2021 City of Shakopee Budget

71

Budget Impact: The Finance Department has been busy the last couple years implementing several initiatives related to long-term financial planning, increased financial transparency, enhanced internal control procedures, and solidifying the financial position of the city. Those initiatives includes: • Revamping the budget document and creating a stand-alone Capital Improvement Plan to provide clear and concise information. • The city is currently working on expansion of the CIP to a 15-year plan and a creation of a long-term financial plan. • Implementing a paperless accounts payable process to enhance internal controls and safeguard the city assets. • 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. • Standard & Poors reaffirmed the city's AA+ bond rating. This is the second highest rating and the agency considers the city's creditworthiness to be very strong. • The city completed a request for proposal process and selected a new insurance agent of record for property, liability and works compensation. This resulted in cost savings and an opportunity to conduct a thorough review of insurance policies.

EMPLOYEES

PERCENT OF GENERAL FUND EXPENDITURES

4

4

4

4

Finance 3.3%

Actual 2018 Actual 2019 Budget 2020 Budget 2021

Number of Employees (FTEs)