The Finance Department completes annual and long range financial plans for the City. Other vital support services for the City include:
Administering bond indebtedness
All financial transactions for the City
Assessment payoff administration
Investment of City funds
Lodging Tax administration
Preparation of City’s annual budget
Treasury functions for all City Departments
The Finance Department coordinates the Annual Municipal Audit for the Comprehensive Annual Financial Report (CAFR). The Government Finance Officers Association of the United States has awarded the City of Grand Rapids the Certificate of Achievement for Excellence in Financial Reporting since 1992.
The City receives its bond rating from Moody’s Investor Services. In September of 2004 the City’s rating was upgraded from A3 to A2. In October 2010 the rating was upgraded to A1. The A1 rating reflects the City's consistent maintenance of ample operating reserves, modestly-sized, but growing tax base, and above average debt levels with rapid principal amortization.
In 2017, S&P Global Ratings assigned its 'AA-' rating to Grand Rapids, Minn.'s series 2017A general obligation (GO) street reconstruction bonds. This is a positive step increase in the City’s previous bond rating. The 'AA-' rating reflects the City of Grand Rapid’s adequate budgetary performance, very strong budgetary flexibility, very strong liquidity, weak debt and contingent liability position, and strong institutional framework score.
The budget process which typically starts in February of each year is guided by the budget committee. Below are documents that provide details about the City of Grand Rapids budget:
The detailed Budget and Capital Improvement Plan may be viewed at the Finance Department.
The Finance Department collects Mandatory Lodging Tax and Voluntary Lodging Tax and passes the collections onto Visit Grand Rapids. Hotels, Motels, Bed & Breakfasts and Resorts are required to send in their forms and payments on or before the 25th of the month following collection. Participants can complete the appropriate form below to report their gross receipts and taxes due and mail in with their payment.
Mandatory Lodging Tax Form
Voluntary Lodging Tax Form