2019 EDA Spring Newsletter

Accounting and Finance

Accounting & Finance Synergized Providing Vision and Encouragement: The Dynamic Approach to Improvement.

Above: The Accounting & Finance team at a team building meeting.

The Accounting and Finance Division con- tinues to successfully support EDA with all finance related projects. Mid-year reports were submitted on time and on budget. While keeping in stride with day-to-day activities of ensuring EDA’s financial functions are in full swing, the team also assisted with the preparations for the Riverside County Fair and National Date Festival. The Accounting and Finance Division is tasked with making all necessary sched- ules, coordination, training and hiring of ticket sell- ers. Dedicated staff worked countless long hours, while preparing budgets for FY 19/20 and reports due to the budget committee. After returning from fair, staff spent addi- tional long hours finalizing the FY 19/20 budgets submitted to the County Executive Office on March 11th. EDA’s agency-wide budget submittal totaled over $359 million dollars and was submitted on time. The Agency has remained relatively similar in com- parison to the approved expenditure plan for FY 18/19 and has increased by less than one percent, or $237,882. The Agency submitted a request for

authorization of 939 positions and increased the po- sition count by 9, or less than one percent from the FY 18/19 adopted budget. This is the first year we have centralized the agency’s Accounts Payable unit. They continue to be busy and are working hard, processing over 45,000 vouchers since the beginning of the fiscal year. The unit has noticed increasing trends and is working with RCIT to interface vouchers into the financial system instead of manually entering financial infor- mation. In collaboration with the Analytics Team, the Accounts Receivables Unit successfully launched a module for automated project billings. This new module delivers improved financial accuracy, ensur- ing thorough revenue recovery and timely project cost and budget availability to our Customer depart- ments. Staff no longer have to spend countless hours on manual calculations and can now focus on pro- viding importing reporting to our customers. This is an improved tool for cost recovery and streamlining efforts for the Accounts Receivables Unit.

Spring 2019 | 6