Cary Finance Department: Stewardship and Sustainability

The Cary Finance Department is responsible for managing the financial resources of the Town of Cary, North Carolina. Their primary objective is to ensure the town’s financial stability and long-term fiscal health through sound financial planning, responsible budgeting, and effective financial management practices.

Budgeting is a cornerstone of the department’s operations. They oversee the development, implementation, and monitoring of the annual operating and capital budgets. This involves collaborating with all town departments to identify funding needs, prioritize projects, and allocate resources effectively. The department works diligently to create a budget that aligns with the Town Council’s strategic priorities and the needs of the community. The budget process is transparent and includes opportunities for public input, ensuring that residents have a voice in how their tax dollars are spent.

Beyond budgeting, the Finance Department manages the town’s accounting and financial reporting functions. They are responsible for maintaining accurate financial records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring compliance with all applicable laws and regulations. This includes managing accounts payable and receivable, processing payroll, and conducting internal audits to safeguard town assets and prevent fraud.

Debt management is another crucial function. The department oversees the issuance and management of the town’s debt, ensuring that it is used prudently to finance capital projects. They analyze financing options, negotiate favorable terms, and monitor debt levels to maintain the town’s strong credit rating. A high credit rating allows Cary to borrow money at lower interest rates, saving taxpayers money in the long run.

The department also plays a significant role in investment management. They are responsible for investing the town’s idle funds in a safe and prudent manner to maximize returns while minimizing risk. This involves developing investment policies, monitoring investment performance, and ensuring compliance with all relevant regulations. The investment income generated helps to offset property taxes and fund essential town services.

Furthermore, the Cary Finance Department provides excellent customer service to both internal and external stakeholders. They assist residents with questions about property taxes, utility bills, and other financial matters. They also provide financial expertise and support to other town departments, helping them to manage their budgets effectively and achieve their goals.

In conclusion, the Cary Finance Department is a vital component of the town’s government. Through sound financial planning, responsible budgeting, and effective financial management, they ensure the town’s financial stability and long-term sustainability, ultimately benefiting the residents of Cary.