Waco Finance Department - Financial Business

The City of Waco’s Finance Department plays a crucial role in ensuring the city’s financial stability and accountability. It is responsible for managing all aspects of the city’s financial operations, from budgeting and accounting to treasury management and procurement.

At the heart of the department lies the budgeting process. The Finance Department works collaboratively with all city departments to develop an annual budget that aligns with the City Council’s strategic priorities and ensures responsible use of taxpayer dollars. This involves forecasting revenues, analyzing expenditure requests, and presenting a balanced budget for Council approval. The approved budget serves as the city’s financial roadmap, guiding resource allocation throughout the fiscal year. The department monitors budget performance throughout the year, providing regular reports to city management and the Council, alerting them to potential variances and recommending corrective actions as needed.

Accounting and financial reporting are another key responsibility. The Finance Department meticulously records all financial transactions, ensuring accuracy and compliance with Generally Accepted Accounting Principles (GAAP) and relevant government regulations. This includes maintaining the city’s general ledger, processing accounts payable and receivable, and managing payroll. The department also prepares the city’s Comprehensive Annual Financial Report (CAFR), a detailed document that provides a comprehensive overview of the city’s financial condition. The CAFR is independently audited to ensure its accuracy and reliability, providing transparency and accountability to the public.

Treasury management is a vital function, focused on safeguarding the city’s assets and maximizing returns on investments. The Finance Department manages the city’s cash flow, ensuring that sufficient funds are available to meet its obligations while minimizing borrowing costs. It also invests the city’s surplus funds in accordance with state law and the city’s investment policy, aiming to generate income while maintaining the safety and liquidity of principal.

The Finance Department also oversees procurement activities, ensuring that the city obtains goods and services in a fair, competitive, and cost-effective manner. This involves developing and administering procurement policies and procedures, soliciting bids and proposals, and negotiating contracts with vendors. The department strives to promote transparency and ethical conduct in all procurement activities, ensuring that the city receives the best value for its money.

In summary, the Waco Finance Department is the backbone of the city’s financial operations. Through its expertise in budgeting, accounting, treasury management, and procurement, the department ensures that the city’s financial resources are managed responsibly and efficiently, contributing to the overall well-being and prosperity of the community.