The city has received two major recognitions that highlight its strong financial planning and responsible management of public dollars.

First, the Government Finance Officers Association (GFOA) awarded Prior Lake its Distinguished Budget Presentation Award. The award recognizes cities that create budgets that are clear, well organized and help guide decisions about city services, projects and spending. To earn the award, Prior Lake’s budget had to meet national standards and show that it works as a financial plan, operations guide, policy document and communication tool for residents and decision-makers. View 2026 Budget Book

The city also received the highest possible bond rating for its $5.045 million Series 2026A General Obligation Bonds — AAA from S&P Global Ratings. The rating allows borrowing at a lower interest rate to help pay for street improvements and facility projects throughout the community.

In its report, S&P pointed to Prior Lake’s strong financial position, responsible spending, growing tax base and long-term planning. The report also noted the city’s steady population and potential growth for continued housing development. View S&P Report

“These recognitions reflect Prior Lake’s commitment to responsible financial stewardship and thoughtful planning,” said Jason Wedel, city manager. “These recognitions are proof our finance department is doing an excellent job, and the city’s financial future is in good hands to continue to invest in infrastructure and services that support residents today and into the future.”

The S&P gave the city a stable outlook, meaning it expects Prior Lake to continue managing finances well and maintain a strong financial position in the years ahead.