Finance

Our mission is to provide financial services in an efficient, effective manner as well as act as a conduit between the financial offices of the City to set forth operational principles and best practices to minimize the cost of government while maximizing constituent services and the public policy goals of the City Manager.

The Finance Department is led by the City’s Chief Financial Officer and oversees all of the financial departments of the City including the Assessing, Budget, MIS, Purchasing, and Treasurer Departments. It prepares annual operating and capital budgets. It also provides ongoing support of the budget throughout the year such as approving transfers, preparing quarterly reports, reviewing monthly data, and preparing trend analyses.

Finance also maintains dynamic 5-year forecasts for all operating funds, including Enterprise Funds. This model is continually updated for changes in union contracts, debt authorizations, financing transactions, general economic trends, rate and fee changes, and budget updates. Specialized analyses such as health insurance monitoring and utility analysis are generated from Finance. Finance contributes analysis to any substantial operational change that has a fiscal impact. Finally, the Finance Department is the point of contact for any debt financing issues.

City of Lowell Finance Documents

City of Lowell Adopted Fiscal Policies

FY2021 Community Compact Grant - COVID Financial Forecast Report

Accomplishments

FY2023 Accomplishments of the Finance Department:

  • City was awarded the GFOA Distinguished Budget Award for FY22.
  • Coordinated monthly meetings among finance department heads as well as introduced a monthly meeting between other key finance personnel from various City department on matters of finance.
  • Started a multi-step grant opportunity with UMass Boston's Collins Center to improve the city's capital plan as well as inventory management. Through the Collins Center, the city will update and improve the capital plan for FY25
  • Provided support and financial planning to fully fund the city's net school spending obligation without the aid of federal funds consecutively for FY19, FY20, FY21, FY22, and projected for FY23.
  • Finished FY22 with $7,860,544 in "free cash"