2023 City of Shakopee Budget

74

2023 Annual Budget

Division: Category: General Government Finance

Description of Services:

The major activities of the Finance Department encompass accounts payable, cash and investment management, accounts receivable, financial reports, special assessments, debt service management and oversight, insurance, annual financial report, budget preparation, and long-term financial planning. As the economic development of the area continues to expand, the coordination of the potential projects, requests for business subsidies, review and impact of tax increment financing and tax abatements also flow through this department. The oversight and review of the Internal Service funds allows for a consistent funding source to meet the needs of a growing staff and community.

Budget:

Actual

Actual

Budget

Budget

Expenditures by Category

2020

2021

2022

2023

Personnel

$

485,357 475,167

$

474,668 489,299

$

516,100 514,500

$

541,800 536,600

Supplies and Services

Miscellaneous

487

(123)

-

-

Totals

$

961,011

$

963,844

1,030,600 $

1,078,400 $

Dedicated Revenues

$

19,710

$

59,874

$

27,700

$

27,200

Expenditures by Category and Dedicated Revenue

$1,200,000

$1,000,000

$800,000

Miscellaneous Supplies and Services Personnel Dedicated Revenues

$600,000

$400,000

$200,000

$-

Actual 2020

Actual 2021

Budget 2022

Budget 2023

$(200,000)

Key Measures:

Actual

Actual

Projected

Projected

2020 5305

2021 3685

2022 3350 1550

2023 3200 1700

Number of Checks Issued Number of ACHs Issued

0

974

Average Days to Process Invoices Rate of Return on Pooled Cash/ Investments Amount of Pcards Processed

278,566

318,989

390,000

390,000

13.1

12.8

13.0

13.0

2.32%

1.05%

1.00%

1.75%