The Finance Department is responsible for the overall financial management of the City. In practical terms, this means that the Department serves two client constituencies. On one hand, the Department supports the internal, administrative functions of the City’s operating departments; on the other hand, the Department meets the direct service needs of the Glendora citizen and the Glendora business community.
The Finance Department provides internal support services to all other City departments in the form of financial planning, accounting and financial reporting, budgeting, payroll, accounts payable, cashiering, information technology, and risk management.
External client services are provided directly to Glendora residents and business owners through administration of water billing services for over 13,000 residential and commercial accounts and through administration of business licensing for over 6,000 Glendora businesses.
The Finance Director is the City’s appointed City Treasurer and is responsible for the investment of over $65 million of City and Glendora Community Redevelopment Agency idle funds. Toward this end, the Department works closely with the City’s appointed Investment Advisory Committee.
The Glendora City Council adopted a comprehensive list of financial policies in June 2008. The policies, 15 in all, address a wide range of fiscal management issues, including budgetary control, reserve ratios, infrastructure and employee compensation.
Department Performance Measurements
The Finance Department has established 13 measurements of its ability to perform.
Distribute Timely Information to Decision Makers (6 Measurements)
Internal Operational Efficiencies (7 Measurements)
Information regarding the Department’s ability to meet its performance measurements can be found within the Adopted Annual Budget.
About Treasury Management
The purpose of the Treasury Management function is to ensure the safety of City funds. To accomplish this the following principles offer guidance:
- Ensure sufficient liquidity of City reserve funds and project funds
- Ensure maximum earning of idle funds within the confines of the Glendora’s Investment Policy
- Employ the most efficient methods of daily cash handling
- Ensure Treasury Management accountability and employee credibility
- Meet and consult with members of the Investment Advisory Committee for investment strategy
The Finance Department works closely with the Glendora Investment Advisory Committee in matters of Treasury management. The Committee was formed in 1998, in the aftermath of the Orange County investment scandal, to guarantee the open and transparent conduct of investment management in Glendora. The Committee is made up of five individuals appointed by Glendora City Council, and each serves a three-year term.
About Glendora's Investment Advisory Committee (IAC)
The Committee Members review any significant projected cash inflows/outflows for the City that may impact the demand upon the current or future liquidity of the investment portfolio. They also discuss with the Treasurer, such areas as new investments, current or anticipated changes in federal, state, or local law which may have an effect on the management of the investment portfolio, along with strategies being considered or implemented to enhance yield, lengthen or shorten duration, or increase liquidity. The members also provide the Treasurer with appropriate insights regarding such factors as interest rates, inflation, matters relative to the local/state/national economies, and other technical factors that may affect the City’s portfolio.
In accordance with California Government Code, Sections 53600- 53609, the City of Glendora maintains a Statement of Investment Policy. This Investment Policy is reviewed on an annual basis by the Investment Advisory Committee members, and then approved by City Council at the beginning of each calendar year. The Investment Policy contains critical elements and guidelines on investing public funds, such as authorized and suitable investments, liquidity, authorized financial institutions and dealers, safekeeping and custody, diversification, internal controls and performance standards, and ethical and fiduciary responsibilities.
In July 2005, the City of Glendora’s Investment Policy was recognized by the Association of Public Treasurers of the United States and Canada (APT US&C). The Policy was certified for its ability to meet a variety of criteria. The City of Glendora is one of approximately 300 state and local governments to have their policies certified by APY US&C across the United States.
All events being held in City-owned facilities by groups or individuals who are not part of the City organization must purchase general liability insurance for the event. The event holder can either purchase insurance through an outside insurance agency, or through the City’s Tenant User Liability Insurance Program (TULIP). To obtain insurance through the City’s TULIP, event holders must complete the Event Holder Questionnaire form and pay the necessary insurance premium to the Finance Department. Premium costs are based on a number of factors, including: type of event, duration of event, number in attendance, and whether alcohol will be served or sold at the event. To obtain a quote on the premium for your event, please contact the Finance Department at (626)852-4819. Once you have obtained your quote, please send your completed Event Holder Questionnaire and payment to the Finance Department.