HomeMy WebLinkAboutIR 10120 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10120
To the Mayor and Members of the City Council March 27, 2018
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*a SUBJECT: MONTHLY FINANCIAL REPORT
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On December 31 , 2010, the City of Fort Worth began publishing a quarterly management report,
which included financial information and performance data. This quarterly report continued to be
published until September 30, 2015 at which time the City went live on the PeopleSoft Financial
Management applications. After the PeopleSoft system was stable, the Department of Financial
Management Services began publishing a monthly financial report in October of 2016, and have
been publishing the document each subsequent month as part of our overall strategy to evaluate
and review financial transactions recorded to the City's general ledger. This report has been
shared internally, with each of you as elected officials, and posted to the City's website.
Included within the monthly financial report was a brief transmittal letter, an executive summary,
financial schedules for all of the City's operating funds (including balance sheets and income
statements), a schedule of transfers in and transfers out, a schedule of advances to and
advances from funds, and the delegated purchasing authority report. Internally this document
was utilized to ensure funds remained in balance, year to date activity compared to budget and
prior year activity was within reasonable variances, and to communicate the City's overall
financial position.
In late February of this year in consultation with the City Manager's office and the department
heads, it was decided that all of the information published in the monthly financial report is
available on-demand to those who have access to the City's PeopleSoft system. Thus, the
detailed report will no longer published. The Department of Financial Management Services will
continue to complete fund reconciliations to ensure funds remain in balance; however, we will
begin to respond to data requests for financial information on an ad-hoc basis when those needs
arise. In addition, the past reports posed on the City's webpage will be removed.
If you have any questions, please call Aaron Bovos, Chief Financial Officer, at 817-392-8517.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS