The Finance Department provides comprehensive financial services and support to the City government, recommends financial policies to the City Manager, maintains excellence in the accounting of all financial transactions, provides support to City departments with financial, budgetary and procurement issues; and retains and enhances the Public’s confidence with respect to the City’s management of public finances.
The Finance Department includes the accounting, budgeting, purchasing and treasury functions. The following are some of the activities.
-
All funds are monitored for accuracy and proper accounting methods. An annual audited financial report, required by State statute, is produced and expanded into a Comprehensive Annual Financial Report.
-
Provides timely and accurate financial information and reporting to the City Manager, the Mayor and City Council, City departments, other committees and boards, and external agencies.
-
In conjunction with City departments, develop the City Manager’s Budget Plan to provide an operational, financial, policy, and communication document to residents, businesses, and the Mayor and City Council.
-
Effectively administer the Community Development Block Grant (CDBG) Program in compliance with federal laws, including City of Novi Home Repair Program.
-
Fulfill the fiduciary responsibilities of the City's Pension and Retiree Health Care systems.
-
Assist with the strategic planning of the City's capital assets (infrastructure) by participating in the development and preparation of the annual Capital Improvement Plan (CIP).
-
Annually analyze costs in order to propose user rates that will provide appropriate revenue to adequately support the systems of the City's enterprise funds including: Meadowbrook Commons, Novi Ice Arena and the City’s Water and Sewer Fund.
-
Forecast and analyze the City's short and long-term finances to assist with the City's strategic planning.
-
Coordinate the evaluation and development of the City's financial policies.
-
Accurately inform the City Council and departmental directors on fiscal matters so that informed decisions are made about programs, services, and capital improvements.
-
Other functions including:
-
Accounts payable - responsible for processing requires reconciliation of invoices with receiving reports, data entry, document imaging, records management, work flow process and generation of a warrant (check) listing for approval at each Council meeting.
-
Payroll processing includes oversight of time entry, production of payroll checks for employees, withholding and reporting of income taxes and other deductions and maintenance of individual earnings records. Payroll processing and record keeping functions are performed for eight separate employee groups, each with unique benefits.
-
Review department activities and processes on an ongoing basis—seeking to maximize organizational effectiveness, including cash control, collections, purchasing and payroll controls.
-
Maintain investments in the City's portfolio (City treasury and retiree health care funds) with the objective of regularly exceeding investment policy benchmarks.
-
Prepare and analyze the various monthly and quarterly financial statements and monitor project budgets and grant reporting.
-
Debt management for all funds of the City including General Obligation (GO) Bonds (including Building Authority Bonds), General Taxable Obligation Bonds and Special Assessment Bonds. The following is the City’s bond rating history:
 S&P Moody's 2019 AAA Aa1 2018 AAA Aa1 2017 AAA Aa1 2016 AAA Aa1 Â
-
Bond Rating
