The City of Southlake is celebrating a recent achievement by its Finance Department, which was awarded the Certificate of Distinction by the Government Treasurers’ Organization of Texas (GTOT) for its exemplary investment policy. This recognition highlights the city's commitment to managing public funds with the utmost care and responsibility.
The Finance Department's achievement places Southlake among the 20 municipalities and special districts in Texas to receive this distinction for the 2023 award year, showcasing the city's dedication to financial stewardship. To earn this prestigious award, the department drafted a comprehensive policy that emphasizes ethical practices, adherence to the Texas Public Funds Investment Act (PFIA), and stringent documentation requirements.
Nick Cornelius, Finance Management Assistant, explained, "In order to receive this award, our policy has to meet both the PFIA and the GTOT's review criteria. We do this because we know that sound financial stewardship is of the utmost importance, and this is a great way to demonstrate that for our citizens."
While the Finance Department's responsibility extends to various financial aspects within the city, the award underscores its commitment to accountability, transparency, and responsible management of taxpayer money. The department is also known for paying for major projects in cash rather than taking on substantial debt and earning a Triple A Bond rating, which reflects the highest level of creditworthiness when loans are necessary.
Southlake's exceptional financial standards are attributed to its team of dedicated professionals. The department's leadership, including the CFO and two Deputy Directors, boasts a combined 50+ years of municipal government experience, with the majority of their service directly with the City of Southlake. Over 60% of the Finance staff have also served the city for 15 years or more, ensuring that every penny of public funds is managed by experienced and capable hands.
Nicole Bradshaw, Deputy Director of Finance, emphasized the department's forward-thinking approach and the remarkable talent of its team. "The density of highly skilled and talented individuals really sets the Southlake Finance Department apart."