The Department of Finance maintains financial management systems as well as sustains, communicates, and enforces an effective internal control structure to allow:

• City employees to produce accurate information in a format that enables the safeguarding & maximization of resources & services.
• City management to understand the City's financial status and progress against objectives and financial constraints, to make decisions and to demonstrate compliance with restrictions on the use of resources.
• Elected officials to ensure that performance goals are being met in accordance with the appropriated resources.
• Waterbury citizens to determine the success of elected and appointed officials in using City resources in a manner consistent with the desires of the citizens as enumerated in the City Charter and Budget.
• Other interested parties to understand the source and use of City resources, the creditworthiness of the City, and whether the City is complying with legal and contractual requirements.

Department of Finance responsibilities include:

• Provide consistent, timely and accurate financial reporting.
• Maintain and support the utilization of the LAWSON Financial Procurement and HR Suite System.
• Cash and investment management for all City funds and the coordination of all banking operations.
• Processing of cash receipts and preparation/ processing of weekly payrolls and accounts payable checks.
• Oversee the City's Capital Projects for budgetary compliance, grant reimbursement filings & administration of capital debt financing plan.
• Oversee the administration and reporting requirements of non-capital City grants.
• Risk Management oversight of activities accounted for in the City's Health, Workers Compensation, General Liability and Heart and Hypertension self-insured internal service funds.