The Finance Department is comprised of the Finance Administration Services Division, the Accounting Division and the Purchasing Division. It is charged with the depositing of tax proceeds (property and sales taxes). These taxes are collected by the Calcasieu Parish Sheriff's Office (property taxes) and the Calcasieu Parish School Board (sales tax) per Joint Service Agreements. The collection of various license and permit fees, along with the collection of other monies due the city except as otherwise provided for by law. The department is also required to maintain the city's treasury and carry out centralized accounting, purchasing, disbursement and asset management functions. In addition, the city charter requires that the department prepare and administer the City's annual operating and capital budget.
As required by governmental accounting standards, the City's accounts are organized into self-contained funds. Activities considered to be governmental in nature are accounted for in the General Fund, Special Revenue Funds, the Debt Service and Capital Projects Funds. The City maintains a total of seven proprietary funds, in which financial activity is reported on a basis similar to that of private business. The categories includes four enterprise funds - Transit, Civic Center, Golf Course and Water - in which services are provided to the general public. Then three internal service funds, in which services are provided primarily to the City's own departments or employees.
An annual independent audit of the City's financial statements is required by the city charter and by state and federal law. However, the City's Finance Department is responsible for preparation of all financial statements which are subject to audit and presented in the City's Comprehensive Annual Financial Reports. Since 1984 the City has received the Certificate of Achievement for Excellence in Financial Reporting and since 2011 the City has received the Distinguished Budget Presentation Award. Both awards are issued annually by the Government Finance Officers Association of the United States and Canada.