Find Olmsted County Minnesota finance departments, DFS, and DOF. Finance departments provide information on financial services, finance, taxation, and banking.
Olmsted County Finance Departments are government agencies responsible for financial administration, including accounting, cash management, investment management, debt management, the preparation of financial statements, and the enforcement of financial controls in Olmsted County, MN. In most cases, a Finance Director or Controller appointed by the chief executive heads the Olmsted County Department of Finance. An elected or appointed Treasurer may also head the department. At the Olmsted County or local government level, the Finance Dept may be the parent agency for divisions charged with Olmsted County assessment, tax collection, and purchasing. At the Minnesota State level, the department may have regulatory responsibilities for banking or insurance.You may contact the Department of Finance for questions about:
Olmsted County Finance Departments record all government financial transactions as part of their accounting responsibilities. These transactions include accounts payable, accounts receivable, payroll, and the processing of employee benefits. Olmsted County Departments of Finance are also responsible for periodically reconciling bank statements to the general ledger in order to ensure the accuracy of financial records. Each year, Finance Departments prepare annual financial statements based on financial activity for the prior year. The Olmsted County financial statements are audited by an outside agency to verify that they are a fair representation of the organization's financial situation.Financial Reporting & Controls
Finance Departments develop and implement internal controls to ensure transparency in financial management, and to prevent fraud and the misappropriation of funds. Olmsted County Finance Departments enforce rules for approving and processing payments, handling cash, and other procedures. Part of the annual audit process involves reviewing the organization's compliance with internal controls.Olmsted County Unclaimed Property
Olmsted County Finance Departments provide information on unclaimed property. Unclaimed funds and property in Olmsted County may be recoverable by their rightful owners in Minnesota. Finance Departments provide access to databases for discovering Olmsted County unclaimed property and information about how to recover found cash and property.Government Bonds & Debt Offerings
Finance Departments manage the issuance of Olmsted County bonds and other forms of debt that are used to pay for infrastructure improvements and other public projects. Finance Departments size the bond offering and prepare the Official Statement, which, along with the annual financial statement, provides rating agencies with a basis for assigning a credit rating to the bonds.Olmsted County Government Investments
Finance Departments are responsible for the organization's cash management and investments. The Olmsted County Department of Finance must balance the need for cash on hand to pay for current activities and obligations, with the need for maximizing investment returns. Most Finance Departments have adopted policies on cash management and investment.