Town of Portsmouth

Town of Portsmouth, RI

FINANCE/PERSONNEL

DEPARTMENT

Mr. Faucher is a graduate of the United States Naval Academy and earned his M.B.A. from the University of Montpellier, France. He holds a Masters of Science degree in Management from Salve Regina University and is a Certified Public Finance Officer. Mr. Faucher joined the Town in 2003.

Mission: To support the Town’s governmental operations through efficient and effective personnel and financial administration.

Objectives:

· Provide accurate, comprehensive and timely financial accounting and budgetary information.

· Develop and monitor financial policies and procedures, including operating and capital budget preparation and financial statements development.

· Administer procedures for personnel, payroll and human resources in a consistent, current and equitable manner.

· Provide astute management for the following: cash, investments, debt, risk, purchasing and the pension plan.

The Finance/Personnel Department is comprised of five individuals. The Finance/Personnel Director holds dual positions; Finance Director by Home Rule Charter and Personnel Director by Town Council directive. Other Departmental personnel include the following: Deputy Finance Director, Benefits Administrator/Coordinator, Accounts Payable/Accounts Receivable Clerk and Payroll/Personnel Clerk. Support staff maintains memberships in professional organizations that provide educational materials and technical assistance.

FINANCE DEPARTMENT OPERATIONS:

Operating and Capital Budgeting: The Finance Department supports the Administrator in developing the annual operating and capital budgets as required by the Town Charter. The budget is a resource allocation policy document. The Department supports annual budget preparation by means of salary and benefit calculations, compilation and printing of the budget for public presentation and adoption by the Town Council. The Department also ensures that State reporting requirements are followed. The Town’s Budget and periodic financial reports are always available to the public upon request.

Cash Management and Investments: Cash management and investments are inter-related. Cash flow is managed so that excess cash is invested in strict compliance with federal and state investment laws.

Debt Management: The Finance Director is responsible for debt management which includes short term notes and long term bonds. The Finance Department coordinates the preparation of the Official Statement for each bond issuance. With the assistance of bond counsel and bank representatives, this document is offered to investors who purchase the tax exempt bonds. The Town’s current bond rating is AA2.

Taxation: Tax levy assessment, tax receivable billing and collection are functions of the Tax Assessor/Collector who provides daily and monthly reconciliation of tax collections, tax vouchers and adjustments to the Finance Department. The Finance Department maintains the control ledger of tax receivables for accounting and financial reporting. The Finance Director incorporates the tax levy assessment into the budgetary process and insures that the State reporting requirements are satisfied. The Tax Assessor coordinates the annual delinquent property Tax Sale. The Finance Director processes redemption of tax sale property.

Purchasing: The Finance Director serves as the designated Purchasing Agent. Federal and state procurement regulations require competitive bidding in most situations. Following the Town’s Purchasing Ordinance, the Finance Department prepares the specifications and issues Requests For Proposals for the acquisition of high value products, equipment and professional services for all Town Departments. The Town Council approves bid award or proposal acceptance.

Governmental Accounting, Auditing and Financial Reporting: The general ledger accounting system is designed to capture financial information in accordance with generally accepted accounting principles. An independent certified public accountant completes the annual audit of the Town’s financial statements. Audited financial statements are available for public review.

Grants and Special Agency Funds: The Finance Director serves as the agent for all fiduciary funds which are used to account for resources held for the benefit of parties outside the government.

Risk Management: The Town manages risk by participating in a risk-sharing “pool” of municipal and school entities incorporated as the Rhode Island Interlocal Risk Management Trust. The “TRUST” provides workers’ compensation and property/liability insurance coverage, claims administration and loss prevention services for governmental entities in Rhode Island. The Finance Department works with The TRUST to administer claims.

Pension and Benefits: The Finance Director is responsible for administration of the Pension Trust account and plan management activities.

Contact Information

Objectives:

FINANCE DEPARTMENT OPERATIONS: