HomeMy WebLinkAbout2021/06/28 - ADMIN - Agenda Packets - City Council - Study SessionAGENDA
JUNE 28, 2021
The St. Louis Park City Council is meeting in person in accordance with the most recent COVID-
19 guidelines. Members of the public may attend the June 28, 2021, meeting in person at St.
Louis Park City Hall, 5005 Minnetonka Blvd. The meeting may also be viewed live via webstream
at bit.ly/watchslpcouncil and on local cable (Comcast SD channel 17/HD channel 859). Visit
bit.ly/slpccagendas to view the agenda and reports.
6:30 p.m. – council chambers
STUDY SESSION and JOINT MEETING w/ ENVIRONMENT AND SUSTAINABILITY COMMISSION
Discussion items
1. 6:30 p.m. Environment and sustainability commission 2021 work plan review
2. 7:30 p.m. Creating pathways to homeownership for BIPOC individuals and families
pilot program
3. 8:00 p.m. Elections 2021 updates and strategic overview
4. 9:00 p.m. Future study session agenda planning and prioritization
9:05 p.m. Communications/updates (verbal)
9:10 p.m. Adjourn
Written reports
5. Comprehensive annual financial report for the year ended December 31, 2020
6. May 2021 monthly financial report
7. Minnetonka Boulevard redevelopment update
8. Update on anti-idling research and recommendations
The agenda is posted on Fridays on the official city bulletin board in the lobby of city hall and on the text display
on civic TV cable channel 17. The agenda and full packet are available by noon on Friday on the city’s website.
If you need special accommodations or have questions about the meeting, please call 952-924-2525.
Meeting: Study session
Meeting date: June 28, 2021
Discussion item: 1
Executive summary
Title: Environment and sustainability commission 2021 work plan review
Recommended action: Discuss the annual work plan with representative(s) of the environment
and sustainability commission (ESC).
Policy consideration: Does the annual work plan meet the city councils’ expectations of the
and environment and sustainability commission?
Summary: The complete environment and sustainability commission work plan is attached for
review. There are four initiatives identified for 2021. One is an ongoing responsibility, and the
other three are continued initiatives. All of these initiatives have the Climate Action Plan (CAP) at
their center, including advising staff on CAP policies and programs, supporting community
engagement in the CAP, and leading events focused on promoting the CAP.
Marisa Bayer, the 2021 ESC chair, will be present at the meeting.
Financial or budget considerations: None.
Strategic priority consideration: St. Louis Park is committed to continue to lead in
environmental stewardship.
Supporting documents: ESC annual work plan
ESC annual report
Prepared by: Emily Ziring, sustainability manager
Reviewed by: Brian Hoffman, director of building and energy
Approved by: Tom Harmening, city manager
Board and Commission
Annual Workplan
Presented to council: June 28, 2021
1
Work Plan │ Environment & Sustainability Commission
Time
Frame
Initiative Strategic
Priorities
Purpose
(see page 2 for definitions)
Outcome (fill in after
completed)
Ongoing Advise City Council and staff on Climate
Action Plan (CAP) and sustainability
topics, and foster regional collaboration
to continue being a sustainability leader
and more effectively meet CAP goals,
including:
•Increase communication with
Council and staff
•Work with external partners to
share resources and collaborate
•Provide input and feedback on
existing and new strategies
•Support staff to identify new
initiatives and actions
•Evaluate project incentives and
financial support with special
attention to equity
☐New Initiative
☐Continued
Initiative
☒Ongoing
Responsibility
☐1 ☒ 2 ☐ 3
☐4 ☒ 5☐N/A
☒Commission Initiated Project
☐Council Initiated Project
☐Report Findings (council requested)☐Formal Recommendation (council
requested)
Q2 2021
–Q4
2021
Support non-residential engagement in
the city’s CAP, including:
•Support for Climate Champions
Program
•Support Solar Sundown Program
•Support and track benchmarking
program
•Leverage networks to encourage
business participation on ESC
☐New Initiative
☒Continued
Initiative☐Ongoing
Responsibility
☐1 ☒ 2 ☐ 3☐4 ☒ 5 ☒
N/A
☒Commission Initiated Project
☐Council Initiated Project
☐Report Findings (council requested)☐Formal Recommendation (council
requested)
Study session meeting of June 28, 2021 (Item No. 1)
Title: Environment and sustainability commission 2021 work plan review Page 2
Board and Commission
Annual Workplan
Approved: May 5, 2021
Updated: April 2021
2
Time
Frame
Initiative Strategic
Priorities
Purpose
(see page 2 for definitions)
Outcome (fill in after
completed)
Q2 2021
–Q4
2021
Support resident engagement in the
city’s CAP, including:
•Support Solar Sundown Program
•Engage residents by updating
existing materials and
engagement kits to use at
events (in person and virtually)
☐New Initiative
☒Continued
Initiative☐Ongoing
Responsibility
☐1 ☒ 2 ☐ 3☐4 ☒ 5☐N/A
☒Commission Initiated Project
☐Council Initiated Project
☐Report Findings (council requested)☐Formal Recommendation (council
requested)
Q2 2021
–Q4
2021
Lead event engagement and outreach
for non-residential and residential
audiences, including:
•Identify and host events to
educate and engage
•Leverage virtual engagement
and event options
•Form community partnerships
to engage stakeholders typically
not reached
☐New Initiative
☒Continued
Initiative☐Ongoing
Responsibility
☒1 ☒ 2 ☐ 3☐4 ☒ 5☐N/A
☒Commission Initiated Project
☐Council Initiated Project
☐Report Findings (council requested)☐Formal Recommendation (council
requested)
City of St. Louis Park Strategic Priorities
1.St. Louis Park is committed to being a leader in racial equity and inclusion in order to create a more just and inclusive community for all.
2.St. Louis Park is committed to continue to lead in environmental stewardship.
3.St. Louis Park is committed to providing a broad range of housing and neighborhood oriented development.
4.St. Louis Park is committed to providing a variety of options for people to make their way around the city comfortably, safely and reliably.
5.St. Louis Park is committed to creating opportunities to build social capital through community engagement
OR Other
Study session meeting of June 28, 2021 (Item No. 1)
Title: Environment and sustainability commission 2021 work plan review Page 3
Board and Commission
Annual Workplan
Approved: May 5, 2021
Updated: April 2021
3
Purpose: definitions
Modifications:
Work plans may be modified, to add or delete items, in one of three ways:
•Work plans can be modified by mutual agreement during a joint work session.
•If immediate approval is important, the board or commission can work with their staff liaison to present a modified work plan for city
council approval at a council meeting.
•The city council can direct a change to the work plan at their discretion.
•Project initiated by the board or commission
Commission Initiated Project
•Project tasked to a board or commission by the city council
Council Initiated Project
•Initiated by the city council
•Board and commission will study a specific issue or topic and report its findings or comments to the city council in
writing
•No direct action is taken by the board/commission
Report Findings
•Initiated by the city council
•Board and commission will study a specific issue or topic and makes a formal recommendation to the city council on
what action to take
•A recommendation requires a majoirty of the commissioners' support
Formal Recommandation
Study session meeting of June 28, 2021 (Item No. 1)
Title: Environment and sustainability commission 2021 work plan review Page 4
Board and Commission
Annual Workplan
Approved: May 5, 2021
Updated: April 2021
4
Parking Lot
Items that are being considered by the board/commission but not proposed in the annual work plan. Council approval is needed if the
board/commission decides they would like to move forward with an initiative.
Initiative Comments:
Study session meeting of June 28, 2021 (Item No. 1)
Title: Environment and sustainability commission 2021 work plan review Page 5
2021 Annual Report
Board or Commission: Environment & Sustainability Commission
I. 2020 Goals and Key Initiatives: Provide a progress report on your 2020 goals and
list the most significant activities undertaken in 2020.
Due to COVID-19, the Environment and Sustainability Commission’s goals were
heavily impacted and unfortunately, events and engagement activities were put on
hold. In addition, the city initiatives the ESC planned to support were also put on
hold.
II. 2021 Goals: List your board/commission’s most important goals (up to 3) for 2021.
These goals should be statements that reflect the board/commission’s highest
priorities, which may or may not change from year-to-year. For each goal, list 1-2
key initiatives or activities that the Board/Commission will be working on in 2020
that will help make progress toward that particular goal.
Support non-residential engagement in the city’s CAP.
Support Climate Champions program, including engagement and outreach to
encourage participation
Support resident engagement in the city’s CAP.
Engage residents to support the Climate Action Plan, including updating existing
materials and develop engagement kits to motivate action
Lead event engagement and outreach for non-residential and residential
audiences
Identify and host events to educate and engage with community members
Form partnerships with other commissions and liaisons to engage stakeholders not
typically reached through traditional outreach
Study session meeting of June 28, 2021 (Item No. 1)
Title: Environment and sustainability commission 2021 work plan review Page 6
2021 Annual Report
Board or Commission: Environment & Sustainability Commission
III.Race Equity and Inclusion: How may you continue to incorporate or promote race
equity and inclusion in the key initiatives/activities identified in above?
By forming partnerships with other commissions and staff liaisons, we hope to
engage community members who are typically not engaged in our traditional
outreach methods. This is an important aspect of inclusive engagement to ensure
that all St. Louis Park community members are reached, including those most
vulnerable to the negative impacts of climate change.
IV.Strategic Priorities: How is the commission’s work supporting the strategic
priorities?
Several our goals and initiatives for 2021 support the city’s priorities, including
priority #1, being a leader in race equity and inclusion, priority #2, lead in
environmental stewardship, and priority #5 creating opportunities to build social
capital. Most of our initiatives are directly supporting the city’s Climate Action Plan,
fostering environmental stewardship throughout our community. In addition, by
intentionally engaging community members not traditionally reached through
community engagement, we will be building social capital in an inclusive way.
Study session meeting of June 28, 2021 (Item No. 1)
Title: Environment and sustainability commission 2021 work plan review Page 7
Meeting: Study session
Meeting date: June 28, 2021
Discussion item: 2
Executive summary
Title: Creating pathways to homeownership for BIPOC individuals and families pilot program
Recommended action: This report provides the council with information on a proposed pilot
homeownership program to address disparities in homeownership rates and promotes the
building of wealth. Staff recommends the council direct staff to implement the pilot program.
Policy consideration: Does the council support the implementation of the proposed
homeownership and wealth building program?
Summary: Staff is proposing the implementation of a pilot homeownership program that will
build wealth in communities most impacted by housing challenges and disparities. The goal is
to pilot an innovative program to address homeownership challenges for Black, Indigenous, and
People of Color (BIPOC) communities and other low-income communities and support inclusive
and equitable communities.
Overall, the Minnesota homeownership rate outperformed those for the United States;
however, the homeownership gap between white households and nonwhite households in
Minnesota was the fourth largest in the nation. Additionally, the homeownership rate in 2019
for nonwhite households in Minnesota was 44.0%, underperforming the national average
homeownership rate for nonwhite households of 48%.
Historical and institutional racism has disproportionately created housing challenges and
disparities for households of color and other underserved low-income communities. In
particular, Black households have historically been prohibited from purchasing and owning a
home due to redlining, racial covenants, and decimation of Black neighborhoods for “public
purposes” (i.e., freeways). Additionally, the income and education gap between households of
color and white households has also resulted in difficulty for black households and households
of color to obtain a mortgage or one with a favorable interest rate.
The proposed pilot homeownership program is designed to address these historic injustices and
inequities, to facilitate affordable homeownership for low-income Black families and other
households of color and to provide a means for wealth-building.
Financial or budget considerations: Pooled housing tax increment is the funding resource for
this program; $300,000 is included in the 2021 budget for this pilot program.
Strategic priority consideration: St. Louis Park is committed to being a leader in racial equity
and inclusion in order to create a more just and inclusive community for all.
Supporting documents: Discussion
Prepared by: Michele Schnitker, CD deputy director/housing supervisor
Reviewed by: Karen Barton, community development director
Approved by: Tom Harmening, city manager
Study session meeting of June 28, 2021 (Item No. 2) Page 2
Title: Creating pathways to homeownership for BIPOC individuals and families pilot program
Discussion
Background: Increasing homeownership among households is an important policy objective for
a number of reasons, primarily because of the financial, social, and psychological benefits that
homeownership may convey, which include:
1)Higher wealth accumulation (e.g. increase in home equity can be leveraged to pay for
children’s college education).
2)Greater positive outcomes for children (e.g. school attendance is stabilized which
enhances academic performance).
3)Increased social/local neighborhood capital (e.g. homeowners are incentivized to
maintain or improve local communities).
4)Improved psychological and physical health (e.g. homeowners gain a sense of
accomplishment via greater control over living environment).
Historical and institutional racism has disproportionately created housing challenges and
disparities for households of color and other underserved low-income communities. In particular,
redlining, block busting and decimation of Black neighborhoods for “public purposes” have all
impacted Black households and other households of color from purchasing or owning a home. In
addition, the income and education gap between households of color and white households has
resulted in poor credit or no credit in many households of color and made it difficult for these
households to obtain a mortgage, which contributes to on-going housing stability issues.
Present considerations: While Minnesota has the third highest homeownership rate in the
country, it also has the fourth highest disparity in homeownership rates between White
households and households of color or of Hispanic ethnicity. The U.S. homeownership rate for
non-White households was 48.0%, significantly underperforming the 72.1% for White
households. In Minnesota, 77% of all White households own their home while only 44% of
households of color are homeowners. The homeownership rate for Black households is only
25%. In addition to historical and institutional racism that has contributed to the disparity in
homeownership rates for households of color, lower median incomes for non-White households
is also contributing to the challenge to obtain homeownership. A combination of debt
payments, rising rents and other rising costs of living such as health care and childcare, make it
nearly impossible for many renter households to put aside money for their financial future, a
factor that makes homeownership unattainable without some form of financial assistance.
The supply of affordable housing also poses a major hindrance to homeownership. The primary
driver for home price appreciation is demand outpacing supply. In the current housing market,
the gap between supply and demand is particularly acute in the affordable housing segment. To
address the shortfall in affordable housing supply, public and private efforts have targeted
increasing the supply of housing units, largely in the form of rental units, which do not convey
the same wealth accumulation and other benefits that homeownership can deliver. Moreover,
with rising rental rates, it can be more affordable to own a home with a mortgage than renting
in Minnesota.
National data indicates that with moderate down payment assistance, nearly 30% of potential
homeowners could purchase a median priced home. And by increasing the amount of down
payment assistance, the potential for homeownership can reach a much greater percentage of
low-income households.
Study session meeting of June 28, 2021 (Item No. 2) Page 3
Title: Creating pathways to homeownership for BIPOC individuals and families pilot program
To determine the level of assistance for this program staff reviewed the Metropolitan Council
affordable home prices at each affordability level. The percentage of assistance at each
affordability level was factored into the purchase price to ensure that low-income households
could purchase a home at an affordable homeownership amount.
Assistance based on purchase price
Purchase
price
15%
assistance
80% AMI
Balance 20%
assistance
60% AMI
Balance 25%
assistance
50% AMI
Balance
$200,000 $30,000 $170,000 $40,000 $160,000 $50,000 $150,000
$250,000 $37,500 $212,500 $50,000 $200,000 $62,500 $187,500
$285,000 $42,750 $242,250 $57,000 $228,000 $71,250 $213,750
$300,000 $45,000 $255,000 $60,000 $240,000 $75,000 $225,000
$340,000 $51,000 $289,000 $68,000 $272,000
$345,000 $51,750 $293,250 $69,000 $276,000
$352,300 $52,845 $299,455 $70,460 $281,840
MHFA First time home buyer purchase price maximum = $352,300.
Met council affordable home price:
80% AMI $293,500: purchase price, less city assistance at 15%, affordable up to $345,000
60% AMI $228,500: purchase price, less city assistance at 20%, affordable up to $285,000
50% AMI $187,500: purchase price, less city assistance at 25%, affordable up to $250,000
The program provides a non-interest-bearing deferred loan which is forgiven at a prorated rate
of 5 percent per year over a 20-year period. The longer the household resides in the home the
greater the equity stake the household will have in the home. As a non-interest-bearing loan,
the financial assistance will adhere to financing principles of many faiths including Christianity,
Judaism, and Islam which have specific conventions around the use of interest.
Homebuyers will need to meet the financial requirements utilizing normal underwriting criteria
to obtain a first mortgage. However, since the goal of the program is to promote sustainable
homeownership, potential homebuyers will be required to bolster financial literacy and
understanding of the homebuying and homeownership process by attending both
homeownership and financial wellness educational programs.
In developing the program, the city consulted with a number of agencies with extensive
expertise in administering homeownership and wealth building services to promote
homeownership readiness for Black, Indigenous and households of color. The input informed
and guided the development of the elements of the program presented below. Continued
engagement with these agencies will be a key factor in promoting the program to communities
most impacted by disparities in homeownership rates.
Fair Housing laws prohibit the city from proposing a race-based homeownership program. To
comply with fair housing yet focus the assistance towards Black, Indigenous and people of color
to the extent possible, the proposed program is targeted to first-generation homeownership,
which will require that the homeowner and their parents to have not previously owned a
home. Homeownership is one of the primary ways for households to generate wealth. This
homeownership program is a wealth building program for lower-income households that have
been kept out of homeownership.
Study session meeting of June 28, 2021 (Item No. 2) Page 4
Title: Creating pathways to homeownership for BIPOC individuals and families pilot program
Nichole Salaam, racial equity manager, has also reviewed and provided input on the proposed
program.
Wealth building homeownership pilot program proposed summary
Eligible Borrower must meet all the following
• First generation buyer, and
• Must intend to occupy the property as their primary residence, and
• The borrower’s maximum household income cannot exceed 80% of the area median
income (AMI) based on a family size of four. Income limits will be increased based on
family size for families with more than four members. The current 80% AMI income for a
family of four is $79,900.
Eligible Properties
• A single family (including a townhome or condominium) or duplex property located
within the city limits of St Louis Park.
• Purchase may not exceed the MN Housing 11 county home value limit for the state’s
Start Up home buyer assistance program single-family home ($352,300). No limit on
purchase price for a duplex.
• Owner occupied dwellings only. The homebuyer must homestead and occupy the home
within 60 days following the home purchase closing.
Loan Terms
• The loan has zero percent interest.
• There are no monthly payments.
• The loan is forgiven at a prorated rate (5% per year) over a twenty-year owner
occupancy period. If the homeowner ceases to occupy the home as a primary residence
during the twenty-year owner occupancy period, the remaining balance of the loan
must be repaid.
• Borrower must contribute at least $1,000 towards down payment or closing costs to
purchase home.
Loan Amount
• The maximum homebuyer deferred loan amount will be based on the household’s
income and the purchase price of the home. Households with lower incomes will be
eligible for loans based on a higher percentage of purchase price. A maximum deferred
loan provided will be as follows:
o Households with incomes at or below 50% AMI: 25% of the purchase price not to
exceed $75,000.
o Households with incomes between 51% and 60% AMI: 20% of the purchase price
o Households with incomes between 61% and 80% AMI: 15% of the purchase
price.
• This program may not be layered with Down Payment Assistance Program for 1st Time
Homebuyers from the City of St. Louis Park.
Use of Funds
• Down payment costs and closing costs as needed per the restrictions listed above.
Study session meeting of June 28, 2021 (Item No. 2) Page 5
Title: Creating pathways to homeownership for BIPOC individuals and families pilot program
Required Homebuyer Financial and Homeownership Counseling and Education
• Homebuyers must complete homeownership and financial wellness counseling and
education. The city will reimburse buyers for any approved educational program costs at
the time of closing.
Next steps: Upon approval from the council, staff will finalize the program elements and create
an application and loan process for the program which will be administered by Center for Energy
and Environment (CEE). With the administration process in place, staff will implement a
marketing strategy that will focus on outreach to metro area realtors and agencies administering
homeownership and wealth building programs for those communities most impacted by
disparities in homeownership rates, in particular BIPOC households. It is anticipated the
program will be launched late summer or early fall.
Meeting: Study session
Meeting date: June 28, 2021
Written report: 3
Executive summary
Title: Elections 2021 updates and strategic overview
Recommended action: None. The goal of this discussion is to review plans for the upcoming
2021 election, key concepts of the ranked-choice system, and to outline ongoing strategic
initiatives, including outreach and education programming, data analysis, forecasting voter
needs and engagement, and election worker succession planning.
Policy consideration: Does the information discussed align with the city’s strategic priorities
and the needs of voters in St. Louis Park?
Summary: Elections staff will present information to the council to help prepare and answer
questions related to the upcoming 2021 election cycle, including a brief review of ranked-choice
voting, and provide information on the work that has been done to geo-enable elections data to
further inform and enhance initiatives such as redistricting, outreach and education, strategic
forecasting for core voters services to meet needs, and election worker succession planning.
• 2021 election cycle – we will review key dates, related administrative activities, and provide a
general overview of what council can expect for the upcoming ward councilmember and
school board member election.
• Ranked-choice voting (RCV) – given that we have welcomed several new councilmembers since
2019, we will briefly review the key concepts of the system, core messaging used to engage
and educate voters on RCV, and outline the resources we have made available to the public.
• Outreach and education – we will present an overview of the outreach and education
strategy, goals and expected outcomes for programming, and how we examine what we
know about voter behavior and needs to design both general and targeted strategies.
• Geo-enabling elections data – we will present GIS data developed using techniques from the
Center for Tech and Civic Life that demonstrate how we can use voter data over time to
learn more about voter behavior, needs and trends in the community to design our
programming strategies, forecast service needs, and inform our work related to projects
such as redistricting.
• Redistricting update – staff will provide a brief update on timeline and report previously
provided in April.
• Election worker succession – staff will present an overview of the ongoing work to plan for
future election needs and ensure we are able to recruit and retain a diverse pool of election
workers.
Financial or budget considerations: Funds are included in the budget.
Strategic priority consideration: St. Louis Park is committed to creating opportunities to build
social capital through community engagement.
Prepared by: Melissa Kennedy, city clerk
Approved by: Tom Harmening, city manager
Meeting: Study session
Meeting date: June 28, 2021
Discussion item: 4
Executive summary
Title: Future study session agenda planning and prioritization
Recommended action: The city council and city manager to set the agenda for the regularly
scheduled study session on July 12, 2021.
Policy consideration: Not applicable.
Summary: This report summarizes the proposed agenda for the regularly scheduled study session
on July 12, 2021.
