The City of Folsom Finance Department plays a crucial role in maintaining the city’s fiscal health and ensuring responsible stewardship of public funds. It is responsible for a broad range of financial activities, including budgeting, accounting, financial reporting, treasury management, risk management, and purchasing.

The department’s **budgeting** function is essential for planning and allocating resources to various city departments and programs. They work closely with city departments to develop a comprehensive annual budget that reflects the city’s priorities and goals. This process involves forecasting revenues, analyzing expenditures, and ensuring that the budget aligns with the city’s long-term financial plan.

In terms of **accounting**, the Finance Department maintains accurate and up-to-date financial records, adhering to Generally Accepted Accounting Principles (GAAP). They process all financial transactions, including accounts payable, accounts receivable, and payroll. They are also responsible for preparing the city’s Comprehensive Annual Financial Report (CAFR), which provides a detailed overview of the city’s financial position and performance. This report is audited annually to ensure accuracy and transparency.

**Treasury Management** is another critical function, involving managing the city’s cash flow, investments, and debt. The department aims to maximize investment returns while minimizing risk. They monitor market conditions and make strategic investment decisions to ensure the city’s financial stability. They also manage the city’s debt portfolio, ensuring that debt obligations are met on time and at the lowest possible cost.

**Risk Management** involves identifying, assessing, and mitigating financial risks that could impact the city. This includes managing insurance coverage, handling claims, and developing strategies to protect the city’s assets.

The **Purchasing** division oversees the procurement of goods and services for all city departments. They ensure that purchasing processes are fair, competitive, and in compliance with all applicable laws and regulations. The department also strives to obtain the best value for the city while supporting local businesses.

The Finance Department is committed to transparency and accountability. They provide financial information to the public through various channels, including the city’s website and public presentations. The department also works closely with the City Council and other stakeholders to ensure that financial decisions are made in the best interest of the community.

Ultimately, the City of Folsom Finance Department is a vital component of city government, safeguarding the city’s financial resources and ensuring its long-term sustainability. Through its diverse functions and commitment to sound financial practices, the department contributes significantly to the quality of life for Folsom residents.