Broome County Finance Office

The Broome County Finance Office is responsible for managing the financial resources of Broome County, New York. Its primary objective is to ensure the fiscal integrity and stability of the county government by adhering to generally accepted accounting principles (GAAP) and best practices in financial management. This involves a wide range of duties, from budgeting and accounting to procurement and risk management. One of the Finance Office’s most crucial functions is the preparation and administration of the county budget. This process begins months in advance of the fiscal year, with the office working closely with county departments and agencies to develop realistic revenue projections and expenditure requests. They analyze historical data, economic trends, and departmental needs to create a balanced budget that aligns with the county’s strategic priorities. The proposed budget is then presented to the County Executive and the County Legislature for review, amendment, and ultimately, adoption. Once approved, the Finance Office monitors budget performance throughout the year, tracking revenues and expenditures to ensure compliance and identify potential budgetary issues. Beyond budgeting, the office handles all accounting functions for the county. This includes processing payments, maintaining the general ledger, preparing financial statements, and managing accounts payable and receivable. The Finance Office also oversees the county’s payroll system, ensuring that employees are paid accurately and on time. They are responsible for maintaining accurate records of all financial transactions and ensuring compliance with relevant laws and regulations. Procurement is another key responsibility. The Finance Office establishes and enforces procurement policies and procedures to ensure fair and open competition in the awarding of contracts for goods and services. This includes issuing requests for proposals (RFPs), evaluating bids, and negotiating contracts with vendors. They strive to obtain the best value for the county while adhering to legal requirements and ethical standards. Furthermore, the Finance Office manages the county’s investments, aiming to maximize returns while maintaining the safety and liquidity of public funds. They invest county funds in accordance with established investment policies and monitor investment performance regularly. They are also responsible for managing the county’s debt portfolio, which may involve issuing bonds to finance capital projects. Risk management is an increasingly important function of the Finance Office. They identify and assess potential financial risks facing the county, such as property loss, liability claims, and cybersecurity threats. They then develop and implement strategies to mitigate these risks, including purchasing insurance coverage and implementing internal controls. The Broome County Finance Office plays a vital role in ensuring the responsible management of taxpayer dollars. Through its dedicated staff and commitment to sound financial practices, the office contributes significantly to the economic well-being and stability of Broome County. The office also works closely with external auditors to ensure transparency and accountability in its financial operations. Its work is essential for maintaining public trust and enabling the county government to effectively serve the needs of its residents.