The Finance Division is a small team consisting of three individuals: the Finance Officer, the Senior Financial Analyst, and the Financial Analyst. Together, they handle various financial tasks for the City.
Their responsibilities encompass a range of daily activities related to government fund accounting, such as managing accounts payable, processing payroll, budgeting, and conducting audits. They diligently maintain all financial records, including the general ledger, cash receipts, and journals. Additionally, they handle tasks like recording cash receipts, interdepartmental transfers, and journal entries. The team is also responsible for ensuring accurate reconciliation and balance of bank accounts, fund balances, and monthly bank statements and tracking investment income.
In addition to their day-to-day duties, this team prepares monthly financial reports and provides recommendations on financial management strategies for the City's operations. They actively contribute to developing, preparing, and administering the annual operating budget and conducting research to support informed decision-making.
Furthermore, the Finance Division manages multiple Urban Renewal Areas within the City limits. They closely collaborate with the City's Bond Attorney and Municipal Financial Advisor to address all aspects related to bonding. By effectively managing financial matters, this division plays a vital role in ensuring the fiscal health and stability of the City.
Financial Documents & Reports
The city's annual budget serves as the operational plan for the fiscal year, covering the period from July 1st to June 30th.
- 2018 - 2019 Approved Operating Budget
- 2019 - 2020 Approved Operating Budget
- 2020 - 2021 Approved Operating Budget
- 2021 - 2022 Approved Operating Budget
- 2022 - 2023 Approved Operating Budget
It is the expectation and the general understanding of the City Council and the citizens of Newton that the City conducts its financial affairs thoughtfully and prudently. The following policies provide the
framework for the City's financial affairs.
The city's annual audit is conducted by certified public accountants who are independent third-party professionals. The audit examines the financial statements of the local government, including its business-type activities, major funds, and overall remaining fund information.
- 2016 - 2017 Annual Audit
- 2017 - 2018 Annual Audit
- 2018 - 2019 Annual Audit
- 2019 - 2020 Annual Audit
- 2020 - 2021 Annual Audit
- 2021 - 2022 Annual Audit
Capital Improvement Plans (CIP)
The Capital Improvement Plans (CIP) document outlines the city's long-term strategy for maintaining and enhancing its publicly owned infrastructure. This comprehensive plan prioritizes the maintenance requirements and projects of the city. Additionally, it identifies the necessary improvements and replacements for public buildings, major equipment, and information technology within the city.
- 2020 - 2024 Capital Improvement Plan - Approved April 1, 2019
- 2021 - 2025 Capital Improvement Plan - Approved March 2, 2020
- 2022 - 2026 Capital Improvement Plan - Approved April 5, 2021
- 2023 - 2027 Capital Improvement Plan - Approved March 7, 2022
- 2024 - 2028 Capital Improvement Plan - Proposed
General Outstanding Obligation Debt Reports
Under Iowa Code Chapter 12.1, all government entities in the state are obligated to report their outstanding financial obligations to the treasurer of state. These obligations encompass various forms such as bonds, notes, certificates of participation, leases, and anticipatory warrants. Compliance with this reporting requirement ensures transparency and accountability in the management of financial obligations by political subdivisions.
- 2017 General Outstanding Obligation Debt Report
- 2018 General Outstanding Obligation Debt Report
- 2019 General Outstanding Obligation Debt Report
- 2020 General Outstanding Obligation Debt Report
- 2021 General Outstanding Obligation Debt Report
- 2022 General Outstanding Obligation Debt Report
Annual Urban Renewal Reports
Annual Urban Renewal Reports provide a comprehensive overview of the progress and activities related to urban renewal projects within a city. These reports outline the accomplishments, challenges, and financial details of the urban renewal initiatives, offering transparency and accountability to the community and stakeholders.
- FY17 Annual Urban Renewal Report
- FY18 Annual Urban Renewal Report
- FY19 Annual Urban Renewal Report
- FY20 Annual Urban Renewal Report
- FY21 Annual Urban Renewal Report
- FY22 Annual Urban Renewal Report