King County’s Finance and Business Operations Division (FBOD) serves as the central financial hub for the county, encompassing a broad range of responsibilities critical to the efficient and responsible management of public funds. Its core mission is to provide accurate, timely, and reliable financial information and support to King County agencies, employees, and the public, ensuring transparency and accountability in all fiscal operations.
The FBOD is structured into several key sections, each specializing in a distinct area of financial management. The Accounting Section maintains the county’s official accounting records, preparing financial statements and ensuring compliance with Generally Accepted Accounting Principles (GAAP). This section also plays a vital role in internal controls, safeguarding county assets and preventing fraud or misuse of funds. Their work includes detailed reconciliation of accounts, grant management, and oversight of capital projects.
Treasury Operations manages the county’s cash flow, investments, and debt. This involves accurately forecasting revenue and expenditures, investing surplus funds to maximize returns while minimizing risk, and issuing debt instruments (like bonds) to finance capital projects. They are responsible for maintaining the county’s credit rating, a critical factor in securing favorable borrowing terms. The Treasury team ensures the County has sufficient liquidity to meet its daily obligations.
The Budget Office develops and manages the county’s annual budget, a complex process involving input from all county agencies and elected officials. They analyze budget requests, project revenues, and allocate resources based on priorities and legal mandates. The Budget Office monitors budget performance throughout the year and makes recommendations for adjustments as needed. This office plays a key role in ensuring that County services are delivered efficiently and effectively.
Procurement Services oversees the county’s procurement of goods and services. This involves developing and implementing procurement policies and procedures, managing competitive bidding processes, and ensuring that contracts are awarded fairly and transparently. Procurement Services is committed to promoting equitable contracting opportunities for small businesses and minority-owned businesses. They also work to leverage the county’s purchasing power to achieve cost savings and environmental sustainability goals.
Risk Management identifies, assesses, and manages the county’s exposure to risk. This includes purchasing insurance, managing claims, and developing risk mitigation strategies. Risk Management plays a crucial role in protecting the county’s assets and ensuring the safety of its employees and the public. They also provide training and education to county employees on risk management principles and best practices.
The Finance and Business Operations Division is continually working to improve its services and processes, leveraging technology and data analytics to enhance efficiency and transparency. Their work underpins virtually all aspects of County operations, providing the financial foundation for essential services like public safety, transportation, health, and human services. The FBOD’s commitment to sound financial management is essential to ensuring the long-term fiscal health and stability of King County.
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