- Home
- Departments
- Finance
Finance
The Finance Department is responsible for the financial management functions of Craven County in accordance with North Carolina’s Local Government Budget and Fiscal Control Act (G.S. 159) and other North Carolina General Statutes, Federal laws, and regulations.
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, generally accepted accounting principles (GAAP), regulatory agency guidelines, and other applicable laws.
Formulating Budgets
The Finance Department assists the County Manager and Department Directors in formulating annual budget requests and developing recommendations for consideration by the Board of Commissioners. Once approved, Finance assists departments in managing their budgets and ensuring that all financial transactions are conducted and recorded in accordance with the budget ordinance. County expenditures are closely monitored during the fiscal year as Finance is also responsible for accounts payable.
Responsibilities
Finance is responsible for the County’s revenues, maintaining the fixed asset inventory, and managing the receipt and deposit of cash assets. Finance maintains bank accounts, monitors transactions, invests idle funds in interest bearing securities, and ensures adequate cash flow to fund daily operations.
Finance is also responsible for managing all county issued debt - short and long-term. This includes negotiation of installment purchase financing when applicable as well as the selling of bonds to finance large capital projects. Finance handles purchasing, travel requests, and payroll-related functions. Finance supervises the financial operations of all county departments and ensures that the County maintains sound internal controls in all fiscal operations.
Record Keeping
To assist in these varied functions, Finance maintains an accounting system of detailed records that include assets, liabilities, budgeted and actual revenues, and budgeted and actual expenditures. At the close of each fiscal year, Finance coordinates the annual independent audit and prepares the County’s comprehensive annual financial report (CAFR).
Awards
Craven County’s Finance Department is the recipient of an annual award from the Government Finance Officers Association. For each of the past twenty-one years, the County has received the Certificate of Achievement for Excellence in Financial Reporting. This prestigious national award is presented to units whose comprehensive annual financial report (CAFR) achieves the highest standard in government accounting and financial reporting.