The Finance Department for the City of Boerne is responsible for the many different financial tools used by the city to operate on a day-to-day basis. Finance also handles the reporting aspect that keeps the city in compliance with all of the necessary accounting / fiscal reports required by city charter and by state and federal law.
In addition to accounts payable, accounts receivable, purchasing, and payroll for over 267 employees, Finance oversees the Utilities Customer Service and Utilities Billing offices as part of the billing and cash collection functions of the city.
The Finance department has two very major projects that occur each year:
By law, the City is required to have a balanced budget each fiscal year. The fiscal year begins on October 1 of each year and runs through September 30 of the next year.
The SEC's Municipal Advisor Rule which took effect on July 1, 2014, imposes a registration regime upon municipal advisors, i.e., firms that give advice absent an exemption or exclusion to Municipal Entities and Obligated Persons ["Issuers"], and imposes a fiduciary duty upon municipal advisors that give advice to municipal entities. The Rule granted certain exemptions and exclusions from the definition of municipal advisor for persons providing certain types of advice that would otherwise deem that person to be a municipal advisor. One such exemption is for advice given to Issuers that are represented by and will rely on the advice of an Independent Registered Municipal Advisor ["IRMA"]. In order to rely on this exemption, a firm must receive certain representations from the Issuer.