Douglas Stansil
 

OPERATING AUTHORITY AND PURPOSE

The Finance Department assists the County Executive in preparing the annual Executive Budget document, monitors and controls the day-to-day financial operation of the County to ascertain compliance with policies and authorized levels of appropriation, analyzes the potential fiscal impact of County policy initiatives under consideration, and determines the probable impact of both adopted and proposed Federal and State legislation, regulation, and administrative codes.

The Finance staff informs the County Board, its Finance Committee, and other appropriate committees in matters concerning the current financial condition of the County and its various divisions, departments, and programs, prepares fiscal notes for all proposed legislation and contracts, and reviews bills prior to recommending them for payment or other action by the Finance committee.

The Finance Department assists Racine County’s auditors in preparing the annual audit and provide directions and policy coordination to all other County accounting personnel. The Finance Director advises the County Executive, County Board, and Finance Committee regarding appropriate changes in accounting policies and procedures.

The Finance Department keeps the general books of accounts and is responsible for the payroll system.

The Finance Director acts as the County Auditor.
 

 EVALUATION OF PERFORMANCE MEASURES

One goal of the Finance Department for 2002 was to implement on-line requisitions in the purchasing system. While not yet complete, we have continued the process of moving departments to on-line requisitions. The following Departments are currently using on-line requisitions: Building & Facilities Mgmt, Public Works Department, Human Service Department

A second goal for this year was to implement on-line contracts. 2002 contracts are now entered into the financial system. Work is continuing to improve the system.
Although not stated as a goal for 2002, the department worked with the Treasurer’s office to implement an investment management agreement with M&I Trust. We expect to earn a higher rate of return on investments under this arrangement.

A team of financial personnel planned for the implementation of GASB#34 for the 2002 financial reports. Work will continue on this project through 2003.

An internal audit of retiree health insurance bill processing was completed.
 

2003 GOALS AND BUDGET STRATEGIES

•    Continue to develop new reports on the JD Edwards financial system that can be used to report directly to the state agencies requiring the information.
   
•    Complete two internal audits of selected County departments.
   
•    Continue to increase the number of County departments using on-line requisitions.
   
•    Issue an RFP and select auditors for 2003 through 2007.
   
•    The Governmental Accounting Standards Board has issued GASB#34, which is a major revision of current accounting practices. The County will be required to implement this standard for the fiscal year of 2002. A team of our financial personnel has already started to analyze and plan for this major change in our financial reporting. This is a multi-year project.