The Bottom Line - Fall 2020 - 24

OFFICE OF FINANCE AND TREASURY

HOW WE ARE SUCCEEDING

HARNESSING
TECHNOLOGY AND
REWORKING PROCESSES
By the Office of Finance and Treasury Team

T

he Office of Finance and Treasury
(OFT) has faced numerous challenges
since the arrival of the COVID-19 pandemic.
Throughout this period, OFT has taken a
proactive approach, harnessing technology
and reworking processes in order to maintain
business continuity, preserve liquidity, optimize forecasting and mitigate risks. We spent
a great deal of time during the initial part of
the pandemic eliminating manual and on-location processes wherever possible. We also
made sure that our major projects and initiatives continued to move forward. Even during
the emergency, we were able to complete
major OFT projects such as the CCU contract transition and the Treasury Management
system phase one implementation.
While the District came into the COVID19 pandemic with strong liquidity reserves,
the debt team within OFT took preemptive
measures, such as extending credit facilities,
increasing the use of commercial paper and
other sources of liquidity. These initiatives

24 | THE BOTTOM LINE

along with the recent modification of the
income tax indenture provided additional
liquidity and support in the effort to balance
the Fiscal 2021 budget as well as the financial plan.
In general, OFT manages all cash, debt,
investments, ensuresĀ funds are available to
pay bills, fund payroll and generally to support
all government operations with the goal of
efficiently and effectively managing the financial assets and liabilities of the District. As
such, we often work even if the government is
closed for administrative reasons or inclement
weather. Because of this, in many ways we
were already prepared to work from home.
What we never expected was to be working
from home exclusively for many months!Ā 
Our staff have been exceptionally diligent,
productive and collaborative. A very special
thanks goes to the OFT cashiers for continually, effectively, and safely keeping the main
cashier's office open as well as continuing



The Bottom Line - Fall 2020

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