TREASURY DIVISION

The Treasury Division is divided into four sections Cash Management, Public Finance, Investments and Tax Administration.

The objectives of the Treasury Division are as follows:
• To provide banking services, disburse, deposit and invest City cash in a manner that emphasizes the safety of principal, liquidity and return.
• To issue and maintain City debt in accordance with outlined objectives and goals.
• To bill, collect and account for property taxes and special assessments.

Cash Management
The City Treasurer is the custodian of all City monies. The Cash Management Section performs all of the banking related functions for the City. More than $1.2 billion in deposits are received and reconciled on an annual basis. Duties of the section include but are not limited to cashiering, banking relations, reconciliation, financial reporting and analysis.

Public Finance
The Public Finance Section manages the issuance of new debt and the maintenance of the City’s outstanding debt portfolio. The objectives of the section are to maintain an effective debt program that provide a means to issue municipal bonds and capital leases in a timely manner; to obtain capital financing at lowest market rates; to manage the debt portfolio for efficiency keeping a healthy portfolio balance and taking advantage of opportunities to refund or restructure; to monitor bond covenants; to provide adequate disclosure on both a primary and continuing basis and to provide financial information pertaining to the City’s debt.  

Investments
The duties of the Investments Section include calculating the City's daily cash needs and investing the City's idle cash and bond funds. The objectives of the Investments Section are to ensure 102 percent collateralization of all City bank deposits and to invest City funds into money market securities which minimize risk, while maximizing liquidity and investment earnings. As of March 31, 2007, the total pooled investment portfolio was approximately $685 million and restricted and trustee-held investment portfolios totaled approximately $388 million.

Property Tax Administration
The Tax Administration section is responsible for all activities related to the billing, collection, and accounting of property taxes, special assessments, and related assessment fees. Major activities include: annual tax levy rate certification, revenue projections, City billing and collections, consolidated county billing and collections, taxpayer account maintenance, enforcement of tax and special assessment lien rights, tax sales, monitoring of payments under protest, etc.

The objectives of this section are to ensure that the billing and collection of property taxes and special assessments are fairly administered and customer billings are mailed to property owners 60 days before the delinquency dates. Annual billing of property taxes by the City and counties is in excess of $118 million to more than 184,000 accounts. Monthly and annual billing of special assessments performed solely by the City is in excess of $14.9 million to more than 7,500 accounts. This section provides account maintenance for 194,000+ accounts with approximately 9,000 annual manual record changes.