The Finance Department administers and manages the County'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 County. This is accomplished through a system of financial planning, reporting and controls that ensure compliance with County policies, the County Budget Ordinance, generally accepted accounting principles (GAAP), regulatory agency guidelines and other applicable laws in an efficient and cost-effective manner.
There are four main divisions and functions of the Finance Department: Cash & Debt Management, Financial Reporting & Monitoring, General Accounting and Risk Management.
Cash & Debt Management
Finance invests county funds in accordance with state laws and county investment policy to maximize returns within the parameters of preserving principal and maintaining necessary liquidity, and manages all County issued debt and debt payments. This includes negotiation of installment purchase financing when applicable as well as the selling of bonds to finance large capital projects. Finance handles required reporting to the Local Government Commission on the County’s portfolio and debt and prepares the Official Statement for General Obligation (GO) bond issues.
Financial Reporting & Monitoring
The Financial Reporting and Monitoring Division is responsible for preparation of various accounting reports which include the Guilford County Comprehensive Annual Financial Report (CAFR), the Schedule of Expenditures of Federal and State Awards, the Annual Financial Information Report, the Emergency Medical Services Cost Report and many other reports. Data is provided to the Indirect Cost Consultant for the County’s Cost Plan. Fund balance, revenue and expenditure projections are prepared for the Budget and Management Department. Accounting functions are performed for the Greensboro/Guilford County Tourism Development Authority including preparation of the Authority’s annual financial statements. Responsibilities also include extensive analysis and monitoring of the County’s federal and State grants’ reports, fixed assets, and capital projects; reviewing all County contracts regarding accounting requirements prior to the Finance Director’s signature; and, maintaining the County’s accounting Chart of Accounts in the Lawson software. Accounts Receivable personnel maintain billing, collections and report data, reconcile property tax amounts and provide information for various tasks related to the General Accounting and Cash and Debt Management Divisions. Finally, the Division provides daily assistance to other County departments involving accounting matters as needed.
The Finance Department manages all payroll and accounts payable functions for the County. The payroll staff is primarily responsible for ensuring that all County employees receive accurate and timely paychecks net of the appropriate payroll deductions. Accounts Payable is mainly responsible for processing County payments to outside vendors in a timely, accurate, and secure manner.
Risk management involves oversight and protection of the County’s assets through purchase of insurance, contractual transfer of risk, program and operational analysis, mitigation of incurred losses, and loss prevention programs to minimize risk and loss potential. Risk Management also encompasses employee safety and all required OSHA reporting and oversees the management of all Workers’ Compensation, Liability and Property claims.