The Accounting and Payroll Division maintains the City's general ledger, processes payroll, accounts payable and miscellaneous accounts receivable, and produces the City's Comprehensive Annual Financial Report (CAFR).
The division closely monitors the City's cash flow with excess funds being invested at all times. The City has a diversified portfolio in accordance with the City's investment policy, and all the City's investments are in compliance with the Budget and Fiscal Control Act of the North Carolina General Statues.
Accounting and Payroll assists the Fianance Director and City Manager in preparing the City's annual operating budget, and the division arranges all debt financing and is responsible for all aspects of the City's audit. The audit is performed each August and lasts two weeks. The CAFR is completed in late summer/early fall and submitted to the Local Government Commission by the Oct. 31 deadline.