Director of Finance, Julie Rudd
Office Hours: Monday through Thursday, 8:00am - 4:30pm; Fridays, 8:00am-Noon
Phone: (248) 246-3030
Fax: (248) 246-3039
Address: 3rd Floor, Room 301, 211 S Williams St, Royal Oak MI 48067-2619
The primary role of the Finance Department is to provide the City with timely, accurate, and useful financial information in accordance with Generally Accepted Accounting Principles.
The Department is responsible for a wide variety of duties including the following:
Annual Financial and Budgetary Reporting
Working closely with the City Manager's office, the Finance Department coordinates preparation of the City budget. Budget requests received from City departments are reviewed and revised. A balanced budget is presented to the City Commission, at which time the Commission may request additional revisions. A balanced budget is adopted by the Commission well before the start of the new fiscal year.
The City of Royal Oak Retirement System has an annual actuarial valuation performed. The purpose of the valuation is to determine the status and funding progress of the retirement system and evaluate a basis for the employer contribution rate for the ensuing fiscal year. The City of Royal Oak Retirement System actuarial valuation reports are available here.
Finance works closely with an Independent Auditing firm to publish the annual audited version of the financial statements. Preparation of 50 support schedules by the Finance Department for account analysis is a cost cutting measure used to reduce auditors' time and realize substantial savings in the overall Audit cost.
Responsibility for account accuracy, financial statement preparation and distribution, state and federal compliance reports, and response to account inquiries, rests with the Finance Department. The fully integrated Financial Management System allows department managers to directly access the systems' financial data thus providing timely information and further facilitating the management decision process.
Automated processing, filing payments by vendor, and resolving discrepancies between vendor statements and support documents are all Accounts Payable functions performed by the Finance Department. A list of proposed payments are prepared for Commission approval.
Payroll, Retirement and Pension
Payroll for current City employees is processed by Finance. This includes tax withholdings, payment of all other deductions, and the maintenance of each employee's payroll record. Pension Administration is also one the Department's functions. Retiree payroll is managed by a third-party service.