Also attached to this report is:
- Study session discussion topics and timeline
-Proposed topics for future study session discussion
Topic Proposed by Councilmember
Neighborhood-focused commercial activity in public parks Margaret Rog
Financial or budget considerations: Not applicable.
Strategic priority consideration: Not applicable.
Supporting documents: Tentative agenda – July 12, 2021
Study session discussion topics and timeline
Proposed topics for future study session discussion
Prepared by: Debbie Fischer, administrative services office assistant
Reviewed by: Maria Solano, interim administrative services officer
Approved by: Tom Harmening, city manager
Study session meeting of June 28, 2021 (Item No. 4) Page 2
Title: Future study session agenda planning and prioritization
July 12, 2021.
6:30 p.m. Study Session – council chambers
Tentative discussion items
1.Annual financial report for year ended Dec. 31, 2020 – auditors discussion and review –
administrative services (30 minutes) – if needed/requested
This item is being included as a written report in the June 28, 2021 council agenda packet. As
a follow up if requested by council, the city auditor (Redpath and Company) will present the
annual audit results and opinion issued on the 2020 comprehensive Annual Financial Report
and be available for discussion.
2.2022 budget/levy discussion – administrative services (90 minutes)
Discussion on 2022 budget including market value, tax impacts, and general budget requests.
3.Beltline Station presentation and discussion – community development (45 minutes)
Developer presentation of Beltline Station development proposal followed by discussion
about project and related request for financial assistance.
4.Future study session agenda planning – administrative services (5 minutes)
Communications/meeting check-in – administrative services (5 minutes)
Time for communications between staff and council will be set aside on every study session
agenda for the purposes of information sharing.
Study session meeting of June 28, 2021 (Item No. 4) Page 3
Title: Future study session agenda planning and prioritization
Study session discussion topics and timeline
Future council items
Priority Discussion topic Comments Timeline for
discussion
1 Council meetings – agenda and video
presentation; proclamation policy TBD
3 Public process expectations and outcomes Staff is working on the approach for
undertaking this discussion. 8/23/21
5 Community and neighborhood sidewalk
designations
To be combined w/ Connect the Park
discussion. 3rd qtr. 2021
6 Transportation commission 9/27/21
7
Easy access to nature, across city, starting
w/ low-income neighborhoods/ WHNC
Access Fund
*On hold pending direction from school
district.*On hold
9 Public forums at council mtgs 9/23/19 SS. Staff is researching options. 3rd qtr. 2021
11 STEP discussion: facilities STEP has entered into purchase
agreement for two adjacent properties. On hold
+ Vehicle idling Written report 6/28/21 TBD
+ Land acknowledgements TBD
Council items in progress
Priority Discussion topic Comments Next Steps
- Policing discussion Discussed 7/27/20, 9/29/20 & 2/22/21. TBD
4 Creating pathways to home ownership for
BIPOC individuals and families Discussed at 2/8/21 council meeting.
Program being developed.
6/28/21
discussion
10 Boards and commissions general review Discussed 1/25/21. Revisit after the
annual workplan process. 3rd qtr. 2021
+ Semi-trailer truck parking Discussed 5/24/21 Ordinance to
be drafted
- Conversion therapy ban
Report on 2/22/21. Resolution adopted
3/15/21. HRC to review and make
recommendations on ordinance.
TBD
Study session meeting of June 28, 2021 (Item No. 4) Page 4
Title: Future study session agenda planning and prioritization
Meeting: Study session
Meeting date: June 28, 2021
Written report: 5
Executive Summary
Title: Comprehensive annual financial report for the year ended December 31, 2020
Recommended action: No action required. Reports from the audit are attached for the
Council’s review.
Policy consideration: What additional information may the council want relative to the 2020
Certified Annual Financial Report?
Summary: The city is required to have an independent audit each year in which the audit firm
issues an opinion on the financial statements. The city received a “clean” audit opinion, or
unmodified opinion, which means that Redpath and Company believe the financial statements
present fairly, in all material respects, the financial position of the City as of December 31, 2020.
After the city council reviews the annual financial report for 2020, it will be submitted to the
office of the state auditor as required and also submitted to the Government Finance Officers
Association (GFOA) to be considered for the Achievement for Excellence in Financial Reporting
certificate program for which the City of St. Louis Park has been recognized for 37 consecutive
years.
Financial or budget considerations: This report shows the City of St. Louis Park continues to
remain in strong financial condition.
Strategic priority consideration: Not applicable.
Supporting documents: Auditors PowerPoint
Communication with those charged with governance
Auditor’s report on internal control
Minnesota legal compliance report
Comprehensive annual financial report
Prepared by: Melanie Schmitt, chief financial officer
Approved by: Tom Harmening, city manager
City of St. Louis Park, Minnesota
2020 Audit Review
David Mol, CPA
Partner
Phone: 651.407.5803
Email: dmol@redpathcpas.com
1
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 2
Reports Issued by Auditor
Opinion on the Fair Presentation of the Financial Statements
Report on Internal Controls
Report on Minnesota Legal Compliance
Report on Federal Program Compliance
Communication to Those Charged with Governance
2
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 3
Opinion on Financial Statements
What did we do?
•Determine the financial statements are presented in accordance with
GAAP and free of material misstatement.
How did we do it?
•Audit Standards
–GAAS (AICPA)
–GAGAS (GAO)
•Plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
What is the result?
•A Unmodified or “clean” opinion was issued on the 2020 financial
statements.
3
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 4
GFOA Award for Excellence in Financial Reporting
4
The City has received this award for
Thirty-seven consecutive years.
The Award demonstrates the City’s commitment
to preparing Financial Statements that are
comprehensive, transparent and consistent with
Accounting standards.
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Report on Internal Controls
What did we do?
•We gained an understanding of internal controls in place and their
effectiveness in order to design our audit procedures.
•Data mining
•Deficiencies in internal control that are identified are discussed with
management and reported to the City Council.
What is the result?
•No items noted.
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Report on Minnesota Legal Compliance
What did we do?
•Determine the City has complied with certain Minnesota Statutes / Laws that
pertain to financial transactions.
How did we do it?
•Select sample of transactions to test for compliance with statutory provisions.
•Followed the audit guide published by the Office of the State Auditor. The
guide consists of seven sections:
–Conflicts of interest -Public Indebtedness
–Contracting bid laws -Claims and disbursements
–Miscellaneous provisions -Tax increment
–Depositories of public funds and investments
What is the result?
•No items of noncompliance noted.
6
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Report on Federal Program Compliance
What did we do?
•Determine the City has complied with various requirements of federal
programs (Coronavirus Relief Fund -$3,684,892; Dakota Bridge project -
$1,469,207).
•Federal programs have up to twelve areas of compliance
–Activities allowed, allowable costs, period of availability, procurement and
suspension and debarment, reporting, special tests and provisions
How did we do it?
•Select sample of transactions to test for compliance with statutory provisions.
What is the result?
•The audit will be completed in July and a report issued in August.
7
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Communication to Those Charged with Governance
Accounting policies used and/or changed.
•none
Accounting estimates in the financial statements.
•Net OPEB Obligation ($4,163,000)
•Net Pension Liability ($24,205,000)
•Land Held for Resale ($4,105,000)
No financial statement adjustments identified during the audit
No difficulties encountered in performing the audit.
No disagreements with management.
Other Matters
•More changes in accounting standards on the way.
8
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55 5th Street East, Suite 1400, St. Paul, MN, 55101 www.redpathcpas.com
COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE
To the Honorable Mayor and
Members of the City Council
City of St. Louis Park, Minnesota
We have audited the financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of St.
Louis Park, Minnesota for the year ended December 31, 2020. Professional standards
require that we provide you with information about our responsibilities under generally
accepted auditing standards and Government Auditing Standards, as well as certain
information related to the planned scope and timing of our audit. We have communicated
such information in our letter to you dated February 1, 2021. Professional standards also
require that we communicate to you the following information related to our audit.
Significant Audit Matters
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies.
The significant accounting policies used by the City are described in Note 1 to the financial
statements. No new accounting policies were adopted and the application of existing
policies was not changed during 2020. We noted no transactions entered into by the City
during the year for which there is a lack of authoritative guidance or consensus. All
significant transactions have been recognized in the financial statements in the proper
period.
Accounting estimates are an integral part of the financial statements prepared by
management and are based on management’s knowledge and experience about past and
current events and assumptions about future events. Certain accounting estimates are
particularly sensitive because of their significance to the financial statements and because
of the possibility that future events affecting them may differ significantly from those
expected. The most sensitive estimates affecting the City’s financial statements were
management’s estimates of the Actuarial Accrued Liability related to OPEB, net pension
liability, pension and OPEB related deferred inflows and outflows of resources, pension and
OPEB expense and value of land held for resale. Management’s estimates relating to the
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City of St. Louis Park, Minnesota
Communication With Those Charged With Governance
Page 2
Actuarial Accrued Liability related to OPEB, net pension liability, pension and OPEB related
deferred outflows and inflows of resources, and pension and OPEB expense are based on
actuarial studies. We evaluated the key factors and assumptions used to develop the
estimates in determining that they are reasonable in relation to the financial statements
taken as a whole.
Certain financial statement disclosures are particularly sensitive because of their
significance to financial statement users. The most sensitive disclosure affecting the
financial statements was the disclosure of Defined Benefit Pension Plans in Note 7 – Defined
Benefit Pension Plans.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and
completing our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements
identified during the audit, other than those that are clearly trivial, and communicate them
to the appropriate level of management. There were no uncorrected misstatements that
have an effect on our opinion of the financial statements.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting,
reporting, or auditing matter, whether or not resolved to our satisfaction, that could be
significant to the financial statements or the auditor’s report. We are pleased to report that
no such disagreements arose during the course of our audit.
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 11
City of St. Louis Park, Minnesota
Communication With Those Charged With Governance
Page 3
Management Representations
We have requested certain representations from management that are included in the
management representation letter dated June 17, 2021.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing
and accounting matters, similar to obtaining a “second opinion” on certain situations. If a
consultation involves application of an accounting principle to the City’s financial
statements or a determination of the type of auditor’s opinion that may be expressed on
those statements, our professional standards require the consulting accountant to check
with us to determine that the consultant has all the relevant facts. To our knowledge, there
were no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles
and auditing standards, with management each year prior to retention as the City’s
auditors. However, these discussions occurred in the normal course of our professional
relationship and our responses were not a condition to our retention.
Other Matters
We applied certain limited procedures to the management discussion and analysis,
budgetary comparison information, Schedule of OPEB Liability and Related Ratios, the
Schedules of Proportionate Share of Net Pension Liability, the Schedules of Pension
Contributions, and the Notes to Required Supplementary Information, which are required
supplementary information (RSI) that supplements the basic financial statements. Our
procedures consisted of inquiries of management regarding the methods of preparing the
information and comparing the information for consistency with management’s responses
to our inquiries, the basic financial statements, and other knowledge we obtained during
our audit of the basic financial statements. We did not audit the RSI and do not express an
opinion or provide any assurance on the RSI.
We were engaged to report on the combining fund financial statements and schedules,
which accompany the financial statements but are not RSI. With respect to this
supplementary information, we made certain inquiries of management and evaluated the
form, content, and methods of preparing the information to determine that the information
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 12
City of St. Louis Park, Minnesota
Communication With Those Charged With Governance
Page 4
complies with accounting principles generally accepted in the United States of America, the
method of preparing it has not changed from the prior period, and the information is
appropriate and complete in relation to our audit of the financial statements. We compared
and reconciled the supplementary information to the underlying accounting records used to
prepare the financial statements or to the financial statements themselves.
We are not engaged to report on the introductory and statistical sections, which accompany
the financial statements but are not RSI. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements, and accordingly,
we do not express an opinion or provide any assurance on it.
Restriction on Use
This information is intended solely for the information and use of the City of St. Louis Park,
Minnesota’s City Council and management and is not intended to be, and should not be,
used by anyone other than these specified parties.
REDPATH ANC COMPANY, LTD.
St. Paul, Minnesota
June 17, 2021
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 13
55 5th Street East, Suite 1400, St. Paul, MN, 55101 www.redpathcpas.com
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and
Members of the City Council and Management
City of St. Louis Park, Minnesota
We have audited, in accordance with the auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States, the
financial statements of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of St. Louis Park, Minnesota,
as of and for the year ended December 31, 2020, and the related notes to the financial
statements, which collectively comprise the City of St. Louis Park, Minnesota’s basic
financial statements, and have issued our report thereon dated June 17, 2021.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City of
St. Louis Park, Minnesota’s internal control over financial reporting (internal control) as a
basis for designing audit procedures that are appropriate in the circumstances for the
purpose of expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the City of St. Louis Park, Minnesota’s internal
control. Accordingly, we do not express an opinion on the effectiveness of the City of St.
Louis Park, Minnesota’s internal control.
A deficiency in internal control exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal control such that there
is a reasonable possibility that a material misstatement of the entity’s financial statements
will not be prevented, or detected and corrected, on a timely basis. A significant deficiency
is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with
governance.
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 14
Report on Internal Control over Financial Reporting and
on Compliance and Other Matters
Our consideration of internal control was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control
that might be material weaknesses or significant deficiencies. Given these limitations,
during our audit we did not identify any deficiencies in internal control that we consider to
be material weaknesses. However, material weaknesses may exist that have not been
identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City of St. Louis Park,
Minnesota’s financial statements are free of material misstatement, we performed tests of
its compliance with certain provisions of laws, regulations, contracts, and grant agreements,
noncompliance with which could have a direct and material effect on the financial
statement amounts. However, providing an opinion on compliance with those provisions
was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are
required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control
and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the entity’s internal control or on compliance. This report is an integral
part of an audit performed in accordance with Government Auditing Standards in
considering the entity’s internal control over compliance. Accordingly, this communication
is not suitable for any other purpose.
REDPATH AND COMPANY, LTD.
St. Paul, Minnesota
June 17, 2021
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 15
55 5th Street East, Suite 1400, St. Paul, MN, 55101 www.redpathcpas.com
MINNESOTA LEGAL COMPLIANCE REPORT
To the Honorable Mayor and
Members of the City Council
City of St. Louis Park, Minnesota
We have audited, in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States, the financial
statements of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the City of St. Louis Park, Minnesota as of
and for the year ended December 31, 2020, and the related notes to the financial
statements, which collectively comprise the City’s basic financial statements, and have
issued our report thereon dated June 17, 2021.
In connection with our audit, nothing came to our attention that caused us to believe that
the City of St. Louis Park, Minnesota failed to comply with the provisions of the contracting
and bidding, deposits and investments, conflicts of interest, public indebtedness, claims and
disbursements, miscellaneous provisions, and tax increment financing selections of the
Minnesota Legal Compliance Audit Guide for Cities, promulgated by the State Auditor
pursuant to Minn. Stat. § 6.65, insofar as they relate to accounting matters. However, our
audit was not directed primarily toward obtaining knowledge of such noncompliance.
Accordingly, had we preformed additional procedures, other matters may have come to our
attention regarding the City’s noncompliance with the above referenced provisions, insofar
as they relate to accounting matters.
The purpose of this report is solely to describe the scope of our testing of compliance and the
results of that testing, and not to provide an opinion on compliance. Accordingly. This
communication is not suitable for any other purpose.
REDPATH AND COMPANY, LTD.
St. Paul, Minnesota
June 17, 2021
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 16
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CITY OF ST. LOUIS PARK, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
December 31, 2020
Thomas Harmening – City Manager
Prepared by: Finance Division
Member of the Government Finance Officers’ Association
Of the United States and Canada
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CITY OF ST. LOUIS PARK , MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
I. INTRODUCTORY SECTION
Letter of Transmittal 3
Certificate of Achievement 9
Services Chart 11
Officials of the City of St. Louis Park 13
II. FINANCIAL SECTION
Independent Auditor's Report 17
Management's Discussion and Analysis 21
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position Statement 1 39
Statement of Activities Statement 2 40
Fund Financial Statements:
Balance Sheet - Governmental Funds Statement 3 41
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds Statement 4 42
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities Statement 5 43
Statement of Net Position - Proprietary Funds Statement 6 44
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds Statement 7 45
Statement of Cash Flows - Proprietary Funds Statement 8 46
Notes to Financial Statements 49
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund Statement 9 94
Schedule of Changes in Total OPEB Liability and Related Ratios Statement 10 99
Schedule of Proportionate Share of Net Pension Liability - General Employees
Retirement Fund Statement 11 100
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CITY OF ST. LOUIS PARK , MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Schedule of Pension Contributions - General Employees Retirement Fund Statement 12 101
Schedule of Proportionate Share of Net Pension Liability - Public Employees Police
and Fire Fund Statement 13 102
Schedule of Pension Contributions - Public Employees Police and Fire Fund Statement 14 103
Notes to RSI 105
Combining Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds Statement 15 117
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental Funds Statement 16 118
Special Revenue Funds:
Combining Balance Sheet - Nonmajor Special Revenue Funds Statement 17 121
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Special Revenue Funds Statement 18 122
Capital Projects Funds:
Combining Balance Sheet - Nonmajor Capital Projects Funds Statement 19 125
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Capital Projects Funds Statement 20 126
Debt Service Funds:
Combining Balance Sheet - Debt Service Funds Statement 21 128
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -
Major Debt Service Funds Statement 22 131
Redevelopment District Funds:
Combining Balance Sheet - Redevelopment District Funds Statement 23 136
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -
Major Redevelopment District Funds Statement 24 140
Internal Service Funds:
Combining Statement of Net Position Statement 25 146
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Statement 26 147
Combining Statement of Cash Flows Statement 27 148
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CITY OF ST. LOUIS PARK , MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
III. STATISTICAL SECTION (UNAUDITED)
Financial Trends:
Net Position by Component Table 1 154
Changes in Net Position Table 2 156
Governmental Activities Tax Revenues by Source Table 3 161
Fund Balances of Governmental Funds Table 4 162
Changes in Fund Balances of Governmental Funds Table 5 164
Revenue Capacity:
Assessed Value/Tax Capacity Value and Estimated Market Value
of all Taxable Property Table 6 166
Property Tax Rates - Direct and Overlapping Governments Table 7 168
Principal Property Taxpayers Table 8 170
Property Tax Levies and Collections Table 9 171
Debt Capacity:
Ratios of Outstanding Debt By Type Table 10 172
Ratios of General Bonded Debt Outstanding Table 11 173
Direct and Overlapping Governmental Activities Debt Table 12 175
Legal Debt Margin Information Table 13 176
Pledged Revenue Bond Coverage Table 14 178
Demographic and Economic Information:
Demographic Statistics Table 15 179
Principal Employers Table 16 181
Operating Information:
Full-Time Equivalent Employees by Function Table 17 182
Operating Indicators by Function Table 18 184
Capital Asset Statistics by Function Table 19 185
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I. INTRODUCTORY SECTION
1
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2
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St. Louis Park City Hall • 5005 Minnetonka Blvd., St. Louis Park, MN 55416
www.stlouispark.org • Phone: 952.924.2500 • TTY: 952.924.2518
June 17, 2021
Honorable Mayor and Members of the City Council
City of St. Louis Park, Minnesota
Minnesota statutes require all cities to issue an annual report on its financial position and activity
prepared in accordance with generally accepted accounting principles (GAAP), and audited in
accordance with generally accepted auditing standards by a firm of licensed certified public
accountants, or the Office of the State Auditor. Pursuant to that requirement, we hereby issue
the comprehensive annual financial report of the City of St. Louis Park for the fiscal year ended
December 31, 2020.
This report consists of management’s representations concerning the finances of the City of St.
Louis Park. Consequently, management assumes full responsibility for the completeness and
reliability of all of the information presented in this report. To provide a reasonable basis for
making these representations, management of the City of St. Louis Park established a
comprehensive internal control framework that is designed both to protect the government’s
assets from loss, theft, or misuse and to compile sufficient reliable information for the
preparation for the City of St. Louis Park’s financial statements in conformity with GAAP. Because
the cost of internal controls should not outweigh their benefits, the City of St. Louis Park’s
comprehensive framework of internal controls has been designed to provide reasonable rather
than absolute assurance that the financial statements will be free from material misstatement.
As management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
The City of St. Louis Park’s financial statements have been audited by Redpath and Company Ltd.,
a firm of licensed certified public accountants. The goal of the independent audit was to provide
reasonable assurance that the financial statements of the City of St. Louis Park for the fiscal year
ended December 31, 2020, are free of any material misstatement. The independent audit
involved examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. The independent
auditor concluded, based upon the audit, that there was a reasonable basis for rendering an
unmodified opinion that the City of St. Louis Park’s financial statements for the fiscal year ended
December 31, 2020, are fairly presented in conformity with GAAP. The independent auditor’s
report is presented as the first component of the financial section of this report.
3
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 27
St. Louis Park City Hall • 5005 Minnetonka Blvd., St. Louis Park, MN 55416
www.stlouispark.org • Phone: 952.924.2500 • TTY: 952.924.2518
Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s
report and provides a narrative introduction, overview, and analysis of the basic financial
statements. This letter of transmittal is designed to complement the MD&A and should be read
in conjunction with it.
Profile of the Government
The City of St. Louis Park, established in 1886, is a first ring community located immediately west
of Minneapolis. Thanks to its convenient location, St. Louis Park combines all the cultural
amenities of a large metropolitan area with small town friendliness. The City of St. Louis Park
currently occupies a land area of 10.8 square miles and serves a population of 49,069. The City
of St. Louis Park is empowered to levy a property tax on both r eal and personal properties located
within its boundaries. While it also is empowered by state statutes to extend its corporate limits
by annexation, St. Louis Park is a completely developed community and is bordered on all sides
by other incorporated communities.
St. Louis Park operates under the council/manager form of government. Policy-making and
legislative authority are vested in a City Council consisting of a mayor, two at-large council
members, and four ward council members. The City Council is responsible, among other things,
for passing ordinances, adopting the budget, appointing committees, and hiring the City
Manager. The City Manager is responsible for carrying out the policies and ordinances of the
council, for overseeing the day-to-day operations of the City government, and for appointing the
heads of the various departments. The council is elected on a non-partisan basis. Council
members serve four-year staggered terms.
The City of St. Louis Park provides a full range of services, including police and fire protection;
redevelopment, the construction and maintenance of highways, streets, and other
infrastructure; water, sewer, storm water, and refuse services, as well as recreational activities
and cultural events.
