Bay Harbor Islands Finance Department Maintains Fiscal Health, Earns 22nd Year of Reporting Excellence

The Bay Harbor Islands Finance Department continues to manage the town's financial operations, ensuring fiscal stability and transparency for residents. The department handles general ledger accounting, utility billing and collections, payroll, accounts payable and receivable, and employee retirement plan administration.

The Finance Department also prepares and controls the town's annual budget. It provides financial analysis to other departments, supporting informed decision-making across town services. State law mandates that all local governments publish complete financial statements in conformity with generally accepted accounting principles (GAAP) and undergo an audit by a licensed CPA firm. The department issues the town's Comprehensive Annual Financial Report (CAFR) to meet these requirements.

Bay Harbor Islands has consistently demonstrated financial excellence, receiving the Certificate of Achievement for Excellence in Financial Reporting from the Governmental Finance Officers Association (GFOA) for 22 consecutive years. This recognition highlights the department's commitment to high standards in financial reporting and management.

Residents can access various financial reports to stay informed about the town's fiscal health. These include budgets from the Fiscal Year Ended September 30, 2017, up to the Fiscal Year Ended September 30, 2026. Annual Comprehensive Financial Reports (ACFR) are also available, covering periods up to the Fiscal Year Ended September 30, 2025.

These reports provide detailed insights into how the town's money is managed and allocated, reinforcing the department's dedication to public accountability.