Finance

Overview

The Finance Department has an important role in assuring that the city remains financially responsible by providing high-quality, cost-effective services:

  • Assisting the City Council and City Administrator in developing the budget and future financial plans.
  • Providing monthly and annual financial reports to assist staff and the City Council in monitoring budgeted expenditures.
  • Safeguarding the city’s financial assets through safe and prudent investing and accurate accounting.
  • Billing residents and businesses for water, sewer, storm drainage, and street lighting utilities. 

2021 Budget adopted December 14, 2020

In September 2020, Council set a preliminary levy of $26,356,258.  Under MN statutes, the final levy cannot exceed the preliminary amount. 

Between September and December, the city was able to reduce General Fund needs by $232,900 to arrive at a new levy figure of $26,123,358.

Compared to the previous year’s levy, this is an increase of $1,392,474 (or 5.63%) over 2020.  $500,000 of the increase is due to increased funding for the City’s Pavement Management program.

Council held their annual Truth in Taxation meeting on Monday, December 14, 2020 to consider setting final budgets and tax levies and give the public a final opportunity to provide any feedback.  After a presentation and discussion, Council approved a final levy of $26,123,358.  Citywide details by fund are as follows:

            $ 21,006,200   General Fund

                 2,250,000   Pavement Management

                 2,867,158   Debt Service

            $26,123,358        Total

Given the continued market value growth within the city, the city’s tax rate is estimated to decrease by as much as 2% in 2021.

The city’s 2021 General Fund budget was set at $25,296,800.  51% of the General Fund budget is allocated to public safety, 17% to public works, 14% to general government, 11% to culture and recreation, and 7% to community development.  Personnel costs make up 65% of the General Fund’s total budget followed by purchased services and equipment at 21%. 

 Budgets were also adopted for the city’s Special Revenue Funds, Debt Service Funds, Capital Project Funds, Enterprise Funds, and Internal Service Funds. 

Full details for the 2021 budget and property tax levy can be found in the Final 2021 Budget Book

Questions?

Should you have any questions about the 2021 budget or tax levy process, please reach out to Finance Director Amy Hove at 651-450-2521 or ahove@ighmn.gov.