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 Comprehensive Annual Financial Report 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 Receives Certificate of Achievement for Excellence in Financial Reporting
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 2019 Comprehensive Annual Financial Report. 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 annual report 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 annual report. Beginning in 1989 this is the 31st 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 2020 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 19th consecutive year the City of Hopkins has received this recognition.
City's Bond Rating is Affirmed
Standard and Poor’s announced on March 4, 2021 that the City of Hopkins’ bond rating was affirmed at AA+. The factors which Standard and Poor’s used in making this decision included:
- Very strong economy
- Very strong management
- Very strong budgetary flexibility
- Very strong liquidity
- Strong institutional framework
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).