• Closed 13 legacy municipal funds to bring the City’s records up to date with current activities.
• Reviewed the City’s aging accounts receivable accounts and balances and wrote off over $75,000 of uncollectable charges that have been accumulating on the City’s books for the last several years.
• Closed or consolidated over 1,000 general ledger accounts to improve efficiency and streamline monthly processes.
• Developed a new five-year financial planning document to address the key issues of:
  • Debt service trends
  • Debt capacity under State Statutes
  • Levy Limit constraints
  • Operational projections
  • TID performance
• Established a city-wide vehicle and equipment inventory list and replacement schedule to aid in future fiscal planning.
• Reconciled the 2020, 2021, and 2022 debt issues and related capital expenditures.
• Created an internal debt service schedule for the city to aid in improved debt tracking and management.
• Established a new permanent Capital and Special Projects fund to aid in ongoing project tracking and budgetary review.
• Separated the operating divisions for Administration / HR / Clerk / Engineering / Inspections, Parks / Recreation for improved budgeting and expenditure tracking.
• Consolidated the Senior Center activities and divisions back into the general fund for improved budgeting and expenditure tracking.
• Closed multiple “off-book” balance sheets accounts for special activities that were inconsistent with Generally Accepted Accounting Principles (GAAP). They were bike rodeo, freeport music, water safety, police reserve, PWPD honor guard, smart program, EMS grant heart of harbor, national night out, civil defense, bike path, equipment sales, and tree deposits. These activities will now be tracked in the general fund budgets of the related departments coordinating those functions.
• Reviewed Wastewater Utility fees and determined that the prospective 2024 fee increase was not necessary at this time.
• Terminated the contract for specialized budgeting software program saving the City $16,500 per year.
• Developed a new enhanced internal budgeting process to aid department heads and increase efficiency.
• Developed new quarterly financial reporting templates to aid in the review and reporting of the City’s financial activity.

• The primary goal of the department is our ongoing work to review the financial transactions of the City and to apply them in a manner that is consistent with the Generally Accepted Accounting Practices (GAAP) applicable for governmental activities.
• A major initiative for 2024 will be the implementation of a new accounting Enterprise Resource Planning (ERP) system for the city.
• Staff will also work to significantly improve the City’s internal capacity to prepare year-end financial entries.

Budgets

• 2025 Budget
• 2024 Budget
• 2023 Budget

Audited Financial Statements

• 2023 Financial Statement
• 2022 Financial Statement
• 2021 Financial Statement

 Financial Planning

• 2025-2034 Financial Outlook Report