Watauga Finance Department

The Finance Department consists of the activities of several departments which support and assist other City departments, including the functional areas of Accounting, Investments, Budget, Municipal Court, Utility billing, ambulance billing, purchasing and warrant collections. The Finance Department, under the direction of the City Manager, is responsible for the financial management and general administration of City funds, including assisting the City Manager in preparation of the City budget. Functions include cash and debt management, revenue collection, investment management, payment processing, financial systems administration, and financial transactions maintenance.

In order to enhance customer service to the citizens of Watauga, the hours of operation for the Finance Department are Monday-Friday, 8:00 a.m.-5:00 p.m., excluding holidays.

The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the City of Watauga the Certificate of Achievement for Excellence in Financial Reporting for the last twenty-five (25) years and a Certificate of Recognition for Budget Presentation for the last twenty-one (21) years. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents significant accomplishments by a government and its management. Less than 10 percent of cities across the United States receive these awards which are the highest form of recognition in governmental budgeting, accounting and financial reporting.

Standard & Poor’s Ratings Services, one of the nation’s leading providers of financial market intelligence, upgraded the City of Watauga’s credit rating by two steps from A+ to AA in February 2009. This rating is based on a qualitative assessment of several credit ratios including Median Household Buying Income, Market Value Per Capita, Unreserved General Fund Balance, Financial Management and Debt Service Carrying Charges. Credit ratings provide an opinion on the relative ability of an entity to meet financial obligations and are used by investors as an indication of the likelihood of receiving their money back in accordance with the terms on which they invested. This upgrade reflects the City’s ongoing commitment to sound financial management and results in a stable outlook for the current fiscal year. The city also received a "Stable" rating from FITCH in October 2009 and a rating increase to A2 from A3 by Moody's in April 2010.

Finance Director - Dr. Scott Neils

On May 1, 2008, Dr. Neils began working as the Finance Director for the City of Watauga. He possesses over 25 years of successful senior management experience as an executive in banking and finance, software development, Internet and E-commerce, manufacturing, consulting and agribusiness industries including international operations. Dr. Neils earned a BA in Marketing from the University of Washington, an MBA from Pacific Lutheran University, and a Doctor of International Business Administration Degree from Nova Southeastern University. Dr. Neils is a Certified Public Accountant, Certified Management Accountant and a Certified Government Finance Officer (CGFO). He is a retired Army Reserve Officer with over 21 years of service and received numerous prestigious awards.

Prior to joining the City of Watauga as Finance Director, Dr. Neils served as Compliance Officer for TCM Bank, N.A. a $150 million credit card bank and wholly owned subsidiary of Independent Community Bankers of America (ICBA). Dr. Neils’ previous assignments include Vice-President and Compliance Officer for Bank of Whitman, in Pullman, WA. Bank of Whitman is a $857 million community bank with 21 branches in eastern Washington. In addition to his compliance duties, Dr. Neils was responsible for marketing, asset-liability management, security, and training. Before joining Bank of Whitman, Dr. Neils was President and CEO of TS&B Financial Services, Inc. (TSBFS). TSBFS was a full-service Merchant and Investment Banking Company, which was a wholly-owned subsidiary of TS&B Holdings, Inc., a public company. He was also Chief Financial Officer of the parent company. Dr. Neils’ previous assignment was as COO – Agriculture of Ball Enterprises, a $200 million holding company engaged in agribusiness, real estate development, and other activities. Dr. Neils worked directly as an operating officer in several of the entities including a high-quality fresh beef production and export company and a weekly newspaper.

As CFO of several manufacturing companies, Dr. Neils has been directly responsible for implementation of internal control and process improvement programs, development of cost-effective solutions for company and equipment financing, institution of HR and other employee training programs, redesign of accounting and management information systems, company-wide implementation of current hardware and software technology and collaboration with local, state, and federal government officials to proactively solve potential problems.