The Finance Division is a small team consisting of three individuals: the Finance Officer, the Senior Financial Analyst, and the Financial Analyst. Together, they handle various financial tasks for the City.

Their responsibilities encompass a range of daily activities related to government fund accounting, such as managing accounts payable, processing payroll, budgeting, and conducting audits. They diligently maintain all financial records, including the general ledger, cash receipts, and journals. Additionally, they handle tasks like recording cash receipts, interdepartmental transfers, and journal entries. The team is also responsible for ensuring accurate reconciliation and balance of bank accounts, fund balances, and monthly bank statements and tracking investment income.

In addition to their day-to-day duties, this team prepares monthly financial reports and provides recommendations on financial management strategies for the City's operations. They actively contribute to developing, preparing, and administering the annual operating budget and conducting research to support informed decision-making.

Furthermore, the Finance Division manages multiple Urban Renewal Areas within the City limits. They closely collaborate with the City's Bond Attorney and Municipal Financial Advisor to address all aspects related to bonding. By effectively managing financial matters, this division plays a vital role in ensuring the fiscal health and stability of the City.

Financial Documents & Reports

Annual Budget

The city's annual budget serves as the operational plan for the fiscal year, covering the period from July 1st to June 30th.

Financial Policies

It is the expectation and the general understanding of the City Council and the citizens of Newton that the City conducts its financial affairs thoughtfully and prudently. The following policies provide the
framework for the City's financial affairs. 

Annual Audits

The city's annual audit is conducted by certified public accountants who are independent third-party professionals. The audit examines the financial statements of the local government, including its business-type activities, major funds, and overall remaining fund information.

Capital Improvement Plans (CIP)

The Capital Improvement Plans (CIP) document outlines the city's long-term strategy for maintaining and enhancing its publicly owned infrastructure. This comprehensive plan prioritizes the maintenance requirements and projects of the city. Additionally, it identifies the necessary improvements and replacements for public buildings, major equipment, and information technology within the city.

General Outstanding Obligation Debt Reports

Under Iowa Code Chapter 12.1, all government entities in the state are obligated to report their outstanding financial obligations to the treasurer of state. These obligations encompass various forms such as bonds, notes, certificates of participation, leases, and anticipatory warrants. Compliance with this reporting requirement ensures transparency and accountability in the management of financial obligations by political subdivisions.

Annual Urban Renewal Reports

Annual Urban Renewal Reports provide a comprehensive overview of the progress and activities related to urban renewal projects within a city. These reports outline the accomplishments, challenges, and financial details of the urban renewal initiatives, offering transparency and accountability to the community and stakeholders.