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David St. Hilaire
Finance Director |
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Dan Garrick
Assistant Finance Director
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| Address: |
155 Deer Hill Avenue
Danbury, CT 06810 |
Address: |
155 Deer Hill Avenue
Danbury, CT 06810 |
| Phone: |
203-797-4652 |
Telephone: |
203-797-4650 |
Additional Links:
Director’s Report:
The Director of Finance directly oversees the City’s Finance Team and is located on the second floor in City Hall. The City’s Finance Team consists of the following divisions: Assessor, Tax Collector, Purchasing, Risk Management, Information Technology and Finance. Each of these interdependent divisions plays a key role in ensuring the most efficient and effective use of taxpayer’s dollars in conducting the financial business for the City of Danbury.
Our primary goal is to continue to utilize the collective resources of the Finance Divisions to ensure that the City meets its budgetary goals during this severe economic recession facing our nation. Additionally, the Finance Team strives to reduce operational costs while providing increased efficiency. To do so, we are advancing our automation of most business operations in the Finance Divisions initially, and then for all City Departments.
About us:
The City’s Assessor, Tax Collector, and Purchasing Departments may make, collect, and spend the “money,” respectively, but ultimately, the final stop is in the Department of Finance where it must all be accounted for and analyzed using financial information systems. The Department of Finance performs the accounting, reporting and analysis for all financial transactions for the departments and agencies of the City ensuring that no taxpayer’s dollar goes astray. Banking, investment and cash management functions are conducted in this department in addition to payroll and benefits administration. Also, the Department of Finance makes vendor payments and receives checks from the State, Federal and other departments. Financial reports are provided to the Common Council on a monthly basis; an independent audit is conducted annually filed by the filing of a completed CAFR (Comprehensive Annual Financial Plan).
The Department of Finance closely monitors the budget and analyzes revenue/expense trends to ensure budgetary goals are achieved. Vendors, accounts, and usage patterns are routinely analyzed for cost savings and efficiencies. This office will often meet with a department head to review their business operation flows and technology to ensure the most cost effective business practices are being followed.
Our Accomplishments:
Spending and hiring freezes were instituted during the year as precautionary measures against the negative impacts on revenues resulting from the severe economic recession. A permanent Financial Review Task Force was also established to conduct on-going departmental and operational reviews to analyze opportunities for savings, cost avoidance and revenue enhancements. Such strategies have lead to significant positive financial impacts across most accounts to the City’s bottom line including payroll savings of $800,000; employee benefits $400,000; elimination/reduction of underutilized equipment/services - $500,000.
Standard & Poor’s, the largest of the three major rating agencies, has upgraded the rating of the City of Danbury which will lower the net interest cost for future debt issuances resulting in savings of future tax dollars. Standard and Poor’s states that the ratings reflect the City’s:
• Strong and diverse economy located in Fairfield County, featuring extremely strong per capita market value and high per capita retail sales;
• Income levels above national averages;
• Sound financial operations and conservative management practices; and
• Moderate debt burden, coupled with a manageable capital improvement plan (CIP)
The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30th, 2008 as audited by our external auditors McGladrey & Pullen, LLP, showed that the City added to its unreserved/undesignated general fund balance thus strengthened its financial position for the uncertainties that lie ahead. We are pleased to report that for the fiscal year ended June 30th, 2008 the Government Finance Officers Association of the United States and Canada (GFOA) has presented the City Finance Department the Certificate of Achievement Award for Financial Reporting, marking the 22nd consecutive year for such accomplishment. Additionally, for the fifth straight year, the GFOA presented the City Finance Department with the Distinguished Budget Presentation Award for the 08/09 fiscal year.