The annual budget serves as the foundation for the City of St. Louis Park’s financial planning and
control. All departments and agencies of the City of St. Louis Park submit requests for
appropriation to the City Manager in June of each year. The City Manager uses these requests
as the starting point for developing a proposed budget. The City Manager then presents this
proposed budget to the council for review prior to adoption of a preliminary tax levy by
September 30. The council is required to hold a public hearing on the proposed budget and to
adopt a final budget no later than December 28.
4
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 28
St. Louis Park City Hall • 5005 Minnetonka Blvd., St. Louis Park, MN 55416
www.stlouispark.org • Phone: 952.924.2500 • TTY: 952.924.2518
The appropriated budget is prepared by fund, (e.g. General), function (e.g., public safety), and
department (e.g., police). Department directors may make transfers of appropriation within a
department, but not between personnel and non-personnel categories. Transfers of
appropriations between funds, however, require the approval of the City Council. Budget to
actual comparisons are provided in this report for the general fund for which an appropriated
annual budget has been adopted. These comparisons are presented starting on page 94 as part
of the basic financial statements for the governmental funds.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of St.
Louis Park operates.
Local economy
The City of St. Louis Park currently enjoys a durable economic environment and local indicators
point to continued stability versus other communities in the Twin City Metro Area. The City of
St. Louis Park has a well-diversified tax base, with a sizeable full valuation that includes retail,
manufacturing, and health care components, as well as diverse housing stock. Redevelopment
and Development efforts remain very strong in St Louis Park.
Redevelopment/Development
The C ity o f S t. L ouis P ark is c ommitted to e valuating, p reservi ng, and improving the housing stock
available within the community. It is important that a wide variety of housing alternatives be
available within the community. Redevelopment projects over the past ten years have provided
a mix of apartment, co-op, condominium, town-home, and single family units. Many of these
housing developments contain a commercial component including both retail and services to
support the new housing and create more livable neighborhoods. The City has used its tax
increment financing authority in many of th ese projects in o rder to meet specific community and
economic development objectives.
Some of the larger projects include:
Bridgewater Bank Corporate Headquarters
Bridgewater Bank constructed a four-story, 84,000-square-foot office building that incorporates
a bank branch, retail and service uses and three levels of structured parking. The development
includes a plaza at the corner of Excelsior Boulevard and Monterey Drive with outdoor seating,
space for public art and landscaping. The plaza includes “Moments of Tangency” by Craig Snyder
and Homan Wong. Moments of Tangency represents paths crossing and the moments in which
connections are made. Construction was completed in summer 2020.
5
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 29
St. Louis Park City Hall • 5005 Minnetonka Blvd., St. Louis Park, MN 55416
www.stlouispark.org • Phone: 952.924.2500 • TTY: 952.924.2518
Urban Park Apartments
Urban Park Apartments is a new 61 unit market rate apartment building with two community
rooms, a fitness center, a pool and improved outdoor amenity space. The project was completed
in 2020.
Elan West End
Elan West End is a six-story apartment building with 164 residential units, adjacent to Central
Park West and the AC Hotel by Marriott. The development includes five affordable units at 60
percent area median income (AMI).
4800 Excelsior
The latest redevelopment along the Excelsior Blvd commercial corridor is Weidner Apartment
Homes’ 4800 Excelsior. The six-story, mixed-use building is located immediately west of the
landmark Excelsior & Grand. It contains 164 apartment units (146 market-rate and 18
affordable units at 60% of the area median income) and 28,228 square feet of ground floor
commercial space leased to Fresh Thyme grocery. The project was completed in 2017.
Parkway 25
Sela Group redeveloped the former Vescio Restaurant and Valu Stay Inn sites at 4001 County
Road 25 and 4025 Hwy. 7. The new five-story, mixed-use, LEED Silver certified building consists
of 112 luxury apartment units and 12,000 square feet of ground floor commercial space on a
combined 1.57-acre parcel. The development includes surface and underground parking and
outdoor amenity space. Construction began in the fall 2017 and was completed in October
2018.
Central Park West Apartments
Phase I of the Central Park West development is the Central Park West Apartments. It is a six-
story, multi-family building near The West End. The 199-unit luxury apartment building is
adjacent to a large public gathering (civic) space for both active and passive recreation. The
civic space, which features a James Brenner sculpture, was completed in early 2018.
AC Hotel by Marriott
TPI Hospitality constructed a 6-story, 126-room AC Hotel by Marriott in The West End area. This
is Phase III of the Central Park West redevelopment and is located on the border of St. Louis
Park and Golden Valley. The hotel has a rooftop amenity space, as well as a small bar and
restaurant. Construction began in spring 2017, and the hotel opened early 2018.
6
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St. Louis Park City Hall • 5005 Minnetonka Blvd., St. Louis Park, MN 55416
www.stlouispark.org • Phone: 952.924.2500 • TTY: 952.924.2518
The City also sponsors a comprehensive rehabilitation loan program available to single family
and multi-family homeowners. The first programs were started in the mid 1970’s and have
evolved into a comprehensive set of programs to ensure the preservation and enhancement of
the City’s housing stock.
Finally, the City has a Convention and Visitors Bureau, which markets the desirability of St. Louis
Park for both business and recreational opportunities. This continues to be a very strong partner
with the City of St. Louis Park which has brought increased business and activities to the City.
Long-term Financial Planning
The City maintains a 10 year Long Range Financial Management Plan that incorporates
anticipated revenues, expenditures, capital outlay, and tax impacts for all relevant funds. The
plan anticipates opportunities or challenges, allows for changes to then be made, with the goal
of achieving long-term sustainability. The plan is used in conjunction with the annual budget
process and Capital Improvement Plan, which then allows the City Council to evaluate various
budget decisions prior to adoption. This plan has proven its value by playing a significant role in
maintaining the City’s AAA bond rating from Standard & Poor’s, which assists in keeping the costs
of borrowing for the City of St. Louis Park at a low rate.
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the City of St. Louis Park for
its comprehensive annual financial report for the fiscal year ended December 31, 2019. This was
the thirty-seventh consecutive year that the government received this prestigious award. In
order to be awarded a Certificate of Achievement, a government must publish an easily readable
and efficiently organized comprehensive annual financial report. The report must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement
Program’s requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 31
St. Louis Park City Hall • 5005 Minnetonka Blvd., St. Louis Park, MN 55416
www.stlouispark.org • Phone: 952.924.2500 • TTY: 952.924.2518
Acknowledgements
The preparation of this report would not have been possible without the efficient and dedicated
services of the entire staff of the Finance Division and other key City of St. Louis Park personnel.
We would like to express our appreciation to all members of the organization who assisted and
contributed to the preparation of the report. Credit also must be given to the Mayor and the City
Council for their unfailing support for maintaining the highest standards of professionalism in the
management of the City of St. Louis Park’s finances.
Respectfully submitted,
Thomas Harmening Melanie Schmitt
City Manager Chief Financial Officer
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Study session meeting of June 28, 2021 (Item No. 5)
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of St. Louis Park
Minnesota
For its Comprehensive Annual
Financial Report
For the Fiscal Year Ended
December 31, 2019
Executive Director/CEO
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SERVICES CHART
Citizens
City Council
City Manager
Boards & Commissions
Board of Zoning Appeals
Human Rights
Planning
Police Advisory
Fire Civil Service
Parks & Recreation
Telecommunications Advisory
Environment & Sustainability
Multicultural Advisory Group
ADMINISTRATIVE
SERVICES
Records
General Admin
Human Resources
Payroll
Racial Equity &
Inclusion
Elections
City Clerk
Finance
Assessing
Public Art
COMMUNITY
DEVELOPMENT
Planning/Zoning
Economic
Development
Housing
INFORMATION
RESOURCES
Cable Television
Technology
Services
Support Services
WEB
Communications
& Marketing
Building &
Energy
Code Enforcement
Building
Point of Sale
Facility
Maintenance
Licensing
Sustainability
OPERATIONS &
RECREATION
Rec Ctr & Programs
Nature Center
Environmental
Parks
Fleet
Utility Operations
Streets/Traffic
Refuse/Recycling
Organics
POLICE
Patrol
Support Services
Crime Prevention
911 Dispatch
Animal Control
Community
Policing
ENGINEERING
Engineering
Projects
Storm Water
Sidewalk/Trail
projects
Pavement
FIRE
Fire Prevention
Fire Suppression
EMS/Rescue
Emergency
Preparedness
Education &
Inspection
Auditors
Legal
Economic Development
Authority
Housing Authority
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OFFICIALS OF THE CITY OF ST. LOUIS PARK
Council
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Larry Kraft
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Executive Staff
7KRPDV+DUPHQLQJCity Manager
1DQF\'HQRDeputy City Manager/Human Resources Director
0LNH+DUFH\Police Chief
6WHYH.RHULQJFire Chief
.DUHQ%DUWRQCommunity Development Director
%ULDQ+RIIPDQInspections Director
Melanie SchmittChief Financial Officer
'HEUD+HLVHUEngineering Director
&OLQW3LUHV, Chief Information Officer
&LQG\:DOVKOperations & Recreation Director
ϭϯ13
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II. FINANCIAL SECTION
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55 5th Street East, Suite 1400, St. Paul, MN, 55101 www.redpathcpas.com
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of St. Louis Park, Minnesota
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-
type activities, each major fund, and the aggregate remaining fund information of the City of St. Louis
Park, Minnesota, as of and for the year ended December 31, 2020, and the related notes to the
financial statements, which collectively comprise the City of St. Louis Park, Minnesota’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of St. Louis Park, Minnesota, as of
December 31, 2020, and the respective changes in financial position, and, where applicable, cash
flows thereof for the year then ended in accordance with accounting principles generally accepted in
the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, the budgetary comparison, Schedule of Changes in Total OPEB
Liability and Related Ratios, the Schedules of Proportionate Share of Net Pension Liability, the
Schedules of Pension Contributions, and the Notes to the Required Supplementary Information, as
listed in the table of contents, be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing
the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an
opinion or provide any assurance on the information because the limited procedures do not provide
us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of St. Louis Park, Minnesota’s basic financial statements. The
introductory section, combining fund financial statements and schedules, and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial
statements.
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Study session meeting of June 28, 2021 (Item No. 5)
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The combining fund financial statements and schedules are the responsibility of management and
were derived from and relate directly to the underlying accounting and other records used to prepare
the basic financial statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records
used to prepare the basic financial statements or to the basic financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the combining and individual nonmajor fund financial statements
and schedules are fairly stated in all material respects, in relation to the basic financial statements as
a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied
in the audit of the basic financial statements and, accordingly, we do not express an opinion or
provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 17,
2021, on our consideration of the City of St. Louis Park, Minnesota’s internal control over financial
reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts,
and grant agreements and other matters. The purpose of that report is solely to describe the scope
of our testing of internal control over financial reporting and compliance and the results of that
testing, and not to provide an opinion on the effectiveness of the City of St. Louis Park, Minnesota’s
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the City of St. Louis
Park, Minnesota’s internal control over financial reporting and compliance.
REDPATH AND COMPANY, LTD.
St. Paul, Minnesota
June 17, 2021
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City of St. Louis Park
Management’s Discussion and Analysis
As management of the City of St. Louis Park, we offer readers of the City’s financial statements this
narrative overview and analysis of the financial activities of the City for the fiscal year ended December
31, 2020. We encourage readers to consider the information presented here in conjunction with
additional information that we have furnished in our letter of transmittal, which starts on page 3 of this
report.
Financial Highlights
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows
of resources at the close of the most recent fiscal year by $181,316,146 (net position). Of this
amount, $32,236,115 (unrestricted net position) may be used to meet the government’s ongoing
obligations to citizens and creditors.
The City’s total net position increased by $10,109,454 as a result of expenses in excess of revenues.
$4,020,816 was a result of an increase of net position within business-type activities, and $6,088,638
from an increase of net position within governmental activities.
As of the close of the current fiscal year, the City’s governmental funds reported combined ending
fund balances of $71,024,429, a decrease of $3,160,104 in comparison with the prior year. The
decrease was primarily related to the spending of debt service fund balance for debt payments.
Approximately 27 percent of this total amount, $19,322,126 is either nonspendable or restricted for
specific purposes. The remaining fund balance was committed by City Council, assigned or
unassigned.
At the end of the current fiscal year, unassigned fund balance for the General fund was $25,386,153
(60 percent) of the total subsequent year budgeted General fund expenditures.
The City’s total bonded debt decreased $1,560,000 during 2020. New debt issued, and principal paid
during the year was $15,540,000 and $13,980,000 respectively.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements. The City’s basic financial statements comprise three components: 1) government-wide
financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report
also contains other supplemental information in addition to the basic financial statements themselves.
The following chart on page 22 shows how the various parts of this annual report are arranged and
related to one another.
The financial statements also include notes that explain some of the information in the financial
statements and provide more detailed data. The statements are followed by a section of combining fund
financial statements and schedules that further explains and supports the information in the financial
statements. Figure 1 shows how the required parts of this annual report are arranged and relate to one
another. In addition to these required elements, we have included a section with combining fund
financial statements and schedules that provide details about nonmajor governmental funds, which are
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
added together and presented in single columns in the basic financial statements. Internal service funds
statements are also included, reflecting balances prior to their elimination from the government-wide
financial statements, to avoid “doubling-up” effect within the governmental and business-type activities
columns of said statements.
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City of St. Louis Park
Management’s Discussion and Analysis
Figure 2 summarizes the major features of the City’s financial statements, including the portion of the
City government they cover and the types of information they contain. The remainder of this overview
section of management’s discussion and analysis explains the structure and contents of each of the
statements.
Government-wide Statements Governmental Funds Proprietary Funds
Scope Entire City government and
the City’s component units
The activities of the City that are
not proprietary, such as police, fire
and parks
Activities the City operates similar to
private businesses, such as the water
and sewer system
Required
financial
statements
• Statement of Net Position
• Statement of Activities
• Balance Sheet
• Statement of Revenues,
Expenditures and Changes in
Fund Balances
• Statement of Net Position
• Statement of Revenues, Expenses
and Changes in Net Position
• Statement of Cash Flows
Accounting basis and
measurement focus
Accrual accounting and economic
resources focus
Modified accrual accounting and
current financial resources focus
Accrual accounting and economic
resources focus
Type of asset/liability
information
All assets and liabilities, both
financial and capital, and short-term
and long-term
Only assets expected to be used
up and liabilities that come due
during the year or soon thereafter;
no capital assets included
All assets and liabilities, both financial
and capital, and short-term
and long-term
Type of deferred
outflows/inflows of
resources information
All deferred outflows/inflows of
resources, regardless of when cash is
received or paid
Only deferred outflows of
resources expected to be used up
and deferred inflows of resources
that come due during the year or
soon thereafter; no capital assets
included
All deferred outflows/inflows of
resources, regardless of when cash is
received or paid
Type of inflow/outflow
information
All revenues and expenses during the
year, regardless of when
cash is received or paid
Revenues for which cash is
received during or soon after the
end of the year; expenditures
when goods or services have been
received and payment is due
during the year or soon thereafter
All revenues and expenses during the
year, regardless of when
cash is received or paid
Fund Financial Statements
Figure 2
Major features of the Government-wide and Fund Financial Statements
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City of St. Louis Park
Management’s Discussion and Analysis
Government-wide financial statements – The government-wide financial statements are
designed to provide readers with a broad overview of the City’s finances in a manner similar to a
private-sector business.
The statement of net position presents information on all of the City’s assets and deferred
outflows of resources and liabilities and deferred inflows of resources, with the difference
between the two reported as net position. Over time, increases or decreases in net position may
serve as a useful indicator of whether the financial position of the City is improving or
deteriorating.
The statement of activities presents information showing how the government’s net position
changed during the most recent fiscal year. All changes in net position are reported as soon as
the underlying event giving rise to the change occurs, regardless of the timing of related cash
flows. Thus, revenues and expenses are reported in the statement for some items that will only
result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused
vacation leave).
Both of the government-wide financial statements distinguish functions of the City that are
principally supported by taxes and intergovernmental revenue (governmental activities) from
other functions that are intended to recover all or a significant portion of their costs through
user fees and charges (business-type activities). The governmental activities of the City include
general government, public safety, public information, operations and recreation, engineering,
housing and rehabilitation, housing maintenance, social and economic development, and
interest on long-term debt. The business-type activities of the City include water, sewer, solid
waste, and storm water operations.
The government-wide financial statements include not only the City itself (known as the primary
government), but also a legally separate Economic Development Authority (EDA) for which the
City is financially accountable. Financial information for this component unit is not reported
separately from the financial information presented for the primary government itself.
The government-wide financial statements start on page 39 of this report.
Fund financial statements – A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City,
like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the City can be divided
into two categories: governmental funds and proprietary funds.
Governmental funds – Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
balances of spendable resources available at the end of the fiscal year. Such information may be
useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it is useful to compare the information presented for governmental funds
with similar information presented for governmental activities in the government-wide financial
statements. By doing so, readers may better understand the long-term impact of the
government’s near-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures, and changes in fund balances provide
a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The City maintains seven individual major governmental funds. Information is presented
separately in the governmental fund balance sheet and the governmental fund statement of
revenues, expenditures, and changes in fund balances for the General Fund, Housing
Rehabilitation, Debt Service, Development EDA, Redevelopment District, Streets Capital
Projects, and Westwood Hills Nature Center Construction Project all of which are considered to
be major funds. Data from the other ten governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these non-major governmental funds
is provided in the form of combining statements elsewhere in this report.
The City adopts annual appropriated budgets for the General Fund. Budgetary comparison
statements are provided for the General Fund to demonstrate compliance with this budget.
The basic governmental fund financial statements start on page 41 of this report.
Proprietary funds – The City maintains two different types of proprietary funds.
Enterprise funds are used to report the same functions presented as business-type activities in
the government-wide financial statements. The City uses enterprise funds to account for its
water, sewer, solid waste, and storm water operations. Proprietary funds provide the same type
of information as the government-wide financial statements, only in more detail. The
proprietary fund financial statements provide separate information for the water, sewer, solid
waste and storm water operations, all of which are considered to be major funds of the City.
Internal service funds are an accounting device used to accumulate and allocate costs internally
among the City’s various functions. The City uses internal service funds to account for
maintaining its fleet of vehicles, management information systems, replacement of City
equipment, employee benefits, compensated absences, pension benefit and uninsured losses.
Because all of these services predominately benefit governmental rather than business-type
functions, they have been included within governmental activities in the governmental-wide
financial statements. All internal service funds are combined into a single, aggregated
presentation in the proprietary fund financial statements. Individual fund data for the internal
service funds is provided in the form of combining statements elsewhere in this report.
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City of St. Louis Park
Management’s Discussion and Analysis
The basic proprietary fund financial statements start on page 44 of this report.
Notes to the financial statements – The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial
statements. The notes to the financial statements start on page 49 of this report.
Other Supplementary Information - In addition to the basic financial statements and
accompanying notes, Required Supplementary Information, presents a detailed budgetary
comparison schedule for the General Fund to demonstrate compliance with the budget. In
accordance with the requirements of GASB Statement No. 75, it also includes other post-
employment benefit plan schedule of changes in total OPEB liability and related ratios. In
accordance with the requirements of GASB Statement No. 68, also included is defined benefit
pension plan information: a) schedules of the City’s contributions and b) schedules of the City’s
proportionate share of net pension liability. These schedules can be found in the Required
Supplementary Information section of this report. The combining statements and schedules
referred to earlier in connection with nonmajor governmental funds and internal service funds
are presented immediately following the required supplementary information starting on page
94 of this report.
Government-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government’s
financial position. In the case of the City, assets and deferred outflows of resources exceeded
liabilities and deferred inflows of resources by $181,316,146 at the close of the most recent
fiscal year.
A portion of the City’s net position (73 percent) reflects its investment in capital assets (e.g.,
land, buildings, machinery, and equipment); less any related debt used to acquire those assets
that is still outstanding. The City uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the City’s investment
in its capital assets is reported net of related debt, it should be noted that the resources needed
to repay this debt must be provided from other sources, since the capital assets themselves
cannot be used to liquidate these liabilities.
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
City of St. Louis Park’s Net Position
Increase Increase
2020 2019 (Decrease) 2020 2019 (Decrease)
Assets
Current and other assets 97,655,692$ 99,904,951$ (2,249,259)$ 17,568,083$ 12,846,723$ 4,721,360$
Capital assets 154,280,429 149,334,573 4,945,856 53,073,482 49,978,011 3,095,471
Total assets 251,936,121 249,239,524 2,696,597 70,641,565 62,824,734 7,816,831
Total deferred outflows
of resources 8,017,424 12,367,362 (4,349,938) - - -
Liabilities
Other liabilities 10,522,669 12,775,662 (2,252,993) 78,385,289 1,665,609 76,719,680
Noncurrent liabilities 98,153,792 95,299,784 2,854,008 30,291,172 26,926,472 3,364,700
Total liabilities 108,676,461 108,075,446 601,015 108,676,461 28,592,081 80,084,380
Total deferred inflows
of resources 8,214,407 16,557,401 (8,342,994) - - -
Net position
Net investment in
capital assets 103,325,878 102,644,391 681,487 30,198,068 27,805,955 2,392,113
Restricted 15,556,085 22,391,884 (6,835,799) - - -
Unrestricted 24,180,714 11,937,764 12,242,950 8,055,401 6,426,698 1,628,703
Total net position 143,062,677$ 136,974,039$ 6,088,638$ 38,253,469$ 34,232,653$ 4,020,816$
Governmental Activities Business-type Activities
An additional portion of the City’s net position $15,556,085 represents resources that are
subject to external restrictions on how they may be used. The remaining balance of unrestricted
net position $32,236,115 may be used to meet the City’s ongoing obligations to citizens and
creditors.
At the end of the current fiscal year, the City is able to report positive balances in all three
categories of net position, both for the City as a whole, as well as for its separate governmental
and business-type activities.
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 51
City of St. Louis Park
Management’s Discussion and Analysis
Analysis of the City’s Operations – The following table provides a summary of the City’s
operations for the year ended December 31, 2020. Overall, both the governmental and
business-type activities revenue and expenses remained stable. Governmental activities
increased the City’s net position by $6,088,638. Business-type activities increased the City’s net
position by $4,020,816.
