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The Accounting Department is comprised of an Accounting Manager, one Accountant and an Accounting Clerk. Payroll for over 125 full-time employees is processed on a bi-weekly basis, as well as a varying number of seasonal employees - up to 100 in peak season. The City’s vendors and contractors’ invoices are processed for payment on a weekly basis. In addition to the major functions of financial reporting, payroll, accounts payable, and cash management, the Department is responding to the growth of the City with increased management reporting.
COMPREHENSIVE ANNUAL FINANCIAL REPORT
In 2004, City received its first Certificate of Achievement for Excellence in Financial Reporting through the Government Finance Officers Association (GFOA). The Certificate of Achievement is the highest, most prestigious award for financial reporting available. There are only 25 cities in Kansas that received this award, among them Lawrence, Leawood, Lenexa, Manhattan, Olathe, Overland Park, Topeka, and Wichita. The City continues to submit for review and has continued to receive this award for it Comprehensive Annual Financial Report (CAFR) on an annual basis ever since that time.
2008 CAFR
Section No. 2 Section No. 9
Section No. 3 Section No. 10
Section No. 4 Section No. 11
Section No. 5 Section No. 12
Section No. 6 Section No. 13
Section No. 7
1. Rating agencies have publicly recognized the issuance of an award-winning CAFR as a positive factor in a credit evaluation.
2. An award-winning CAFR possesses a high degree of reliability because it must be presented in conformity with Generally Accepted Accounting Principles and it must be audited in conformity with Generally Accepted Auditing Standards.
3. A CAFR goes beyond the minimum requirements of GAAP to provide additional information of great practical benefit to financial statement users, such as trend and demographic information and an overview of the government and its operations that highlights key financial developments of the current year.
4. The financial statements, supporting schedules, statistical tables and narrative explanations required for a Certificate ensures that all fiscal data are presented that are needed by those with an interest in the financial affairs of the City.
5. A CAFR demonstrates a government’s professionalism to citizens, colleagues, and industrial prospects.
6. A CAFR meets the requirements of SEC Rule 15C2-12 under the Securities Exchange Act of 1934 for municipal bond disclosure, which require an annual update of the financial information and operating data included in the final official bond offering statement.