HomeMy WebLinkAbout26-081 - ADMIN Resolution - City Council - 2026/06/01
Resolution No. 26-081
Approving 2025 calendar year financial transfers to/out other funds
Whereas, the city approved the following permanent interfund transfers for calendar
year 2025 as shown in Exhibit A;
• General fund transfers in $10,369 out from the housing rehabilitation fund to support
overhead expenses
• General fund transfers in $36,717 out from the EDA development fund to support
overhead expenses
• General fund transfers in $2,508,488 out from the city’s enterprise funds, $786,856
water fund, $269,594 solid waste fund, $395,072 storm water fund, and $1,056,966
sewer for general overhead services
• General fund transfers in $3,261,182.88 out from the Special Assessment Cost Recovery
Fund (f.k.a Permanent Improvement Revolving), moving funds to support city-wide
operations and repurposing the PIR fund as a cost recovery special revenue fund from a
capital fund
• General fund transfers in $371,266 out from the Property Causality Internal Service
Fund, transfer to support city-wide operations as well it is determined that the Property
Causality fund had too much cash and investments in the fund
• Development EDA transfers in $966,923.44 out from Redevelopment District (Duke
West End TIF district sub-fund), pooled TIF used related to the Beltline and Terasa
Development projects
• Development EDA transfers in $18,221.10 out from the Capital Fund (Beltline SWLRT
sub-fund), closing subfund as spending for Beltline occurs in the EDA fund and not the
capital subfund
• Debt Service (Bridgewalk HIA debt service sub-fund) transfers in $366,723.33 out from
housing rehabilitation fund to cover debt service expenditures
• Debt Service (2019C taxable GO HIA refunding debt service sub-fund) transfers in
$293,318.33 out from housing rehabilitation fund to cover debt service expenditures
• Debt Service (2012A taxable GO HIA debt service sub-fund) transfers in $88,209.12 out
from housing rehabilitation fund to cover debt service expenditures
• Internal Service Fund (Municipal buildings & Infrastructure fund) transfers in $579,602
out from the General fund to support Capital Improvement Plan Spending
• Internal Service Fund (Employee Benefits fund) transfers in $280,712 out from the city’s
general fund related to personal expenditures
• Internal Service Fund (Vehicle & Equipment) transfers in $2,009,553.54 out from the
General fund to fund capital vehicle and equipment spending
• Internal Service Fund (Vehicle & Equipment) transfers in $68,374.10 out from the Opioid
fund related to past spending on a vehicle for Opioid operations
• Internal Service Fund (Technology) transfers in $1,001,640.50 out from the General fund
to fund city-wide technology spending
• Special Service District (SSD #1 sub-fund) transfers in $28,700.00 from the General fund
• Affordable housing trust fund transfers in $2,535,000 from following Redevelopment
Districts related to allowable transfers out of TIF to AHTF in 2025, $775,000 4900
Docusign Envelope ID: 9596EECE-D543-8382-81E8-1CEC84394B5F
Excelsior TIF District, $600,000 CSM TIF District, $695,000 Mill City TIF District, $250,000
from Wolfe Lake TIF District, $215,000 Aquila Commons TIF District
• Capital fund transfers in $1,634,432.50 out from the EDA Development fund related to
shifting land held for resale to the City. Once the land held for resale is sold, the
proceeds will be transferred to the EDA
• Transfer between Debt Service sub-funds: 2010C general obligation refunding debt
service fund transfers in $5,818.92 out from general obligation bond reserve debt
service fund to cover debt service expenditures
• Transfer between Capital sub-funds: $160,277 from the MSA sub fund to the Street
Capital sub fund to align capital project spending with revenue received
Now therefore be it resolved by the City of St. Louis Park City Council that the 2025
calendar year financial transfers in/out be approved for the completion of the city’s annual
audit and annual comprehensive financial report for December 31, 2025.
Reviewed for administration: Adopted by the city council June 1, 2026:
Kim Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: 9596EECE-D543-8382-81E8-1CEC84394B5F
Fund
General EDA - Development Debt Service Capital
Internal Service
Funds -Municipal
Buildings &
Infrastructure
Internal Service
Funds - Health
Benefit
Internal Service Funds -
Vehicle & Equipment
Internal Service Funds -
Technology
Nonmajor
Governmental - Special
Service District 1
Nonmajor
Governmental -
AHTF
Totals
Transfers out:
General ----579,602 280,712 2,009,554 1,001,641 28,700 -3,900,208
Housing Rehabilitation 10,369 -748,251 -------758,620
Redevelopment District -966,923 -------2,535,000 3,501,923
EDA - Development 36,717 --1,634,433 ------1,671,150
Capital -18,221 --------18,221
Nonmajor Governmental - Opioid Fund ------68,374 ---68,374
Nonmajor Governmental - SA Recovery (f.k.a PIR)3,261,183 ---------3,261,183
Internal Service Funds - Property Casualty 371,266 ---------371,266
Water 786,856 ---------786,856
Sewer 1,056,966 ---------1,056,966
Storm Water 395,072 ---------395,072
Solid Waste 269,594 ---------269,594
Total transfers in 6,188,023 985,145 748,251 1,634,433 579,602 280,712 2,077,928 1,001,641 28,700 2,535,000 16,059,433
Transfer Out Between Sub-Funds:
Capital 160,277 160,277
Debt Service 5,819 5,819
Total (In/Out)16,225,529
CITY OF ST. LOUIS PARK, MINNESOTA
Final 2025 Calander Year Transfers
December 31st, 2025
Transfers in
Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to a debt service fund in accordance with bond documents,
(3) move funds in accordance with the City’s adopted capital improvement plan to support project costs, and (4) use unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with City policy.
Docusign Envelope ID: 9596EECE-D543-8382-81E8-1CEC84394B5F