Financial Services
248.524.3411
The mission of the Accounting Department is to achieve excellence in the accounting of all financial transactions, and provide support to City departments with financial, budgetary and procurement issues. The mission of Risk Management is to acquire appropriate insurance coverage for the City and to evaluate City facilities, activities, procedures, and policies to limit risks.
The Financial Services Division encompasses the Accounting, Risk Management and Treasury functions.
The Accounting Department is responsible for the books of original entry for the assets, liabilities, equities, revenues and expenditures of the City. Payroll, retiree payments, accounts payable, escrow deposits, fixed asset details, grant records, and accounts receivable are under the direction of the financial services director.
All funds are monitored for accuracy and proper accounting methods. An annual audited financial report, required by State statute, is produced and expanded into a Comprehensive Annual Financial Report.
Monthly financial reports are provided to all departments. These reports provide actual expenditures for the previous fiscal year and current expenditures to date as compared to budgeted amounts for the current year. Any questions regarding these reports are handled through the Accounting Department.
DID YOU KNOW
- The City of Troy was given a loss control award from the Michigan Municipal League Workers' Compensation Fund for the greatest reduction in loss experience modification factor for a community with a premium above $100,000 for policy year 2005/06.
