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SECTION D -- COURTS AND CONSTITUTIONAL OFFICES
OFFICE OF THE TREASURER
ACCOUNTING AND TREASURY MANAGEMENT DIVISION
PROGRAM MISSION: To safeguard, manage,
and account for all revenues received by the County ensuring the security of
County funds, and the availability of these funds to meet County expenditure
requirements.
The Accounting and Treasury Management
Division ensures the security of County funds, and the availability of those
funds to meet County expenditure requirements.
This includes the investment of revenues and bond proceeds not
immediately required for operational and capital activities according to budget
forecasts for short and long-term cash flow requirements. Funds are invested to obtain the highest
yield possible while protecting the principal invested. Timely and accurate accounting for revenues
provides financial information critical to the management of the County
budget. The Division organization
encompasses two main areas, which are segregated for purposes of necessary
checks and balances: Accounting and Treasury Management Sections.
The Accounting Section prepares and enters data which accurately reflects
revenue activity for the general and subsidiary ledgers, and reports activity
based upon County bank accounts and bond fund records. This section is responsible for the timely
reporting and remittance of funds received on behalf of the Commonwealth (e.g.
estimated state income tax payments) and for the reporting to the Commonwealth
of abandoned property. Treasurer's
schedules and exhibits presented in the County's Comprehensive Annual Financial
Report (CAFR) are prepared by this section.
The Accounting Section ensures the integrity of transactions entered
into the general and subsidiary ledgers; monitors established control
procedures, and completes bank reconciliations, daily audits of cashier work
and administration of the pay-at-the-bank program. This section also performs analysis and development of policies
and procedures to ensure that internal control and the security of County funds
are maintained. This section provides
refunds, when appropriate, to taxpayers in the timeliest manner possible.
The Treasury Management Section monitors the receipt of funds,
forecasts cash flow requirements, selects banking services and maintains
banking relationships. This section
also manages the investment portfolio for the County consistent with the state
statute and Arlington County's investment policy, and seeks to match projected
cash flow requirements with investment maturities. This section prepares the Treasurer's reports to the County
Finance Board. County accounts payable
and county payroll checks are printed and distributed to the various county
agencies by this section.
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Accounting and
Treasury Management
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FY 2004
Actual
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FY 2005
Adopted
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FY 2006
Proposed
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% Change:
'05 to '06
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Personnel
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$784,698
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$816,360
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$817,545
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-
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Non-Personnel
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17,033
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12,798
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12,798
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-
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Total Expenditures
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801,731
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829,158
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830,343
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-
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Revenues
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125,074
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106,924
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111,369
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4%
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Net Tax Support
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$676,657
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$722,234
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$718,974
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-
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Authorized FTEs
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10.0
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10.0
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10.0
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Funded FTEs
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10.0
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10.0
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10.0
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SIGNIFICANT
BUDGET HIGHLIGHTS:
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Revenue increased ($4,445) due primarily to the FY 2005
cost of living increase approved by the State Compensation Board and the new
Department of Motor Vehicle fee revenue received for the operation of the DMV
Select satellite office established in November 2004.
PERFORMANCE MEASURES:
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FY 2002 Actual
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FY 2003 Actual
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FY 2004 Actual
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FY 2005 Estimate
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FY 2006 Estimate
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FY 2006 Goal
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Mission Outcome
Measures
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Investment
performance to ensure earnings over 90 day T-bill rate
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100%
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100%
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100%
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100%
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100%
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100%
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Earnings
credit rate (ECR) performance, ensure earnings over 90 day T-bill rate
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75%
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75%
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50%
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75%
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75%
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75%
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Bank
reconciliation within accounting close date
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35%
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50%
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59%
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75%
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80%
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80%
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Cash flow forecast actual to forecast
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50%
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75%
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75%
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80%
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80%
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80%
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Customer Measures
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Meet or
exceed the DMF monthly closing schedule
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58%
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83%
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72%
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80%
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85%
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85%
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Reduce the
amount of abandoned property remitted to state
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79%
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82%
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82%
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70%
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80%
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80%
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Number of
significant audit (outside) exceptions included in the final audit report
attributable to the Treasurer's office
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1
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0
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0
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0
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0
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0
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Number of
audit exceptions in the annual state funds audit report
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1
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0
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0
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0
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0
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0
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-
Uncashed payments
issued by Arlington County are considered abandoned property at the end of each
fiscal year. The Treasurer's office has
until November of the next fiscal year to have the payments cashed by the
property owner. If the check is not
cashed, the money is remitted to the state as abandoned property. The Treasurer's office goal is to reduce the
fiscal year-end outstanding balance by 80%.
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