City of St. Louis Park’s Changes in Net Position
Increase Increase
2020 2019 (Decrease) 2020 2019 (Decrease)
Revenues
Program revenues
Charges for services 8,476,121$ 9,386,456$ (910,335)$ 22,989,758$ 21,141,348$ 1,848,410$
Operating grants
and contributions 6,426,976 3,360,346 3,066,630 196,223 196,100 123
Capital grants and
contributions 3,646,262 2,693,816 952,446 299,018 556,508 (257,490)
General revenues
Property taxes and TIF 48,732,379 45,593,759 3,138,620 - - -
Franchise fees 4,569,901 4,212,728 357,173 - - -
Lodging taxes 339,055 1,074,002 (734,947) - - -
Grants and contributions
not restricted to
specific programs 331,454 319,322 12,132 - - -
Unrestricted investment earnings 1,232,923 1,669,916 (436,993) 172,777 271,026 (98,249)
Gain on disposal
of capital assets 56,625 178,509 (121,884) - - -
Miscellaneous 1,858,081 1,619,458 238,623 - - -
Total revenues 75,669,777 70,108,312 5,561,465 23,657,776 22,164,982 1,492,794
Expenses
General government 12,065,668$ 12,022,082 43,586 - - -
Public safety 18,283,411 18,868,900 (585,489) - - -
Public information 924,428 594,521 329,907 - - -
Operations 18,700,327 20,692,741 (1,992,414) - - -
Parks and recreation 6,454,814 7,463,862 (1,009,048) - - -
Housing and rehabilitation 1,085,356 2,011,975 (926,619) - - -
Housing maintenance 709,009 89,828 619,181 - - -
Social and economic development 11,642,624 15,526,279 (3,883,655) - - -
Interest on long-term debt 1,818,341 2,139,962 (321,621) - - -
Water - - - 5,545,411 5,922,733 (377,322)
Sewer - - - 6,020,350 6,387,860 (367,510)
Solid waste - - - 2,279,318 3,527,810 (1,248,492)
Storm water - - - 3,689,042 2,179,955 1,509,087
Total expenses 71,683,978 79,410,150 (7,726,172) 17,534,121 18,018,358 (484,237)
Increase (decrease) in net
position before transfers 3,985,799 (9,301,838) 13,287,637 6,123,655 4,146,624 1,977,031
Transfers 2,102,839 2,070,255 32,584 (2,102,839) (2,070,255) (32,584)
Change in net position 6,088,638 (7,231,583) 13,320,221 4,020,816 2,076,369 1,944,447
Net position, January 1 136,974,039 144,205,622 (7,231,583) 34,232,653 32,156,284 2,076,369
Net position, December 31 143,062,677$ 136,974,039$ 6,088,638$ 38,253,469$ 34,232,653$ 4,020,816$
Governmental Activities Business-type Activities
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City of St. Louis Park
Management’s Discussion and Analysis
Governmental Activities
Governmental activities increased the City’s net position by $6,088,638. Overall the
governmental activities in 2020 were stable, with a slight increase in revenues and Slight
decrease in expenses. Revenues increased by $5.5 million, primarily related to operating grant
revenues and additional tax levy revenue, while expenses decreased by $7.7 million, with a large
decrease in operations ($5.3 million) and parks and recreation ($2.3 million) both due to
pandemic related circumstances.
Business-type Activities
Business-type activities increased the City’s net position by $4,020,816. Revenues increased by
$1.5 million, expenses decreased $484 thousand, and net transfers were comparable to prior
year. The increase in revenues was the result of increased utility rates and the decrease in
expenses was a result of delaying purchases due to COVID.
Governmental Activities
Revenues - The following chart illustrates the City’s revenue by source for its governmental
activities:
Revenues by Source - Governmental Activities
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
Expenses - The following chart illustrates the City’s expenses and program revenues for its
governmental activities:
Expenses and Program Revenues - Governmental Activities
Business-type Activities
Revenues - The following chart illustrates the City’s revenue by source for its business-type
activities:
Revenue Sources - Business-type Activities
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
Expenses - The following chart illustrates the City’s expenses and program revenues for its
business-type activities:
Expense and Program Revenues - Business-type Activities
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. In particular, unassigned fund balance may serve as a useful
measure of a government’s net resources available for spending at the end of the year.
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
Governmental funds – As of the end of the current fiscal year, the City’s governmental funds
reported combined ending fund balances of $71,024,429 a decrease of $3,160,104 in
comparison with the prior year. Approximately 27 percent of this total amount, $19,498,922,
constitutes unassigned fund balance, which is available for spending at the City’s discretion. The
remainder of fund balance ($51,525,507) is not available for new spending because it is either 1)
nonspendable ($362,022), 2) restricted ($18,960,104), 3) committed ($812,078,) or 4) assigned
($31,931,303) for specific purposes.
Increase
2020 2019 (Decrease)
General 26,824,099$ 20,831,827$ 5,992,272$
Housing Rehabilitation 5,805,357$ 5,751,062$ 54,295$
Debt Service 4,923,698$ 13,443,508$ (8,519,810)$
Development EDA 20,451,428$ 21,949,658$ (1,498,230)$
Redevelopment District 6,191,634$ 3,992,143$ 2,199,491$
Streets Capital Projects (2,973,686)$ (1,403,203)$ (1,570,483)$
Sidewalks and Trails 4,141,569$ (433,880)$ 4,575,449$
Pavement Management (2,552,363)$ (1,277,328)$ (1,275,035)$
The Pavement Management fund is used to account for the financing of street rehabilitation. The fund balance decreased as a result of
various street projects.
Fund Balances
December 31,
Major Funds
The Redevelopment District fund is comprised of all tax increment districts in the City. The increase in fund balance of $2,199,491 is due to
collection of property taxes and tax increments in excess of expenditures and transfers out.
The fund balance of the Debt Service fund decreased $8,519,810 due to prior year current refunding bonds proceeds used to make the
payment on the refunded bonds during 2020.
The Development EDA fund balance decreased $1,498,230 as a result of project expenditures. Although the fund has $20.5 million in fund
balance, approximately $8.7 million is made up of loans receivable and land held for resale.
The City’s General Fund balanced increased $5,992,272 during the current fiscal year. Greater than anticipated revenues in licenses and
permits of $1,161,235 contributed to the majority of the increase.
The Housing Rehabilitation fund balance increased $54,295 as a result of special assessment and miscellaneous revenues less than
expenditures by $213,090 prior to net transfers out of $210,760.
The Sidewalks and Trails fund is used to account for Connect The Park projects. The fund balance increased as a result of iss uing bonds in
2020 for projects to be completed in 2021.
The Street Capital Projects fund balance decreased $1,570,483 as a result of on-going projects.
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
Proprietary funds – The City’s proprietary funds provide the same type of information found in
the government-wide financial statements, but in more detail. At the end of the year,
unrestricted net position of the Water, Sewer, Solid Waste, and Storm Water funds amounted to
$11,803,925. Total net position increased by $4,301,221. This increase was primarily a result of
a planned increase in fees to cover infrastructure replacement.
General Fund Budgetary Highlights
Actual revenues were $510,264 over budget and expenditures were $2,562,698 under budget;
along with transfers and other financing sources, the end result was an increase in fund balance
of $5,992,272. Favorable revenue and expenditure variances accounted for the increase in fund
balance. The largest favorable revenue variance was in licenses and permits ($633,503). The
largest favorable expenditure variance was in the public safety function ($897,180).
Capital Asset and Debt Administration
The City’s investment in capital assets for its governmental and business type activities as of
December 31, 2020 was $207,353,911 (net of accumulated depreciation). This investment in
capital assets includes land, buildings and system improvements, machinery and equipment,
park facilities, roads, highways, and bridges. The total increase in the City’s investment in capital
assets for the current fiscal year was 4.0 percent.
Major capital asset events during the current fiscal year included the following:
Start of the Dakota Bridge project
Street Rehab projects
Connect the park trail, sidewalk and bike improvements
For the year ending December 31, 2020, the City has elected to use the modified approach as
defined in GASB Statement No. 34 for infrastructure reporting for its Pavement Management
Program, which includes streets. Under GASB Statement No. 34, eligible infrastructure capital
assets are not required to be depreciated under the following requirements:
1)The City manages the eligible infrastructure capital assets using an asset
management system with characteristics of (a) an up to-date inventory; (b) perform
condition assessments and summarize the results using a measurement scale; and
(c) estimate annual amount to maintain and preserve at the established condition
assessment level.
2)The City documents that the eligible infrastructure capital assets are being
preserved approximately at or above the established and disclosed condition
assessment level.
The City’s policy is to achieve an average rating of good (70) for all streets.
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
Over the course of 2015, 2017 and 2019, all areas were assessed, providing a new overall
condition rating. Going forward, two areas will be assessed every year. The City increased the
number of areas and frequency assessed each year to get more comparative data and more
thoroughly analyze the street infrastructure system.
As of the last complete assessment, the City’s street system was rated at an Overall Condition
Index (OCI) of 62.44 which is slightly below the City’s policy level.
The city has developed a 10 year capital improvement plan that is expected to increase this
number to the policy level.
This plan includes the pavement rehabilitation for commercial and industrial roads that were
not a part of the plan in the past and performing mill and overlay as an additional maintenance
strategy.
The City’s streets are constantly deteriorating resulting from the following factors:
(1) traffic using the system;
(2) the sun’s ultra-violet rays drying out and breaking down the top layer of pavement;
(3) utility company/private development trenching operations;
(4) water damage from natural precipitation; and
(5) frost heave.
The City is continuously taking actions to prolong the life of the system through short-term
maintenance activities such as pothole patching, crack sealing, and mill and overlay. The City
expended $5,322,133 on street maintenance for the year ending December 31, 2020. The
physical condition assessment completed in 2012 was the first assessment that reported on the
entire system. The City has estimated that the amount of annual expenditures required
maintaining the City’s street system at the average OCI rating of good is approximately
$4,464,000. The annual expenditures will vary from year to year, depending on the area of the
City being targeted that year. The estimate for the year ending December 31, 2020 of
$5,015,749 was lower than the actual expenditures during the year of $5,322,133 by
approximately $300 thousand. This was a result of costs being slightly higher than budgeted for.
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
City of St. Louis Park’s Capital Assets
(net of accumulated depreciation)
Increase Increase
2020 2019 (Decrease) 2020 2019 (Decrease)
Land 17,255,135$ 16,991,835$ 263,300$ 515,083$ 515,083$ -$
Permanent easments 1,441,876 1,429,976 11,900 - - -
Buildings and structures 37,832,044 38,688,258 (856,214) 452,312 174,413 277,899
Improvements other
than buildings 25,096,306 25,760,723 (664,417) 2,843,314 3,340,272 (496,958)
Machinery and
equipment 5,333,316 5,357,417 (24,101) 4,438,239 4,700,714 (262,475)
Fleet 4,991,050 5,300,186 (309,136) - - -
Infrastructure - Streets 26,011,544 26,011,544 - - - -
Infrastructure - Other 20,456,257 21,207,296 (751,039) 38,581,395 37,124,628 1,456,767
Construction
in progress 15,862,901 8,587,338 7,275,563 6,243,139 4,122,901 2,120,238
Total 154,280,429$ 149,334,573$ 4,945,856$ 53,073,482$ 49,978,011$ 3,095,471$
Governmental Activities Business-type Activities
Additional information on the City’s capital assets can be found in Note 5 on pages 65-66 of this
report.
Debt administration
At the end of the current fiscal year, the City had total bonded debt outstanding of $90,120,000.
Of this amount, $58,715,000 comprises debt issued for improvement and capital projects, of
which $55,790,000 will be repaid by ad valorem tax levies and $2,925,000 will be repaid through
the collection of special assessments. In addition, $2,100,000 is general obligation tax
increment debt which financed redevelopment projects and will be repaid from the tax
increments resulting from increased tax capacity of the redevelopment properties. The
remaining $29,305,000 of the City’s bonded debt represents general obligation revenue bonds
with $27,870,000 to be repaid by the Water, Sewer, and Storm Water fund user charges and
$1,435,000 from revenues collected from the benefitting property. Furthermore, the City has
long-term debt of $81,699 for capital leases payable, $4,371,158 for compensated absences,
$4,163,224 for other postemployment benefits payable and $24,205,289 for the net pension
liability.
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Study session meeting of June 28, 2021 (Item No. 5)
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City of St. Louis Park
Management’s Discussion and Analysis
City of St. Louis Park’s Outstanding Debt
General Obligation Bonds, Revenue Bonds, and other Debt
Increase Increase
2020 2019 (Decrease) 2020 2019 (Decrease)
G.O. Improvement 55,790,000$ 56,450,000$ (660,000)$ 27,870,000$ 24,900,000$ 2,970,000$
G.O. Tax Increment 2,100,000 2,560,000 (460,000) - -
G.O. Special Assessment 2,925,000 3,170,000 (245,000) - -
G.O. Revenue Bonds 1,435,000 1,480,000 (45,000) - -
Bond issuance premium/discount 3,082,422 2,323,277 759,145 2,194,446 1,853,981 340,465
Capital leases 81,699 121,005 (39,306) - -
Compensated absences 4,371,156 4,027,810 343,346 226,726 172,491 54,235
Other postemployment benefits 4,163,224 3,823,756 339,468 - -
Net pension liability 24,205,289 21,343,936 2,861,353 - -
Total 98,153,790$ 95,299,784$2,854,006$ 30,291,172$26,926,472$3,364,700$
Governmental Activities Business-type Activities
Principal payments during 2020 totaled $13,980,000. The City maintains an “AAA” rating from
Standard & Poor’s for general obligation debt.
State statutes limit the amount of general obligation debt a governmental entity may issue to 3
percent of its total assessed valuation. The current debt limitation for the City is $233,056,815
which is significantly more than the City’s outstanding general obligation debt. Additional
information on the City’s long-term debt can be found in Note 6 on pages 66-72 of this report.
Economic Factors, Subsequent Year Budgets, Rates and Changes in Structure
The City estimates that the demand for City services will continue to grow as the economy
improves. The property tax levy is set annually and is adjusted as necessary to fund the cost of
providing services to our citizens and customers. Charges for services are evaluated each year
and adjusted to support operations and capital outlay. All of these factors were considered in
preparing the City’s budget for the 2020 fiscal year.
Requests for Information
This financial report is designed to provide our citizens, customers, and creditors with a general
overview of the City of St. Louis Park’s finances and to show the City’s accountability for the
resources it is entrusted. Questions concerning any of the information provided in the report, or
requests for additional financial information, can be directed to the City of St. Louis Park Finance
Department at 5005 Minnetonka Boulevard, St. Louis Park, Minnesota, 55416, 952-924-2500.
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Study session meeting of June 28, 2021 (Item No. 5)
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BASIC FINANCIAL STATEMENTS
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2020
Governmental Business-Type
Activities Activities Totals
Assets
Cash and investments 70,306,316$ $13,166,662 83,472,978$
Accrued interest receivable 89,465 - 89,465
Due from other governments 2,598,362 2,526 2,600,888
Accounts receivable 1,580,540 4,978,579 6,559,119
Taxes receivable 867,770 - 867,770
Prepaid items 881,144 388,094 1,269,238
Inventories 221,832 57,830 279,662
Deposits receivable - - -
Internal balances 1,861,490 (1,861,490) -
Special assessments receivable 5,595,025 835,882 6,430,907
Loans receivable 8,414,669 - 8,414,669
Pledges receivable 1,133,330 - 1,133,330
Land held for resale 4,105,749 - 4,105,749
Capital assets
Nondepreciable assets 60,571,456 6,758,227 67,329,683
Depreciable assets (net of accumulated depreciation)93,708,973 46,315,255 140,024,228
Total assets 251,936,121 70,641,565 322,577,686
Deferred outflows of resources
Related to pensions 7,618,406 - 7,618,406
Related to OPEB 399,018 - 399,018
Total deferred outflows of resources 8,017,424 - 8,017,424
Liabilities
Accounts payable 1,128,453 602,173 1,730,626
Salaries payable 1,163,404 92,562 1,255,966
Due to other governments 95,834 92,413 188,247
Contracts payable 4,376,210 402,740 4,778,950
Accrued interest payable 716,117 345,845 1,061,962
Deposits payable 2,113,168 159,142 2,272,310
Unearned revenue 929,483 385,456 1,314,939
Noncurrent liabilities
Due within one year 6,703,843 2,282,371 8,986,214
Due in more than one year 91,449,949 28,008,801 119,458,750
Total liabilities 108,676,461 32,371,503 141,047,964
Deferred inflows of resources related to pensions
Related to pensions 8,083,797 - 8,083,797
Related to OPEB 130,610 - 130,610
Total deferred outflows of resources 8,214,407 - 8,214,407
Net position
Net investment in capital assets 103,325,878 30,198,068 133,523,946
Restricted for
Economic development 6,583,468 - 6,583,468
Affordable housing 1,034,380 - 1,034,380
E-911 purposes 63,986 - 63,986
Fire Donations 19,000 - 19,000
Community development 516,021 - 516,021
Debt service 5,642,582 - 5,642,582
Cable TV equipment 262,668 - 262,668
Police and fire purposes 1,433,980 - 1,433,980
Unrestricted 24,180,714 8,055,401 32,236,115
Total net position 143,062,677$ 38,253,469$ 181,316,146$
The accompanying notes are an integral part of these financial statements.
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF ACTIVITIES Statement 2
For The Year Ended December 31, 2020
Operating Capital
Charges For Grants and Grants and Governmental Business-Type
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total
Governmental activities
General government 12,065,668$ -$ 4,091,705$ -$ (7,973,963)$ -$ (7,973,963)$
Public safety 18,283,411 6,353,145 979,082 115,183 (10,836,001) - (10,836,001)
Public information 924,428 - - - (924,428) - (924,428)
Operations 18,700,327 1,703,896 219,404 - (16,777,027) - (16,777,027)
Parks and recreation 6,454,814 89,008 816,974 2,525,859 (3,022,973) - (3,022,973)
Housing and rehabilitation 1,085,356 - 60,000 792,689 (232,667) - (232,667)
Housing maintenance 709,009 - -- (709,009) - (709,009)
Social and economic development 11,642,624 330,072 100,406 212,531 (10,999,615) - (10,999,615)
Interest on long-term debt 1,818,341 - 159,405 - (1,658,936) - (1,658,936)
Total governmental activities 71,683,978 8,476,121 6,426,976 3,646,262 (53,134,619) - (53,134,619)
Business-Type activities
Water 5,545,411 7,989,679 18,291 230,385 - 2,692,944 2,692,944
Sewer 6,020,350 8,059,428 - 68,633 - 2,107,711 2,107,711
Solid waste 2,279,318 3,782,579 177,932 - - 1,681,193 1,681,193
Storm water 3,689,042 3,158,072 - - - (530,970) (530,970)
Total business-type activities 17,534,121 22,989,758 196,223 299,018 - 5,950,878 5,950,878
Total 89,218,099$ 31,465,879$ 6,623,199$3,945,280$(53,134,619)5,950,878 (47,183,741)
General revenues
Taxes
Property taxes 36,651,274 - 36,651,274
Tax increment 12,081,105 - 12,081,105
Franchise taxes 4,569,901 - 4,569,901
Lodging taxes 339,055 - 339,055
Grants and contributions not
restricted to specific programs 331,454 - 331,454
Unrestricted investment earnings 1,232,923 172,777 1,405,700
Gain on sale of capital assets 56,625 - 56,625
Miscellaneous 1,858,081 - 1,858,081
Transfers 2,102,839 (2,102,839) -
Total general revenues and transfers 59,223,257 (1,930,062) 57,293,195
Change in net position 6,088,638 4,020,816 10,109,454
Net position - January 1 136,974,039 34,232,653 171,206,692
Net position - December 31 143,062,677$38,253,469$ 181,316,146$
Net (Expense) Revenue and Changes in Net Position
Program Revenues
The accompanying notes are an integral part of these financial statements.
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 64
CITY OF ST. LOUIS PARK, MINNESOTA
BALANCE SHEET Statement 3
GOVERNMENTAL FUNDS
December 31, 2020
Special
Revenue Fund
General
Housing
Rehabilitation Debt Service Development EDA
Redevelopment
District
Streets Capital
Projects
Sidewalks and
Trails
Pavement
Management
Other Governmental
Funds
Total
Governmental
Funds
Assets
Cash and investments 29,450,520$ 2,393,044$ 5,269,474$ 11,821,080$ 7,877,891$ -$ 6,062,545$ 124,959$ 5,731,846$ 68,731,359$
Accrued interest receivable 89,465 - - - - - - - - 89,465
Due from other governments 377,056 - - - - 281,482 1,469,208 - 443,854 2,571,600
Accounts receivable 323,221 359 26,802 32,479 - - - 1,013,396 135,163 1,531,420
Taxes receivable - unremitted 212,948 - - - 36,399 - - - - 249,347
Taxes receivable - delinquent 385,349 - - - 13,958 - - - - 399,307
Prepaid items 140,190 - - - - - - - - 140,190
Inventories 221,832 - - - - - - 221,832
Special assessments receivable - delinquent - 22,595 - - - - - - 5,623 28,218
Special assessments receivable - deferred - 4,791,288 - - - - - - 775,519 5,566,807
Due from other funds - -- - - - - - 3,146,698 3,146,698
Interfund loan receivable - -- 2,327,586 - - - - - 2,327,586
Loans receivable - current - -45,000 410,193 - - - - - 455,193
Loans receivable - noncurrent - 3,452,557 1,390,000 1,849,260 769,226 - - - 498,433 7,959,476
Pledges receivable - current - - - - - - - - 166,665 166,665
Pledges receivable - noncurrent - - - - - - - - 966,665 966,665
Land held for resale - - - 4,105,749 - - - - - 4,105,749
Total assets 31,200,581$ 10,659,843$ 6,731,276$ 20,546,347$ 8,697,474$ 281,482$ 7,531,753$ 1,138,355$ 11,870,466$ 98,657,577$
Liabilities
Accounts payable 547,193$ 32,486$ -$ 53,868$ 10,272$ 106,702$ 107,701$ 37,626$ 146,130$ 1,041,978$
Salaries payable 1,138,366 3,436 - 9,492 - - - - 12,110 1,163,404
Due to other governments 48,021 9,770 - 8,039 27,804 1,450 - - - 95,084
Contracts payable - - - -- 1,052,252 1,813,275 597,775 912,908 4,376,210
Due to other funds - - - -- 1,887,034 - 3,055,317 - 4,942,351
Interfund loan payable - - - -2,327,586 - - - - 2,327,586
Deposits payable 1,740,590 - 372,578 - - - - - - 2,113,168
Unearned revenue 516,963 - -23,520 - - - - 389,000 929,483
Total liabilities 3,991,133 45,692 372,578 94,919 2,365,662 3,047,438 1,920,976 3,690,718 1,460,148 16,989,264
Deferred inflows of resources
Unavailable revenue 385,349 4,808,794 1,435,000 - 140,178 207,730 1,469,208 - 2,197,625 10,643,884
Fund balances
Nonspendable 362,022 - - - - - - - - 362,022
Restricted 82,986 - 4,923,698 - 6,443,290 - 4,141,569 - 3,368,561 18,960,104
Committed - - - 204,618 - - - - 607,460 812,078
Assigned 992,938 5,805,357 - 20,246,810 - - - - 4,346,198 31,391,303
Unassigned 25,386,153 - - - (251,656) (2,973,686) - (2,552,363) (109,526) 19,498,922
Total fund balances 26,824,099 5,805,357 4,923,698 20,451,428 6,191,634 (2,973,686) 4,141,569 (2,552,363) 8,212,693 71,024,429
Total liabilities, deferred inflows of
resources, and fund balances 31,200,581$ 10,659,843$ 6,731,276$ 20,546,347$ 8,697,474$ 281,482$ 7,531,753$ 1,138,355$ 11,870,466$ 98,657,577$
Total Fund balances reported above 71,024,429$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources, and therefore, are not
reported in the funds 134,487,772
Other long-term assets are not available to pay for current-period expenditures and, therefore, are
reported as unavailable revenue in the funds:
Receivables not available soon enough to pay for the current period's expenditures 15,015,041
Long-term liabilities, including bonds payable, are not due and payable in the current period and
therefore are not reported in the funds:
Bonds payable and unamortized bond premium (69,703,580)
Accrued interest payable (716,117)
Internal service funds are used by management to charge the cost of certain services to individual funds.
