The department manages the investment of funds, assists in the issuance of bonds and other indebtedness of the City and prepares periodic and annual financial reports. The department also coordinates the City’s budget process, public improvement financing and financial reporting for grants and economic development.
Budget
The Finance Department is responsible for preparation of the annual city budget under the direction of the City Administrator. The budget year coincides with the calendar year, running January through December. The budget process follows a timetable established by state law. The proposed city budget for the upcoming year is usually presented to the City Council in the beginning of November each year. A summary of the proposed budget is available for the public once the document has been distributed to the City Council.
A copy of the City’s current budget or proposed budget can be found by clicking on the PDF to the right. The City’s budget can be viewed at City Hall, 800 East County Road E, Vadnais Heights, MN.
Comprehensive Annual Financial Report (CAFR)
Each year, the Finance Department issues a Comprehensive Annual Financial Report (CAFR) that provides complete information on the city’s finances.
The CAFR has three major parts:
Introduction – provides general information on the government’s structure, services and environment.
- Financial – contains the basic financial statements, notes to the financial statements, any additional required supplementary information, information on individual funds, and discretely presented component unit.
- Statistical – presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the city’s overall financial health. The statistical section includes financial trends, revenue capacity, debt capacity, demographic and economic information and operating information.
A copy of the City’s current CAFR can be found by clicking on the PDF to the right. A copy can also be reviewed at City Hall, 800 East County Road E, Vadnais Heights, MN.
Bond Rating
Moody’s Investors Service upgraded the City of Vadnais Heights’ bond rating to AA. Moody’s is one of the leading governmental financial rating services in the United States. According to Moody’s, the City earned this rating because of its “strong financial management, healthy reserves, growing tax base and economy, and below average debt.”
Contact Information
Bob Sundberg, Finance Director
651.204.6020
bob.sundberg@cityvadnaisheights.com
Leslee Maki, Accounting Technician
651.204.6022
leslee.maki@cityvadnaisheights.com