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Finance Projects
A list of active projects for the finance department.
Mankato's bond rating upgraded twice in six months
Mankato has had their bond rating upgraded twice within six months. Items that influenced Mankato’s rating were the city’s fund balance and cash reserves, including how they were utilized and replenished from the loss of local government aid. Recent housing and economic growth and development were positive indicators. The stability of Mankato’s tax base and the overall sales and housing growth has bucked trends for regional centers across the country. The Mankato City Council has raised the tax levy to adequately provide city service for new growth, yet property tax payers have generally been receiving reductions.
Approved budget
The City Manager and Finance Director meet with all department directors regarding budget goals and objectives. The city uses a budgeting for outcomes approach and the budget with Mankato’s strategic planning priorities established by the City Council. The Mankato City Council reviews the preliminary budget in August. A Truth in Taxation public hearing is held in December and soon thereafter the City Council adopts a final budget and tax levy for the coming year.
Comprehensive Annual Financial Report
Finance staff provide reports on a regular basis that show spending in relationship to the city budget.
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