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’ Education Finance Team. She assists districts with 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 a 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 tax credit for 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
  • Refundings
  • Lease Purchases and Certificates of Participation
  • Abatement Bonds

Bond Referendum Planning and Support

Operating Referendum Planning and Support
Capital Projects Levy Assistance
Truth in Taxation Hearing Presentations
TIF and Abatement Analysis
Assistance with Legislative Initiatives
Lease Levy Approval
Long-Term Financial Planning and Capital Improvement Planning
School Finance
Public Library District Financing

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, Milwaukee
Master of Arts – Public Policy, Harris School of Public Policy – University of Chicago
Doctorate – Geophysical Sciences, University of Chicago