The City Budget
Mayor R.T. Rybak’s 2014 Budget proposal calls for an overall City budget of $1.12 billion, which is an increase of $24.5 million from 2013.
The 2014 Mayor’s Recommended Budget includes significant proposals in how the City will
address future financial challenges. It is important to be aware of these changes when
making comparisons between budget years.
The major highlights in the Mayor’s 2014 budget proposal
- Providing significant investments in public safety, capital improvements, meeting long-term financial commitments and reducing the City’s debt. Specifically, the Mayor’s budget includes funding for:
- Hiring new classes of cadets in the Police and Fire departments and a new class of Community Service Officers;
- paying down the City’s internal service fund debts; and
- investing more than $120 million in capital improvements, including major street construction projects, road and bike trail maintenance, economic development projects and utility system upgrades, and stabilizes long-term financial commitments such as retirees’ pensions and bonded debt payments.
Funding to open Minneapolis 311 on Saturdays.
The 2014 budget, for the first time in years, does not project growth in the cost of closed pension fund obligations. The City will levy the same amount for these payments as it did in 2013 and costs are expected to remain flat in the years to come.
The budget proposal continues to lay the foundation for a significant wave of development funding, including, but not limited to, projects associated with the new stadium for the Minnesota Vikings and other uses.
The budget includes funding for additional staffing to handle increased workloads in permitting and inspections that will result from additional construction growth in the city.
Last updated Nov. 27, 2013