an average of $6,823. NOV 2, 2015
2015-16 ADOPTED BUDGET ONLINE FOR PUBLIC REVIEW
The FY 2015-16 Adopted Operating and Capital Budget is posted in the Annual Budgets & Financial Reports section. OAUG 29, 2015
CHECK REGISTER PROMOTES TRANSPARENCY
We invite the public to take a look through the Village books on a regular basis. Palmetto Bay provides a monthly Village Check Register, online, in an ongoing effort to be a more transparent government. DEC 09, 2015
Finance News Archive
The Finance Department operates under the management and leadership of Finance Director Desmond Chin, and reports to the Village Manager. The Finance Department is responsible for administration of the Village’s financial and fiscal affairs, including:
- Accounting practices
- Financial planning and analysis
- Audit coordination processing
- Recording of daily fiscal activities in accordance with generally accepted governmental accounting principles
- Budget coordination and monitoring
- Preparation of financial reports
- Providing support on fiscal and financial matters
- Ensure proper implementation of financial and accounting practices for the effective and efficient use of the Village’s financial resources.
- Maintain proper accountability over the Village’s financial resources.
- Prepare timely financial reports on the Village’s financial condition.
- Refinancing of the Edward and Arlene Feller Community Room bond, resulting in a projected savings of almost $357,000 over the next 15 years, which also decreases the Village’s obligation in the financial books by the same amount.
- Revamped the budget cycle for better transparancy holding 6 budget workshops at various locations throughout the Village and discussing all aspects of the budget, inclusive of restricted funds and user fees..
- Proposed the allocation of surplus funds into individual categories to be used for specific purposes including emergency events, maintenance, solar initiatives and surplus funding.
- Reduced cash payment transactions and allowed for greater efficiency in accepting and processing payments for Village services by establishing online payment options.
- Started a monthly report of actual expenditure percentages that is distributed to the Village Council and provided to the residents on the Village website. This greater transparency allows the Council and residents the opportunity to review and monitor monthly expenditures.
- Expanded the online check register report to also include the vendor name and purpose of each Village expenditure for which checks are made.
- Included an in-house information technology position in the budget in accordance with our auditor’s recommendations to address potential cyber safety concerns and moved functions to the Finance Department for oversight.
- Reduced expenses by $75,000 by centralizing maintenance functions in a single division and address minor repairs with Village staff rather than outside vendors.
- Completed audit report
- For the first time since the selection of the current insurance provider, we are reviewing our policy and options to ensure that the Village is getting the best possible coverage at the best possible price.
Biography - Desmond Chin
Director Chin comes to our municipality with a great deal of experience, namely serving as Assistant Finance Director at the City of Florida City for 10 years. He has a Bachelor’s Degree in Accounting from Florida International University and is a Certified Public Accountant (CPA). In his capacity as Finance Director, Mr. Chin manages the daily finance/accounting activities of the Village, including:
- Budget preparation and administration;
- Preparation of the Village’s annual financial statements, including the Comprehensive Annual Financial Report;
- Accounts payable/receivable;
- Revenue collection;
- Cash management;
- Procurement management;
- Risk management and loss prevention; and
Monday through Friday (except on observed holidays)
8:30 am - 5:00 pm
ADDRESS & PHONE NUMBER:
Village of Palmetto Bay Municipal Center
9705 East Hibiscus Street
Palmetto Bay, FL 33157