Grass Valley Municipal Code Ch. 2.08 Director of Finance

There is established the office of the director of finance, this officer to be in addition to the administrative officers specified in Section I of Article VIII of the Grass Valley City Charter.

(Prior code § 8-72)

The director of finance shall be qualified by sufficient professional and technical accounting training, skill, and experience to be proficient in the office and shall show evidence of managerial training and executive ability. Compensation of the director of finance shall be determined in the same manner as other appointed officials.

(Prior code § 8-73)

Functions of the director of finance include the following:

A. To serve as the chief fiscal officer of the city;

B. To assist and advise the city council in all matters pertaining to city finances;

C. To perform all financial and accounting duties and to maintain records reflecting the financial condition of the city;

D. To develop, maintain, and prepare in accordance with the state laws and city ordinances, and the best generally accepted procedures, adequate financial records, reports and budgetary control of all receipts, disbursements, and reserves of the city;

E. To supervise the keeping of current inventories of property of the city departments, offices and agencies;

F. To perform all duties of the city auditor and city treasurer in accordance with Article VIII of the Grass Valley City Charter;

G. To supervise and be responsible for the assessment of all property within the corporate limits and as prescribed by law, provided that this responsibility may be specifically delegated to the county by contract;

H. To make all special assessments for the city government as may be required by law;

I. To audit all payments as prescribed by law;

J. To prepare annually for budget purposes an estimate of revenue and assist the council in compiling the annual budget in accordance with the prescribed chart of accounts and accepted procedures;

K. To assist the city council in formulating a long-range financial plan and program;

L. To prescribe and develop: accounting forms, reports and procedures in conjunction with administrative needs and requests and as required by law;

M. To perform such purchasing and other related financial duties as may be delegated to the director of finance by the city council;

N. To invest city funds and to deposit securities in accordance with the provisions of Sections 2.08.040 through 2.08.090 of this chapter.

(Prior code § 8-74)

Pursuant to Sections 53607 and 53608 of the California Government Code, the authority to invest and reinvest money of the city, to sell or exchange securities so purchased, and to deposit such securities for safekeeping is delegated to the director of finance.

(Prior code § 8-75)

The director of finance is authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under Sections 53601 and 53635 of the California Government Code, as they now read or may be amended after the effective date of the ordinance codified in this section, from money in his custody which is not required for the immediate necessities of the city and as he may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased.

(Prior code § 8-76)

From time to time the director of finance shall redeem the securities in which city money has been invested pursuant to Section 2.08.050 of this code so that the proceeds may be applied to the purposes for which the original purchase money was designated or placed in the city treasury.

(Prior code § 8-77)

Bonds issued by the city and purchased pursuant to Section 2.08.050 of this code may be cancelled either in satisfaction of sinking fund obligations or otherwise; provided, however, that the bonds may be held uncanceled and while so held may be resold.

(Prior code § 8-78)

The director of finance shall make periodic reports of all such investments to the city council.

(Prior code § 8-79)

The director of finance is authorized to deposit for safekeeping with a trust company or a state or national bank located within this state or with the Federal Reserve Bank of San Francisco or any branch of it located within this state or with any Federal Reserve Bank or with any state or national bank located in any city designated as a reserve city by the Board of Governors of the Federal Reserve System, the securities in which the city money has been invested pursuant to Section 2.08.050 of this code; provided, however, that the director of finance shall take from such trust company or bank, a receipt for the securities so deposited and shall not be responsible for such securities delivered to, and receipted for, by such trust company or bank until they are withdrawn from there by the director of finance.

(Prior code § 8-80)