The Finance Department is responsible for various accounting activities including the task of preparing the Comprehensive Annual Financial Report (CAFR) and the compilation and development of the Annual Budget for the City of Cloquet.
- Provides timely and accurate financial reporting.
- Processes receivables, utility billing, special assessments, payables and payroll.
- Investment of City funds.
- Fund management.
- Capital asset reporting.
- Debt service analysis and bond payments.
- Implementation of financial and internal controls.
The City's Standard and Poor's rating is AA as of March 31, 2017. The City has raised its rating four points since 2003, which are significant upgrades. Standard and Poor's give high marks to the City's financial position due to its very strong management conditions, strong financial practices, and healthy general fund reserves.
The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the City of Cloquet by the Government Finance Officers Association of the United States and Canada (GFOA) for the City’s CAFR for fiscal year ended December 31, 2006 through 2016. The CAFR will be submitted annually for consideration. The certificate is the highest form of recognition in the area of governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.