1. New Clerk Academy Key West, Florida

2. OVERVIEW ROLE OF THE CLERK IN FINANCIAL MANAGEMENT

3. Objectives Identify the Role of the Clerk  Required statutory responsibilities  Not required responsibilities  Independent function  Ensure that the Clerk, Board and County Administrator are on the same page

4. What is Your Role? Comptroller? Finance Director? CFO?

5. Comptroller Record keeper Compliance officer  Ensures compliance (budgets, policies, rules, laws, etc.) Watchdog Establishes internal controls Insures all payments are for approved governmental purposes, properly approved and funded Financial reporting (monthly, quarterly, annually) Accounting process (fund, subfund, accounting treatment)

6. Comptroller (continued) Treasury Functions  Local banking (selecting depository banks, number of accounts, electronic payment etc.)  Trust banking (selecting and monitoring agreements with trust banks for the disbursement of bond proceeds, bond payments, etc.)  Investment activities and reporting  Account reconciliation

7. Comptroller (continued) Asset Custodian  Cash and investments  Physical assets (tracks fixed assets) Relationship with Market  Ensuring that all required disclosures are made timely and accurately Revenues  Receive, records and reports  Ensures that all revenues are collected

8. Comptroller (continued) Budget  Ensures the budget is balanced and consistent with approved policies Employees  Pay is accurate and timely  Benefits are consistent with state and federal laws Economic Development  Reporting of changes in revenues

9. Finance Director Generally responsible to management not to Board Part of management team for fiscal planning of long-term operating and capital requirements Market access Recommends policies for debt management Responsible for managing relationships with rating agencies and market participants

10. Finance Director (continued) Recommends policies to management to help ensure fiscal health  Reserve policies  Debt policies (debt levels, sources of security, etc..) Asset protection (recommends insurance levels, retention, self insurance,etc…) Revenues  Responsible for trend analysis (why are revenues rising or falling)  Monitoring and recommending adjustments to rates to recover costs

11. Finance Director (continued) Employees  Employee benefit levels  Monitors turnover  Competitiveness with other employers Economic Development  Assist in monitoring growth trends  Recommending policies

12. Chief Financial Officer Takes responsibility for the overall financial health of the entity Reports generally to the Board/Management and may serve as a Board member Responsible for the“Big picture” Takes long-term perspective. Less interested in the day to day and more focused on preparing the entity for tomorrow.

13. Chief Financial Officer (continued) Asset Management Interested in the effective cost management of assets, return on assets and whether we acquire or dispose of assets? Market Access Interested in expanding potential market for entities debt Responsible for investor relations Monitors Secondary Market activity

14. Chief Financial Officer (continued) Revenues  Ensuring diversification of revenues to ensure financial health of entity Budgets  Capital maintenance replacement strategies  Debt Versus Paygo  Inter-generational equity considerations Employees  Development of employees  Depth of key positions  Capital versus labor trade-offs

15. Chief Financial Officer (continued) Partners with and supports the CEO Is a spokesman for the entity in the community Will recommend tax and rate increases and participate in selling them to the community when approved by the Board Economic development  Participates in recruitment and marketing of the community to potential corporation  Studies impediments to growth and competitive weaknesses and recommends strategies to address

16. Independence vs. Collaboration Clerk is an independent Constitutional Officer Maintain your independence from the Board/County Administrator, but recognize you are part of the institution. How do you maintain your “watchdog” responsibilities and also be a partner? Compliment publicly and criticise privately

17. Key Points to Take Away Know your role and responsibility The role of the Clerk is in the Constitution and the Statutes Each county is unique and has different resouces, traditions and operations There needs to be an understanding and agreement with the Board as to your role Because of the bifurcation of financial responsibilities, some financial functions may get lost and be left undone

18. QUESTIONSQUESTIONS