Shelby McQuay
I love connecting with each of the superintendents, business managers, and school boards I have the privilege of working with. They have a commitment to their schools and communities that I appreciate and admire.

Shelby McQuay

Senior Municipal Advisor | Managing Director
Shelby McQuay

Shelby is a Senior Municipal Advisor and serves as the Managing Director of Ehlers’ School Finance Team. She assists districts across Minnesota and Wisconsin with long-term capital planning and navigating the implications of legislative proposals on debt issuance. Before joining the firm in 2016, Shelby worked with the Minnesota Senate as a non-partisan research analyst and fiscal analyst, developing education finance and tax policy. While there, she helped craft language for, and review the financial implications of, the School Building Agricultural Credit as well as legislation related to Maximum Effort Capital Loan districts.

Shelby and her husband are raising three children who keep them exceptionally busy.

Focus Areas

Debt Issuance & Management

Alternative Financing Options
Property Tax Impact Analysis
Voter-Approved Building Bonds
Maximum Effort Capital Loans
Facilities Maintenance Bonds
Capital Facilities Bonds
Cash Flow Borrowing
Lease Purchases & Certificates of Participation
Abatement Bonds
Bond Referendum Planning & Support
Operating Referendum Planning & Support
Capital Projects Levy Assistance
Truth in Taxation Hearing Presentations
Assistance with Legislative Initiatives
Lease Levy Approval
Long-Term Financial Planning & Capital Improvement Planning

Licenses & Certifications

Series 50 License: Municipal Advisor Representative
Series 54 License: Municipal Advisor Principal
Certified Independent Professional Municipal Advisor

Professional Affiliations & Memberships

Minnesota Association of School Business Officials
Minnesota Association of School Administrators
Minnesota School Boards Association


Bachelor’s Degree in Mathematics, Marquette University
Master’s Degree in Public Policy, University of Chicago Harris School of Public Policy
Doctorate in Geophysical Sciences, University of Chicago