The Finance Department administers and manages the City’s fiscal affairs in accordance with North Carolina’s Local Government Budget and Fiscal Control Act (G.S. §159), and other North Carolina General Statutes.  The primary purpose of the department is to ensure and maintain accurate financial information and records to support the overall fiscal management of the City.  This is accomplished through a system of financial planning, reporting and controls that ensure compliance with federal and state law, local ordinances and policies, generally accepted accounting principles (GAAP), and other agency guidelines in an efficient and cost-effect manner.  There are three divisions and functions of the Finance Department: Revenue Collections and Billing, Inventory and Procurement, and Accounting.  Overall functions performed are:

• Budget development, implementation, and monitoring.
• Processes inflows from governmental revenues, utility billing and collections and other revenues which involves billing, collection of payments, and collection of delinquent accounts.
• Processes outflows through payment of accounts payable and processing payroll.
• Management of cash flow and city investment which involves managing cash flow between accounts, investing idle funds, monitoring daily activity and reconciling bank accounts.
• Management of procurement through purchase orders and procurement cards.
• Management of debt through issuance of new debt, compliance to law, covenants and regulations, and payment of debt.
• Management of utility related inventories.
• Regulatory reporting such as the annual comprehensive financial report (ACFR), federal and state mandated reporting, reports to management and Council.
• Management of non-health insurance related insurance through annual renewal process, and  claims management and payment.
• Administer, manage and monitor internal controls over financial reporting and management.