The Finance Department is responsible for maintaining a fiscally sound organization that conforms to legal requirements and to generally accepted financial management principles. Services provided include debt management and capital financing, advisory support, accounting and financial reporting, procurement of materials and services, treasury services, risk and inventory management, tax and licensing, and acquisition and management of real property. This office also provides assistance and information to existing businesses and prospective businesses.
The City of Farmington operates on an October through September fiscal year. The budget process begins in June of each year and ends with the adoption of the upcoming fiscal year’s budget in September.
1. Budget Overview – The following is a summary of the schedule used to prepare the City of Farmington’s annual budget.
June – Distribution of departmental budget worksheets.
July – Review of requests with department heads. Preparation of revenue projections. Preparation of expenditure projections. Meet and confer with employee union.
August – Initial discussion with Administrative Committee regarding priorities and salary increases. Tax rate hearing and adoption of tax rate at the regular City Council meeting.
September – City Council final review and discussion of proposed budget. City Council adoption of the budget.
The budget is continuously monitored throughout the year and may be amended as needed.
2. City Audit – The City of Farmington hires an outside, independent auditor to audit the financial statements at the close of each fiscal year. The latest audit is available for viewing on-line using Adobe Acrobat Reader.
3. Sales Tax Information – Sales tax is imposed on retail sales and leases of tangible personal property items and certain taxable services. The tax rate in the City of Farmington is currently 8.35%.
110 West Columbia
Farmington, MO 63640