Finance

Director of Finance, Julie Rudd

Office Hours: Monday through Thursday, 8:00am - 4:30pm; Fridays, 8:00am-Noon
Phone: (248) 246-3030
Fax: (248) 246-3039
Address: 3rd Floor, Room 301, 211 S Williams St, Royal Oak MI 48067-2619

The primary role of the Finance Department is to provide the City with timely, accurate, and useful financial information in accordance with Generally Accepted Accounting Principles.

The Department is responsible for a wide variety of duties including the following:

Annual Financial and Budgetary Reporting
Working closely with the City Manager's office, the Finance Department coordinates preparation of the City budget. Budget requests received from City departments are reviewed and revised. A balanced budget is presented to the City Commission, at which time the Commission may request additional revisions. A balanced budget is adopted by the Commission well before the start of the new fiscal year. 

Actuarial Valuation
The City of Royal Oak Retirement System has an annual actuarial valuation performed. The purpose of the valuation is to determine the status and funding progress of the retirement system and evaluate a basis for the employer contribution rate for the ensuing fiscal year. The City of Royal Oak Retirement System actuarial valuation reports are available here.

Financial Audit
Finance works closely with an Independent Auditing firm to publish the annual audited version of the financial statements. Preparation of 50 support schedules by the Finance Department for account analysis is a cost cutting measure used to reduce auditors' time and realize substantial savings in the overall Audit cost.

General Accounting
Responsibility for account accuracy, financial statement preparation and distribution, state and federal compliance reports, and response to account inquiries, rests with the Finance Department. The fully integrated Financial Management System allows department managers to directly access the systems' financial data thus providing timely information and further facilitating the management decision process.

Accounts Payable
Automated processing, filing payments by vendor, and resolving discrepancies between vendor statements and support documents are all Accounts Payable functions performed by the Finance Department. A list of proposed payments are prepared for Commission approval.

Payroll, Retirement and Pension
Payroll for current City employees is processed by Finance. This includes tax withholdings, payment of all other deductions, and the maintenance of each employee's payroll record. Pension Administration is also one the Department's functions. Retiree payroll is managed by a third-party service.

Actuarial Valuations

The City of Royal Oak Retirement System has an annual actuarial valuation performed. The purpose of the valuation is to determine the status and funding progress of the retirement system and evaluate a basis for the employer contribution rate for the ensuing fiscal year.

These reports are in Adobe Acrobat format and you will need the Acrobat reader to view them. You can download the Acrobat Reader free from Adobe Systems, Inc. by clicking on the button.

Attachment	Size
2010-06-30 Summary Annual Report to Members.pdf	125.63 KB
2010-06-30_pension_actuarial_valuation.pdf	284.21 KB
OPEB Actuarial Valuation Report.pdf	304.93 KB
2009-06-30_pension_actuarial_valuation.pdf	275.58 KB
2008-06-30_actuarial.pdf	194.61 KB

Financial Statements

Finance works closely with an Independent Auditing firm to publish the annual audited version of the financial statements. The reports from previous years are provided here in Adobe Acrobat pdf format.

Fiscal Year Ending 6-30-2011 (1,214k pdf)
Fiscal Year Ending 6-30-2010 (541k pdf)
Fiscal Year Ending 6-30-2009 (647k pdf)
Fiscal Year Ending 6-30-2008 (673k pdf)
Fiscal Year Ending 6-30-2007 (473k pdf)
Fiscal Year Ending 6-30-2006 (529k pdf)
Fiscal Year Ending 6-30-2005 (427k pdf)
Fiscal Year Ending 6-30-2004 (442k pdf)
Fiscal Year Ending 6-30-2003 (427k pdf)

These reports are in Adobe Acrobat format and you will need the Acrobat reader to view them. You can download the Acrobat Reader free from Adobe Systems, Inc. by clicking on the button.

Attachment	Size
Economic Outlook Feb 2011.pdf	28.61 KB
Economic and Budget Update Feb 2011.pdf	182.78 KB
Financial Summary 2011-09-30.pdf	41.97 KB
Financial Summary 12-31-10.pdf	10.03 KB
Financial Summary 12-31-09.pdf	51.83 KB