Finance personnel manage, control, and accurately report on the financial affairs of the City of Fredericksburg. The department functions under the direction of the City Manager's Office through which the needs, concerns, and desires of the citizens are ultimately expressed.
As a support function, the Finance Department works in partnership with other City departments to develop budgets, implement control measures, and establish policies and procedures aimed at accurately accounting for, safeguarding, and maximizing the value of the City's assets. Our operations include:
- Collecting and recording of receipts for taxes, licenses, fees, grants and other revenues;
- Purchasing of goods and services;
- Maintaining accurate financial records;
- Monitoring investments and debt;
- Providing payroll services;
- Overseeing adherence to budgetary restrictions;
- Preparation and distribution of financial information; and
- Safeguarding of assets.
To fulfill these responsibilities, the Finance Department has established and maintains an internal control structure designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. Said statements are issued in the form of the City of Fredericksburg's Basic Financial Statement. (City Financial Statement links available in the menu in the left margin). The Basic Financial Statement details the City’s financial activity and position, which is audited by an independent firm of Certified Public Accountants. The report is the culmination of the City’s fiscal year financial activity.
Additionally, the department is instrumental in the compilation of the City of Fredericksburg Budget (City Budget document links available in the menu in the left margin). The Budget establishes management's fiscal plan for the City and is the control tool employed and referenced throughout the period by City staff. The services, programs, revenues and expenses contained in the Budget reflect the methods and use of resources through which staff intends to accomplish the goals, objectives and long-term plan of the City of Fredericksburg.