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Finance

The Finance Department has general responsibility for the financial administration of the City. It provides managerial, analytical, and administrative support for all the departments of the City. Its functions include recording and documenting all financial transactions, fund investments and debt management; budget preparation, coordination and monitoring for compliance; risk management; tax collection; providing for centralized cash receipts and accounts receivable; purchasing goods and services on behalf of the City; and payment of all invoices.

The Finance Department is responsible for the annual preparation of budget documents presented to the City Council. It assists in audits, the preparation of the Annual Comprehensive Financial Report and other financial reports of the City.

The Finance Department organizationally functions with three separate divisions:

Administration and Budget Division's mission statement is:

to insure all financial transactions are reported according to generally accepted accounting principles and that internal controls are adequately followed;
to assure maximum cash availability and return on investments;
to assist in maintaining the City's A bond rating;
to maintain a banking arrangement for the City that safeguards City assets at the lowest cost to the City;
to respond to the needs of other City departments in a timely manner.

Purchasing, Accounts Payable and Central Stores Division's mission statement is:

to provide prompt, efficient and cost effective procurement and timely payment of materials and services for the City of Missouri City;
to seek the limits of our resources to provide excellence in service to our customers, both internal and external.

Accounting Division's mission statement is:

to support the Finance Department in all efforts of maintaining governmental accounting standards as prescribed and required for municipalities;
to record and receipt all monies received by the City through property taxes, alarm permits, intergovernmental revenues, building permits and other miscellaneous receivables;
to responsibly collect and account for the revenues received by the City;
to maintain and monitor the City's Investment Portfolio to seek maximum earnings of idle funds;
to perform administrative functions of grants received from the state and other entities

Definitions and Information

Ad Valorem Taxes: Commonly referred to as property taxes, levied on real and personal property at 100% valuation according to the property's valuation and the tax rate.
Capital Projects Fund: Established to account for all resources, bond proceeds and construction grants, which are used for the acquisition of capital facilities.
Debt Service Fund: A fund established to finance and account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. Also called a SINKING FUND.
Fines and Forfeitures: Revenues received by the City from Municipal Court for Class "C" misdemeanor violations and City ordinance violations.
Franchise Fees: Revenues collected from utility companies for the privilege of continued use of the City's right of ways according to various franchise agreements.
General Fund: The fund that is available for any legal authorized purpose and which is therefore used to account for all revenues and all activities except those required to be accounted for in another fund. Note: The General Fund is used to finance the ordinary operations of a governmental unit.
Grant: A contribution by one governmental unit to another. The contribution is usually made to aid in the support of a specified function.
Intergovernmental Revenues: Grants, entitlements and cost reimbursements from other federal, state or local governments.
Licenses and Permits: These revenues include fees charged by the City for business licenses and permits for general construction. Fees are charged for City inspections of electrical, plumbing, mechanical installations, health permits and housing code inspections.
Other Revenues: Miscellaneous revenues consisting primarily of interest revenue from the investment of City funds, recreational classes, league fees, and other recreational revenues, and police/fire alarm permits and false alarm fees.
Other Taxes: Sales use taxes generated from purchases made within our City boundaries.
Property Taxes: General property taxes are assessed on real and personal property as of January 1 of each year.
Special Revenue Fund: A fund used to account for the proceeds of specific revenue sources that are legally restricted to expenditure for specified purposes.
Conflict of Interest Questionnaire: Form for vendor or other person doing business with local government entity as required per Local Government Code Chapter 176 enacted pursuant to HB914 and adopted by the Texas Ethics Commission.