The Finance Department provides financial support services to the entire city government organization. The department coordinates the preparation of annual financial reports and budgets, and administers fiscal operations of the city. This includes revenue collection, disbursements, general accounting, and maintains the investment portfolio and insurance coverages.
The Government Finance Officers Association of the United States and Canada has awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Elk River for its comprehensive annual financial report (CAFR) annually since 1989. In order to be awarded a Certificate of Achievement of Excellence, a government must publish an easily readable and efficiently organized CAFR, and the contents must conform to the program requirements. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
The Government Finance Officers Association of the United States and Canada has awarded the City of Elk River the Distinguished Budget Presentation Award for its budget document annually since 2009. This award reflects the commitment of the City to meeting the highest principles of governmental budgeting.
AA+ Bond Rating
On July 18, 2014, the City of Elk River's bond rating was affirmed at AA+ by the independent bond rating agency Standard & Poor's. This rating is for the City's general obligation bonds. Standard and Poor's Financial Management Assessment (FMA) views the city's financial practices and policies as very strong, having flexible liquidity, and supported by a very strong management and a strong economy. A few highlights of the report are as follows:
- Strong economy
- Very strong budgetary flexibility
- Very strong liquidity
- Very strong management conditions
- Strong budgetary performance
- Very weak debt and contingent liability profile
The strong bond rating helps to ensure that future Elk River debt will be issued with the lowest possible interest expense and cost to the taxpayer. The strong rating also provides opportunities to refinance outstanding debt at lower interest rates.