Central Accounting Operations has about 74 employees and provides core services such as accounts payable and financial reporting. The Claims Section audits and pays vendors with contracts approved by the Board or by the County’s Purchasing Agent. These payments are for a large variety of goods and services which are necessary to keep the County functioning.
Each December, the Financial Reporting Unit publishes the County’s Annual Comprehensive Financial Report (ACFR), which presents the County’s audited financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The ACFR is used by the public, bond-rating agencies, government, and internally to examine the financial health of the County. Based on the ACFR, staff also produces the OC Citizen’s Report which is a distillation of the most important findings in the ACFR but written for the lay person. The Financial Reporting Unit is also responsible for preparing the Single Audit Report, a federal requirement for governments that receive federal financial assistance and is required to continue receiving such assistance.
Central Accounting Operations – Comprised of seven units. They are: Central Payroll & Employee Benefits Accounting, Central Claims and Disbursing, Financial Reporting & Mandated Costs, General Accounting, Cost Revenue and Budget, Property Tax and Countywide Oversight Board. These units provide core services such as payroll, accounts payable, mandated financial reporting, maintenance of the property tax rolls and apportionment to all taxing entities. Furthermore, these units also conduct vital checks and quality controls for the County’s financial records, daily monitoring and reconciliation of the County’s bank accounts, recording and monitoring of County capital asset records and preparing the CWCAP to help departments maximize revenues from federal and state funding sources for the recovery of County indirect costs