Finance

The Finance Department is responsible for the accurate and timely recording of all financial transactions of the city and safeguarding of City’s assets. The department’s functions include:

• Accounts payable

• Debt management

• Managing City account systems

• Preparing financial reports

• Preparing budget documents and reports

• Filing state and federal financial reports

• Banking relations

• Maintaining City investments

• Monitoring cash flows

• Coordinating City financial record audits

Adopted Annual Budget

An important aspect of financial management is coordinating the budget process. It is essential that the budget documents provide a clear picture of the City’s financial position, goals, and objectives of the City, and cash requirements necessary to provide these services to the citizens of Orange City. This information, summarized in the Adopted Annual Budget, is necessary for the management and elected officials to make well-informed decisions regarding the allocation of the City’s financial resources while maintaining a stable financial position. The Finance Department publishes one major financial report, the Comprehensive Annual Financial Report, annually. The fiscal year, for all government organizations, is July 1-June 30. At the close of each fiscal year, the Finance Department begins work on the completion of the report.

Comprehensive Annual Financial Report

State law requires that all general-purpose, local governments publish a complete set of financial statements within 9 months of the close of each fiscal year. This set of documents must be presented in conformity with accounting principles generally accepted in the United States of America and audited in accordance with auditing standards generally accepted in the United States of America by a firm of licensed certified public accountants or by the State Auditor’s Office. Pursuant to that requirement, the City of Orange City publishes the Comprehensive Annual Report at the close of each fiscal year.  For the past thirty-four years, the City has received the Certificate of Achievement for Excellence in Financial Reporting presented by the Government Finance Officers Association.