Courtesy City of Colorado Springs
The City of Colorado Springs has a new chief financial officer, pending City Council's approval at their Oct. 10 meeting.
A Sept. 28 news release announced that Charae McDaniel, currently the city's budget manager, has been selected.
What does the city's CFO do? According to the release, "The chief financial officer (CFO) reports to the chief of staff/chief administrative officer, and is responsible for all accounting and treasury functions. This position directs the financial functions of the City including budget, fiscal and strategic planning, all aspects of accounting, sales tax collections, parking enterprise, grant management, and investments."
Further, the CFO "directs the development of a Comprehensive Annual Financial Report (CAFR), district and enterprise financial statements, annual budget, strategic plan, and all cost allocations."
McDaniel has been performing some of those duties since April, when former CFO Kara Skinner resigned. As the Indy first reported then
, Skinner took a job in the City of Boulder's finance department.
In the release, McDaniel said she's "honored to serve ... our great city."
The Mayor commented on the promotion too, saying, “Charae has worked in City Finance for over a decade, most recently serving in the deputy role. Her abundance of institutional knowledge and experience in effectively managing the City’s budget has prepared her for the CFO role. The City is very fortunate to retain and promote someone with her background and is confident that this promotion will provide for a seamless transition.”