2026 Budget for the City of Shakopee

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2026 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: 2023 2024 2025 2026 Finance Director 1 1 1 1 Accounting Manager 1 1 1 1 Accounting Specialist 1 1 1 1 Accounting Clerk 1 1 1 1 Total 4 4 4 4 Accomplishments:  Maintained Standard & Poors city's AA+ bond rating.  Updated the city’s financial management policies  Updated five-year capital improvement plan, long-term financial plan, and 20-year equipment replacement schedule.  Award winning financial transparency tools (Budget Board, Taxpayer Receipt), marketed through the city 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 2023 3,532 1,623

Actual 2024 3,670 2,691

Projected 2025

Projected 2026

Number of Checks Issued Number of ACHs Issued

3,300 2,700

3,500 2,900

Pcards Processed

403,043

446,520

500,000

510,000

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

13.7

16.5

16.5

16.5

2.39%

2.86%

3.10%

3.25%