Finance

The Finance department is responsible for:

• Review and preparation of the annual operating and capital budgets.
• Revenue and expenditure forecasting.
• Legislative analysis.
• Cash management.
• Operating the enterprise-wide accounting and payroll systems.
• Financial reporting.
• Investments.
• Debt financing.
• General financial analysis.
• Coordination of internal and external audits.
• Procurement.

Operating budget

The county uses its operating budget as a way to monitor revenue and expenses and to improve financial management and strategic planning.

Capital Improvement Program/Capital budget/Bonds

The Capital Improvement Program (CIP) allows the county to fund important projects that provide citizens a variety of services. These projects can range from the purchase of major equipment to the construction of new facilities or the renovation of existing facilities to improve efficiency. The county typically finances capital projects by selling bonds. 

Accounting and financial reporting

The countywide accounting systems ensure that financial transactions are processed efficiently and accurately. It also provides uniform reporting standards and strengthens accounting practices. The county added an internal audit function in 2009 to provide an independent appraisal function to review and evaluate the adequacy and effectiveness of Ramsey County's system of internal controls. Financial reports are prepared annually and present the county's financial position, along with data on historical trends and demographic information.

Cash management

County funds are invested prudently to assure preservation of principal, provide needed liquidity for daily cash requirements and provide an acceptable rate of return. Investments are made in accordance with the county's investment policy.

The county's long-term debt is managed with the goal of maintaining the strongest credit rating in accordance with the county's debt policy. 

Cash management involves establishing banking relationships and using tools to efficiently manage county funds. It also involves analyzing, forecasting and reporting on county investments and debt conditions to all necessary parties.

Procurement

Procurement is responsible for acquiring all supplies, equipment, materials and/or labor services, and construction, professional and client services made by or on behalf of the county, its agencies, departments, officials and authorized agents.

Procurement strives to acquire goods and services at the lowest cost, consistent with prevailing economic conditions, appropriate standards of quality and continuity of service, while establishing and maintaining a reputation for open access, transparency, fairness and integrity.　

Acquisitions are made in a manner that provides efficient and effective use of county funds while also protecting the interests of county taxpayers.

Procurement actively promotes the county’s Small Business Enterprise (SBE) program and complies fully with all applicable federal, state and local laws, the County Administrative Code, and procurement rules, regulations, processes and procedures.