The City Budget
Mayor Betsy Hodges' 2015 Budget proposal calls for an overall City budget of $1.2 billion, which is an increase of $54.7 million from 2014.
The 2015 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 2015 budget proposal
- The budget proposal bolsters public safety by providing funding for ten more police officers, an class of 18 cadets, and funding for classes of community service officers which serve a hiring pipeline proven to increase the diversity of the City's police force. The budget also includes funding for police body cameras, four more 911 operators and two recruit class in the Fire Department. Funding is also included for the Fire Department's Fire and Emergency Service Explorer Program, which offers leadership development and encourages your people in Minneapolis public high schools to enter firefighting and emergency services as a career.
In addition to the diversity initiatives funded in the Police Department, this budget also provides resources for other programs in support of racial diversity initiatives including the addition of two position in the City Coordinator's Office that will focus exclusively ensuring City work is coordinated to support the best possible racial equity outcomes in every department as well as adding one position in elects and voter services to ensure the City pursues voter outreach, engagement and education initiatives across all communities.
The 2015 budget does not project any growth in the cost of closed pension obligations from the prior year. The City will levy the same amount for these obligations as it did in 2014; costs are projected to remain flat for years to come. If recent advances in financial markets continue, it is possible that these cost may actually decline more quickly than currently projected as full funding for these obligations is reached. The City currently maintains amount the highest possible ratings from Fitch Ratings, Standard & Poor's, and Moody's Investors Services, with AAA from both Fitch and S&P and Aa1 from Moody's.
The 2015 Mayor's Recommended Budget continues to lay the foundation for a wave of development including large projects associated with building a new stadium in partnership with the State and the Minnesota Vikings. Construction growth in the City impacts a number of functions in the City including permitting and inspections. This budget includes funding for additional staffing to handle increased workloads and provides funding necessary to build supporting infrastructure.
Last updated Nov 12, 2014