The City of Hopkins Finance Department is responsible for maintaining the accounting system, and monitoring compliance with the budgetary controls and financial policies established by the City Manager and City Council. The Finance Department's programs include accounting, assessing, equipment replacement, managing the City Budget, payroll and utility billing.
The City operates on a calendar fiscal year and reports its year-end financial position in a Comprehensive Annual Financial Report, prepared by the finance staff. Copies of each year's CAFR are made available upon completion in June of the following year and a summary of the results are printed in the City's official newspaper.
Hopkins Finance Department Recognized for CAFR
The City of Hopkins Finance Department has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association for its 2016 Comprehensive Annual Financial Report (CAFR). 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 has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR. Beginning in 1989 this is the 28th consecutive year the city has received this award.
Hopkins Finance Department Receives Distinguished Budget Award
The City of Hopkins Finance Department has been awarded the Distinguished Budget Presentation Award by the Government Finance Officers Association for its 2017 Budget. The award represents a significant achievement by the entity. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, an entity had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity's budget serves as a policy document, a financial plan, an operational guide and a communications device. The budget must be rated proficient in all four categories to receive this award. Beginning in 2002 this is the 16th consecutive year the City of Hopkins has received this recognition.
City's Bond Rating is Affirmed
Standard and Poor’s announced on June 8, 2017 that the City of Hopkins’ bond rating was affirmed at AA+. The factors which Standard and Poor’s used in making this decision included:
- Strong economy
- Very strong management
- Strong budgetary performance
- Very strong budgetary flexibility with an available fund balance of 43% of operating expenditures
- Very strong liquidity with total government available cash of 110.1% of total government expenditures and 9.5 times government debt service.
They also viewed the City’s management as very strong with “strong” financial policies and practices. The City also had operating surpluses of 2.4% in the general fund which has been stable over the last three years.
Standard and Poor’s stable outlook of Hopkins reflects their expectation that Hopkins will maintain its very strong budgetary flexibility and liquidity and strong budgetary performance throughout the two-year outlook horizon. See the City of Hopkins bond rating (PDF).