About Us
The Finance Department administers and manages the county’s fiscal affairs in accordance with North Carolina’s Local Government Budget and Fiscal Control Act (G.S. 159) and other North Carolina General Statutes. The department ensures and maintains accurate financial information and records that support the fiscal management of the county. To do this, the department uses a system of financial planning, reporting and controls that ensure compliance with county policies, the county budget ordinance, generally accepted accounting principles (GAAP), regulatory agency guidelines and other applicable laws in an efficient and cost-effective manner.
Finance Divisions
The Cash and Debt Management division invests county funds in accordance with state laws and county investment policy to maximize returns within the parameters of preserving principal and maintaining necessary liquidity. The department also manages all county-issued debt and debt payments. This includes negotiation of installment purchase financing when applicable as well as the selling of bonds to finance large capital projects and Guilford County Schools projects. Finance handles required reporting to the Local Government Commission on the county’s portfolio and debt and prepares the Official Statement for General Obligation (GO) bond issues.
The Financial Reporting and Monitoring division is responsible for preparation of various accounting reports which include the Guilford County Annual Comprehensive Financial Report (ACFR), the Schedule of Expenditures of Federal and State Awards, the Annual Financial Information Report, the Emergency Medical Services Cost Report and many other reports. Data is provided to the Indirect Cost Consultant for the county’s cost plan. Accounting functions are performed for the Greensboro/Guilford County Tourism Development Authority including preparation of the Authority’s annual financial statements. Responsibilities also include extensive analysis and monitoring of the county’s federal and state grants’ reports, fixed assets, and capital projects; reviewing all county contracts regarding accounting requirements prior to the CFO's signature; and maintaining the county’s accounting Chart of Accounts in the ERP system. Accounts Receivable personnel maintain billing, collections and report data, reconcile property tax amounts and provide information for various tasks related to the General Accounting and Cash and Debt Management Divisions. Finally, the division provides daily assistance to other county departments involving accounting matters as needed.
The General Accounting division manages all payroll and accounts payable functions for the county. The payroll staff is primarily responsible for ensuring that all county employees receive accurate and timely paychecks net of the appropriate payroll deductions as well as W2 preparation and distribution. Accounts Payable is mainly responsible for processing county payments to outside vendors in a timely, accurate, and secure manner, and preparing and filing related 1099s.
The Purchasing division supports the county by facilitating the acquisition of essential goods and services through fair and open competition. Purchasing ensures that county departments, offices, and agencies receive the best value—balancing quality, service, and price. Purchasing also processes and awards contracts for construction projects bidding events, price only, and service contracts.
Frequently Asked Questions
The county's fiscal year is July 1 to June 30. Guilford County, like many other governmental entities, operates on an annual financial (or fiscal) year which is distinct from the calendar year. For example, fiscal year 2012 began on July 1, 2011 and ends on June 30, 2012. By law, the State of North Carolina and all North Carolina counties and municipalities operate with such fiscal years.
Guilford County is audited by an independent external auditing firm each year. The county is required by North Carolina General Statutes to have an audit of the general financial statements performed by an independent Certified Public Accountant (CPA). The CPA issues an opinion that is published with the county's annual audited financial statements. As overseer, the State Treasurer receives a copy of the county's annual audited financial statements. The annual audited financial statements are available for public review online and at the county’s Finance Department.
Guilford County has an Audit Committee that includes two (2) or three (3) people from the governing body with experience in financial matters. One of the committee's responsibilities is to screen and recommend to the Board of Commissioners an independent auditor based on specific criteria, including qualifications, experience, approach, and local needs. The auditor should be a CPA, a CPA firm, or an accountant certified by the North Carolina Local Government Commission as qualified to audit local governments.
An effective procedure for selecting an auditor usually begins by preparing a Request fFor Proposal (RFP) to send to prospective auditing firms that addresses the scope of the audit, the auditing standards to be used, the type and extent of assistance that will be provided to the auditor, and the reports that will be required, as well as related distribution and timing. The audit contract must be approved by the North Carolina Local Government Commission.
North Carolina General Statutes specifies how debt must be approved, sold, and repaid. These laws and regulations, which provide debt policy for most North Carolina local governments, are available on the State Treasurer website. Guilford County's Debt Policy was adopted by the Board of County Commissioners on July 22, 2004.
Fund balance is defined as the difference between the assets and liabilities of a fund. The North Carolina Local Government Commission states that the fund balance available for appropriation should not drop below eight percent (8%) of total expenditures. Guilford County has also adopted a minimum fund balance policy for the General Fund which instructs management to conduct the business of the county in such a manner that the available fund balance is no less than 8% of budgeted expenditures.