Redwood City Finance Department

The Redwood City Finance Department is responsible for managing the financial resources of the city, ensuring fiscal stability, and providing accurate and transparent financial information to the public and city stakeholders. It plays a crucial role in supporting the delivery of essential services to the Redwood City community.

Key Responsibilities

Budgeting: The department prepares and manages the city’s annual budget, aligning resources with strategic priorities and community needs. This includes forecasting revenues, allocating funds to various departments, and monitoring budget performance throughout the year. The budget process is often collaborative, involving input from city departments, the City Council, and the public.
Accounting and Financial Reporting: Maintaining accurate accounting records, preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and ensuring compliance with federal, state, and local regulations are core functions. The department is responsible for producing the Comprehensive Annual Financial Report (CAFR), a detailed document that provides a comprehensive overview of the city’s financial position.
Treasury Management: The Finance Department oversees the city’s investments, managing cash flow and ensuring the safety and liquidity of funds. The goal is to maximize investment returns while adhering to prudent risk management principles. This involves monitoring market conditions and making investment decisions in accordance with the city’s investment policy.
Procurement: Managing the city’s procurement process, ensuring fair and competitive bidding practices, and compliance with purchasing policies. This includes soliciting bids for goods and services, evaluating proposals, and awarding contracts. The department aims to obtain the best value for the city while promoting ethical and transparent procurement practices.
Revenue Collection: Collecting various city revenues, including property taxes, business licenses, and other fees. Accurate and efficient revenue collection is essential for funding city services.
Debt Management: Managing the city’s debt portfolio, including issuing bonds and other forms of debt financing to fund capital projects. The department strives to maintain a strong credit rating to secure favorable borrowing terms.

Transparency and Accountability

The Redwood City Finance Department is committed to transparency and accountability. Financial information is readily available to the public through the city’s website, including budget documents, financial reports, and other relevant information. Regular audits are conducted to ensure the integrity of financial operations and compliance with regulations.

Contact Information

For specific inquiries or more detailed information about the Redwood City Finance Department, please visit the city’s official website or contact the department directly. Contact information, including phone numbers and email addresses, can typically be found on the city’s “Finance” or “Budget” webpages.

The Finance Department is crucial for the overall well-being and smooth operation of Redwood City, ensuring that resources are managed responsibly and effectively to serve the needs of its residents and businesses.