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.
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.
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.
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.
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.