What Are The Duties Of The
Let me begin with the origin of the word " comptroller." According to Wikipedia, the free online encyclopedia, the term comptroller evolved in the 15th century through a blend of the French compte ("an account") and the Middle English countreroller (someone who checks a copy of a scroll, from the French contreroule "counter-roll, scroll copy"), thus creating a title for a compteroller who specializes in checking financial ledgers. This etymology explains why the name is correctly pronounced identically to "controller" despite the unique spelling. By definition, a comptroller is a management level position responsible for supervising the quality of accounting and financial reporting of an organization. In American government, the Comptroller is effectively the Chief Financial Officer of a public body.
The Texas State Comptroller's Office was created in 1835 by Texas' provisional government and renewed by each constitution. The present office of the Comptroller was created by the Texas Constitution of 1876 (Article IV, Sections 1 and 23) and is responsible for collecting state revenue, tracking state expenditures, and monitoring the financial condition of the state.
Originally, the Comptroller was popularly elected for a two-year term until a constitutional amendment in 1974 lengthened the term to four years. The Texas Comptroller of Public Accounts is the state's chief fiscal officer, bookkeeper and economic forecaster.
Beginning on Sept. 1, 1996, the Comptroller assumed the functions of the State Treasury, including the receipt, custody and safekeeping of public moneys and the administration of unclaimed property reported to the state. As the state's cashier, the Comptroller's office receives, disburses, counts, safeguards, raises, records, allocates, manages and reports the state's cash. In addition, the Comptroller chairs the state's Treasury Safekeeping Trust, which invests, manages and oversees more than $43 billion in assets.
The Comptroller's office is one of several general government agencies that serve as the nucleus of Texas state government and perform the state's core business functions. For the 2012-13 biennium, the agency's $426.9 million appropriation is one of the largest of the general government agencies.
The Office has field offices in 29 cities equipped to take payments for taxes owed, process applications for tax permits and licenses and to make sure delinquent taxpayers bring their accounts up to date. Comptroller auditors regularly check taxpayers' books to ensure compliance with the laws, visiting businesses ranging from small Texas grocers to Fortune 500 corporations in Texas and other states.
The Comptroller's office serves every citizen in the state. The Comptroller is responsible for many highly technical and critical duties that impacts business owners and individuals all over Texas. The comptroller is the state's chief financial officer. Other important job duties include serving as the chief tax collector, accountant, revenue estimator, treasurer, purchasing manager and checkbook manager for the multi-billion dollar business of state government. Now let's see some of these duties in more detail.
The Comptroller is state government's primary accountant, responsible for writing the state's checks and monitoring all spending by state agencies. As the chief accountant, the Comptroller is responsible to ensure the state's financial statements and other reporting requirements are done in accordance with professional accounting principles, rules, and policy.
As the state's chief tax collector, the Comptroller is responsible for collecting more than 60 separate taxes, fees and assessments, including local sales taxes on behalf of more than 1,400 cities, counties and other local governments. This responsibility includes maintaining taxpayer accounts, processing tax payment exceptions, preparing adjustments , and paying all unclaimed property claims. In addition, the Comptroller's Enforcement Division is responsible for auditing and collecting unpaid taxes owed by businesses in Texas.
The Comptroller's office is responsible for reporting the state's financial condition to the Legislature annually and providing estimates of revenue for future years. Revenue Estimating monitors and reports on the condition of the Texas economy, assists Fiscal Management and Treasury with projecting the state's cash flow position and produces fiscal analyses of legislation, administrative rules and other proposals affecting state revenue.
As guardian of the state's fiscal affairs, agencies depend on the Comptroller's office to pay their bills and issue paychecks to state employees. Legislators rely on the Comptroller to chart the course of the Texas economy, produce annual financial reports and estimate future state revenues. Local officials and businesses look to the agency for economic development guidance and data analysis. Taxpayers rely upon the agency for assistance and guidance regarding compliance with tax laws. Strict accountability in the collection and expenditure of taxpayer dollars is essential. More importantly, Texas residents depend on the Comptroller's office to account for, manage, and safeguard their tax dollars to ensure they are spent wisely and efficiently.
The work of the Comptroller's office doesn't end there. Turning around and growing Texas' economy is vitally important to the prosperity and quality of life of all in the state. By assisting communities and businesses in their efforts to create new jobs and improve the standard of living, the Comptroller's office is responsible for creating an environment in which a healthy economy can flourish. The agency provides services to business owners, business taxpayers, local officials, Historically Underutilized Businesses (HUBs) and everyday Texans. From online tax data and payment systems to Web pages that track how state government spends taxpayer dollars, the Comptroller's office provides vital information and data.
As you can see the Texas Comptroller plays a vital role in the economic prosperity of the state of Texas. Due to the fact that many of these job duties are highly technical in nature, it seems only logical that the Texas Comptroller possess knowledge of and have experience in accounting, auditing, financial, and economic principles. Even though the Texas Constitution doesn't require the Comptroller to be a certified public accountant, it only makes sense that a CPA candidate would be the most qualified person to serve as the state's chief financial officer.
With a growing population, a challenging global economy, and with limited financial resources, it would be very beneficial to people of Texas and to the Texas Legislature if then next Texas Comptroller is a CPA.
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I just thought you should know.