Finance

The Finance Department provides financial support services to the entire City government organization, Faribault Economic Development Authority, as well as the Faribault Housing and Redevelopment Authority. This includes fiscal management and processing of all accounting transactions pursuant to generally accepted accounting principles.  The Finance Department is located within City Hall on the second floor at 208 1st Ave NW.
    

Operations


Daily financial operations are comprised of:
  • Accounts receivable
  • Capital asset record keeping
  • Collection of revenues
  • Debt management
  • Management Information Systems
  • Investments
  • Accounts payable
  • Risk management
  • Special assessments
  • Utility billing
  • Tax Increment Financing

Budgets & Reports


Finance compiles the Annual Budget, 5-year Capital Improvement Plan, Long Term Financial Plan, Tax Increment Reports and the Comprehensive Annual Financial Report.

Certificate of Achievement for Excellence in Financial Reporting


The Government Finance Officers Association (GFOA) has awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Faribault for 29 consecutive years. In order to be awarded a Certificate of Achievement for Excellence, a government must publish an easily readable and efficiently organized comprehensive annual financial report, and the contents must conform to the program requirements. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.

AA Credit Rating


Standard and Poor's has assigned Faribault an AA credit rating.

Additional Information


For information on assessing services, property taxes and real estate inquiries, visit the Rice County website.
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