The city is on January 1 through December 31 fiscal calendar. The Finance Department is responsible for the day-to-day financial activities for the city and ensuring compliance with state and federal laws, the city charter, city code, and operates under Generally Accepted Accounting Practices and Standards (GAAP, GAAS). The department is also responsible for the following activities:
- Accounts Payable
- Accounts Receivable/Cash Collections
- Asset Management
- Budget Support
- Debt Service
- Financial Reporting - CAFR
- Special Assessments
- Utility Billing and Solid Waste Collection
- Monitoring the fiscal operations of the Municipal Liquor Store and Deputy Registrar's Office
The Finance Department annually prepares the City Budget Document. The document includes all operations of the City and is used to communicate the City’s organizational goals and policies, and financial plan for the coming year. The Budget also serves as an operations guide, describing the activities and services provided by the City.
Capital Improvement Plan (CIP)
The Capital Improvement Plan (CIP) is a planning tool that forecasts the City’s capital needs over a five-year period based on City-adopted long-range plans, goals, and policies. The CIP includes detailed descriptions of every Capital Improvement Project the City anticipates to initiate during the five-year period. The CIP Is updated annually.
In April of 2017, the City of Robbinsdale conducted a Utility Rate Study and Financial Plan for Street Improvement Projects. The goals of the financial study were to establish utility rates that will be adequate to support operations, outstanding debt and capital improvements; and develop a funding plan for the Permanent Improvement Revolving Fund (“PIR Fund”) to support pavement management and street reconstruction projects.
The City undertook this financial study in thinking about the big picture to understand the funding sources required to complete necessary street reconstruction projects, maintain infrastructure and continue operations of the utility services. This financial study recommends utility rates and other revenue that will support operations, debt obligations, and planned future capital improvements as described later within this report. This report provides the key findings and recommendations of the study as presented to the City Council in a work session on October 17, 2017.
Comprehensive Annual Financial Report (CAFR)
The CAFR is prepared annually in conformity with generally accepted accounting principles. The City has been awarded “The Certificate of Achievement for Excellence in Financial Reporting” every year since 1979 by the Government Finance Officers Association of the United States and Canada. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
The CAFR is prepared in conjunction with the City’s annual audit, which is performed each spring for the previous year. The 2017 CAFR is the most recent one available, and can be viewed at City Hall, the Hennepin County Library – Rockford Road Branch located at 6401 42nd Ave N. in Crystal, or online.