Financial Status & Reporting

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The City of Plymouth has a history of sound fiscal practices and prudent financial management. This page contains information about Plymouth's biennial budget, financial reporting, long-term planning and more.

Financial Awards, Bond Ratings & Tax Rate

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Four Decades of Recognition for Transparency in Financial Reporting

For 41 consecutive years, the City of Plymouth has been recognized for transparency in financial reporting by the Government Finance Officers Association. The Certificate of Achievement for Excellence in Financial Reporting is the highest recognition available for government financial reporting. The recognition is given following the completion of the city's Annual Comprehensive Financial Report (see below) and annual outside audit.

Other Financial Awards

Plymouth also received two new awards in 2024 from the Government Finance Officers Association:

Distinguished Budget Presentation Award for the 2024/2025 budget (view the online budget book)
Popular Annual Financial Report Award for 2022, which was published in the 2023 Financial Extra newsletter (see below)

Top Bond Ratings (AAA) from Two Rating Agencies

Plymouth has maintained top bond ratings from two bond credit rating agencies since 2010. Standard & Poor’s has awarded Plymouth an AAA rating, while Moody’s Investors Service gave Plymouth its best possible rating of Aaa. The ratings were reaffirmed in August 2021. Plymouth is one of only 10 Minnesota cities to hold top ratings from both agencies.

Lowest Tax Rate of Peer Cities

Plymouth has historically compared favorably with similar communities. Since 2017, Plymouth has maintained the lowest tax rate of its peer cities (when compared to other Hennepin County suburbs with populations of 45,000 or more). The cities of Brooklyn Park, St. Louis Park, Bloomington, Maple Grove, Minnetonka, Eden Prairie and Edina have higher tax rates.

Financial Overview

The City of Plymouth prepares an annual Financial Overview presentation to illustrate the city and broader community’s overall economic health, as well as promote financial transparency. The overview uses charts and graphs to highlight key financial and economic indicators, and data that shows how Plymouth compares to comparable area communities.

Biennial Budget

The City of Plymouth prepares a biennial budget. The two-year budget strengthens forecasts and streamlines the budget development process. Because Minnesota law requires cities to adopt a budget annually, the City Council adopts the first year of the budget and approves the second-year budget in concept. This cycle assists in long-term planning while allowing the City Council to adjust the second year’s budget for mandates, unanticipated events or significant changes in the economy.

The City Council holds special budget study sessions throughout the year, and approves the final budget in early December. All budget meetings are open to the public. The City Council also holds a public hearing to receive public comment at a regular council meeting in December.

New: 2024/25 Budget Book

To promote transparency and bolster ease of use, the City of Plymouth launched a new online, interactive budget book platform in March 2024 to showcase the city's biennial budget. Open the 2024/25 budget book in a new window.

Budget History

Capital Improvement Plan

The Capital Improvement Plan is a 10-year projection of the capital replacement costs and additional capital needs. It does not give authority to spend, but assists with the preparation of the biennial budget by detailing upcoming capital expenditures by funding source.

Annual Comprehensive Financial Report

The Annual Comprehensive Financial Report provides the City Council, staff, residents and other interested parties with detailed information on the city’s financial status and practices. Detailed financial information for the city’s Housing and Redevelopment Authority (HRA) is also included in the report.

Long-Term Planning and Other Documents

The projection documents listed below assist in long-term planning and provide a more stable accounting of city revenue and expenditures.

Financial Extra Newsletter

The Financial Extra is an annual supplement inserted into the city newsletter, the Plymouth News, which is mailed to every active address in Plymouth.

The Financial Extra newsletter allows the City of Plymouth to continue cultivating accountability and transparency in local government by sharing financial information with residents. The publication details how tax dollars are spent and how Plymouth compares to similar communities.

As of 2023, the Financial Extra also includes the Popular Annual Financial Report (PAFR), a year-in-review snapshot of General Fund revenues/expenditures.

Note: Due to the COVID-19 pandemic, the Financial Extra was not assembled or mailed in 2020.