Cary Finance Department: Stewards of Community Resources

The Cary Finance Department plays a pivotal role in maintaining the Town of Cary’s financial health and ensuring the responsible use of taxpayer dollars. It’s more than just balancing the books; the department acts as a strategic partner in achieving Cary’s goals, providing accurate financial information and sound advice to decision-makers and the public.

Core Responsibilities

The department’s responsibilities are diverse and encompass all aspects of municipal finance. Key areas include:

• Budgeting and Financial Planning: Developing and managing the town’s annual budget, projecting future revenues and expenses, and ensuring alignment with the Town Council’s strategic priorities. They conduct thorough analysis of funding requests and prioritize projects that deliver the greatest value to the community.
• Accounting and Financial Reporting: Maintaining accurate and complete financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and providing transparent reporting to stakeholders. This includes preparing the Comprehensive Annual Financial Report (CAFR), which undergoes an independent audit.
• Treasury Management: Prudently managing the town’s cash and investments to maximize returns while minimizing risk. This involves developing and implementing investment policies, monitoring market conditions, and ensuring compliance with all applicable regulations.
• Procurement: Overseeing the procurement of goods and services through a fair and competitive process, ensuring the best value for the town and adhering to all purchasing policies. This includes managing contracts and ensuring vendor compliance.
• Utility Billing: Managing the billing and collection of utility payments, including water, sewer, and stormwater fees. This involves providing excellent customer service and ensuring accurate billing practices.
• Debt Management: Planning and managing the town’s debt financing, ensuring that debt is used responsibly and in accordance with established policies. This involves monitoring debt levels, securing favorable interest rates, and maintaining a strong credit rating.

Commitment to Transparency and Accountability

The Cary Finance Department is committed to transparency and accountability in all its operations. Financial information is readily available to the public through the town’s website, including budget documents, financial statements, and other relevant reports. The department also actively engages with the community to provide information and answer questions about the town’s finances.

Maintaining a strong credit rating is a key priority for the department. A high credit rating allows the town to borrow money at lower interest rates, saving taxpayers money in the long run. The Finance Department works diligently to maintain strong financial management practices, which contribute to Cary’s consistently high credit rating.

Serving the Cary Community

Ultimately, the Cary Finance Department serves the Cary community by ensuring the responsible management of public funds. Through sound financial planning, transparent reporting, and a commitment to excellence, the department plays a vital role in supporting the town’s continued growth and prosperity, ensuring Cary remains a vibrant and desirable place to live, work, and play.