Finance

The Finance Department provides financial support services to the entire city government organization.  The department prides itself in providing consistent and accurate information and serves as a resource to elected officials, department heads, city staff and the community. 

Accounting

The Finance Department currently is responsible for maintaining a complete and accurate set of accounting records for over 15 separate funds. The City currently maintains: a General Fund, Special Revenue Funds, Capital Project Funds and Public Utility Enterprise Funds.

In order to maintain the accounting records, the department is responsible for processing the daily financial transactions including, but not limited to: accounts payable, cash receipting and banking.

Financial Management

The Finance Department also provides for the long-term financial management of the City. Core responsibilities include but are not limited to: management of the investment portfolio, coordination of the annual budget process, special assessments, debt management, financial reporting and risk management.

Investment Portfolio

The Finance Department currently manages an investment portfolio more than $14 Million. Investments are made in accordance with State Statutes and the City’s Investment Policy.

Debt Management

The City of Becker has been assigned an “A1” rating from Moody’s Investors Service. This rating is for the City's general obligation bonds. Moody's Investors Service views the city's financial practices and policies as strong, having flexible liquidity, and supported by strong management. A few highlights of the report are as follows: 

  • Strong demographic trends
  • Healthy financial reserves
  • Significant taxpayer concentration
  • Limited reserves carried for Community Center and Golf Course
  • Above-average debt burden

The strong bond rating helps to ensure that future Becker debt will be issued at a competitive rate with low interest expense and cost to the taxpayer. The strong rating also provides opportunities to refinance outstanding debt at lower interest rates.

Budgets

The Finance Department coordinates the collaboration of all City departments to develop the City’s budget. The City currently prepares annual operating budgets for: the General Fund, Debt Service Funds, Special Revenue Funds, and the Public Utility Funds (Water and Sanitary Sewer). The city also prepares a five-year Capital Improvement Plan.

The budget process typically begins in May with individual departments preparing their budget requests. Numerous public meetings are held between then and September where the City staff and City Council will discuss and review the budgetary requests. In September, the City Council adopts a preliminary budget and property tax levy. Public meetings again are used for further discussion and review of the budget before the City Council adopts the final budgets and property tax levy in December. 

The following documents are available:

Financial Reporting and Audit

The City of Becker has an audit performed annually by an independent certified public accounting (CPA) firm as required by state law. The firm determines whether the city has been following generally accepted accounting practices and tests transactions to verify that procedures have been followed properly. The auditors have given the city an unqualified opinion that our financial statements are an accurate reflection of the city’s financial health.

The following documents are available: