The Secretary of Finance provides guidance to the four key agencies within the Finance Secretariat. These agencies handle all the financial transactions of the Commonwealth — from collecting taxes, to paying bills, to distributing aid to localities.
Their responsibilities include:
- forecasting and collecting revenues
- managing the Commonwealth’s cash and investments
- selling bonds
- overseeing internal audits
- making strategic financial plans
- preparing and executing the Commonwealth’s budget.
Secretary Aubrey L. Layne, Jr.
Aubrey L. Layne, Jr. serves as the Secretary of Finance in Governor Ralph S. Northam’s administration. Having taken his oath of office on January 14, 2018, he currently oversees the four main finance agencies in the Commonwealth of Virginia: Department of Accounts; Department of Planning and Budget; Department of Taxation; and Department of the Treasury – along with the Virginia Resources Authority and the Virginia Board of Accountancy.
Previously, Governor Terence R. McAuliffe appointed Mr. Layne as Secretary of Transportation for the Commonwealth of Virginia – he served in this capacity from January 2014 – January 2018. As the Secretary of Transportation, he oversaw seven agencies with over 10,000 employees and combined budgets of more than $6 billion. Prior to his appointment, he represented the Hampton Roads area on the Commonwealth Transportation Board from 2006 until January 2014.
Before his service to the Commonwealth of Virginia, Mr. Layne most recently served as President of An Achievable Dream Academy in Newport News, Virginia, a unique partnership between Newport News Public Schools, the City of Newport News and the local business community to give students who are at risk of failure in school due to socioeconomic factors, a chance to succeed.
Also, Mr. Layne has served as President and Principal Broker of Great Atlantic Properties; he joined the company in 1994 and was responsible for operational activities, new business acquisition, and capital improvement strategy. Prior to joining Great Atlantic, he has held various positions at Hofheimer’s Inc., and ended his tenure there as President. Mr. Layne began his career as a Certified Public Accountant with KPMG.
Mr. Layne earned a B.S. in Accounting from the University of Richmond and received an MBA from Old Dominion University with a concentration in International Business. In 2011, he completed the University of Virginia’s Sorensen Institute for Political Leaders program.
Secretary Layne and his wife, Peggy, reside in Richmond, Virginia.
P.O. Box 1475
Richmond, VA 23218
Department of Accounts
The Department of Accounts (DOA) operates the state’s centralized automated accounting, payroll and fixed assets systems, and prepares the Commonwealth’s official financial statements. It ensures that all funds for state agencies and institutions are accounted for and spent according to state and federal laws and accepted accounting principles.
Department of Planning and Budget
The Department of Planning and Budget (DPB) develops and administers the state budget, which allocates money for state agencies and institutions. The agency also conducts policy analyses and evaluations of state programs and services and oversees the Commonwealth’s strategic planning and performance measurement efforts. In addition, the Department analyzes proposed state legislation, reviews regulations for need and clarity, and prepares economic impact statements on regulations.
Department of Taxation
The Department of Taxation collects taxes, deposits taxes with the state treasury, and administers the tax laws for individuals and corporations.
Department of the Treasury
The Department of the Treasury manages cash in the state treasury and makes payments based on authorizations from the Comptroller; it also issues and manages the state’s debt.
Unclaimed Property Division
The Unclaimed Property Division is responsible for returning money, stocks, bonds, dividends, utility deposits, insurance proceeds and tangible property to the rightful owners.
Virginia Resources Authority
The Virginia Resources Authority infrastructure financing for local governments in the areas of water, wastewater, stormwater drainage, solid waste, brownfield remediation, public safety and airports.
Board of Accountancy
Regulates certified public accountants in Virginia through a program of examination, licensure of individuals and CPA firms, consumer protection through enforcement of statutes and regulations, continuing professional education and peer review oversight.