Finance
Responsibilities
The Finance Department:
- Provides financial services to the City Council, City Administrator, departments, and agencies
- Manages day-to-day financial transactions including general accounting, accounts payable, accounts receivable, payroll, investments, and risk management
- Produces yearly financial statements for the City
- Produces quarterly and annual financial statements for the Water and Light Department
- Coordinates the City's budget process, Capital Improvement Plan, Tax Increment Financing, and Enterprise Zone credits
Comment from Moody's Investors Service
Moody's issued a comment about the City of East Grand Forks on December 13, 2019. This includes a profile of the city, a credit overview, and sector trends. The current rating for the City is Aa3. View the Moody's Investors Service Comment for all of the details.
Notice of Minnesota Public Facilities Authority Financing for Improvements to the Wastewater System
On August 29, 2016 the Minnesota Public Facilities Authority (PFA) approved a financing agreement to the City of East Grand Forks for improvements to their wastewater system. The Public Facilities Authority's financing package consists of a $6,933,456 Clean Water State Revolving Fund 20-year loan with an interest rate of 1.039%. Once complete, the project will improve water quality by constructing a new lift station, an equalization basin and interconnect forcemain required to convey the City’s wastewater to the Grand Fork, North Dakota wastewater treatment plant.
The Clean Water State Revolving Fund is supported through a combination of federal capitalization grants from the United States Environmental Protection Agency, state matching funds, loan repayments, and bond proceeds from Public Facilities Authority revenue bonds. Since 1989, Minnesota's Clean Water State Revolving Fund has received $744 million in federal funds. These funds have been leveraged almost 4 to 1 by the Public Facilities Fund to award more than 500 wastewater loans totaling over $2.8 billion.