Finance
Shoreview is financially sound with a strong and growing tax base of high quality residential and commercial development. The Finance Department's primary function is to ensure that all financial transactions of City departments are carried out according to dictates of the City Charter, State Statutes and principles of sound financial management.
Budget Process
The entire budget process covers nine months from the initial budget requests to preparation of the final budget document. Departments are asked to project actual revenues and expenditures for the current year and propose revenues and expenditures for the upcoming year. The Finance Department uses these estimates to prepare a budget document, which is balanced and reflects the expected level of activity for the next fiscal year.
Adopted budgets can be viewed online or at the Shoreview City Hall located at 4600 Victoria Street N. and are also available at the Shoreview Library located at 4570 Victoria Street N. The budget summary serves as the handout for the budget hearing and addresses the topics covered at the hearing. We hope you find the information included in this budget summary helpful in explaining how the City puts your tax dollars to work in our community.
Current Five Year Operating Plan →
Bond Rating
The City of Shoreview received the Standard & Poor's bond rating of AA+, along with a stable outlook.
Financial Reports
The City's Comprehensive Annual Financial Reports are available the following June for review. The report can be viewed online or at the Shoreview City Hall front desk located at 4600 Victoria Street N. Reports are also available at the Shoreview Library located at 4570 Victoria Street N. Call 651.490.4620 or e-mail finance@shoreviewmn.gov for more information.
Annual Financial Report archive →
Capital Improvement Program
The adopted Capital Improvement Program (CIP) is divided into three sections: introductory, overview and improvement projects. Even more so than the operating budget, the CIP is a planning document that makes a general policy statement through its allocation of limited resources to various community needs and requests. The document states the City Council's prioritization of the limited resources available for capital project spending by identifying which projects should be included, when they should be constructed, and how they will be financed. The CIP is more than a plan, because it also represents the City's tentative commitment to comply with that plan unless circumstances or priorities change in the future. The CIP can be thought of as the City's present plan and priority for improvements over the next five years. Even though the CIP represents a tentative commitment, adoption of the CIP does not authorize the construction of projects, because state statutes and City policies must be followed to authorize expenditures.
Current Capital Improvement Program →
Current Capital Improvement Planning Summary →
Capital Improvement Program archive →
Comprehensive Infrastructure Replacement Plan
In 1992, the City adopted a formal policy governing asset replacement costs. The Comprehensive Infrastructure Replacement Plan (CHIRP), and the annual plan it requires, is designed to:
- Create a permanent program to address replacement needs
- Address replacement needs well in advance in an effort to protect the condition of the City's assets on behalf of its citizens and business owners
- Estimate the impact of replacement needs on user fees, tax levies and cash balances
- Require consideration of future replacement costs when establishing current tax levies and user fees
- Strategically plan for any new debt
- Avoid special assessing property owners twice for the same improvement
- Maintain healthy financial conditions
The CHIRP is a planning document, and does not authorize any of the projects included in the plan. Approvals for any project or capital expenditure are subject to the same purchasing requirements as outlined in state statutes, and the City's purchasing policy. A summary of policy requirements is provided on page 11 of the report.
The city has received national recognition for the city's Comprehensive Infrastructure Replacement Plan.
Current Comprehensive Infrastructure Replacement Plan →
Comprehensive Infrastructure Replacement Plan archive →
Budget Resources
"Understanding your Property Taxes at www.mntax.org.
View Shoreview tax information →
View the Community Benchmark to see how Shoreview compares in taxes.
Contact Information
Finance Department
651.490.4620