The assets and liabilities are included in the governmental statement of net position (7,044,868)
Net position of governmental activities 143,062,677$
Capital Projects Funds
The accompanying notes are an integral part of these financial statements.
41
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 65
CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND Statement 4
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2020
Special
Revenue Fund
General Housing Rehabilitation Debt Service Development EDA
Redevelopment
District Streets Capital Projects
Sidewalks and
Trails
Pavement
Management
Other Governmental
Funds
Total Governmental
Funds
Revenues
Property taxes 28,524,232$ -$ 3,799,093$ 27,440$ 1,320,567$ -$ -$ -$ 860,000$ 34,531,332$
Tax increments - - - - 12,081,105 - - - - 12,081,105
Abatement of property taxes 90,969 - - - 21,661 - - - - 112,630
Franchise taxes - - - - - - - 4,034,175 535,726 4,569,901
Lodging tax - - - 339,055 - - - - - 339,055
License and permits 5,294,314 - - - - - - - - 5,294,314
Intergovernmental 2,061,147 - 159,405 100,429 - 569,004 50,000 - 3,964,322 6,904,307
Charges for services 2,757,212 5,675 - 208,368 - -- - 84,360 3,055,615
Fines and forfeits 126,192 - - - - - - - - 126,192
Special assessments - 799,783 - - - - - - 327,714 1,127,497
Interest income 486,468 39,336 63,036 267,087 137,526 - 6,816 3,037 172,894 1,176,200
Miscellaneous 825,557 2,704 117,055 203,634 - 125,330 - 9,886 617,585 1,901,751
Total revenues 40,166,091 847,498 4,138,589 1,146,013 13,560,859 694,334 56,816 4,047,098 6,562,601 71,219,899
Expenditures
Current
General government 9,490,394 - - - - - - - - 9,490,394
Public safety 17,669,504 - - - - - - - 137,249 17,806,753
Public information - - - - - - - - 875,890 875,890
Operations 5,123,823 - - - - 2,338,370 4,313,372 5,322,133 - 17,097,698
Parks and recreation 6,077,457 - - - - - - - 377,357 6,454,814
Housing and rehabilitation - 1,060,588 - - - - - - - 1,060,588
Housing maintenance - - - - - - - - 709,009 709,009
Social and economic development - - 378,200 2,217,241 8,720,118 - - - 197,492 11,513,051
Miscellaneous 517,651 - - - - - - - - 517,651
Capital outlay
Public safety 27,638 - - - - - - - (5,590) 22,048
Public information - - - - - - - - 73,338 73,338
Operations - - - - - 1,662,036 370,505 - - 2,032,541
Parks and recreation - - - - - -- - 5,625,845 5,625,845
Social and economic development - - - 387,002 - -- - - 387,002
Debt service
Principal - - 11,915,000 - - - - - - 11,915,000
Interest and other - - 1,996,170 - 141,981 - - - - 2,138,151
Bond issuance costs - - - - - 10,077 114,123 - - 124,200
Total expenditures 38,906,467 1,060,588 14,289,370 2,604,243 8,862,099 4,010,483 4,798,000 5,322,133 7,990,590 87,843,973
Revenues over (under) expenditures 1,259,624 (213,090) (10,150,781) (1,458,230) 4,698,760 (3,316,149) (4,741,184) (1,275,035) (1,427,989) (16,624,074)
Other financing sources (uses)
Transfers in 4,732,648 524,804 1,249,812 - - - - - 1,029,752 7,537,016
Transfers out - (314,044) - (40,000) (2,499,269) - - - (2,719,816) (5,573,129)
Bonds issued - - 381,159 - - 807,208 9,316,633 - - 10,505,000
Premium on bonds issued - - - - - 938,458 - - - 938,458
Proceeds from sale of capital assets - 56,625 - - - -- - - 56,625
Total other financing sources (uses)4,732,648 267,385 1,630,971 (40,000) (2,499,269) 1,745,666 9,316,633 - (1,690,064) 13,463,970
Net change in fund balances 5,992,272 54,295 (8,519,810) (1,498,230) 2,199,491 (1,570,483) 4,575,449 (1,275,035) (3,118,053) (3,160,104)
Fund balances - January 1 20,831,827 5,751,062 13,443,508 21,949,658 3,992,143 (1,403,203) (433,880) (1,277,328) 11,330,746 74,184,533
Fund balances - December 31 26,824,099$ 5,805,357$ 4,923,698$ 20,451,428$ 6,191,634$ (2,973,686)$ 4,141,569$ (2,552,363)$ 8,212,693$ 71,024,429$
Capital Projects Funds
The accompanying notes are an integral part of these financial statements.
42
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 66
CITY OF ST. LOUIS PARK, MINNESOTA
RECONCILIATION OF THE STATEMENT OF REVENUES,Statement 5
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2020
Amounts reported for governmental activities in the
statement of activities (Statement 2) are different because:
Net changes in fund balances - total governmental funds (Statement 4)(3,160,104)$
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense. This is the amount by which
capital outlays exceeded depreciation in the current period.
Capital outlay 9,886,826
Depreciation expense (4,115,165)
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of principal of long-term debt consumes
the current financial resources of governmental funds. Neither transaction,
however, has any effect on net position. Also, governmental funds report the effect
of issuance costs, premiums, discounts and similar items when debt is first issued,
whereas these amounts are deferred and amortized in the statement of activities.
Proceeds from long term debt (10,505,000)
Principal repayments on long term debt 11,915,000
Interest on long-term debt in the statement of activities differs from the amount
reported in the governmental fund because interest is recognized as an
expenditure in the funds when it is due, and thus requires the use of current
financial resources. In the statement of activities, however, interest expense is
recognized as the interest accrues, regardless of when it is due.269,118
Governmental funds report debt issuance premiums and discounts as an other
financing source or use at the time of issuance. Premiums and discounts are
reported as an unamortized asset or liability in the City-wide financial statements.(759,146)
Certain revenues are recognized as soon as they are earned. Under the modified
accrual basis of accounting certain revenues cannot be recognized until they are
available to liquidate liabilities of the current period.
Special assessments (7,094)
Property taxes 70,496
Pledges (43,670)
Loans and other 1,906,951
Internal service funds are used by management to charge the costs for equipment,
information system, equipment replacement, employee benefits and major losses
incurred by individual funds. The net revenue of certain activities of internal
service funds is reported with governmental activities.630,426
Change in net position of governmental activities (Statement 2)6,088,638$
The accompanying notes are an integral part of these financial statements.
43
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 67
CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF NET POSITION Statement 6
PROPRIETARY FUNDS
December 31, 2020
Governmental
Activities
Non-Major Fund Internal
Water Sewer Storm Water Solid Waste Totals Service Funds
Assets
Current assets
Cash and investments 8,008,860$ 2,454,851$ 782,947$ 1,920,004$ 13,166,662$ 1,574,957$
Due from other governments 2,526 - - - 2,526 26,762
Accounts receivable 2,045,281 1,561,553 543,734 828,011 4,978,579 49,120
Taxes receivable - unremitted - - - - - 219,116
Prepaid items - 388,094 - - 388,094 740,954
Deposits receivable - - - - - -
Inventories 57,830 - - - 57,830 -
Special assessments receivable - delinquent 77,057 214 - - 77,271 -
Special assessments receivable - deferred 541,159 217,452 - - 758,611 -
Due from other funds - - 1,887,034 - 1,887,034 -
Total current assets 10,732,713 4,622,164 3,213,715 2,748,015 21,316,607 2,610,909
Noncurrent assets
Capital assets, at cost
Land 114,844 60,000 340,239 - 515,083 818,094
Buildings and structures 4,923,070 6,111 - - 4,929,181 9,484,364
Improvements other than buildings 951,045 22,278 6,203,293 - 7,176,616 2,517,832
Infrastructure 28,566,918 21,514,874 21,328,571 - 71,410,363 1,313,801
Machinery, furniture and equipment 8,775,994 262,040 89,099 - 9,127,133 9,432,107
Fleet - - - - - 10,544,717
Construction in progress 3,114,893 1,464,965 1,663,287 - 6,243,145 -
Total capital assets, at cost 46,446,764 23,330,268 29,624,489 - 99,401,521 34,110,915
Less: accumulated depreciation (18,256,222) (16,651,076) (11,420,741) - (46,328,039) (14,318,258)
Total noncurrent assets 28,190,542 6,679,192 18,203,748 - 53,073,482 19,792,657
Total assets 38,923,255 11,301,356 21,417,463 2,748,015 74,390,089 22,403,566
Deferred outflows of resources
Related to pensions - - - - - 7,618,406
Related to OPEB - - - - - 399,018
Total deferred outflows of resources - - - - - 8,017,424
Liabilities
Current liabilities
Accounts payable 192,099 39,658 52,774 317,642 602,173 69,323
Salaries payable 45,218 16,635 18,045 12,664 92,562 -
Accrued flex spending - - - - - 17,152
Due to other governments 16,208 2,583 5,061 68,561 92,413 750
Due to other funds - - - - - 91,381
Contracts payable 215,038 27,476 160,226 - 402,740 -
Deposits payable 47,599 - 111,543 - 159,142 -
Accrued interest payable 289,540 25,605 30,700 - 345,845 -
Compensated absences payable - current 64,024 54,337 18,143 10,867 147,371 2,935,904
Capital lease payable - current - - - - - 58,669
Bonds payable - current 1,811,500 133,000 190,500 - 2,135,000 -
Other postemployment benefits payable - - - - - 214,270
Unearned revenue 385,456 - - - 385,456 -
Total current liabilities 3,066,682 299,294 586,992 409,734 4,362,702 3,387,449
Noncurrent liabilities
Compensated absences payable 34,475 29,258 9,770 5,852 79,355 1,435,253
Capital lease payable - - - - - 23,030
Bonds payable 24,095,726 2,028,048 1,805,672 - 27,929,446 -
Other postemployment benefits payable - - - - - 3,948,954
Net pension liability - - - - - 24,205,289
Total noncurrent liabilities 24,130,201 2,057,306 1,815,442 5,852 28,008,801 29,612,526
Total liabilities 27,196,883 2,356,600 2,402,434 415,586 32,371,503 32,999,975
Deferred inflows of resources
Related to pensions - - - - - 8,083,797
Related to OPEB - - - - - 130,610
Total deferred inflows of resources - - - - - 8,214,407
Net position
Net investment in capital assets 9,472,348 4,518,144 16,207,576 - 30,198,068 19,710,958
Unrestricted 2,903,194 4,101,989 2,482,906 2,332,429 11,820,518 (30,504,350)
Total net position 12,375,542$ 8,620,133$ 18,690,482$ 2,332,429$ 42,018,586 (10,793,392)$
Adjustment to reflect consolidation of Internal Service fund activities (3,748,524)
Net position of business-type activities 38,270,062$
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
44
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 68
CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF REVENUES, EXPENSES AND Statement 7
CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For The Year Ended December 31, 2020
Governmental
Activities
Non-Major Fund Internal
Water Sewer Storm Water Solid Waste Total Service Funds
Operating revenues
Charges for services 7,362,377$ 8,059,366$ 3,158,072$ 3,781,991$ 22,361,806$ 4,366,724$
Other 53,710 62 - 588 54,360 339,318
Rent 573,592 - - - 573,592 -
Total operating revenues 7,989,679 8,059,428 3,158,072 3,782,579 22,989,758 4,706,042
Operating expenses
Personal services 1,516,061 910,758 669,168 525,980 3,621,967 3,110,246
Supplies 358,771 28,039 2,234 104,616 493,660 684,440
Professional services 439,906 35,041 238,940 6,308 720,195 60,374
Insurance 25,955 53,445 7,742 6,331 93,473 184,868
Utilities 404,420 37,880 35,711 - 478,011 -
Repairs and maintenance 923,810 233,353 55,525 - 1,212,688 -
Depreciation 1,015,219 194,659 684,266 - 1,894,144 2,092,553
Disposal charges 22,912 4,107,186 - 2,950,049 7,080,147 -
Other 170,339 280,833 434,982 73,777 959,931 743,575
Total operating expenses 4,877,393 5,881,194 2,128,568 3,667,061 16,554,216 6,876,056
Operating income (loss)3,112,286 2,178,234 1,029,504 115,518 6,435,542 (2,170,014)
Nonoperating revenues (expenses)
Interest income 19,793 49,719 57,845 45,420 172,777 56,723
Property taxes - - - - - 1,936,816
Intergovernmental revenue 18,291 - - 177,932 196,223 473,031
Miscellaneous expense (762) - (12,932) - (13,694) -
Amortization of bond premiums 145,039 16,470 26,050 - 187,559 -
Gain on disposal of capital assets - - - - - (81,067)
Interest expense (672,996) (61,949) (75,092) - (810,037) (4,420)
Bond issuance costs (63,328) - - - (63,328) -
Total nonoperating revenues (expenses)(553,963) 4,240 (4,129) 223,352 (330,500) 2,381,083
Income (loss) before contributions and transfers 2,558,323 2,182,474 1,025,375 338,870 6,105,042 211,069
Capital contributions
Connection fees and special assessments 230,385 68,633 - - 299,018 -
Capital assets - - - - - -
Transfers in - - - - - 138,952
Transfers out (638,635) (873,785) (342,130) (248,289) (2,102,839) -
Change in net position 2,150,073 1,377,322 683,245 90,581 4,301,221 350,021
Net position - January 1 9,559,706 7,567,434 18,331,784 2,241,848 37,700,772 (11,143,413)
Net position - December 31 11,709,779$ 8,944,756$ 19,015,029$ 2,332,429$ 42,001,993$ (10,793,392)$
Change in net position as reported above 4,301,221
Adjustment to reflect consolidation of Internal Service fund activities (280,405)
Change in net position of business-type activities 4,020,816$
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
45
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 69
CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF CASH FLOWS Statement 8
PROPRIETARY FUNDS Page 1 of 2
For The Year Ended December 31, 2020
Governmental
Activities
Non-Major Fund Internal
Water Sewer Storm Water Solid Waste Total Service Funds
Cash flows from operating activities
Receipts from customers and users 7,553,660$ 7,888,503$ 3,138,857$ 3,765,728$ 22,346,748$ -$
Receipts from interfund services provided - - - - - 4,367,683
Other operating cash receipts 53,710 62 - 588 54,360 289,515
Payments to suppliers (2,256,649) (5,188,556) (602,570) (3,012,224) (11,059,999) (1,955,355)
Payments to employees (1,519,500) (927,235) (666,462) (522,736) (3,635,933) (3,558,682)
Miscellaneous expense (761) - (12,932) - (13,693) -
Net cash flows provided (used) by
operating activities 3,830,460 1,772,774 1,856,893 231,356 7,691,483 (856,839)
Cash flows from noncapital financing activities
Transfers out (603,897) (839,047) (307,392) (307,392) (2,057,728) -
Property taxes ---- - 1,717,700
Cash loaned to other funds -- (87,781) - (87,781) -
Intergovernmental receipts 18,291 - - 177,932 196,223 468,838
Advances to/from other funds - net change - - - - - 91,381
Net cash flows provided (used) by
noncapital financing activities (585,606) (839,047) (395,173) (129,460) (1,949,286) 2,277,919
Cash flows from capital and related financing activities
Transfers in - - - - - 138,952
Transfers out (34,738) (34,738) (34,738) 59,103 (45,111) -
Connection fees/special assessements received 230,385 68,633 - - 299,018 -
Acquisition of capital assets (2,625,208) (1,170,449) (1,193,958) - (4,989,615)260,634
Proceeds from sale of capital assets - - - - - 1,360,045
Proceeds from issuance of bonds, net 5,499,696 - - - 5,499,696 -
Acquisition of capital lease - - - - - 22,887
Principal paid
Bonds (1,760,650) (133,000) (171,350) - (2,065,000)-
Capital lease - - - - - (62,193)
Interest paid
Bonds (578,533) (63,861) (55,582) - (697,976) -
Capital lease - - - - - (4,420)
Net cash flows provided (used) by
capital and related financing activities 730,952 (1,333,415) (1,455,628) 59,103 (1,998,988) 1,715,905
Cash flows from investing activities
Interest received 19,793 49,719 57,845 45,420 172,777 56,723
Net increase (decrease) in cash and cash equivalents 3,995,599 (349,969) 63,937 206,419 3,915,986 3,193,708
Cash and cash equivalents - January 1 4,013,261 2,804,820 719,010 1,713,585 9,250,676 1,349,745
Cash and cash equivalents - December 31 8,008,860$ 2,454,851$ 782,947$ 1,920,004$ 13,166,662$ 4,543,453$
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
46
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 70
CITY OF ST. LOUIS PARK, MINNESOTA
STATEMENT OF CASH FLOWS Statement 8
PROPRIETARY FUNDS Page 2 of 2
For The Year Ended December 31, 2020
Governmental
Business-Type Activities Enterprise Funds Activities
Non-Major Fund Internal
Water Sewer Storm Water Solid Waste Totals Service Funds
Reconciliation of operating income (loss) to
net cash provided (used) by operating activities
Operating income (loss)3,112,286$ 2,178,234$ 1,029,504$ 115,518$ 6,435,542$ (2,170,014)$
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities
Miscellaneous expense (762) - (12,932) - (13,694) -
Depreciation 1,015,219 194,659 684,266 - 1,894,144 2,092,553
(Increase) decrease in assets/deferred outflows
Accounts receivable (464,485) (145,132) (31,175) (16,263) (657,055) (48,844)
Special assessments 52,286 (25,731) - - 26,555 -
Prepaid items 11,313 (376,781) - 11,313 (354,155) (197,305)
Deposits receivable 700 - - - 700 -
Inventories (14,042) - - - (14,042) -
Deferred outflows of resources - - - - - 4,349,938
Increase (decrease) in liabilities/deferred inflows
Accounts payable 81,782 (49,335) 7,277 105,935 145,659 (56,291)
Due to other governments 3,099 (768) 5,061 11,609 19,001 (28,502)
Contracts payable 7,312 14,105 160,226 - 181,643 -
Deposits payable 8,436 - 11,960 - 20,396 -
Accrued salaries payable (34,638) (23,198) (4,907) (5,458) (68,201) -
Unearned revenue 20,755 - - - 20,755 -
Accrued flex spending - - - - - 452
Compensated absences payable 31,199 6,721 7,613 8,702 54,235 343,347
Other postemployment benefits - - - - - 339,468
Net pension liability - - - - - 2,861,353
Deferred inflows of resources - - - - - (8,342,994)
Net cash provided (used) by operating activities 3,830,460$ 1,772,774$ 1,856,893$ 231,356$ 7,691,483$ (856,839)$
Noncash capital and related financing activities
Amortization of bond premiums 145,039$ 16,470$ 26,050$ -$ 187,559$ -$
Disposal of capital assets - - - - - 1,620,679
The accompanying notes are an integral part of these financial statements.
47
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 71
- This page intentionally left blank -
48
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 72
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of St. Louis Park, Minnesota (the City) was incorporated in 1886 and operates a council-manager form of
government under the “Home Rule Charter” concept according to applicable Minnesota laws and statutes. The governing
body consists of a seven-member City Council elected by the voters of the City.
The financial statements of the City have been prepared in conformity with accounting principles generally accepted in the
United States of America as applied to governmental units by the Governmental Accounting Standards Board (GASB). The
following is a summary of the significant accounting policies.
A.FINANCIAL REPORTING ENTITY
As required by generally accepted accounting principles, the financial statements of the reporting entity include
those of the City (the primary government) and its component units, entities for which the City is considered to be
financially accountable. Blended component units, although legally separate entities, are in substance, part of the
City’s operations and so data from these units are combined with data of the City.
BLENDED COMPONENT UNITS
The Economic Development Authority (EDA) is an entity legally separate from the City. However, for financial
reporting purposes, the EDA is reported as if it were part of the City’s operations because the members of the
City Council serve as EDA Board Members and the City has the ability to access EDA resources. Separate
financial statements are not prepared for the EDA.
The following funds are maintained by the EDA: Debt Service Funds –2008B General Obligation Tax Increment
Bonds, and Hoigaard’s 2010A & B TIF Notes; Capital Project Funds – Development EDA and Redevelopment
District.
RELATED ORGANIZATION
The Housing Authority (HA) is an entity legally separate from the City. The HA is governed by a Board of
Commissioners appointed by the City Council. However, the City’s accountability for the HA does not extend
beyond making the appointments.
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
report information on all of the activities of the primary government and its component units. For the most part,
the effect of interfund activity has been removed from these statements. Governmental activities, which normally
are supported by taxes and intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or business-
type activity is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific
function or business-type activity. Program revenues include: 1) charges to customers or applicants who purchase,
use, or directly benefit from goods, services, or privileges provided by a given function or business-type activity
and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a
49
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 73
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
particular function or business-type activity. Taxes and other items not included among program revenues are
reported instead as general revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major individual
governmental funds and major individual enterprise funds are reported as separate columns in the fund financial
statements.
