Henrico County Finance Department

The Henrico County Finance Department plays a vital role in ensuring the fiscal health and stability of Henrico County, Virginia. It’s responsible for managing the county’s financial resources, adhering to strict accounting principles, and providing transparent and accountable financial services to its citizens and other county departments.

One of the department’s core responsibilities is budgeting. The Finance Department collaborates with the County Manager and other department heads to develop and manage the annual county budget. This involves forecasting revenues, allocating resources to various programs and services, and monitoring spending throughout the fiscal year. The budget process aims to align resource allocation with the county’s strategic goals and priorities.

Accounting and Financial Reporting are also crucial functions. The department maintains accurate and reliable financial records, prepares financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensures compliance with all applicable laws and regulations. These financial reports provide stakeholders, including residents, bondholders, and rating agencies, with a clear picture of the county’s financial position and performance.

Treasury Management falls under the purview of the Finance Department as well. This involves managing the county’s cash flow, investing surplus funds prudently, and ensuring the availability of funds to meet the county’s financial obligations. The goal is to maximize investment returns while maintaining the safety and liquidity of county funds.

Furthermore, the Finance Department is responsible for procurement activities. It oversees the process of purchasing goods and services for the county, ensuring fairness, transparency, and cost-effectiveness. This involves developing and administering procurement policies and procedures, soliciting bids and proposals, and awarding contracts to qualified vendors.

Debt Management is another critical area. The department manages the county’s debt portfolio, which includes issuing bonds and other debt instruments to finance capital projects and other long-term investments. The Finance Department strives to maintain a strong credit rating, which allows the county to borrow funds at favorable interest rates.

Beyond these core functions, the Finance Department also provides financial support and guidance to other county departments. This includes offering training on accounting principles, budget management, and procurement procedures. They ensure all departments adhere to financial regulations and policies.

The Henrico County Finance Department is committed to maintaining the highest standards of financial integrity and accountability. It strives to provide efficient and effective financial services to the county and its residents, contributing to the overall well-being and prosperity of the community. By diligently managing the county’s financial resources, the department helps to ensure that Henrico County remains a vibrant and thriving place to live, work, and raise a family.