The 2021 budget is $1.45 billion
This is a 5.1% percent decrease from the 2020 adopted budget of $1.53 billion, excluding component units such as:
- The Minneapolis Park Board
- Municipal Building Commission
- Board of Estimate and Taxation
25% of our revenue comes from property taxes
75% of our revenue comes from other sources like:
- Federal Aid
- Sales Tax
- State Aid
65% percent of our budget is spent on the work of five departments.
- 27% - Public Works — for things like safe water and roads
- 20% - Capital Improvement — for longterm investments like parks and public buildings
- 11% - Police
- 7% - Community Planning & Economic Development
- 5% - Fire Department
The remaining 35% covers all remaining departments and programs.
We can't run our city without investing in good staff.
- In 2021, we are budgeted to pay over 3,964 full-time equivalent (FTE)* employees.
- This does not include the employees of independent boards.
*FTE is a statistical representation of the hours paid to one individual for a full 40-hour work week, each week for one full year.
"Rainy day" funds
Our policies require us to have:
- Budget reserves in the following amounts:
- 17% in our General Fund
- 15% in our Internal Service Fund
- 25% in our self-sustaining enterprises
- A General Fund contingency budget:
- No less than 1% of budgeted General Fund expenditures
- To ensure we are financially stable, even if:
- Revenues don't meet projections
- Thee is a need for emergency expenditures
We work to balance:
- Having the necessary funds on hand to care for our city and it's people, while
- Only collecting what we need to deliver services and carry out our mission