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
The government-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned
and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the City considers all revenues, except
reimbursement grants, to be available if they are collected within 60 days of the end of the current fiscal period.
Reimbursement grants are considered available if they are collected within one year of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However,
debt service expenditures, as well as expenditures related to compensated absences and claims and judgments,
are recorded only when payment is due.
Property taxes, special assessments, intergovernmental revenue, franchise taxes, licenses, and interest associated
with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as
revenues of the current fiscal period. Only the portion of special assessments receivable due within the current
fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items
are considered to be measurable and available only when cash is received by the City.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
The Housing Rehabilitation Fund is used to account for revenues from revenue bond fees and expenditures
related to preventing deterioration of multi-unit housing.
Debt Service Fund account for the resources accumulated and payments made for principal and interest on
long-term general obligation debt of the government.
The Development EDA Fund accounts for transactions related to redevelopment efforts in the City; financing is
provided by investment income, grants, and developer reimbursements.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2020
The Redevelopment District Fund accounts for transactions relative to acquisition and development in the
City’s tax increment redevelopment districts; financing is provided by the sale of general obligation tax
increment bonds along with tax increment property tax payments.
The Streets Capital Project Fund accounts for street construction projects. Revenues are provided by the
General Fund for maintenance expenditures or by the issuance of general obligation bonds.
The Sidewalks and Trails Fund is used to account for connect the park projects to construct sidewalks, trails
and bikeways. Revenues will be provided by the issuance of general obligation bonds.
The Pavement Management Fund is used to account for the financing of street rehabilitation. Revenues are
provided by a franchise fee and transfers from sanitary sewer utility funds.
The City reports the following major enterprise funds:
The Water Fund accounts for the provisions of water services to residents of the City. All activities necessary
to provide such services are accounted for in this fund, including administration, operations, maintenance,
billing and collection.
The Sewer Fund accounts for the provisions of sewer services to residents of the City. All activities necessary
to provide such services are accounted for in this fund, including administration, operations, maintenance,
billing and collection.
The Storm Water Fund accounts for the revenue and expenses related to providing storm water to the
residents of the City. All activities necessary to provide such services are accounted for in this fund, including
administration, operations, construction, maintenance, billing and collection.
The City reports the following non-major enterprise funds:
The Solid Waste Fund accounts for the revenue and expense related to collection, disposal, and recycling of
residential solid waste. Financing is provided by charging each property owner a predetermined service fee.
Additionally, the government reports the following fund types:
Internal Service Funds account for the financing of goods or services provided by one department or agency to
other departments or agencies of the City, or to other governments on a cost reimbursement basis. The City’s
internal service funds account for employee benefits including postemployment benefits and pensions,
uninsured loss, capital replacement.
As a general rule the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are transactions that would be treated as revenues, expenditures or
expenses if they involved external organizations, such as buying goods and services or payments in lieu of taxes,
are similarly treated when they involve other funds of the City. Elimination of these charges would distort the
direct costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or
privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special
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assessments. Internally dedicated resources are reported as general revenues rather than as program revenues.
Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund’s principal ongoing operations. The principal operating revenues of the water, sewer, solid waste
and storm water enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets.
All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
D. BUDGETARY INFORMATION
Budgets are legally adopted on a basis consistent with generally accepted accounting principles. Annual
appropriated budgets are legally adopted for the General Fund. A budget is not presented for the Housing
Rehabilitation Fund since the City does not legally require to adopt a budget for the fund.
Budgeted amounts are reported as originally adopted, or as amended by the City Council. Budgeted expenditure
appropriations lapse at year end.
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of
monies are recorded in order to reserve that portion of the appropriation, is not employed by the City because it is
as present not considered necessary to assure effective budgetary control or to facilitate effective cash
management.
E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial statements:
1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing
the following January 1. The operating budget includes proposed expenditures and the means of
financing them.
2. The City Council reviews the proposed budget and makes appropriate changes.
3. Public hearings are conducted to obtain taxpayer comments.
4. The budget is legally enacted through passage of a resolution on a departmental/divisional basis and can
be expended by each department based upon detailed budget estimates for individual expenditure
accounts in accordance with the provisions of Section 6.05 of the City Charter.
5. After the budget resolution is approved, the City Council can increase the budget only by resolution if
actual receipts exceed the estimated, or from accumulated fund balance in the amount of unexpended
appropriations from the previous fiscal year. During the year 2020, the budget was not amended.
6. Formal budgetary integration is employed as a management control device during the year for the
General Fund.
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7. Legal debt obligation indentures determine the appropriation level and debt service tax levies for the
Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to determine and
calculate user charges. These debt service and budget amounts represent general obligation bond
indenture provisions and net income for operation and capital maintenance and are not reflected in the
financial statements.
8. A capital improvement program is reviewed annually by the City Council for the Capital Project Funds.
However, appropriations for major projects are not adopted until the actual bid award of the
improvement. The appropriations are not reflected in the financial statements.
9. The legal level of budgetary control is at the fund level. Expenditures may not legally exceed budgeted
appropriations at the total fund level. The City Council must approve all expenditures at fund level either
by resolution or through the disbursement process.
10. Monitoring of budgets is maintained at the expenditure category level (i.e., personal services, supplies,
and other services and charges, and capital outlay) within each program. Management can exceed
appropriations at the department level without City Council approval. Approval must be received for
exceeding budgeted appropriations at the fund level.
11. The City Council may authorize transfer of budgeted amounts between City funds.
F. CASH AND INVESTMENTS
Cash and investment balances from all funds are pooled and invested to the extent available in authorized
investments. Investment income is allocated to individual funds on the basis of average monthly cash balances.
The City’s investment policy dictates that the General fund is to receive the first three percent of all interest
earnings as an administrative fee. The administrative fee does not apply to the Economic Development Authority.
Investments are stated at fair value, based upon quoted market prices, except for investments in 2a7-like external
investment pools, which are stated at amortized cost. Investment income is accrued at the balance sheet date.
For purposes of the statement of cash flows, the Proprietary Funds consider all highly liquid investments with a
maturity of three months or less when purchased to be cash equivalents. All of the cash and investments allocated
to the Proprietary Fund types have original maturities of 90 days or less. Therefore the entire balance in such fund
types is considered cash equivalents.
It is the City’s policy to invest in a manner that seeks to ensure preservation of capital in the overall portfolio.
Safety of principal is the foremost objective, but liquidity and yield are also important considerations. The
objective will be to mitigate credit risk by purchasing only highly rated securities with adequate collateral and
interest rate risk by matching maturities to cash flow needs and holding securities to maturity.
G. ACCOUNTS RECEIVABLE
Property taxes and special assessment receivables have been reported net of estimated uncollectible accounts
(See Note 1 I and J). The City annually certifies delinquent water and sewer accounts to the County for collection
in the following year. Because utility bills are considered liens on property, no estimated uncollectible amounts
are established. Uncollectible amounts are not material for other receivables and have not been reported.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2020
H.INTERFUND RECEIVABLES AND PAYABLES
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the
fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or
“interfund loan receivable/payable” (i.e., the noncurrent portion of interfund loans). Any residual balances
outstanding between the governmental activities and business-type activities are reported in the government-
wide financial statements as “internal balances.”
I.PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December (levy/assessment date) of
each year for collection in the following year. The County is responsible for billing and collecting all property taxes
for itself, the City, the local School District and other taxing authorities. Such taxes become a lien on January 1 and
are recorded as receivables by the City at that date. Real property taxes are payable (by property owners) on May
15 and October 15 of each calendar year. Personal property taxes are payable by taxpayers on February 28 and
June 30 of each year. These taxes are collected by the County and remitted to the City on or before July 7 and
December 2 of the same year. Delinquent collections for November and December are received the following
January. The City has no ability to enforce payment of property taxes by property owners. The County possesses
this authority.
The City recognizes property tax revenue when it becomes both measurable and available to finance expenditures
of the current period. In practice, current and delinquent taxes and State credits received by the City in July,
December and January are recognized as revenue for the current year. Taxes collected by the County by
December 31 (remitted to the City the following January) and taxes and credits not received at year end are
classified as delinquent and due from County taxes receivable. The portion of delinquent taxes not collected by
the City in January is fully offset by deferred inflow of resources because they are not available to finance current
expenditures.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The City recognizes property tax revenue in the period for which the taxes were levied. Uncollectible property
taxes are not material and have not been reported.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
The City’s property tax revenue includes payment from the Metropolitan Revenue Distribution (Fiscal Disparities
Formula) per Minnesota Statute 473F. This statute provides a means of spreading a portion of the taxable
valuation of commercial/industrial real property to various taxing authorities within the defined metropolitan area.
The valuation “shared” is a portion of commercial/industrial property valuation growth since 1971. Property taxes
paid to the City through this formula for December 31, 2020 totaled $2,557,388. Receipt of property taxes from
this “fiscal disparities pool” does not increase or decrease total tax revenue.
J.SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of special
assessment improvement projects in accordance with State Statutes. These assessments are collectible by the City
over a term of years usually consistent with the term of the related bond issue. Collection of annual installments
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NOTES TO FINANCIAL STATEMENTS
December 31, 2020
(including interest) is handled by the County Auditor in the same manner as property taxes. Property owners are
allowed to (and often do) prepay future installments without interest or prepayment penalties.
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that property until
full payment is made or the amount is determined to be excessive by the City Council or court action. If special
assessments are allowed to go delinquent, the property is subject to tax forfeit sale and the first proceeds of that
sale (after costs, penalties and expenses of sale) are remitted to the City in payment of delinquent special
assessments. Pursuant to State Statutes, a property shall be subject to a tax forfeit sale after three years unless it
is homesteaded, agricultural or seasonal recreational land in which event the property is subject to such sale after
five years.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The City recognizes special assessment revenue in the period that the assessment roll was adopted by the City
Council. Uncollectible special assessments are not material and have not been reported.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
Revenue from special assessments is recognized by the City when it becomes measurable and available to finance
expenditures of the current fiscal period. In practice, current and delinquent special assessments received by the
City are recognized as revenue for the current year. Special assessments that are collected by the County by
December 31 (remitted to the City the following January) and are also recognized as revenue for the current year.
All remaining delinquent, deferred and special deferred assessments receivable in governmental funding are
completely offset by deferred inflow of resources.
K.INVENTORIES
Inventory is valued at cost using the first-in, first out (FIFO) method. Inventory consists mainly of expendable
supplies held for consumption. Inventories of the governmental funds are recorded as expenditures when
consumed rather than when purchased.
L.PREPAID ITEMS
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid
items in both government-wide and fund financial statements. Prepaid items are reported using the consumption
method and recorded as expenditures/expenses at the time of consumption.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2020
M.CAPITAL ASSETS
Capital assets, which include property, plant, equipment, infrastructure assets (e.g., roads, bridges, sidewalks, and
similar items), and intangible assets such as easements and computer software, are reported in the applicable
governmental or business-type activities columns in the government-wide financial statements. Capital assets are
defined by the City as assets with an estimated useful life in excess of three years and an initial individual cost of
more than the following:
Land All
Buildings $5,000
Other Improvements $25,000
Machinery and equipment $10,000
Vehicles $10,000
Infrastructure $250,000
Other assets $5,000
Construction in progress Accumulate all costs and
capitalize if over $100,000
when completed
Capitalization Threshold
Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated
capital assets, donated works of art and similar items, and capital assets received in a service concession
arrangement are recorded at estimated acquisition value at the date of donation. The City uses the modified
approach for reporting street and trail system capital assets. The costs of normal maintenance and repairs that do
not add to the value of the asset or materially extend assets lives are not capitalized
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment of the primary government, as well as the component units, is depreciated using
the straight line method over the following estimated useful lives:
Buildings and structures 5 –30 years
Improvements other than buildings 5 –30 years
Infrastructure 5 –100 years
Machinery, furniture and equipment (including
software)
3 –30 years
Fleet 3 –25 years
Temporary easements 3 –5 years
Capital assets of the water utility and sewer utility operations include the water distribution system and sewer
collection system. These systems have been wholly (or substantially) financed by non-operating funds (special
assessments, general taxes, federal and state grants, and other sources) and contribution to the Water and Sewer
operating funds. City policy is to finance these assets by the sources indicated rather than by user charges.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Accordingly, the water and sewer user rates are not established at levels sufficient to cover depreciation on these
assets.
The City implemented GASB 51, Accounting and Financial Reporting for Intangible Assets effective January 1, 2010,
which required the City to capitalize and amortize intangible assets. Pursuant to GASB Statement No. 51, the
retroactive reporting of permanent easements is not required and therefore, the City has elected not to report
permanent easements acquired in years prior to 2010. The City had already accounted for computer software at
historical cost and therefore retroactive reporting was not necessary.
The City elects to use the modified approach as defined by GASB Statement No. 34 for infrastructure reporting of
its streets. The City conducted a physical assessment in the summer of 2020 of the condition of the streets. This
condition assessment will be performed every 2 years. Each segment of City owned street was assigned a physical
condition based on potential defects. An Overall Condition Index (OCI) was assigned to each segment. The index is
expressed in a continuous scale from 0 to 100, where 0 is assigned to the least acceptable physical condition and
100 is assigned to those segments that have the characteristic of a new street. The following conditions were
defined:
Range Description
86 - 100 Excellent
71 - 85 Very good
56 - 70 Good
41 - 55 Fair
26 - 40 Poor
11 - 25 Very poor
0 - 10 Failed
The City’s policy relative to maintaining the street and trail assets is to achieve an average rating of “Good” for all
segments. This acceptable rating allows minor cracking and patching of the pavement along with minor roughness
that could be noticeable to the users of the system.
N.COMPENSATED ABSENCES
It is the City's policy to permit employees to accumulate earned but unused vacation, sick pay and flex leave
benefits. No liability is recorded for unpaid accumulated sick leave, except for that portion that is payable as
severance. All liabilities for vacation leave, flex leave and severance, both current and long-term, are recorded in
the Employee Benefits Fund, an Internal Service Fund for governmental funds, and in the individual enterprise
funds when incurred. The personnel ordinance limits the annual accumulation of benefits that can be
accumulated from year-to-year. A liability for these amounts is reported in governmental funds only if they have
matured, for example, as a result of employee resignations and retirements.
O.LONG-TERM OBLIGATIONS
In the government-wide financial statements and proprietary fund types in the fund financial statements, long-
term debt and other long-term obligations are reported as liabilities in the applicable governmental activities,
business-type activities, or proprietary fund type statement of net position. Bond premiums and discounts are
deferred and amortized over the life of the bonds using the effective interest method.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2020
In the fund financial statements, governmental fund types recognize bond premiums and discounts during the
current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt
issuances are reported as other financing sources while discounts on debt issuances are reported as other
financing uses.
P.FUND BALANCE CLASSIFICATIONS
In the fund financial statements, governmental funds report fund balance in classifications that disclose constraints
for which amounts in those funds can be spent. These classifications are as follows:
Nonspendable - consists of amounts that are not in spendable form, such as prepaid items.
Restricted - consists of amounts related to externally imposed constraints established by creditors, grantors or
contributors; or constraints imposed by state statutory provisions.
Committed - consists of amounts that are constrained for specific purposes that are internally imposed by
formal action (resolution) of the City Council. Those committed amounts cannot be used for any other
purpose unless City Council removes or changes the specified use by taking the same type of action it
employed to previously commit those amounts.
Assigned - consists of internally imposed constraints. These constraints reflect the specific purpose for which
it is the City’s intended use. These constraints are established by the City Council and/or management.
Pursuant to City Council Resolution, the City’s Chief Financial Officer and/or City Manager is authorized to
establish assignments of fund balance.
Unassigned - is the residual classification for the general fund and also reflects negative residual amounts in
other funds.
When both restricted and unrestricted resources are available for use, it is the City’s policy to first use restricted
resources, then use unrestricted resources as they are needed.
When committed, assigned or unassigned resources are available for use, it is the City’s policy to use resources in
the following order; 1) committed 2) assigned and 3) unassigned.
Q.INTERFUND TRANSACTIONS
Interfund services provided and used are accounted for as revenues, expenditures or expenses. Transactions that
constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable
to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed. Interfund loans are reported as an interfund loan
receivable or payable which offsets the movement of cash between funds. All other interfund transactions are
reported as transfers.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
R. RECLASSIFICATIONS
Certain amounts presented in the prior year data has been reclassified in order to be consistent with the current
year’s presentation.
S. NET POSITION
Net position represents the difference between assets/deferred outflows and liabilities/deferred inflows. Net
position is displayed in three components.
a) Net investment in capital assets – consists of capital assets, net of accumulated depreciation reduced by
any outstanding debt attributable to acquire capital assets.
b) Restricted net position – consist of net position restricted when there are limitations imposed on their use
through external restrictions imposed by creditors, grantors, laws or regulations of other governments.
c) Unrestricted net position – all other net position that do not meet the definition of “restricted” or “net
investment in capital assets”.
T. USE OF ESTIMATES
The preparation of financial statements in accordance with generally accepted accounting principles (GAAP)
requires management to make estimates that affect amounts reported in the financial statements during the
reporting period. Actual results could differ from such estimates.
U. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES
In addition to assets, the statement of financial position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources, represents a
consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/expenditure) until then. The government has two items that qualify for reporting in this
category. They are the pension and OPEB related deferred outflows of resources reported in the government-wide
statement of net position and the proprietary funds statement of net position.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of resources, represents an
acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources
(revenue) until that time. The government has pension related deferred inflows of resources reported in the
government-wide statement of net position and the proprietary funds statement of net position. The government
also has a type of item, which arises only under a modified accrual basis of accounting, that qualifies for reporting
in this category. Accordingly, the item, unavailable revenue, is reported only in the governmental fund balance
sheet. The governmental funds report unavailable revenues from the following sources: property taxes, special
assessments, bond reimbursement payments not yet due and other miscellaneaous unavailable revenue.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
V. PENSION PLANS
COST SHARING MULTIPLE – EMPLOYER PLANS
For purposes of measuring the net pension liability, deferred outflows and inflows of resources, and pension
expense, information about the fiduciary net position of the Public Employees Retirement Association (PERA) and
additions to and deductions from PERA’s fiduciary net position have been determined on the same basis as they
are reported by PERA, except that PERA’s fiscal year end is June 30. For this purpose, plan contributions are
recognized as of employer payroll paid dates and benefit payments and refunds are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
Note 2 DEPOSITS AND INVESTMENTS
A. DEPOSITS
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks authorized by the
City Council, all of which are members of the Federal Reserve System.
Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City Treasurer or in a
financial institution other than that furnishing the collateral. Authorized collateral. Minnesota Statute 118.A.03
identifies allowable forms of collateral.
Custodial Credit Risk - deposits – Custodial credit risk is the risk that in the event of a bank failure, the City’s
deposits may not be returned to it. Minnesota Statutes require that insurance, surety bonds or collateral protect
all City deposits. The fair value of collateral pledged must equal 110% of deposits not covered by insurance or
bonds. The City has no additional deposit policies addressing custodial credit risk. As of December 31, 2020, the
bank balance of the City’s deposits was $3,806,633 all of which was covered by federal depository insurance or by
collateral pledged and held in the City’s name.
B. INVESTMENTS
Subject to rating, yield, maturity and issuer requirements as prescribed by statue, Minnesota Statutes 118A.04 and
118A.05 authorized the City to invest in United States securities, state and local securities, commercial paper, time
deposits, high-risk mortgage-backed securities, temporary general obligation bonds, repurchase agreements,
Minnesota joint powers investment trust and guaranteed investment contracts.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
At December 31, 2020, the City had the following investments and maturities:
Fair Less
Investment Type Rating Value Than 1 1-5 6-10 11-15
4M Fund NR 29,935,764$ 29,935,764$ -$ -$ -$
Money market funds NR 23,534,168 23,534,168 - - -
Municipal Bonds A - AAA 1,344,538 452,795 891,743 - -
US Treasury N/A 19,628,601 5,019,880 14,608,721 - -
Federal National Mortgage Association N/A 4,404,864 2,014,139 2,390,725 - -
Federal Home Loan Bank Notes N/A 2,876,002 1,520,663 1,355,339 - -
Total 81,723,937$ 62,477,409$ 19,246,528$ -$ -$
Total investments 81,723,937$
Deposits 1,744,056
Petty cash 4,985
Total cash and investments 83,472,978$
Investment Maturities (in Years)
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted
accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.
The hierarchy has three levels. Level 1 investments are valued using inputs that are based on quoted market
prices. Level 2 investments are valued using inputs that are based on matrix pricing models. Level 3 investments
are valued using inputs that are unobservable.
The City has the following recurring fair value measurements as of December 31, 2020:
Investment Type 12/31/2020 Level 1 Level 2 Level 3
Investments at fair value:
Municipal Bonds 1,344,538$ -$ 1,344,538$ -$
US Treasury 19,628,601 - 19,628,601 -
Federal National Mortgage Association 4,404,864 - 4,404,864 -
Federal Home Loan Bank Notes 2,876,002 - 2,876,002 -
Total/Subtotal 28,254,005 -$ 28,254,005$ -$
Investments not categorized:
External investment pool - 4M Fund 29,935,764
Money market funds 23,534,168
Total 81,723,937$
Fair Value Measurement Using
The City’s external investment pool investment is with the 4M Fund which is regulated by Minnesota Statutes and
the Board of Directors of the League of Minnesota Cities. The 4M Fund is an unrated pool and the fair value of the
position in the pool is the same as the value of pool shares. The pool is managed to maintain a portfolio weighted
average maturity of no greater than 60 days and seeks to maintain a constant net asset value (NAV) per share of
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NOTES TO FINANCIAL STATEMENTS
December 31, 2020
$1. The pool measures their investments in accordance with Government Accounting Standards Board Statement
No. 79, at amortized cost.
The 4M Liquid Asset Fund has no redemption requirements. The 4M Plus Fund requires funds to be deposited for
a minimum of 14 calendar days. Withdrawals prior to the 14-day restriction period are subject to a penalty equal
to 7 days interest on the amount withdrawn.
