Financial Management Functions
The organization of major financial management functions--budgeting, accounting and audits are provided for specifically in the Charter for Prince George’s County. Recognition is given to the importance of these major functions by the establishment of the Office of Management and Budget for formulation and evaluation of the operating and capital budget, the Office of Finance for accounting and reporting, and the Office of Audits and Investigations for internal audit. The Office of Management and Budget and the Office of Finance are established within the Executive Branch of the County government. The Office of Audits and Investigations, responsible for financial, performance and special audits, is a part of the Legislative Branch, and, thereby, maintains the independence essential to the conduct of audits.
Office of Management and Budget
The Director of the Budget, reports to the County Executive through the Chief Administrative Officer, prepares the operating and capital budget, the capital improvement program, and advises upon request for County funds and upon revenue needs. In the execution phases of budgeting that is, the administration of budgets after adoption, the Director assists the County Executive in exercising control of staffing of agencies and equipment purchases.
Office of Finance
The Director of Finance, reports to the County Executive through the Chief Administrative Officer, has three major areas of responsibility--accounting, finance, and financial systems. In the accounting area, he maintains the system of accounts and prepares periodic financial reports. Coincident with accounting and reporting, he has responsibility for control of appropriations and for the prevention of expenditures, which may exceed an appropriation or is otherwise inappropriate. The Director is responsible for certifying that available funds exist when such certification may be required by law. Functions related to finance, include the collection and billing for all receipts, due the County; deposits, investments, and custody of all funds; bond sales and debt management; and conduct of tax sales.
Responsibility for prescribing accounting systems may include systems development and installations, systems modification and systems monitoring to ensure that financial information is produced in accordance with desired objectives. The County presently uses a GEAC financial account system to maintain its system of accounts and control expenditures. The responsibility for maintaining this system rests with the Office of Finance.
Interrelationships -- The interrelationship between budgeting and accounting, even though separated organizationally, may be viewed as a continuous process with the planning process dominating budgets, and the accountability and informational elements dominating accounting. Through the audit process, safeguards are provided to ensure that operations are as approved or that corrective action is taken when necessary.