2020 City of Shakopee Budget

67

Budget Impact: The Finance Department has been busy the last couple years implementing several initiatives to increase financial transparency, enhance internal control procedures and solidify the financial position of the city. Part of those initiatives includes: • Revamping the budget document and creating a stand-alone Capital Improvement Plan to provide clear and concise information. • Implementing a paperless accounts payable process to enhance internal controls and safeguard the city assets. • Establishing an Economic Development Authority levy dedicated to economic development activities rather than a transfer from the City’s General Fund. • Implementing gas and electric franchise fees dedicated to capital improvement related projects. • Performed an in-depth analysis of the internal service funds to ensure long-term sustainability of the city's assets while maintaining moderate annual tax impacts. In 2018, lodging tax receipts and corresponding payments to the Shakopee Convention & Visitors Bureau were moved out of the General Fund and into a separate special revenue fund in 2018. In 2019, the city received a AA+ rating from Standard & Poors. This is the second highest rating and considers the city's creditworthiness to be very strong.

EMPLOYEES

PERCENT OF GENERAL FUND EXPENDITURES

4

4

4

4

Finance 3.3%

Actual 2017 Actual 2018 Budget 2019 Budget 2020

Number of Employees (FTEs)