Finance
Overview
The Finance Department is responsible for all accounting, cash collections, disbursements, payroll accounting, budget management, financial reporting, and capital project financial management of the City. This department coordinates the financial functions of the City and monitors internal controls to ensure the reliability of reports and all financial activity. The Finance Department oversees compliance with federal, state, and local statutes, regulations, and codes to ensure the City’s accountability and sensible use of public funds.
Strong Credit Rating
Strong Credit Rating
The City has an issuer’s credit rating from Moody’s Investor Service of Aa2 as of July 18, 2019. Moody’s also rates the city’s lease appropriation debt rating at Aa3 and the city’s waterworks and sewer system revenue bonds at Aa2.
These strong credit ratings reflect the overall financial health of the municipal government. Better credit and bond ratings mean more opportunity for lower interest rates as the city pays its debts, saving tax-payer dollars and further improving the organization’s financial health.
Excellent Financial Reporting
Certificate of Excellence for Financial Reporting
The City of Nixa Finance Department has been awarded the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Reports in 2015, 2016, 2017, 2018, 2019, and 2020 by the Government Finance Officers Association. The City encourages the public to review these financial reports which are created in the spirit of full disclosure.
The City of Nixa passes a balanced budget each year. We also use financial best practices for accounting, purchasing, and reporting. Citizens want to know their dollars are being used properly, and our policies and practices ensure that the city is being a good steward of its resources.
Our finance department implements various fraud and theft prevention measures. We have an internal auditor who ensures the city is getting the biggest bang for our buck. We also bring in an external auditor every year to double check that our money is accounted for properly using best practices, and that laws and regulations regarding our money have been properly followed.
Fiscal Responsibility
Fiscal Responsibility
The City of Nixa passes a balanced budget each year. We also use financial best practices for accounting, purchasing, and reporting. Citizens want to know their dollars are being used properly, and our policies and practices ensure that the city is being a good steward of its resources.
Our finance department implements various fraud and theft prevention measures. We have an internal auditor who ensures the city is getting the biggest bang for our buck. We also bring in an external auditor every year to double check that our money is accounted for properly using best practices, and that laws and regulations regarding our money have been properly followed.
Purchasing Integrity
Purchasing Integrity
To make sure the City gets the best possible prices and maximum value for goods and services, the City uses purchasing policies, a vendor verification process, an online sealed bidding process, and contracts for services. Our procurement system is committed to fair and equal opportunity with integrity and openness. We seek to procure goods and services at the most appropriate cost and best quality consistent with the goods and services required. We minimize duplication and overstocking. We even recycle supplies when possible and share or reuse items across departments.
City staff can’t just buy anything they want with city money. There are rules, called purchasing policies, which all city departments must follow. Any item/service estimated to cost more than $5,000 requires 3 quotes, and we typically select the lowest quote unless we have a good reason not to, such as a significant difference in delivery date, or concerns about the quality of the low bidder’s previous work products.
If a project, good, or service will cost more than $10,000 we use a sealed bidding process where anyone may submit a competitive bid in order to win a city contract. This means bid prices are kept secret until the bid opening. Bid openings are scheduled in advance, advertised on the city website, and are open to the public. Anyone may view current city bid opportunities through the online bidding portal at Nixa.com.
We require a vendor verification process before any business can sell to the city. This is a fraud prevention measure which allows us to look into a potential vendor’s history before deciding to give them our money.
We also require contracts for project services in order to ensure the city gets what it pays for. Contracts must be approved by Council for the City Administrator to sign.
We keep records of our bids & contracts as required by Missouri law.
