Sarasota County Finance Department
The Sarasota County Finance Department plays a crucial role in ensuring the fiscal health and stability of Sarasota County, Florida. It is responsible for managing the county’s financial resources, safeguarding assets, and providing accurate and transparent financial information to the Board of County Commissioners, county departments, and the public.
At its core, the department oversees a wide range of financial functions. These include budget development and administration, accounting and financial reporting, treasury management, purchasing and contracting, and risk management. The team strives to adhere to the highest standards of governmental accounting practices, ensuring compliance with state and federal regulations.
The budget process is a key activity. The Finance Department collaborates with all county departments to develop the annual budget, aligning it with the county’s strategic goals and priorities. This involves forecasting revenues, analyzing expenditure requests, and presenting a balanced budget for approval by the Board of County Commissioners. Once approved, the department monitors budget performance throughout the fiscal year, providing regular updates and making adjustments as needed.
Accounting and financial reporting are also central to the department’s responsibilities. The Finance Department maintains the county’s general ledger, processes financial transactions, and prepares comprehensive financial statements. These statements are audited annually by an independent firm, providing assurance that the county’s financial records are accurate and reliable. The department also prepares various financial reports for internal management purposes and for external stakeholders.
Treasury management is another critical function. The Finance Department is responsible for managing the county’s cash flow and investments. This includes collecting revenues, disbursing payments, and investing surplus funds in accordance with established policies and guidelines. The department seeks to maximize investment returns while maintaining the safety and liquidity of county funds.
The Purchasing and Contracting division of the Finance Department ensures the county obtains goods and services in a fair, competitive, and transparent manner. This involves developing and managing contracts, soliciting bids and proposals, and ensuring compliance with procurement regulations. The goal is to obtain the best value for the county’s taxpayers while supporting local businesses whenever possible.
Risk management is an increasingly important area of focus. The Finance Department identifies and assesses potential risks facing the county and develops strategies to mitigate those risks. This includes managing the county’s insurance programs, handling claims, and promoting a culture of safety and risk awareness throughout the organization.
Transparency and accountability are paramount. The Sarasota County Finance Department is committed to providing accurate and accessible financial information to the public. This includes publishing financial statements, budget documents, and other relevant information on the county’s website. The department also responds to public inquiries and strives to provide clear and concise explanations of complex financial matters.
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