Finance Department

Carefully managing the city's finances can be like a game of chess.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).

Accounting

The finance department currently maintains a complete set of books on 29 separate funds. These funds include the general fund, six special revenue funds, two debt service funds, ten capital project funds, six enterprise funds, one internal service fund, 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.

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.

Totaling up accounts with a calculator and ledger.

Contacts
Liz Berger
Accounting Coordinator
952.939.8252
Mari Braatz
Accounting Clerk
952.939.8257

Cash Management

City investments are made in accordance with Minnesota Statutes and an even more restrictive investment policy adopted by the city council. Interest earnings for 2007 were approximately $3.65 million. Month end investment balances for the same period average approximately $60 million.

Financial Reports

The finance department also develops the annual budget, the five-year capital improvement program, and the annual financial report.

Learn about the city’s budget and financial reports.

Payroll

The payroll system is maintained on the JD Edwards software at LOGIS. An average of 890 payroll checks are prepared monthly and over 780 employee records are maintained. 225 of these are full-time employees and the balance is part-time and seasonal employees. Total payroll related expenses for 2007 were approximately $20.7 million.

Contacts
Denise Heimerman
Payroll Accountant
952.939.8256

Property Assessment

The assessing division values 20,000 parcels of real property in the city, as required by state law. Value notices are mailed in February. 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 2008, the total market value of property in Minnetonka amounted to over $8.5 billion.

Learn more about property assessment.

Contacts
Richard Toy
City Assessor
952.939.8226

Purchasing

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.

Learn more about purchasing.

Utility Billing

Utility billing is another software application provided by LOGIS. Approximately 65,000 utility bills are generated each year on over 16,800 customer accounts to produce total revenues of over $10.4 million.

Current utility rates are $1.70 to $3.40 per 1,000 gallons for water, depending upon usage; and $2.79 per 1,000 gallons for sewer. The sewer rate is based on the winter quarter water usage because sprinkling, car washing and other outdoor activities do not utilize the sanitary sewer system. These 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 qualit, as well as environmental fees that are used to provide residential recycling services as well as other improvements to the city’s green spaces.

Learn more about utility billing.

Contacts
Fiona Golden
Utility Billing Clerk
952.939.8255