The Finance Department coordinates the preparation of the annual financial report and the annual budget and administers the fiscal operations of the City including revenue collection, disbursements, payroll, general accounting, and maintains the City’s investment portfolio and insurance coverage.
As with any business or organization, a City's budget is a critical policy document - not only does a budget address operational expenses and organizational needs for the coming year, but it also helps plan for the future.
The City Council is responsible for guiding the development of and approving annual budgets for the City's general operations, services and utilities. Implementation and management of each budget document is carried out by the City Administrator and City staff.
In preparation for adoption of a preliminary budget, the municipal budget process begins in spring of each year. The City Council reviews the level of services provided to residents and business owners, and evaluates City goals and priorities for the coming year. Annually, the Council must adopt a preliminary budget and property tax levy by September 15. Once the preliminary levy is set, the Council can only decrease the proposed levy. Final budgets and property tax levies are due to Hennepin County by December 31.