Cork County Council Finance Department deals with all internal financial functions necessary for the running of Cork County Council. Responsibilities of the Finance Department include motor tax, Cash Office (collection), County Council finance, purchasing, rate applotment, rate collection and insurance.
As early as 1973, Cork County Council began to automate its Finance function, with the Payroll, Accounts Payable and Bank Reconciliation applications going live in 1974 with the help of the IT Department (then called the Systems Department). Over the following three-four years, several other applications were developed, including Expenditure Analysis, Income Analysis, Electoral Register, Rates and Housing Loans. Since then, the Finance Department has worked closely with the County Council's IT Department in order to manage, maintain and enhance the Council's financial applications, including JD Edwards.
The Finance Department is in the process of implementing a new financial management system. Once fully implemented, this system will provide a fully integrated accruals-based accounting system, and will culminate in the production of an income and expenditure account, and full balance sheet.
All local authorities were required to prepare their accounts on an accruals basis for the year ended 31 December 2003. This ha meant the introduction of a balance sheet, showing all of Cork County Council's assets for the first time.
A corporate management information system was purchased by the Council and went live in 2003. This is the first step in a longer term plan to create a Data Warehouse for the Council. It has meant the production of revenue expenditure reports from the financial management system.