Bergen County Finance Division: Stewards of Fiscal Responsibility

The Bergen County Finance Division is the backbone of the county's operational and administrative functions, playing a critical role in managing and safeguarding public funds. Its primary responsibility is to ensure the fiscal health and stability of Bergen County through sound financial planning, budgeting, and execution.

At the core of the Finance Division lies the Budget Office. This department is responsible for the meticulous preparation and monitoring of the annual county budget. This involves collecting budgetary requests from various county departments, analyzing revenue projections, and presenting a comprehensive financial plan to the County Executive and Board of Commissioners for approval. Once adopted, the Budget Office continuously tracks expenditures against the budget, providing regular reports and recommendations to ensure adherence and identify potential issues.

The Treasury Department manages the county's cash flow, investments, and debt. This includes collecting revenues from various sources, disbursing payments to vendors and employees, and investing surplus funds in accordance with state regulations and prudent investment strategies. A key function is to maximize returns on investments while minimizing risk, ensuring the county has sufficient funds available to meet its financial obligations. The Treasury also manages the issuance of bonds and other debt instruments to finance capital projects, carefully analyzing market conditions and negotiating favorable terms.

Accounting and Auditing is another vital component. This department maintains accurate and complete financial records, ensuring compliance with Generally Accepted Accounting Principles (GAAP) and state and federal regulations. They prepare financial statements, conduct internal audits to assess internal controls and identify areas for improvement, and coordinate with external auditors during the annual independent audit process. The independent audit provides assurance to taxpayers and stakeholders that the county's financial statements are fairly presented and accurately reflect its financial position.

The Finance Division also oversees Purchasing, ensuring that all county procurements are conducted fairly, transparently, and in accordance with established procedures. This includes soliciting bids from vendors, evaluating proposals, negotiating contracts, and monitoring vendor performance. The goal is to obtain the best value for taxpayers' money while promoting competition and preventing fraud and abuse.

Effective Risk Management is increasingly important. The Finance Division proactively identifies and assesses potential financial risks facing the county, develops mitigation strategies, and implements insurance programs to protect against potential losses. This includes risks related to property damage, liability, and cyber security.

Through its various departments and functions, the Bergen County Finance Division strives to maintain the highest standards of financial integrity, transparency, and accountability. Its work ensures that county resources are used efficiently and effectively to provide essential services to the residents of Bergen County and to support the overall well-being of the community. By prioritizing sound financial management, the Finance Division contributes significantly to the long-term economic prosperity and stability of the county.