C. INVESTMENT RISKS
Custodial credit risk – investments – For investments in securities, custodial credit risk is the risk that in the event
of failure of the counterparty to a transaction, the City will not be able to recover the value of its investment
securities that are in the possession of an outside party. Investments in investment pools and money markets are
not evidenced by securities that exist in physical or book entry form, and therefore are not subject to custodial
credit risk disclosures. The City’s investment policy requires the City’s security broker/dealers to provide its
audited financial statements, proof of NASD certification, proof of state registration, and certification of having
read, understood and agreed to comply with the City’s investment policy. Investments in securities are held by the
City’s broker-dealer of which $500,000 is insured through SIPC. Each broker-dealer has provided additional
protection by providing additional insurance. This insurance is subject to aggregate limits applied to all of the
broker-dealers accounts.
Interest rate risk – Interest rate risk is the risk that changes in interest rates of debt investments could adversely
affect the fair value of an investment. The City’s investment policy states the investment portfolio will remain
sufficiently liquid to enable the City to meet all operating and capital requirements that might be reasonably
anticipated. The maximum maturity of investments shall not extend beyond five years, unless related to specific
cash flow needs.
Credit risk – Credit risk is the risk that an issuer or other counterparty to an investment will be unable to fulfill its
obligation to the holder of the investment. State law limits investments to commercial paper to those rated in the
highest quality category by at least two nationally recognized rating agencies; in any security of the State of
Minnesota or any of its municipalities which is rated “A” or better by a national bond rating service for general
obligation and rated “AA” or better for a revenue obligation; a general obligation of the Minnesota Housing
Finance Agency to those rated “A” or better by a national bond rating agency; mutual funds or money market
funds whose investments are restricted to securities described in MS 118A.04. The City’s investment policy does
not place further restrictions on investment options.
Concentration of credit risk – Concentration of credit risk is the risk of loss that may be attributed to the
magnitude of a government’s investment in a single issuer. The City’s investment policy states no more than 50%
of its investment portfolio can be invested in municipal bonds or MHFA securities. Investments in a single issuer
exceeding 5% of the City’s overall cash and investment portfolio are in various holdings as follows:
Federal National Mortgage Assn.5.39%
Federal Home Loan Bank 3.52%
US Treasury 24.02%
62
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 86
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 3 RECEIVABLES
A.LOANS RECEIVABLE
The City has made loans to local businesses and individuals that qualify for various loan programs. The businesses
and individuals pay varying installments on the loans. Depending on the loan program, some of the loans are
secured by an interest in the property.
Also, some of the loans are forgivable after 30 years if certain criteria are met. As of December 31, 2020, any
forgiveness of loans would not occur for another 20 – 30 years. At this time, information is not available to
develop an estimate for any loans which may be forgiven. Therefore, no allowance has been recorded. As loan
maturity dates approach, the City will evaluate whether an allowance for forgivable loans should be recorded in
the financial statements.
As of December 31, 2020, the loans receivable balance was $8,414,669.
Significant receivable balances not expected to be collected within one year of December 31, 2020 are as follows:
Special Interfund
Loans Assessments Property Loans Pledges
Receivable Receivable Taxes Receivable Receivable Total
Major Funds:
General Fund -$ -$333,468$ -$ -$333,468$
Housing Rehabilitation Fund 3,452,557 4,231,272 - - - 7,683,829
Debt Service Funds 1,390,000 - - - - 1,390,000
Development EDA Fund 1,849,260 - - 2,327,586 -4,176,846
Redevelopment District Fund 769,226 - 12,079 - - 781,305
Water Fund - 99,047 - - - 99,047
Sewer Fund - 167,130 - - - 167,130
Nonmajor Governmental Funds 498,433 448,376 - - 966,665 1,913,474
Total 7,959,476$ 4,945,825$ 345,547$ 2,327,586$ 966,665$ 16,545,099$
63
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 87
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 4 UNAVAILABLE REVENUE
Governmental funds report deferred inflows of resources in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. At the end of the current fiscal year, the various
components of unavailable revenue reported in the governmental funds were as follows:
Unavailable
Delinquent property taxes receivable (General Fund) 385,349$
Delinquent property taxes receivable (Redevelopment District) 13,958
Special assessments not yet due (Housing Rehabilitation)4,808,794
Special assessments not yet due (Nonmajor Funds)780,502
Bond reimbursement payments not yet due (Debt Service Funds)1,435,000
Due from other governments (Nonmajor Funds)207,730
Other miscellaneous (Redevelopment District)126,220
Other miscellaneous (Nonmajor Funds)2,886,331
Total unavailable revenue for governmental funds 10,643,884$
64
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 88
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 5 CAPITAL ASSETS
The City has elected to use the modified approach as defined by GASB Statement No. 34 for reporting of street
infrastructure. As a result, no accumulated depreciation or depreciation expense has been recorded for street
infrastructure. Additional information of the modified approach is presented in the Notes to Required Supplementary
Information section of this report. All other capital assets including other infrastructure systems were reported using the
basic approach whereby accumulated depreciation and depreciation expense have been recorded. Modified approach
adjustments represent the changes due to implementation of the modified approach for infrastructure reporting. Capital
asset activity for the year ended December 31, 2020 is as follows:
Beginning Ending
Balance Increases Decreases Transfers Balance
Governmental activities:
Capital assets, not being depreciated:
Land 16,991,835$ 263,300$ -$ -$ 17,255,135$
Infrastructure - streets 26,011,544 - - - 26,011,544
Permanent easements 1,429,976 11,900 - - 1,441,876
Construction in progress 8,587,338 8,857,543 1,581,980 - 15,862,901
Total capital assets, not being depreciated 53,020,693 9,132,743 1,581,980 - 60,571,456
Capital assets, being depreciated:
Buildings and structures 56,625,601 530,699 - - 57,156,300
Improvements other than buildings 43,409,062 1,114,735 - - 44,523,797
Infrastructure 41,264,298 381,897 - - 41,646,195
Machinery, furniture and equipment 12,967,263 1,110,006 942,229 - 13,135,040
Fleet 10,612,721 832,598 702,449 - 10,742,870
Total capital assets, being depreciated 164,878,945 3,969,935 1,644,678 - 167,204,202
Less accumulated depreciation for:
Buildings and structures 17,937,343 1,386,913 - - 19,324,256
Improvements other than buildings 17,648,339 1,779,152 - - 19,427,491
Infrastructure 20,057,002 1,132,936 - - 21,189,938
Machinery, furniture and equipment 7,609,846 916,225 724,347 - 7,801,724
Fleet 5,312,535 992,789 553,504 - 5,751,820
Total accumulated depreciation 68,565,065 6,208,015 1,277,851 - 73,495,229
Total capital assets being depreciated - net 96,313,880 (2,238,080) 366,827 - 93,708,973
Governmental activities capital assets - net 149,334,573$ 6,894,663$ 1,948,807$ -$ 154,280,429$
65
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 89
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Beginning Ending
Balance Increases Decreases Transfers Balance
Business-type activities:
Capital assets, not being depreciated:
Land 515,083$ -$ -$ -$ 515,083$
Construction in progress 4,122,901 4,708,789 2,588,551 - 6,243,139
Total capital assets, not being depreciated 4,637,984 4,708,789 2,588,551 - 6,758,222
Capital assets, being depreciated:
Buildings and structures 4,767,723 161,458 - - 4,929,181
Improvements other than buildings 7,155,539 21,078 - - 7,176,617
Infrastructure 68,821,812 2,588,556 - - 71,410,368
Machinery, furniture and equipment 9,028,849 98,280 - - 9,127,129
Total capital assets, being depreciated 89,773,922 2,869,372 - - 92,643,295
Less accumulated depreciation for:
Buildings and structures 4,344,759 132,110 - - 4,476,869
Improvements other than buildings 4,063,813 269,490 - - 4,333,303
Infrastructure 31,697,184 1,131,789 - - 32,828,973
Machinery, furniture and equipment 4,328,135 360,755 - - 4,688,890
Total accumulated depreciation 44,433,895 1,894,144 - - 46,328,035
Total capital assets being depreciated - net 45,340,027 975,228 - - 46,315,260
Business-type activities capital assets - net 49,978,011$ 5,684,017$ 2,588,551$ -$ 53,073,482$
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government 99,842$
Public safety 487,966
Operations and recreation 3,351,183
Public information 46,462
Social and economic development 130,009
Internal service 2,092,553
Total depreciation expense - governmental activities 6,208,015$
Business-type activities:
Water 1,015,219$
Sewer 194,659
Storm water 684,266
Total depreciation expense - business-type activities 1,894,144$
Note 6 CITY INDEBTEDNESS
The City issues general obligation bonds, to provide funds for the acquisition and construction of major capital facilities.
The reporting entity’s long-term debt is segregated between the amounts to be repaid from governmental activities and
66
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 90
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
amounts to be repaid from business-type activities. General obligation bonds are direct obligations and pledge the full faith
and credit of the City.
As of December 31, 2020, long-term debt of the City consisted of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rates Issued 12/31/2020
Governmental Activities:
General Long-Term Debt:
General Improvement Bonds:
G.O. Improvement Bonds Series 2010D (BABS) 12/29/2010 2/1/2032 1.25 - 5.15% 13,025,000$ -$
G.O. Improvement Bonds Series 2014A 12/18/2014 2/1/2026 2.00%5,070,000 3,160,000
G.O. Improvement Bonds Series 2016A 7/14/2016 2/1/2027 1.375 - 2.375% 10,000,000 7,645,000
G.O. Improvement Bonds Series 2017A 7/13/2017 2/1/2028 2.125 - 3% 3,430,000 2,820,000
G.O. Improvement Bonds Series 2018A 6/14/2018 2/1/2033 3.00 - 4.00% 2,020,000 1,855,000
G.O. Improvement Bonds Series 2019A 4/10/2019 2/1/2035 2.00 - 4.00% 22,220,000 22,220,000
G.O. Improvement Bonds Series 2019B 11/26/2019 2/1/2032 3.00 - 5.00% 7,585,000 7,585,000
G.O. Improvement Bonds Series 2020A 11/10/2020 2/1/2042 2.00 - 4.00% 10,505,000 10,505,000
Total General Improvement Bonds 73,855,000 55,790,000
Tax Increment Bonds:
Tax Increment Refunding Bonds Series 2008B 12/1/2008 2/1/2024 3.25 - 4.625% 5,490,000 2,100,000
G.O. Special Assessment Bonds:
G.O. Improvement Bonds Series 2012A HIA 10/17/2012 2/1/2033 0.75 - 3.90% 1,290,000 915,000
G.O. Improvement Bonds Series 2019C HIA 11/26/2019 2/1/2028 2.00 - 2.20% 2,200,000 2,010,000
Total G.O. Special Assessment Bonds 3,490,000 2,925,000
G.O. Revenue bonds:
G.O. Improvement Refunding Bonds Series 2010C 12/29/2010 2/1/2040 3.00 - 5.65% 1,770,000 1,435,000
Issuance premiums (discounts)N/A N/A N/A N/A 3,082,422
Total - bonded indebtedness 84,605,000 65,332,422
Capital lease payable - vehicles 5/1/2016 5/1/2021 4.53%222,149 81,699
Compensated absences payable N/A N/A N/A N/A 4,371,156
Total governmental activities 84,827,149 69,785,277
Business-Type Activities:
General Obligation Revenue Bonds:
Utility Crossover Refunding Bonds Series 2013A 7/10/2013 8/1/2023 1.0 - 1.9% 4,170,000 835,000
Utility Revenue Bonds Series 2014A 12/18/2014 2/1/2026 2.00%4,930,000 3,070,000
Utility G.O. Improvement Bonds Series 2017A 7/13/2017 2/1/2033 2.125 - 3% 4,985,000 4,440,000
Utility Refunding Revenue Bonds Series 2017A 7/13/2017 2/1/2025 2.125 - 3% 1,485,000 965,000
Utility G.O. Revenue Bonds Series 2018A 6/14/2018 2/1/2033 3.00 - 4.00% 6,780,000 6,005,000
Utility G.O. Revenue Bonds Series 2019B 11/26/2019 2/1/3030 3.00 - 5.00% 7,520,000 7,520,000
Utility G.O. Revenue Bonds Series 2020B 11/10/2020 2/1/2036 2.00 - 4.00% 5,035,000 5,035,000
Total General Obligation Revenue Bonds 34,905,000 27,870,000
Issuance premiums (discounts)N/A N/A N/A N/A 2,194,446
Total - bonded indebtedness 34,905,000 30,064,446
Compensated absences payable N/A N/A N/A N/A 226,725
Total business-type activities 34,905,000 30,291,171
Total long-term debt 119,732,149$ 100,076,448$
67
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 91
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
GOVERNMENTAL ACTIVITIES
Annual debt service requirements to maturity for the governmental activities long-term debt are as follows:
Year Ending
December 31 Principal Interest Principal Interest Principal Interest Principal Interest
2021 2,650,000$ 1,561,821$ 485,000$ 84,300$ 315,000$ 67,143$ 45,000$ 72,983$
2022 3,320,000 1,555,216 510,000 61,913 320,000 60,613 45,000 71,104
2023 3,930,000 1,435,725 535,000 38,400 320,000 53,913 50,000 69,048
2024 4,060,000 1,307,566 570,000 13,181 335,000 46,920 50,000 66,823
2025 4,205,000 1,188,463 - - 340,000 39,585 55,000 64,433
2026 4,320,000 1,072,513 - - 345,000 32,085 55,000 61,875
2027 4,050,000 947,416 - - 355,000 24,200 60,000 59,143
2028 4,170,000 799,338 - - 195,000 17,558 60,000 56,233
2029 3,945,000 647,631 - - 75,000 13,718 65,000 53,138
2030 3,850,000 517,081 - - 75,000 11,036 65,000 49,855
2031 3,335,000 408,300 - - 80,000 8,130 70,000 46,378
2032 3,425,000 315,225 - - 85,000 4,973 75,000 42,589
2033 2,380,000 237,391 - - 85,000 1,658 75,000 38,633
2034 2,445,000 170,325 - - - - 80,000 34,505
2035 2,520,000 100,000 - - - - 85,000 30,070
2036 430,000 60,000 - - - - 90,000 25,323
2037 435,000 51,350 - - - - 95,000 20,258
2038 445,000 42,550 - - - - 100,000 14,870
2039 455,000 33,550 - - - - 105,000 9,155
2040 465,000 24,350 - - - - 110,000 3,108
2041 475,000 14,950 - - - - - -
2042 480,000 5,100 - - - - - -
Total 55,790,000$ 12,495,859$ 2,100,000$ 197,794$ 2,925,000$ 381,529$ 1,435,000$ 889,518$
G.O. Improvement Bonds G.O. Tax Increment Bonds G.O. Sp. Asess. Bonds G.O. Revenue Bonds
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
68
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 92
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
BUSINESS-TYPE ACTIVITIES
Annual debt service requirements to maturity for the business-type long-term debt are as follows:
Year Ending
December 31 Principal Interest
2021 2,135,000$ 858,729$
2022 2,505,000 824,730
2023 2,630,000 736,665
2024 2,430,000 651,250
2025 2,515,000 567,925
2026 2,385,000 477,475
2027 1,920,000 396,138
2028 1,995,000 320,563
2029 2,080,000 241,075
2030 2,160,000 167,013
2031 1,265,000 114,775
2032 1,310,000 78,050
2033 1,335,000 42,200
2034 395,000 20,150
2035 400,000 12,200
2036 410,000 4,100
Total 27,870,000$ 5,513,036$
G.O. Revenue Bonds
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
69
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 93
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2020 was as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental activities:
Bonds payable:
G.O. improvement bonds 56,450,000$ 10,505,000$ 11,165,000$ 55,790,000$ 2,650,000$
G.O. tax increment bonds 2,560,000 -460,000 2,100,000 485,000
G.O. special assessment bonds 3,170,000 -245,000 2,925,000 315,000
G.O. revenue bonds 1,480,000 -45,000 1,435,000 45,000
Add:
Premiums on bonds 2,393,817 938,457 216,900 3,115,374 -
Discounts on bonds (70,540) -(37,589) (32,951) -
Total bonds payable 65,983,277 11,443,457 12,131,900 65,332,423 3,495,000
Capital lease payable 121,005 22,887 62,193 81,699 58,669
Compensated absences 4,027,810 2,855,348 2,512,001 4,371,157 2,935,904
Total governmental activity
long-term debt 70,132,092$ 14,321,692$ 14,706,094$ 69,785,279$ 6,489,573$
Business-type activities:
Bonds payable:
G.O. revenue bonds 24,900,000$ 5,035,000$ 2,065,000$ 27,870,000$ 2,135,000$
Add:
Premiums on bonds 1,853,981 528,024 187,559 2,194,446 -
Total bonds payable 26,753,981 5,563,024 2,252,559 30,064,446 2,135,000
Compensated absences 172,491 203,377 149,142 226,726 147,371
Total business-type activity
long-term debt 26,926,472$ 5,766,401$ 2,401,701$ 30,291,172$ 2,282,371$
For governmental activities, compensated absences are paid out of the Employee benefits internal service fund.
$15,540,000 GENERAL OBLIGATION BONDS, SERIES 2020A
On November 10, 2020, the City issued General Obligation Bonds in the amount of $15,540,000 to finance the Dakota
Bridge, Dakota Bikeway, Pavement Management, Southwest Regional Transit Trail Bridge, Southeast Bikeway and 2020 and
2021 Utility Projects in the City. The G.O. Bonds will have a term of 20 years, with an interest rate between 2.00% - 4.00%,
and will be repaid with property tax levies and utility revenues.
$15,105,000 GENERAL OBLIGATION BONDS, SERIES 2019B
On November 26, 2019, the City issued General Obligation Bonds in the amount of $15,105,000. $8,610,000 was issued to
refund the 2010D Taxable General Obligation Build America Bonds on February 1, 2020. (current refunding). The G.O.
Refunding Bonds will have a term of 10 years, with an interest rate between 3.00% - 5.00% and will be repaid with property
tax levies. The remaining $6,495,000 was issued to finance the construction of various utility system improvements. The
G.O. Bonds will have a term of 10 years, with an interest rate between 3.00% - 5.00%, and will be repaid with utility
revenues.
70
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 94
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
The refunding portion of the transaction will reduce debt service payments related to the refunded bonds by $866,256,
with a net present value (economic gain) of $781,746.
$2,200,000 TAXABLE GENERAL OBLIGATION HOUSING IMPROVEMENT AREA REFUNDING BONDS, SERIES 2019C
On November 26, 2019, the City issued Taxable General Obligation Housing Improvement Area Refunding Bonds in the
amount of $2,200,000 to refund the 2010A Taxable General Obligation Housing Improvement Area Bonds on December 10,
2019 (current refunding). The G.O. Refunding Bonds will have a term of 10 years, with an interest rate between 2.00% -
2.20%, and will be repaid with property tax levies.
The refunding portion of the transaction will reduce debt service payments related to the refunded bonds by $503,253,
with a net present value (economic gain) of $376,329.
CAPITAL LEASE PAYABLE
A.VEHICLES
In 2016, the City entered into a lease agreement for ten vehicles. The agreement calls for total monthly payments
of $4,145 maturing on May 1, 2021, with an interest rate of 4.53 percent. Depreciation in the amount of $43,833
has been recorded as depreciation expense during 2020.
In 2018, the City entered into a lease agreement for three vehicles. The agreement calls for total monthly
payments of $1,406 maturing on May 1, 2023, with an interest rate of 5.00 percent. Depreciation in the amount of
$11,154 has been recorded as depreciation expense during 2020.
The net book value of assets under the capital lease at December 31, 2020 is as follows:
Equipment 313,475$
Accumulated depreciation (210,886)
Net book value 102,589$
The following is a schedule of future minimum lease payments under the capital lease:
Year Ending
December 31, Payment
2021 60,828$
2022 16,877
2023 7,026
Total minimum lease payments 84,731
Less: amount representing interest (3,032)
Present value of minimum lease payments 81,699$
71
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 95
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
REVENUE PLEDGED
Future revenue pledged for the payment of long-term debt is as follows:
Percent of Debt service Remaining Principal Pledged
Use of total as a % of Pledged Principal and Interest Revenue
Bond Issue Proceeds Type debt service net revenues Through and Interest paid received
G.O. Improvement Bonds
Series 2012A Housing Improvement Area Fee 100% 60% 2033 1,139,201 85,165 141,102
G.O. Improvement Bonds
Series 2010A / Refunding
2019C Housing Improvement Area Fee 100% 93% 2028 2,385,736 284,583 306,206
Tax Increment Refunding
Bonds Series 2008B Street Improvements TIF 100% 100% 2024 2,297,793 565,563 565,563
G.O. Improvement
Refunding Bonds Series
2010C Louisiana Court Project
Operating revenues of
Louisiana Court 100% 102% 2040 2,324,518 119,805 117,055
Utility Crossover Refunding
Bonds Series 2013A Utility Infrastructure Projects Utility charges 100% 100% 2023 865,645 801,013 801,013
Utility Revenue Bonds Series
2014A Utility Infrastructure Projects Utility charges 100% 100% 2026 3,258,100 546,200 546,200
Utility Revenue Bonds Series
2017A Utility Infrastructure Projects Utility charges 100% 100% 2033 5,283,038 403,100 403,100
Utility Refunding Revenue
Bonds Series 2017A Utility Infrastructure Projects Utility charges 100% 100% 2025 1,039,325 211,650 211,650
Utility Revenue Bonds Series
2018A Utility Infrastructure Projects Utility charges 100% 100% 2033 7,338,700 566,600 566,600
Utility Revenue Bonds Series
2019B Utility Infrastructure Projects Utility charges 100% 100% 2030 9,330,600 233,567 233,567
G.O.Bonds Series 2020A -
Utility portion Utility Infrastructure Projects Utility charges 100% n/a 2036 6,267,629 - -
G.O.Bonds Series 2020A -
Levy portion
Bikeway, Bridge, Pavement
Management Tax Levy 100% n/a 2042 13,494,208 - -
Revenue Pledged Current Year
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 96
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 7 DEFINED BENEFIT PENSION PLANS
A.PLAN DESCRIPTION
The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered
by the Public Employees Retirement Association of Minnesota (PERA). PERA’s defined benefit pension plans are
established and administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERA’s defined
benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code
1. General Employees Retirement Fund (GERF)
All full-time (with the exception of employees covered by PEPFF) and certain part-time employees of the City
are covered by the General Employees Retirement Fund (GERF). GERF members belong to the Coordinated
Plan. Coordinated Plan members are covered by Social Security.
2. Public Employees Police and Fire Fund (PEPFF)
The PEPFF, originally established for police officers and firefighters not covered by a local relief association,
now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, the PEPFF also covers
police officers and firefighters belonging to local relief associations that elected to merge with and transfer
assets and administration to PERA.
