The Finance Division provides financial management for the City of Eden Prairie and oversees all financial activity.
This includes capital improvement planning, budget coordination, debt management and the day-to-day accounting of the City’s financial transactions. The Finance Division also oversees the City’s liquor operations.
The Finance Division leads the preparation of the City's biennial (two-year) budget. During the first year of the two-year process, both years’ budgets are developed and the first year’s budget is adopted by the City Council. During the second year of the two-year process, the budget is updated for any significant developments and the City Council then reviews and adopts the second-year budget.
Moody’s Investors Service has assigned its highest rating, Aaa, to the City of Eden Prairie’s bonds each year since 2003. Reasons for the consistent bond rating include Eden Prairie’s extensive and diversified tax base, low amount of rapidly amortized debt and capably managed financial operations.
Of the 854 cities in Minnesota, there 14 rated Aaa by Moody’s. Nationally less than 4% of municipalities receive Moody’s Aaa ratings. The bond rating ensures the City pays the lowest interest rates possible on debt which reduces the amount needed to pay for debt service.
In 2013 City leaders determined that pursuing an additional bond rating from another agency could be financially beneficial. In early 2014, Eden Prairie secured a second AAA bond rating from Standard and Poor's Financial Services. There are 19 other Minnesota cities with this rating.
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Eden Prairie for its Comprehensive Annual Financial Report (CAFR) annually since 1990. In addition, the GFOA has awarded the Distinguished Budget Presentation award to the City of Eden Prairie for every budget document since 1998. The GFOA has also given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Eden Prairie for its Popular Annual Financial Report annually since 1998.