Bud Emerson | Klish Way
Front row: Jay Lipscomb (Administrative Asst. II), Teresa McBroome (Director of Finance/Treasurer), and Jason Julaton (Finance Intern). Back: Adele Crawford (Accounting Technician II), Les Middleton (Accounting Technician II) and Monica Molina (Senior Accountant). Photo Mark Delin (Assistant City Manager).
Click on image to enlarge.
At the beginning of the Great Recession of 2008-09 many cities were experiencing a downgrade of their credit ratings--not Del Mar.
In April 2009 our city was upgraded by the two top credit rating organizations to AAA! How come? We have a long standing tradition of prudent fiscal management by our City Councils. And we have a Finance Department, now led by Teresa McBroome, that watches every penny almost better than we watch our own pocket books.
Prudent financial management is not just about balancing the books--it is about choices. The smallest city in the county has the fattest reserves, the leanest budget, and the tightest expenditure controls--all of which enables us to make choices about our future--more open space per capita, more parks per square mile, a beautiful library, a remarkable lagoon restoration, a restored historical bridge, and more to come.
Our Finance Department is staffed by five dedicated full-time experts and one intern with a strong “customer” focus. Their customer base includes citizens, businesses, City Council members, other city departments, and other governmental funding agencies. You may deal directly with these friendly staffers when you pay water bills, cough up parking ticket fines, or pay business taxes. And they are on the receiving end of hotel room taxes, sales taxes, and grant revenues. They prepare almost two dozen different kinds of financial reports, budgets, audits, and fiscal analyses for City Council review and decision making.
If you want to know what is going on in the city, “follow the money.” The trail always leads to the Finance Department. This is the fiscal nerve center of Del Mar decision making.
They are very proud of two recent accomplishments: (1) preparation of the city’s first 30 year financial forecast, a very important road map for long term strategic decision making and (2) a payoff of the city’s pension side fund liability which saved more than $1 million in interest costs.
Teresa’s leadership style is very participative, respecting the earned expertise of each staff member. The department’s workload is much more varied because of its small size including budgeting, accounting, financial reporting, risk management, purchasing, and treasurer duties. The Department has won numerous awards for excellence in accounting and financial reporting.
Stopping in their office one always finds a friendly greeting. Teresa says they are very impressed with the “talented, dedicated, intelligent” Del Mar citizens they work with. Even Del Mar dogs know the Finance Department is the best place for a biscuit stop.