Burbank Finance Department: Stewards of the City’s Fiscal Health

The City of Burbank Finance Department plays a critical role in maintaining the city’s financial stability and ensuring responsible management of taxpayer dollars. Its broad responsibilities encompass financial planning, accounting, budgeting, treasury management, purchasing, and risk management.

Core Functions

Budgeting and Financial Planning: The department develops and manages the city’s annual budget, a comprehensive plan outlining projected revenues and expenditures. This involves forecasting economic trends, analyzing departmental requests, and allocating resources to meet community needs and priorities. Long-term financial planning is also crucial, ensuring the city’s fiscal sustainability for years to come. The budget process is transparent and participatory, involving community input and City Council approval.

Accounting and Financial Reporting: Maintaining accurate and reliable financial records is paramount. The Finance Department oversees all accounting functions, ensuring compliance with Generally Accepted Accounting Principles (GAAP) and relevant government regulations. They prepare comprehensive financial reports, including the Comprehensive Annual Financial Report (CAFR), providing a detailed overview of the city’s financial performance and position.

Treasury Management: Responsible management of the city’s cash and investments is a key function. The Treasury Division invests public funds prudently, maximizing returns while adhering to strict security guidelines. They also manage debt issuance and repayment, ensuring the city maintains a strong credit rating and minimizes borrowing costs.

Purchasing and Procurement: The Finance Department oversees the city’s purchasing activities, ensuring fairness, transparency, and cost-effectiveness. They manage the bidding process for goods and services, negotiate contracts, and strive to obtain the best value for taxpayer dollars. The Purchasing Division also promotes local business participation in city procurement opportunities.

Risk Management: Identifying and mitigating potential risks is essential for protecting the city’s assets and resources. The Risk Management Division manages insurance programs, handles claims, and develops strategies to minimize liability and prevent losses. This includes assessing risks related to property, liability, workers’ compensation, and cybersecurity.

Commitment to Transparency and Accountability

The Burbank Finance Department is dedicated to transparency and accountability in all its operations. The department makes financial information readily available to the public through its website, including budget documents, financial reports, and purchasing policies. They actively engage with the community to provide clear and concise explanations of complex financial matters, fostering informed participation in the city’s financial decision-making process.

Looking Ahead

The department continuously seeks ways to improve its efficiency and effectiveness through innovation and technological advancements. They are committed to embracing best practices in financial management to ensure the City of Burbank remains financially sound and well-positioned to meet the challenges and opportunities of the future. They are constantly working to streamline processes, enhance data analysis, and provide better service to residents and city departments.