2025 Budget for the City of Shakopee

42

2025 Annual Budget

Division: Finance Category: General Government

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. Finance is responsible for the oversight and review of the Internal Service funds which allows for a consistent funding source to meet the needs of a growing staff and community. Employees: 2022 2023 2024 2025 Finance Director 1 1 1 1 Accounting Manager 1 1 1 1 Accounting Specialist 0 1 1 1 Accounting Clerk 1 1 1 1 Administrative Assistant 1 0 0 0 Total 4 4 4 4 Accomplishments:  Streamlined the special assessment process for delinquent bills.  Maintained Standard & Poors city's AA+ bond rating.  Expansion of the Capital Improvement Plan  Creation of a long-term financial plan, providing trend analysis and General Fund long-term projections.  Creation of a 20-year equipment replacement schedule  Award winning financial transparency tools (Budget Board, Taxpayer Receipt), marketed through website, social media and taxpayer receipt video. In 2024, received honorable mention in the National GFOA’s fiscal fluency challenge, League of MN Cities City of Excellence Award, and ICMA’s Voice of the People Award in Excellence in Budget & Finance. Maintain fiscal stability and keep tax rates low.  Keep up with the need of the growing community both in residential, commercial and industrial areas.  Continue to review and analyze internal service funds to ensure long-term sustainability of the city's assets while maintaining moderate annual tax impacts.  Review of state law changes and analyzation of their impacts on operations and finances. Goals/Challenges: 

Performance Measures:

Actual 2022 3,388 1,547

Actual 2023 3,532 1,623

Projected 2024

Projected 2025

Number of Checks Issued Number of ACHs Issued

3,700 2,200

3,700 2,300

Pcards Processed

$405,301

403,043

410,000

410,000

Average Days to Process Invoices Rate of Return on Cash/Investments

13.9

13.7

14

14

1.46%

2.31%

2.75%

3.00%