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
Shelby McQuay

Shelby is a Senior Municipal Advisor with Ehlers’ School Finance Team. She assists districts across Minnesota, Wisconsin and Illinois with long-term capital planning and helping them navigate 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 and review the financial implications of the School Building Agricultural Credit and the legislation related to Maximum Effort Capital Loan districts.

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

Areas of Expertise

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

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

Professional Affiliations & Memberships

Minnesota Association of School Business Officials
Minnesota School Boards Association


Bachelor of Science – Mathematics, Marquette University
Master of Arts – Public Policy, Harris School of Public Policy – University of Chicago
Doctorate – Geophysical Sciences, University of Chicago