2023 City of Shakopee Budget

75

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 and additional cash flow analysis. • 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 assisted 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. • Creation of a 20-year equipment replacement schedule with the scheduled replacement year and estimated replacement cost encompassing all city equipment and vehicles. • Rollout and communication of the new taxpayer receipt tool, available on the city website and social media pages. The taxpayer receipt allows residents to get an unofficial line item detailed receipt, based on their specific home value, of what they pay for each city service.

EMPLOYEES

PERCENT OF GENERAL FUND EXPENDITURES

4

4

4

4

Finance 3.1%

Actual 2020 Actual 2021 Budget 2022 Budget 2023

Number of Employees (FTEs)