Budgeting and Taxes
The City budget is the financial plan for the City’s operating divisions for the coming year. The budget process matches estimated revenue with projected expenditures for providing basic City services. It also determines the property tax levy. Preparation of a City budget is mandated by State Statue.
Each year in November, homeowners receive a notice in the mail that outlines their proposed property tax for the coming year. The notice also lists dates for the budget hearings of the various taxing jurisdictions (county, city and other taxing district) so property owners can participate in the process and have their questions answered.
Comprehensive Annual Financial Report (CAFR)
As required by MN statutes, the Finance Department prepares an annual report. The City is required to undergo an annual financial audit; this report is part of that process. A hard copy of the report can be found at the Dakota County Library-Hastings Branch. The City has received the Certificate of Achievement from the Government Finance Officers Association for this report for the past consecutive nineteen years.
The City of Hastings issued bonds are rated AA by Standard and Poor (S&P). The highest bond rating a City can obtain is AAA.