Finance Department
The Finance Department is responsible for administering the town's financial policies and procedures, maintaining the town's financial condition, and representing the town on financial matters with internal and external parties. Responsibilities within this department include accounting, cash management, annual operating and capital budgets, procurement, and ad valorem tax and business license administration.
Budgets
According to North Carolina General Statutes, one of the primary annual duties of the Town Manager is to recommend an annual balanced budget to the Town Board of Commissioners. The annual budget is a funding plan; it outlines where revenues will come from and how tax dollars will be spent. We are required to adopt a new budget every year which details sources of revenues and spending authority. The Town Manager has limited access to change Board adopted budget ordinances without Board notification, and the Manager cannot increase funding without Board approval.
The Board annually adopts a budget calendar, but in general the budget process begins in January and concludes around June. The budget must be adopted by June 30. Prior to Board adoption, numerous budget workshops are held as well as a public hearing so that Board members may assess public sentiment regarding the annual spending plan.
Adopted FY2010 Budget.
Additional annual budget detail can be obtained from the following links:
Accounting
The accounting function of the Finance Department includes monthly and annual financial statement preparation. The Finance Department works closely with the Town's auditor, Tinsley & Terry, CPAs to prepare accurate, timely financial data. Copies of the Town's annual audit report are available from the Finance Director.
Cash Management
The cash management function of the Town includes investment of idle funds and maintaining appropriate cash flow levels during the cyclical revenue phases of the fiscal year. Questions regarding the Town's cash management should be directed to the Finance Director.
Operating and Capital Budget
North Carolina General Statutes require that local governments adopt a balanced annual budget. The Finance Department oversees the adoption of the budget which includes both operating and capital budgets. The budget season typically begins in February when the Board of Commissioners communicates priorities to each department in the form of mutually agreed upon goals and objectives for the year. Departments submit their requests to the Town Manager and Finance Director in March. Revenue projections are prepared and the budget is balanced in April. The budget is submitted by the Manager and Finance Director to the Town Board in May. A budget hearing is set in June for public comment. The budget is adopted in June for the following year beginning on July 1. Questions regarding the budget should be address to the Finance Director at Town of Cornelius, PO Box 399, Cornelius, NC 28031.
Procurement
Operation of the Town requires the purchase of many goods and services. The Finance Department ensures that the Town complies with North Carolina General Statues regarding the purchase of those goods and services. Depending upon the dollar amount of purchases, either formal or informal bids are received and purchase orders are issued. Goods and services are paid for by the accounts payable function of the Finance Department. Questions regarding town payables should be directed to Accounts Payable.
Tax Collection
With the adoption of the annual budget, the annual property tax rate is set, based on property assessed valuations obtained from Mecklenburg County. Tax bills are prepared and mailed each year in September. Tax bills are due upon receipt. Interest begins to accrue early in January of the following year. Questions regarding town property taxes should be addressed to the Town's Revenue Collector.
Business License
As of July 1, 2009, businesses are no longer required to have a business license in the Town of Cornelius.
