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, payroll, utility billing, budgeting, and equipment replacement.
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.
OCTOBER 16, 2014
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 2013 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. This is the 25th consecutive year the city has received this award.
AUGUST 8, 2014
The City of Hopkins Finance Department has been awarded the Distinguished Budget Presentation Award by the Government Finance Officers Association for its 2014 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. This is the 12th year the City of Hopkins has received this recognition.
FEBRUARY 4, 2014
Standard & Poor’s announced in January 2014 that the City of Hopkins’ bond rating was upgraded from AA to AA+. Among the factors which Standard & Poors used in making this decision included: “a very strong budgetary flexibility, with reserves above 30% of expenditures for the past several years and no plans to significantly spend them down”; “strong overall budgetary performance, with a 1.5% surplus for the general fund in fiscal 2012, as well as a 3.8% surplus across total governmental funds”; “strong financial management practices”; and “The city participates in the Public Employees Retirement Association of Minnesota (PERA). The combined pension costs and other postemployment benefit costs for fiscal 2012 were only 4.7% of expenditures, and we do not anticipate that these costs will increase substantially in the near term.” See the City of Hopkins bond rating.