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The Town of McBee is responsible for the many Town functions involving money. These functions include: the receipt of funds such as taxes, license fees, service charges and other Town revenues; payment of Town expenses and employee payroll; and investment of funds not yet needed.
Financial reporting involves record keeping and reporting including a state-mandated audited annual financial report and monthly reports on Town Operations designed to keep the Town Council informed about the Town's financial status. Timely delivery of this service is essential for proper and effective financial management. Responsible for maintaining the accounting and financial reporting systems for the Town's various funds, each fund is considered as a separate entity with its own set of records.
The Town Council works together to establish and maintain sound financial polices and controls. The financial obligations includes Accounting and Budgeting.
The Accounting function includes weekly Town-wide accounts payable and payroll processes, including processing all invoices and payroll. General ledger accounts are analyzed and reconciled, with each fund's financial statements being prepared monthly for the Council to review. Monthly, Quarterly, and Annual reports are filed in accordance to state, county, and federal requlations. Assisting the Independent Auditors, the Town provides all requested documents for the Annual Audit.
The Budget function includes coordinanting the annual budget process for the Town, preparing the budget for all departments and assisting the various departments in the development of their budget. Data is analyzed to help monitor the spending against the budget during the year.
The goal of the Town's financial reporting is to provide high quality financial services to the citizens of the Town of McBee by:
- Providing accurate, complete and timely information regarding the Town's financial condition and transactions
- Protecting Town assets against unauthorized use and managing Town assets for their most productive use
- Administering the Town's revenue ordinances and finance-related laws, regulations and contracts in an efficient and equitable manner
- Providing administrative services to other Town departments to obtain the supplies, equipment, and services they need