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4.0 FINANCE. <br />4.01 Overview. <br />The Finance Department is tasked with administering all the financial activities of the City. It also oversees the <br />City's human resource functions, information technology systems, investment and risk management. <br />4.02 Organization and Staff. <br />The department includes 5 Full-time employees: Finance <br />Director, Accountant, IT Technician and Resource Management <br />Technician. 2024 saw the growth of the IT division with the <br />addition of an IT Manager position and in December, a position <br />transition in the finance division from a Resource Management <br />Technician to an Accounting Technician. <br />4.03 Bond Rating. <br />The City's bond rating is a measure of the City's overall tax base, debt management and fiscal strength. Since <br />2005, the City of Orono has held a triple-A (Aaa) bond rating, the highest possible rating, and continues to hold <br />that rating in 2024. <br />4.04 By the Numbers (Metrics). <br />Area <br />Measure <br />Target <br />2023 <br />2024 <br />Debt Management <br />Bond Rating <br />Aaa <br />Aaa <br />Aaa <br />Cash Management <br />Portfolio Invested 12/31 <br />$ 14,746,840 <br />$ 17,076,829 <br />Accounts Payable <br /># of Invoice Paid <br />4,404 <br />4,935 <br /># of Checks Issued <br />2,280 <br />2,610 <br /># of ACH Transactions Sent <br />104 <br />182 <br />Accounts Receivable <br /># of Invoices Sent <br />- <br />166 <br />195 <br />Cash Receipting <br /># of Payments Received <br />- <br />46,938 <br />41,683 <br />Payroll <br /># of W2's Issued <br />- <br />106 <br />189 <br />Utility Billing <br />Accuracy of Billing <br />100% <br />>99% <br />>99% <br /># of Utility Bills Sent <br />- <br />33,629 <br />33,437 <br /># of Service Orders <br />- <br />70 <br />90 <br />Annual Audit <br /># of Findings/Deficiencies <br />0 <br />2 <br />1 <br />Regulations Compliance <br /># of State Deadlines Not Met <br />0 <br />2 <br />0 <br />Risk Management <br />Workman's Compensation <br />Premium Experience Factor <br /><1.0 <br />.65 <br />.61 <br />In addition to the metrics, both Human Resources and IT onboarded over 34 new employees, including fire, <br />election staff and new Council members. <br />iD <br />26 <br />