The City of Minnetonka finance department is responsible for assessing, payroll, utility billing, purchasing, investment of city funds, and management of other city assets as requested by the Minnetonka City Council and/or city manager. The finance department also produces the following documents, with the assistance of other city departments: the annual operating budget, the Comprehensive Annual Financial Report (CAFR), and the five-year Capital Improvement Program (CIP).
The Finance Department’s mission is to protect and safely manage the assets of the city in compliance with federal, state and local legal requirements and to provide accurate, timely and complete financial information and services in an understandable and friendly manner to the residents, business, customers and staff members of the City of Minnetonka.
We share in a city-wide commitment to the Shared Values, which are authentic communication, contagious enthusiasm, shared success, outcome-focused teamwork, adaptable learning and innovation and healthy human relationships.
The finance department currently maintains a complete set of books on 35 separate funds. These funds include the general fund, seven special revenue funds, two debt service funds, 14 capital project funds, six enterprise funds, two internal service funds, and three agency funds. All accounting transactions are maintained on the J.D. Edwards financial management system at LOGIS, a joint powers agency formed to provide municipal computer applications.
- Joel Merry
- Assistant Finance Director
Accounts Payable and Receivable
The claims lists approved by the city council are prepared by the accounting clerk. On a monthly basis, we generate over 600 accounts payable checks; these total over $25 million during the course of a year.
The department regularly invoices various parties under multiple contracts. Cash and other receipts are received from every revenue generating program in the city, coded and deposited on a daily basis.
City investments are made in accordance with Minnesota Statutes and an even more restrictive investment policy adopted by the city council. Interest earnings for 2010 were approximately $1.06 million. Month end investment balances for the same period average approximately $64 million.
- Merrill King
- Finance Director
The payroll system is maintained on the JD Edwards software at LOGIS. An average of 435 payroll checks are prepared bi-weekly and over 900 employee records are maintained. 217 of these are full-time employees and the balance is part-time and seasonal employees. Total payroll related expenses for 2010 were approximately $23.8 million.
- Denise Heimerman
- Payroll Accountant
The assessing division values more than 20,000 parcels of real property in the city, as required by state law. Value notices are mailed in March. Property owners’ concerns or appeals are addressed by staff, and by the city council sitting as the Local Board of Review in April. The council has local real estate professionals advise them when considering market value appeals. This division also administers the homestead classification and provides basic information on property characteristics. For 2014, the total market value of property in Minnetonka amounted to over $7.9 billion.
Colin Schmidt, SAMA
Denise Ostlund, CMA
Michele Gelo, SAMA
A Thor, AMA
Melanie Putz, CMA
The city belongs to the Hennepin County Cooperative Purchasing Group. The county purchasing staff prepares bids and specifications for the majority of items a governmental unit uses. As a member of the group, the city is able to purchase under the county contract. The city is also able to purchase under all state of Minnesota contracts.
City staff invoice nearly 17,000 customer accounts int he city for water and sewer services. Residents are billed quarterly and businesses monthly to product total revenues of around $11 million.
Current utility rates are $2.50 to $4.98 per 1,000 gallons for water, depending upon usage; and $56.00 per quarter plus $1.99 per 1,000 gallons for sewer. The sewer rate is based on the winter quarter water usage because summer activities such as sprinkling and car washing do not use the sanitary sewer system. All utility rates are monitored annually and increased as necessary.
The utility bills also collect storm water fees that are used to improve the city’s storm water system, lake, and creek water quality, as well as environmental fees that are used to provide residential recycling services as well as other improvements to the city’s green spaces.