In spite of the disruption being caused by Covid-19 in our world, the City of Cambridge has continued to work to provide essential services its citizens. Here are a few things that have been happening from the finance viewpoint:
•Independent auditors completed their audit of the 2019 financial statements for the city in March 2020. We received a clean audit opinion from the auditors or no concerns noted.
•Standard & Poor’s (S&P), an independent bond rating company, recently affirmed the City’s AA bond rating. The report is based on S&P’s opinion that the City has strong management, financial policies, cash access and budget flexibility. The City’s bond rating played an important part during the City’s recent sale of $5.5 million of bonds to fund the 2020 Street Improvement Project and portion of the new Cambridge Library as six bidders quoted an interest rate on sale day. The winning bid on the sale was 1.5873% which translates to into lower costs on infrastructure replacement for the citizens of Cambridge.
To review the complete 2019 audit report or the S&P rating report, visit the City’s website at https://www.ci.cambridge.mn.us/yourgovernment/departments/finance/finance-documents
•Now the City is beginning its process to update its 10-year long range financial plan and set the 2021 budget. If you would like to provide input to the City Council on budgeting priorities, please visit the City’s interactive budget simulation called “Balancing Act” on the City’s website. Your responses will be brought to the City Council as they consider the 2021 budget this summer. Find Balancing Act at
CAROLINE MOE is the director of Finance for the City of Cambridge. She can be reached at 763-552-3202 or email@example.com.