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.
Accounting and Financial Reporting Excellence Award
September 16, 2021 - Rocky Hill as been awarded the Certificate and Award of Financial Reporting Achievement from the Government Finance Officers Association. Read the Award Letter (PDF).
The Finance Department daily responsibilities include the:
- Processing of payrolls
- Payment of vendor bills
- Day-to-day maintenance of the general ledgers of the various funds of the Town
- Processing of non-tax revenue
- Cash management of the Town funds
Other areas of responsibilities are:
- Financial planning
- Financial report preparation
- Pre-audit of all cash disbursements
- Issuance of debt with general obligations bonds
- Maintaining the Town and School Capital Improvement Program
- Administration of the Town's property, casualty, and liability insurance program
- Supervision of the Town's annual independent financial audit
The Director of Finance, who serves as the Chief Financial Officer, manages the Department.
Comprehensive Annual Financial Reports
The Town yearly issues a Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30th on its financial standing. For the last 20 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 July 1, 2019): 20,168
- School Enrollment (as of October 1, 2020): 2,625
- Mill Rate (Budget Year 2021 to 2022): 34.1 mills
- Net Grand List October 2019: $2,245,940,669
- Credit Rating: AA+ Stable (Standard and Poor's)
- Debt as of June 30, 2022: $72 million of General Obligations Bonds Outstanding
Adopted Budget 2021 to 2022
|Revenue||Amount||Percent of Total|
|Various Town Revenue||$4,178,392||5%|
|Expenditure||Amount||Percent of Total|
|Town Operating with Capital||$31,959,716||36%|
|Education with Capital||$48,655,761||55%|