2019 City of Shakopee Budget

63

Budget Impact: The Finance Department has been busy the last couple years implementing several initiatives to increase financial transparency, enhance internal control procedures and solidify the financial position of the city. Part of those initiatives includes: • Revamping the budget document and creating a stand-alone Capital Improvement Plan to provide clear and concise information. • Implementing a paperless accounts payable process to enhance internal controls and safeguard the city assets. • Establishing an Economic Development Authority levy dedicated to economic development activities rather than a transfer from the city’s general fund. • Implementing gas and electric franchise fees dedicated to capital improvement related projects. After the original 2018 budget was approved the finance department received council approval to create a Lodging Tax Special Revenue Fund. Prior to the creation of this fund, all lodging tax receipts and the subsequent payments to the Convention and Visitors Bureau were accounted for within the General Fund and specifically the finance department. Creating a stand-alone fund for this activity provides more fiscal transparency within both funds. The revised 2018 and 2019 budgets eliminate the lodging tax line item in the amount of $351,500.

EMPLOYEES

PERCENT OF GENERAL FUND EXPENDITURES

4

4

4

4

Finance 3.4%

Actual 2016 Actual 2017 Budget 2018 Budget 2019

Number of Employees (FTEs)