The Finance Department is committed to provide accurate, clear, and timely financial information and services to the various town departments as being part of a well-run, fiscally strong organization. Following General Accepted Accounting Principles in order to keep the elected officials as well as the community as a whole well informed on the financial standing of the Town, this group of professionals is devoted to excellence and to integrity as they provide quality customer service to its constituency.
The Finance Department daily responsibilities include the processing of payrolls, the payment of vendor bills, the day-to-day maintenance of the general ledgers of the various funds of the Town, the processing of non-tax revenue, and the cash management of the Town funds. Other areas of responsibilities are budgeting, financial planning, financial report preparation, pre-audit of all cash disbursements, the issuance of debt with general obligations bonds, maintaining the Town and School Capital Improvement Program, the administration of the Town’s property, casualty, and liability insurance program, and the supervision of the Town’s annual independent financial audit. The Director of Finance, who serves as the Chief Financial Officer, manages the department.
The Town yearly issues a Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30th on its financial standing. For the last 18 consecutive years, the Finance Department has received from the Government Finance Officers Association (GFOA) the Certificate of Achievement for Excellence in Financial Reporting for its CAFR. This award symbolizes that the Town publishes a readable and well organized financial report that satisfies accounting principles accepted in the United States, applicable legal requirements, and certain criteria established by the GFOA.
Rocky Hill Financial Facts
|Population (as of 07/01/14)||20,094|
|School Enrollment (as of 10/1/2015)||2,608|
|Mill Rate (Budget Year 2015-16)||29.7 mills|
|Net Grand List October 2014||$2,017,451,750|
|Credit Rating||AA+ Stable - Standard & Poors|
|Debt as of 6/30/2015||$28.1 million of|
|General Obligations Bonds Outstanding|
Adopted Budget 2015-16
|Revenues||Amount||% of Total|
|Various Town Revenue||$1,958,415||3%|
|Expenditures||Amount||% of Total|
|Town Operating w/ Capital||$27,436,749||40%|
|Education w/ Capital||$38,490,924||56%|