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The Administrative Business Department provides fiscal analysis and management services to the Council Administrator, City Council and all city departments throughout the organization. This department is responsible for all accounting records and reports including the Annual Financial Report.
The Administrative Business Department manages
- Accounts payable
- Accounts receivable
- Administration of special assessments.
- Cash flows
- City's general ledger
- Investment activity
- Treasury functions
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.
Independent Accounting / Audit
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 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.
The audit provides for:
- Compliance with laws and regulations
- Financial reporting
- Operational and accounting processes
- Testing of internal controls