The City of Florence Finance Department is responsible for ensuring that all City funds are received and disbursed in accordance with generally accepted principles of governmental accounting. To this end, the Finance Department adheres to rigid accounting practices to maintain appropriate controls of all City assets. The Finance Department provides a full range of administrative and support services including cash management and investment of funds, debt management, purchasing, accounts payable and receivable, payroll processing, inventory control, and data processing. This department is also responsible for the administration, coordination, and collection of business licenses and City service fees including water and sewer utilities.

The City is subject to an annual audit of its accounting practices and internal controls by a qualified independent auditing firm. As a part of this audit process, the City produces an annual financial statement which complies with standards developed by the Government Finance Officers Association of the United States and Canada (GFOA). GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Florence for its comprehensive annual financial report for the fiscal year ended June 30, 2007. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.

To be awarded the Certificate of Achievement, a governmental entity must publish an easily readable and efficiently organized comprehensive annual financial report with contents which conform to GFOA program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Florence for its comprehensive annual financial report for the fiscal year ended June 30, 2007.