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10 <br /> <br />4. Finance. <br /> <br />4.01. Overview. The Finance Department is tasked with administering all the financial activities of the City. It also <br />oversees the City’s information systems. The City’s bond rating is a measure of the City’s overall tax base, <br />debt management and fiscal strength. Since 2005 Orono has held a triple-A (AAA) bond rating, the <br />highest possible rating. <br /> <br />4.02. By the Numbers (Metrics). <br />Area Measure Target 2020 2021 <br />Debt Management Bond Rating AAA AAA AAA <br />Accounts payable Number of Checks Issued - 2274 2279 <br />Cash management Portfolio Invested 12/31 $ 15,347,458 $ 14,943,661 <br />Annual Audit # of Deficiencies noted 0 0 0 <br /># of Findings 0 0 0 <br />Compliance with <br />regulations <br /># of state deadlines not met 0 1 1 <br />Utility Billing % billings done accurately 100% 99% 99+% <br /># of billings - 19,977 32,618 <br />Risk Management Workman’s Comp Premium <br />Experience Factor <br /><1.0 .80 .73 <br /> <br />4.03. Organization and Staff. The department includes 4 Full-time employees: Finance Director, <br />Accountant, IT technician and Resource Management Technician. The Accountant and Resource <br />Management Technician are new to the department this year. <br /> <br />4.04. Budget. Preparations for the <br />2022 budget went smoothly in 2021. <br />The city was able to achieve the City <br />Council goal of maintaining a level <br />levy rate while providing the <br />necessary resources to maintain our <br />levels of service. <br /> <br />4.05. Comprehensive Annual <br />Financial Report (CFAR). The <br />annual audit is to provide assurance <br />the financial statements are free of <br />material misstatement. The auditor <br />also considers the internal control <br />relevant to the City’s preparation and <br />fair presentation of the financial statements. There were no material weaknesses or significant deficiencies <br />of internal controls identified in 2020. <br /> <br /> <br />4.06. Utility Billing (UB) and Administration.