Town of Blacksburg Adopted Operating Budget FY 2027

FINANCE DEPARTMENT

NARRATIVE

The Finance Department maintains a high standard of financial excellence by providing the citizens, vendors and co-workers with exceptional, ethical and professional customer service through the collection and disbursement of funds, financial reporting, management of assets and risks, and administrative and procurement services. The department is composed of five divisions: General Administrative Support, Accounting, Management Information Systems, Purchasing, and Utility Services. FY 2026 ACCOMPLISHMENTS  Managed the annual Audit and prepared the Annual Comprehensive Financial Report (ACFR) for the Town and its Fiscal Agencies.  Managed the Town’s Capital Improvement Program (CIP) and Operating Budget.  Collaborated with the Town Attorney’s Office regarding collections during a difficult economic environment.  Managed the Cost Allocation Plan process.  Managed the Other Post-Employment Benefit (OPEB) Plan valuation.  Managed the American Rescue Plan Act (ARPA) Fund spending, reporting, and audit documentation.  Implemented Governmental Accounting Standards Board (GASB) Statement No. 101 Compensated Absences.  Filled the Finance Director, Assistant Finance Director, and Budget Manager positions.  Continued to assist departments with the updated federal procurement policies.  Continued to provide excellent customer service with reduced staffing challenges. FY 2027 OBJECTIVES  Manage the annual Audit and prepare the ACFR for the Town and its Fiscal Agencies.  Manage the Capital Improvement Program and the Operating Budget.  Manage the Series 2028 General Obligation Bond Issue.  Manage the Cost Allocation Plan process and the OPEB Plan valuation.  Manage ARPA funds, including federal compliance, monitoring and reporting requirements.  Continue to improve the online system processes for business licenses, meals tax, and lodging tax renewals and payments.  Implement timekeeping software Town-wide.  Implement and train on OpenGov budget and reporting platform.  Continue to monitor and implement new GASB standards.  Continue to improve the process for Electronic Funds Transfer (EFT) payments for vendors.  Monitor the development of data standards and regulations by the federal government for the recent passage of the Financial Data Transparency Act (FDTA).

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