The Office of the Director of Finance was created by the Philadelphia 1951 Home Rule Charter to give the mayor and the City government a principal officer responsible for the financial, accounting, and budgeting functions of the executive branch. The director of finance is also the chair of the Board of Pensions and Retirement and an ex-officio member of the boards of various quasi-governmental agencies, including the Pennsylvania Intergovernmental Cooperation Authority.

The director of finance is the chief financial and budget officer of the City and is responsible for Citywide financial functions. These include:

• The development of the annual operating budget, the capital budget, and the capital program.
• The City’s program for temporary and long-term borrowing.
• Supervision of the operating budget’s execution.
• Management of the City’s accounting system, financial reporting, accounts payable, and grants.
• Risk management of the City.
• The collection of revenues through the Department of Revenue.
• The development of accurate and fair property tax assessments through the Office of Property Assessment.
• The oversight of pension administration as chair of the Board of Pensions and Retirement.

The City operates on a fiscal year between July 1 and June 30.