Matanuska-Susitna Borough Finance Department

The Matanuska-Susitna Borough Finance Department is responsible for the fiscal health and stability of the borough. It plays a crucial role in managing public funds, ensuring transparency, and adhering to rigorous financial standards. The department’s functions are multifaceted, covering everything from budgeting and accounting to procurement and risk management.

Key Responsibilities

• Budgeting: The department develops and manages the borough’s annual budget, aligning resources with the priorities established by the Borough Assembly and the Mayor. This involves forecasting revenues, projecting expenditures, and presenting a balanced financial plan to the community. The budget process is collaborative, involving input from various borough departments and public hearings to ensure community needs are considered.
• Accounting and Financial Reporting: The Finance Department maintains accurate and comprehensive accounting records, adhering to Generally Accepted Accounting Principles (GAAP). It prepares financial statements that provide a clear picture of the borough’s financial position. These statements are audited annually by an independent firm, further ensuring accountability and transparency.
• Treasury Management: The department manages the borough’s cash flow, investments, and debt. It aims to maximize investment returns while minimizing risk, ensuring that funds are available when needed to meet operational needs and capital project requirements. Sound treasury management practices are essential for maintaining the borough’s credit rating and minimizing borrowing costs.
• Procurement: The Finance Department oversees the procurement of goods and services for the borough, ensuring fair and competitive bidding processes. It strives to obtain the best value for taxpayers’ dollars while adhering to all applicable laws and regulations. This includes developing and administering solicitations, evaluating proposals, and awarding contracts.
• Risk Management: The department identifies and mitigates financial risks facing the borough, including those related to insurance, property, and liability. This proactive approach helps to protect the borough’s assets and minimize potential financial losses.
• Property Tax Administration: The department plays a role in the collection of property taxes, a significant source of revenue for the borough. While the assessing function is separate, the Finance Department ensures the timely and accurate collection of tax revenues, supporting the funding of vital public services.

Commitment to Transparency and Accountability

The Matanuska-Susitna Borough Finance Department is committed to transparency and accountability in all of its operations. The department makes financial information readily available to the public through its website and provides opportunities for public input during the budget process. It adheres to the highest ethical standards and works to ensure that public funds are used wisely and effectively. This dedication fosters public trust and supports the long-term financial well-being of the borough.

By effectively managing the borough’s finances, the Finance Department plays a critical role in supporting the delivery of essential services to residents, including education, public safety, transportation, and infrastructure. Their diligent efforts contribute to the overall quality of life in the Matanuska-Susitna Borough.