2022 City of Shakopee Budget

73

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. • Expansion of the Capital Improvement Plan to a 15-year plan, additional cash flow analysis and a cost estimate accuracy review. • Creation of a long-term financial plan, providing trend analysis and General Fund long-term projections. • Implementation of accounts payable ach, a process for electronic payments to vendors and employee reimbursements to enhance internal controls and increase efficiency over the printing and mailing of paper checks. • Continue to review and analyze internal service funds to ensure long-term sustainability of the city's assets while maintaining moderate annual tax impacts. • Accounting for federal funding provided from COVID-19 relief programs, including Federal CARES Act funds and Federal Local Fiscal Recovery Funds (ARPA). Staff is assisting with determining spending plans, completion of required reporting and federal single audit requirements. • Maintained Standard & Poors 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 a thorough review of city insurance policies.

EMPLOYEES

PERCENT OF GENERAL FUND EXPENDITURES

4

4

4

4

Finance 3.2%

Actual 2019 Actual 2020 Budget 2021 Budget 2022

Number of Employees (FTEs)