Buncombe County Finance Department: Stewardship and Transparency

The Buncombe County Finance Department plays a critical role in managing the financial resources of Buncombe County, North Carolina. Its core mission revolves around ensuring fiscal responsibility, transparency, and accountability in all financial operations. The department oversees a diverse range of functions, all aimed at supporting the effective delivery of county services to its residents.

A primary responsibility of the Finance Department is budget development and management. This involves working collaboratively with all county departments to formulate the annual budget, reflecting the county’s strategic priorities and service needs. This process includes careful consideration of revenue projections, expenditure requests, and adherence to legal and regulatory requirements. The department then monitors budget performance throughout the year, tracking expenditures against appropriations and identifying potential variances.

The department is also responsible for accounting and financial reporting. They maintain accurate and comprehensive financial records, ensuring compliance with generally accepted accounting principles (GAAP) and governmental accounting standards (GASB). They prepare financial statements that provide a clear and concise picture of the county’s financial position and performance. These statements are audited annually by an independent firm, ensuring objectivity and reliability.

Beyond budgeting and accounting, the Buncombe County Finance Department manages the county’s cash flow and investments. They strive to maximize investment returns while safeguarding the county’s principal. This involves carefully selecting investment instruments and monitoring market conditions to optimize the county’s financial resources. They also manage the county’s debt, ensuring compliance with debt covenants and exploring opportunities for refinancing to reduce interest costs.

Procurement is another key area of responsibility. The department oversees the procurement of goods and services needed by county departments, adhering to established procurement policies and procedures. They aim to ensure fair and open competition, promoting transparency and cost-effectiveness. This includes developing and managing requests for proposals (RFPs), evaluating bids, and negotiating contracts.

The Finance Department also plays a significant role in managing federal and state grants. They ensure compliance with grant requirements and regulations, monitoring grant expenditures and preparing grant reports. This involves working closely with county departments to track grant activities and ensure that grant funds are used effectively and efficiently.

Transparency is a core value of the Buncombe County Finance Department. They provide access to financial information through various channels, including online reports, budget documents, and public meetings. They are committed to providing clear and understandable information to residents, promoting informed decision-making and public engagement. The department actively seeks ways to improve its processes and enhance the quality of its financial services, striving to be a trusted steward of taxpayer dollars.