The Finance Officer’s objective is to ensure fiscal responsibility in budgeting, planning, and decision making, and to act responsibly as custodian of the public trust by following the prudent man rule of fiduciary responsibility. The Finance Officer is responsible for all financial and accounting functions, cash management and investment, budget preparation, and employee benefits. The City maintains its accounting records consistent with generally accepted accounting principles and presents the financial statements on the accrual basis of accounting. The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for by means of a separate set of self-balancing accounts. Governmental resources are allocated and accounted for in the individual funds based upon the purpose for which they are to be spent. To comply with Missouri State Law, the City’s financial records are audited each year by an independent auditing firm. Additionally, the City has a citizen City Treasurer, appointed annually by the Mayor, who helps monitor City finances.