The mission of the Finance Department is to provide accurate and timely financial services for the City of Royal Oak in the most efficient manner possible.
- The Director of Finance has the responsibility of the administration of the financial affairs of the City insofar as they relate to the keeping of accounts and financial records and the disbursement of City funds.
- The short-term and long-term financial planning, cost allocation, labor contract costing, budget preparation and Capital Improvement Plan coordination (of finances) are performed by the Finance Department. The budget is prepared in accordance with the City charter and the State’s Uniform Budgeting Act. The budget function includes all the personnel costing, cost allocation, monitoring, amendments, forecasts and various financial reports.
- The Department accounts for approximately 50 funds and 150 cost centers, utilizing 5 different banking institutions. All account records are kept by the finance Department showing all the financial transactions of the City including cash receipts, cash disbursements, revenues accrued and liabilities incurred and all transactions affecting the acquisition, custody, and disposition of City property and make such reports of the financial transactions and conditions of the City as required by law, ordinance, or resolution. The CAFR (Comprehensive Annual Financial Report) and compliance (financial) reports for state and federal purposes are prepared by the Department as well.
- Centralized accounts payable and (most of) payroll functions are performed within the Department.
- The Department supports other City departments with their purchases by providing assistance with bid and quotation solicitation and review of responses for the procurement of goods and services and purchase order processing. The procurement process recently has become more centralized due to the re-establishment of one purchasing agent within the Finance Department.
- In accordance with the City ordinance, the Director of Finance serves as the secretary, treasurer and chief administrative officer for the retirement system and the custodian of its assets. The Department is responsible for the preparation of estimated and final pension benefit calculations, monthly pension benefit payments, day-to-day administration of the system and provides all of the data for the actuarial valuations. The Director of Finance also serves as the administrator to other retiree benefit plans.
- The sale of municipal bonds and the maintenance of bond service payments are administered within the Department along with the development of utility (water and sewage disposal) rates, various financial reports, certain aspects of risk management and assistance with grant reporting.
- The Director of Finance is responsible for the other fiscal related functions such as treasury, assessing, and information services departments.