The Finance Division provides fiscal analysis and management services to the Council Administrator, City Council and all city departments throughout the organization. This division is responsible for all accounting records and reports including the Annual Financial Report.
The Finance Division manages the city’s general ledger, treasury functions, cash flows, investment activity, accounts payable, accounts receivable and the administration of special assessments. The division assists in the budget and five-year capital improvement plan compilation and development, the issuance of bonds and other indebtedness of the city, risk management activities and legislative activities as they pertain to protecting state-level revenue sources.
Due to the importance of proper stewardship of public money, the State of Minnesota requires cities to have an outside, independent, accounting firm audit the City of Red Wing’s financial operations on an annual basis. The audit provides for testing of internal controls, operational and accounting processes, compliance with laws and regulations and financial reporting. The audit is intended to provide reasonable assurance that the financial statements of the City of Red Wing are not materially misstated and that accounting is in accordance with Generally Accepted Accounting Principles (GAAP). This audit is presented annually to the City Council by the independent auditors in a series of documents with any notes of concern indicated.
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