AgdaPkt 2018-07-23 Joint SA PFA - Laserfiche WebLink

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6.3.A. - Page 2 • Section 1.16 — Definition of Controller. Controller means the Director of Finance of the City of Redwood City holding the consolidated positions of City Auditor and City Treasurer of Redwood City. • Section 1.36 — Definition of Treasurer. Treasurer means the City Treasurer of Redwood City. • Section 3.2 — Designation of Controller and Treasurer. The City Auditor and City Treasurer of Redwood City are designated as the Controller and Treasurer of SVCW. The Treasurer is the depositary and has custody of all of the accounts, funds and money of SVCW. The Controller and the Treasurer assure that there is strict accountability of all funds and reports of all receipts and disbursements. • Section 3.3 — Officers in Charge of Property. The Controller and the Treasurer are both responsible for, handle, and have access to all accounts, funds, and money of SVCW and all related records. • Section 6.2 - Records and Accounts. The Controller causes the books of account and other financial records of the Authority to be audited annually by an independent public accountant or certified public accountant. • Section 6.5 - Maintenance and Operation Fund. All monies in the Maintenance and Operation Fund are paid out by the Controller and Treasurer upon approval by the Manager. • Section 6.6 - Allocation of Bond Interest and Redemption Expenses. Similar to Section 6.5, all monies are to be paid out by the Controller and Treasurer. • Section 6.7 - Allocation of Capital Reserve Expenses. All monies are to be paid out by the Controller and Treasurer. Since SVCW's inception, both the SVCW and City finance organizations have evolved to meet the needs of their expanding operations. For example, SVCW began its Capital Improvement Program (CIP) in 2008, which has led to large capital expenditures and issuance of long-term debt. Additionally, both organizations have experienced personnel changes, with new and/or retitled positions being created. For example, SVCW now has a Chief Financial Officer (CFO) who oversees daily financial activities and financial planning, and the City's Director of Finance function is now part of the duties of the Assistant City Manager/Administrative Services Director. The JPA did not anticipate such personnel changes. ANALYSIS The segregation of accounting systems and the personnel changes described above suggest that the assignment and designation of the Treasurer and Controller -City Auditor roles be reconsidered. Both SVCW and City staff identified several practical goals to help define and assign these roles, including: a) strong financial controls must