City Of Waco Finance Department

The City of Waco's Finance Department plays a crucial role in managing the city's financial resources, ensuring fiscal responsibility, and providing transparent financial reporting to its citizens. This department is responsible for a wide range of functions that support the city's overall operations and strategic goals.

At the core of the Finance Department's responsibilities is the accurate and timely management of all city funds. This includes budgeting, accounting, accounts payable, accounts receivable, and payroll. The department develops and oversees the city's annual budget, a critical document that outlines the planned revenues and expenditures for the fiscal year. The budgeting process involves collaboration with all city departments to understand their financial needs and priorities, ensuring resources are allocated effectively to meet the needs of the Waco community. This involves extensive financial forecasting, analysis, and public engagement to ensure the budget reflects the city's strategic plan and community priorities.

Accurate and transparent financial reporting is another key function. The Finance Department is responsible for preparing the city's Comprehensive Annual Financial Report (CAFR), a detailed document that provides a comprehensive overview of the city's financial position and activities. This report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) and is audited annually by an independent auditing firm, ensuring the accuracy and reliability of the financial information. This report is crucial for maintaining public trust and allowing citizens to understand how their tax dollars are being used.

The department also manages the city's debt, ensuring that the city maintains a strong credit rating and accesses capital markets at favorable terms. Prudent debt management is essential for funding capital projects, such as infrastructure improvements and facility upgrades. The Finance Department works diligently to monitor debt levels, identify opportunities to refinance debt, and ensure compliance with all debt covenants.

Beyond these core functions, the Finance Department also oversees procurement and risk management. Procurement involves the purchasing of goods and services needed to support city operations, ensuring that purchases are made in a fair, competitive, and cost-effective manner. Risk management involves identifying, assessing, and mitigating potential risks to the city's assets and operations. This includes managing insurance coverage, developing risk management policies, and providing training to city employees.

The City of Waco Finance Department is committed to providing exceptional service to its citizens and internal customers. They strive for efficiency, transparency, and accountability in all their operations. The department's staff is comprised of dedicated professionals with expertise in accounting, finance, budgeting, and related fields. They are committed to adhering to the highest ethical standards and providing accurate and reliable financial information to support informed decision-making by city leaders and the public. The department's website provides access to various financial documents, including the budget, CAFR, and other reports, promoting transparency and accountability.