Finance

The Department of Finance is responsible for all activities relating to the collection of revenue and expenditure of funds for the Town. Staffed by a Finance Administrator and Finance Assistant, this department handles accounts payable, accounts receivable, payroll, tax reporting, insurance, coordinates the annual audit, prepares the Comprehensive Annual Financial Report, and ensures timely filing of all necessary financial reports.

Supporting this small staff is the Finance Officer who is a member of the Town Council appointed to take on this added responsibility. By State Law, the Finance Officer is ultimately responsible for all financial operations of the Town. Through the Town Manager, the Finance Officer directs the activities of the Department of Finance as they carry out these important duties. The Department of Finance also works with the Town Manager and Finance Officer in the preparation of the annual budget.

The Town of River Bend operates three principle funds, two of which are enterprise funds and the other the General Fund. We have an enterprise fund for our water utility and an enterprise fund for our sewer utility.

Keeping funds separate ensures that revenues received in the enterprise areas are used only for expenses related to those areas and not for general fund type expenditures and that the enterprises are completely supported by their specific revenue and not by general fund revenue. The easiest way to think about the water and sewer funds is that they operate like a business, with prices set to ensure expenses can be paid and there is adequate reserve to handle unforeseen problems that arise.

 

Schedule of Rates and Fees

 

NC State Treasurer Financial Analysis Tools and Reports

 

Our Budget Preparation Process

The Town of River Bend employs a progressive and transparent budget development process that allows for significant participation from elected officials, advisory boards, staff, and the public. The budget process typically begins at the January Council Work Session with the Budget Kick-Off presentation. It includes a discussion of the general priorities of the Council for the next fiscal year. These priorities help form the framework for the preparation of the budget. The Town Manager presents his budget recommendation in early May. The process ends with the adoption of the new budget during the June Council meeting. The dates of the meetings vary from year to year. Adoption of the budget is preceded by a public hearing. The budget becomes effective on July 1 of each year.

The Town Council approves scheduling a series of Budget Workshops annually beginning in March. This series of meetings allows the Council, staff, and the public who attend, to discuss the budget in great detail, examining each expense in light of the needs of the enterprise funds and the general fund departments. The meetings and documents related to them are posted on the Town’s web page in advance of the meetings. Information about previous budgets and the current budget can be found on this page on the “Adopted Budgets” tab.

Financial and Budgetary Policies Effective June 18, 2020

 

Moody's Annual Comment on River Bend

 

Audit Committee

Irving Van Slyke, Finance Officer
Delane Jackson, Town Manager
Margaret Theis, Finance Administrator
Harry McClard, Councilman
L.J. Danehy, Citizen Member