Charlottesville, VA Finance Department

The City of Charlottesville’s Finance Department is responsible for managing the city’s financial resources, ensuring fiscal stability, and providing accurate and timely financial information to city leaders, residents, and other stakeholders. The department’s mission is to safeguard public assets, promote efficient and effective use of resources, and maintain the highest standards of accountability and transparency in all financial operations.

Key Responsibilities

The Finance Department’s activities encompass a broad range of financial functions, including:

• Budgeting: Developing and administering the city’s annual operating and capital budgets. This involves working with city departments to forecast revenues, allocate resources, and monitor spending throughout the fiscal year. The department also plays a crucial role in presenting the proposed budget to the City Council and the public for review and approval.
• Accounting and Financial Reporting: Maintaining accurate and comprehensive accounting records in accordance with Generally Accepted Accounting Principles (GAAP). This includes processing payments, managing accounts receivable and payable, reconciling bank accounts, and preparing financial statements for internal use and external reporting. The department is also responsible for ensuring compliance with all applicable laws, regulations, and accounting standards.
• Treasury Management: Managing the city’s cash flow, investments, and debt. This involves optimizing investment returns, minimizing borrowing costs, and ensuring the city has sufficient funds available to meet its obligations. The department also manages the city’s relationships with banks and other financial institutions.
• Procurement: Overseeing the city’s procurement process, ensuring that goods and services are acquired in a fair, competitive, and cost-effective manner. This includes developing procurement policies and procedures, soliciting bids and proposals, evaluating vendors, and awarding contracts. The department emphasizes transparency and adherence to ethical standards in all procurement activities.
• Risk Management: Identifying and managing the city’s financial risks, including insurance coverage, claims management, and internal controls. The goal is to protect the city’s assets and minimize potential liabilities.
• Utility Billing: Administering the billing and collection of utility fees for services such as water, sewer, and refuse collection.

Transparency and Accountability

The Charlottesville Finance Department is committed to transparency and accountability in all its operations. The department regularly publishes financial reports, budget documents, and other relevant information on the city’s website. The department also encourages public participation in the budgeting process and welcomes inquiries from residents and other stakeholders.

Contact Information

For more information about the City of Charlottesville’s Finance Department, visit the city’s official website or contact the department directly. Their dedicated staff is available to assist with any questions or concerns regarding the city’s finances.