B.BENEFITS PROVIDED
PERA provides retirement, disability, and death benefits. Benefit provisions are established by state statute and
can only be modified by the state Legislature. Vested, terminated employees who are entitled to benefits but are
not receiving them yet are bound by the provisions in effect at the time they last terminated their public service.
1.GERF Benefits
Benefits are based on a member’s highest average salary for any five successive years of allowable service,
age, and years of credit at termination of service. Two methods are used to compute benefits for PERA’s
Coordinated members. Members hired prior to July 1, 1989 receive the higher of Method 1 or Method 2
formulas. Only Method 2 is used for members hired after June 30, 1989. Under Method 1, the accrual rate for
Coordinated members is 1.2% of average salary for each of the first ten years of service and 1.7% of average
salary for each additional year. Under Method 2, the accrual rate for Coordinated Plan members is 1.7% of
average salary for all years of service. For members hired prior to July 1, 1989 a full annuity is available when
age plus years of service equal 90 and normal retirement age is 65. For members hired on or after July 1,
1989, normal retirement age is the age for unreduced Social Security benefits capped at 66.
Benefit increases are provided to benefit recipients each January. Beginning in 2019, the postretirement
increase is equal to 50% of the cost-of-living adjustment (COLA) announced by the SSA, with a minimum
increase of at least 1% and a maximum of 1.5%. Recipients that have been receiving the annuity or benefit for
at least a full year as of the June 30 before the effective date of the increase will receive the full increase. For
recipients receiving the annuity or benefit for at least one month but less than a full year as of the June 30
before the effective date of the increase will receive a reduced prorated increase. For members retiring on
January 1, 2024 or later, the increase will be delayed until normal retirement age (age 65 if hired prior to July
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
1, 1989, or age 66 for individuals hired on or after July 1, 1989). Members retiring under Rule of 90 are
exempt from the delay to normal retirement.
2.PEPFF Benefits
Benefits for the PEPFF members first hired after June 30, 2010 but before July 1, 2014 vest on a prorated basis
from 50% after five years up to 100% after ten years of credited service. Benefits for PEPFF members first
hired after June 30, 2014 vest on a prorated basis from 50% after ten years up to 100% after twenty years of
credited service. The annuity accrual rate is 3% of average salary for each year of service. For PEPFF members
who were first hired prior to July 1, 1989, a full annuity is available when age plus years of service equal at
least 90.
Benefit increases are provided to benefit recipients each January. Beginning in 2019, the postretirement
increase will be fixed at 1%. Recipients that have been receiving the annuity or benefit for at least 36 months
as of the June 30 before the effective date of the increase will receive the full increase. For recipients
receiving the annuity or benefit for at least 25 months but less than 36 months as of the June 30 before the
effective date of the increase will receive a reduced prorated increase.
C.CONTRIBUTIONS
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. Contribution rates can
only be modified by the state legislature.
1.GERF Contributions
Coordinated Plan members were required to contribute 6.5% of their annual covered salary in fiscal year 2020
and the City was required to contribute 7.5% for Coordinated Plan members. The City’s contributions to the
GERF for the year ended December 31, 2020 were $1,330,896. The City’s contributions were equal to the
required contributions as set by state statute.
2.PEPFF Contributions
Police and Fire member’s contribution rates increased from 11.3% of pay to 11.8% and employer rates
increased from 16.95% to 17.70% on January 1, 2020. The City’s contributions to the PEPFF for the year ended
December 31, 2020 were $1,602,879. The City’s contributions were equal to the required contributions as set
by state statute.
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
D.PENSIONS COST
1.GERF Pension Costs
At December 31, 2020, the City reported a liability of $14,227,219 for its proportionate share of GERF’s net
pension liability. The City’s net pension liability reflected a reduction due to the State of Minnesota’s
contribution of $16 million. The State of Minnesota is considered a non-employer contributing entity and the
state’s contribution meets the definition of a special funding situation. The State of Minnesota’s
proportionate share of the net pension liability associated with the City totaled $438,865. The net pension
liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of that date. The City’s proportion of the net pension
liability was based on the City’s contributions received by PERA during the measurement period for employer
payroll paid dates from July 1, 2019 through June 30, 2020, relative to the total employer contributions
received from all of PERA’s participating employers. The City’s proportionate share was 0.2373% at the end of
the measurement period and 0.2358% for the beginning of the period.
City’s proportionate share of the net pension liability $14,227,219
State of Minnesota’s proportionate share of the net pension
liability associated with the City 438,865
Total $14,666,084
For the year ended December 31, 2020, the City recognized pension expense of $723,461 for its proportionate
share of the GERF’s pension expense. In addition, the City recognized an additional $38,195 as pension
expense (and grant revenue) for its proportionate share of the State of Minnesota’s contribution of $16
million to the GERF.
At December 31, 2020, the City reported its proportionate share of the GERF’s deferred outflows of resources
and deferred inflows of resources related to pensions from the following sources resources and deferred
inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual economic experience 129,733$ 53,829$
Changes in actuarial assumptions - 527,949
Net collective between projected and
actual investment earnings 235,957 -
Changes in proportion 338,688 -
Contributions paid to PERA
subsequent to the measurement date 688,758 -
Total 1,393,136$ 581,778$
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
The $688,758 reported as deferred outflows of resources related to pensions resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year
ended December 31, 2021. Other amounts reported as deferred outflows and inflows of resources related to
pensions will be recognized in pension expense as follows:
Year Ended Pension
December 31,Expense
2021 (601,364)
2022 89,093
2023 291,136
2024 343,734
2025 -
Thereafter -
122,599$
2.PEPFF Pension Costs
At December 31, 2020, the City reported a liability of $9,978,070 for its proportionate share of the PEPFF’s net
pension liability. The net pension liability was measured as of June 30, 2020 and the total pension liability
used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s
proportionate share of the net pension liability was based on the City’s contributions received by PERA during
the measurement period for employer payroll paid dates from July 1, 2019 through June 30, 2020, relative to
the total employer contributions received from all of PERA’s participating employers. The City’s proportionate
share was 0.7570% at the end of the measurement period and 0.7803% for the beginning of the period.
The State of Minnesota also contributed $13.5 million to PEPFF during the plan fiscal year ended June 30,
2020. The contribution consisted of $4.5 million in direct state aid that does meet the definition of a special
funding situation and $9.0 million in fire state aid that does not meet the definition of a special funding
situation. The $4.5 million direct state was paid on October 1, 2019. Thereafter, by October 1 of each year, the
state will pay $9 million to the Police and Fire Fund until full funding is reached or July 1, 2048, whichever is
earlier. The $9 million in fire state aid will continue until the fund is 90 percent funded, or until the State Patrol
Plan (administered by the Minnesota State Retirement System) is 90 percent funded, whichever occurs later.
As a result, the State of Minnesota is included as a non-employer contributing entity in the PEPFF Schedule of
Employer Allocations and Schedule of Pension Amounts by Employer, Current Reporting Period Only (pension
allocation schedules) for the $4.5 million in direct state aid. PEPFF employers need to recognize their
proportionate share of the State of Minnesota’s pension expense (and grant revenue) under GASB 68 special
funding situation accounting and financial reporting requirements. For the year ended December 31, 2020,
the City recognized pension expense of $72,326 for its proportionate share of the Police and Fire Plan’s
pension expense. In addition, the City recognized an additional $72,326 as pension expense (and grant
revenue) for its proportionate share of the State of Minnesota’s contribution of $4.5 million to the PEPFF.
The State of Minnesota is not included as a non-employer contributing entity in the Police and Fire Pension
Plan pension allocation schedules for the $9 million in fire state aid. The City also recognized $68,129 for the
year ended December 31, 2020 as revenue and an offsetting reduction of net pension liability for its
proportionate share of the State of Minnesota’s on-behalf contributions to the Police and Fire Fund.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
At December 31, 2020, the City reported its proportionate share of the PEPFF’s deferred outflows of resources and
deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual economic experience 440,137$ 479,588$
Changes in actuarial assumptions 3,384,350 6,214,372
Net collective between projected and
actual investment earnings 314,348 -
Changes in proportion 1,244,778 808,057
Contributions paid to PERA
subsequent to the measurement date 841,658 -
Total 6,225,271$7,502,017$
The $841,658 reported as deferred outflows of resources related to pensions resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year
ended December 31, 2021. Other amounts reported as deferred outflows and inflows of resources related to
pensions will be recognized in pension expense as outflows:
Year Ended Pension
December 31,Expense
2021 (649,735)$
2022 (2,708,269)
2023 768,511
2024 505,041
2025 (33,953)
Thereafter -
(2,118,405)$
The net pension liability will be liquidated by the Employee Benefits, Internal Service fund.
E.ACTUARIAL ASSUMPTIONS
The total pension liability in the June 30, 2020, actuarial valuation was determined using the following actuarial
assumptions:
Inflation 2.50% per year
Active Member Payroll Growth 3.25% per year
Investment Rate of Return 7.50%
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Salary increases were based on a service-related table. Mortality rates for active members, retirees, survivors, and
disabilitants for all plans were based on RP 2014 tables for males or females, as appropriate, with slight
adjustments to fit PERA’s experience. Cost of living benefit increases after retirement for retirees are assumed to
be 1.25% per year for GERF and 1.0% per year for PEPFF.
Actuarial assumptions used in the June 30, 2020 valuation were based on the results of actuarial experience
studies. The most recent four-year experience study for GERF was completed in 2019. The assumption changes
were adopted by the Board and become effective with the July 1, 2020 actuarial valuation. The most recent four-
year experience study for PEPFF was completed in 2020.
The following changes in actuarial assumptions and plan provisions occurred in 2020:
General Employees Fund
Changes in Actuarial Assumptions:
The price inflation assumption was decreased from 2.50% to 2.25%.
The payroll growth assumption was decreased from 3.25% to 3.00%.
As recommended in the June 30, 2019 experience study, assumed salary increase rates were decreased
0.25% and assumed rates of retirement were changed resulting in more unreduced (normal) retirements
and slightly fewer Rule of 90 and early retirements. Assumed rates of termination and disability were also
changed.
The base mortality tables were changed from RP-2014 tables to Pub-2010 tables, with adjustments.
The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019.
The assumed spouse age difference was changed from two years older for females to one year older.
The assumed number of married male new retirees electing the 100% Joint & Survivor option changed
from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint &
Survivor option changed from 15% to 30%. The corresponding number of married new retirees electing
the Life annuity option was adjusted accordingly.
Changes in Plan Provisions:
Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 through
December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations occurring after June
30, 2020.
Police and Fire Fund
Changes in Actuarial Assumptions
The mortality projection scale was changed from MP-2018 to MP-2019.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
The State Board of Investment, which manages the investments of PERA, prepares an analysis of the
reasonableness on a regular basis of the long-term expected rate of return using a building-block method in which
best-estimate ranges of expected future rates of return are developed for each major asset class. These ranges are
combined to produce an expected long-term rate of return by weighting the expected future rates of return by the
target asset allocation percentages. The target allocation and best estimates of geometric real rates of return for
each major asset class are summarized in the following table:
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Domestic Equity 35.5% 5.10%
International Equity 17.5% 5.30%
Fixed Income 20% 0.75%
Private Markets 25% 5.90%
Cash Equivalents 2% 0.00%
Total 100%
F. DISCOUNT RATE
The The discount rate used to measure the total pension liability in 2020 was 7.5%. The projection of cash flows
used to determine the discount rate assumed that contributions from plan members and employers will be made
at the rate set in Minnesota statutes. Based on that assumption, the fiduciary net position of the GERF and the
PEPFF was projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
G. PENSION LIABILITY SENSITIVITY
The following presents the City’s proportionate share of the net pension liability for all plans it participates in,
calculated using the discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate
share of the net pension liability would be if it were calculated using a discount rate 1 percentage point lower or 1
percentage point higher than the current discount rate:
1% Decrease in 1% Increase in
Discount Rate (6.5%) Discount Rate (7.5%) Discount Rate (8.5%)
City's Proportionate share of the
GERF net pension liability 22,801,298$ 14,227,219$ 7,154,294$
City's Proportionate share of the
PEPFF net pension liability 19,887,730$ 9,978,070$ 1,779,563$
The net pension liability is generally liquidated by the Employee Benefits Internal Service Fund.
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
H. PENSION PLAN FIDUCIARY NET POSITION
Detailed information about each pension plan’s fiduciary net position is available in a separately-issued PERA
financial report that includes financial statements and required supplementary information. That report may be
obtained at www.mnpera.org.
I. PENSION EXPENSE
Pension expense recognized by the City for the fiscal year ended December 31, 2020 is as follows:
GERF 723,461$
PEPFF 1,236,936
Total 1,960,397$
Note 8 DEFINED CONTRIBUTION PLAN
Four council members of the City of St. Louis Park, Minnesota, are covered by the Public Employees Defined Contribution
Plan (PEDCP), a multiple-employer deferred compensation plan administered by PERA. The PEDCP is a tax qualified plan
under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of employees are tax deferred until
time of withdrawal.
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses.
Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and employer contribution rates
for those qualified personnel who elect to participate. An eligible elected official who decides to participate contributes 5%
of salary which is matched by the elected official’s employer. For ambulance service personnel, employer contributions are
determined by the employer, and for salaried employees must be a fixed percentage of salary. Employer contributions for
volunteer personnel may be a unit value for each call or period of alert duty. Employees who are paid for their services may
elect to make member contributions in an amount not to exceed the employer share. Employer and employee
contributions are combined and used to purchase shares in one or more of the seven accounts of the Minnesota
Supplemental Investment Fund. For administering the plan, PERA receives 2% of employer contributions and twenty-five
hundredths of 1% (.0025) of the assets in each member’s account annually.
Total contributions made by the City during fiscal year 2020 were:
Required
Employer
Employee (Pension Expense) Employee Employer Rate
3,220$ 3,220$ 5% 5% 5%
Contribution Amount Percentage of Covered Payroll
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 104
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 9 POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB)
A.PLAN DESCRIPTION
In addition to providing the pension benefits described in Notes 7 and 8, the City provides post-employment health
care benefits, as defined in paragraph B, through its group health insurance plan (the plan). The plan is a single-
employer defined benefit OPEB plan administered by the City. The authority to provide these benefits is
established in Minnesota Statutes Sections 471.61 Subd. 2a and 299A.465. The benefits, benefit levels, employee
contributions and employer contributions are governed by the City and can be amended by the City through its
personnel manual and collective bargaining agreements with employee groups. No assets are accumulated in a
trust that meets the criteria in paragraph 4 of GASB Statement No. 75.
B. BENEFITS PROVIDED
The City is required by State Statute to allow retirees to continue participation in the City’s group health insurance
plan if the individual terminates service with the City through service retirement or disability retirement. Police
officers, firefighters, sergeants, and dispatchers age 50 and over with 3 years of service, or age 65 with 1 year of
service, may continue medical and dental coverage at their own expense. Non-union and 49ers union employees
age 55 with 3 years of service, age 65 with 1 year of service, any age with 30 years of service, or those whose age
plus service is at least 90 may continue medical and dental coverage at their own expense. Employees may obtain
dependent coverage at retirement only if the employee was receiving dependent coverage immediately prior to
retirement. The surviving spouse of an active employee may continue coverage in the group health insurance plan
after the employee’s death.
All health care coverage is provided through the City’s group health insurance plans. The retiree is required to pay
100% of their premium cost for the City-sponsored group health insurance plan in which they participate. The
premium is a blended rate determined on the entire active and retiree population. Since the projected claims
costs for retirees exceed the blended premium paid by retirees, the retirees are receiving an implicit rate subsidy
(benefit). The coverage levels are the same as those afforded to active employees. Upon a retiree reaching age
65, Medicare becomes the primary insurer.
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
C. PARTICIPANTS
As of the December 31, 2020 actuarial valuation, participants of the plan consisted of:
Active employees electing coverage 276
Active employees waiving coverage 1
Retirees electing coverage 26
Total 303
D. TOTAL OPEB LIABILITY AND CHANGES IN TOTAL OPEB LIABILITY
The City’s total OPEB liability of $4,163,224 was measured as of December 31, 2019, and was determined by an
actuarial valuation as of December 31, 2020. Changes in the total OPEB liability during 2020 were:
Changes for the year:
Service cost 273,727$
Interest cost 148,042
Changes of benefit terms -
Differences between expected and actual experience -
Changes in assumptions 131,969
Benefit payments (214,270)
Net changes 339,468
Balance - beginning of year 3,823,756
Balance - end of year 4,163,224$
There were no plan changes since the measurement date of December 31, 2020.
E. ACTUARIAL ASSUMPTIONS AND OTHER INPUTS
The total OPEB liability in the December 31, 2020 actuarial valuation was determined using the following actuarial
assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
Inflation 2.50%
Salary increases Based on most recently disclosed
assumptions for the pension plan in
which the employee participates
Discount rate 2.75%
20-year muncipal bond yield 2.75%
Healthcare cost trend rates 6.00% in 2020 gradually decreasing
over several decades to an ultimate rate
of 4.00% in 2075 and later years
Retirees' share of benefit-related costs 100%
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Since the plan is funded on a pay-as-you-go basis, both the discount rate and the investment rate of return were
based on published rate information for 20-year, tax exempt, municipal bonds as of the measurement date.
(Fidelity 20-year Municipal G.O. AA Index)
Mortality rates for general employees and for Police and Fire were based on the RP-2014 mortality tables with
projected mortality improvements based on scale MP-2017, and other adjustments.
The actuarial assumptions used in the December 31, 2020 valuation are similar to those used to value pension
liabilities for Minnesota public employees. The state pension plans base their assumptions on periodic experience
studies.
Changes in assumptions and other inputs since the prior measurement date reflect a decrease in the discount rate
from 3.71% to 2.75%.
F. SENSITIVITY OF THE TOTAL OPEB LIABILITY TO CHANGES IN THE DISCOUNT RATE
The following table presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would
be if it were calculated using a discount rate that is 1% lower (1.75%) or 1% higher (3.75%) than the current
discount rate:
1% Decrease Discount Rate 1% Increase
(1.75%) (2.75%) (3.75%)
Total OPEB liability 4,529,178$ 4,163,224$ 3,835,003$
G. SENSITIVITY OF THE TOTAL OPEB LIABILITY TO CHANGES IN THE HEALTHCARE COST TREND RATES
The following table presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would
be if it were calculated using healthcare cost trend rates that are 1% lower (5.00% decreasing to 3.00%) or 1%
higher (7.00% decreasing to 5.00%) than the current healthcare cost trend rates:
Current Healthcare
1% Decrease Cost Trend Rates 1% Increase
Total OPEB liability 3,667,706$ 4,163,224$ 4,750,896$
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 107
CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
H. OPEB EXPENSE AND DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB
For the year ended December 31, 2020, the City recognized $463,542 of OPEB expense. At December 31, 2020,
the City reported deferred outflows and inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Difference between expected 206,390$ -$
and actual liability
Contributions subsequent to 128,776 -
the measurement date
Changes in assumption 192,628 130,610
Total 527,794$ 130,610$
$128,776 of the deferred outflows of resources related to OPEB resulting from contributions subsequent to the
measurement date will be recognized as a reduction of the OPEB liability in the year ending December 31, 2020.
Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB
expense as follows:
Year Ended OPEB
December 31, Expense
2021 41,773$
2022 41,773
2023 41,773
2024 41,773
2025 41,773
Thereafter 59,543
268,408$
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 10 INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
The City has established interfund loans to finance infrastructure improvements, project reimbursements, housing
rehabilitation loans and to provide initial financing for TIF districts. A summary at December 31, 2020 is as follows:
Interfund Interfund
Loan Loan
Receivable Payable
Major Funds:
Development EDA 2,327,586$ -$
Redevelopment District -2,327,586
Total 2,327,586$ 2,327,586$
The City provides temporary advances to funds that have insufficient cash balances by means of an advance from another
fund shown as due from other funds in the advancing fund, and a due to other fund in the fund with the deficit, until
adequate resources are received. A summary at December 31, 2020 is as follows:
Due From Due To
Other Funds Other Funds
Major Funds:
Storm Water 1,887,034$ -$
Pavement Management -3,055,317
Other:
Employee Benefits -91,381
COVID Fund -34,841
Permanent Improvement Revolving 3,181,539 -
Streets Capital Projects -1,887,034
Total 5,068,573$ 5,068,573$
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Interfund Transfers
Interfund transfers at December 31, 2020 are as follows:
Housing Internal
General Rehabilitation Debt Service Service Funds Non-major Totals
Transfers out:
General -$ -$ -$ -$ -$ -$
Housing Rehabilitation 8,945 - 305,099 - - 314,044
Redevelopment District - 524,804 944,713 - 1,029,752 2,499,269
Development EDA 40,000 - - - - 40,000
Nonmajor Special Revenue 2,692,178 - - - - 2,692,178
Nonmajor Capital Projects 27,638 - - - - 27,638
Water 603,897 - - 34,738 - 638,635
Sewer 839,047 - - 34,738 - 873,785
Solid Waste 213,551 - - 34,738 - 248,289
Storm Water 307,392 - - 34,738 - 342,130
Total transfers in 4,732,648$ 524,804$ 1,249,812$ 138,952$ 1,029,752$ 7,675,968$
Fund
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.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 11 FUND BALANCE
A. CLASSIFICATIONS
At December 31, 2020, a summary of the governmental fund balance classifications are as follows:
Nonspendable Restricted Committed Assigned
General Fund
Prepaid items 140,190$ -$ -$ -$
Inventories 221,832 - - -
E-911 purposes - 63,986 - -
Fire donation - 19,000 - -
Inspections - - - 550,000
DWI enforcement - - - 167,938
Race data survey - - - 50,000
Tax court petitions - - - 200,000
Community survey - - - 25,000
Housing Rehabilitation - - - 5,805,357
Debt service - 4,923,698 - -
Development EDA
Prepaid items - - - -
Economic development - - 204,618 -
Redevelopment efforts - - - 20,246,810
Redevelopment districts - 6,443,290 - -
Streets Capital Projects - - - -
Sidewalks and Trails 4,141,569
Pavement Management - - - -
Other governmental funds
Prepaid items - - - -
Capital improvements - 175,292 - 3,125,415
Affordable housing - 1,034,380 - -
Community development - 462,241 - -
Cable TV equipment purchases - 262,668 607,460 729,047
Police and fire purposes - 1,433,980 - -
Light pole replacement - 370,000
Special service districts - - - 121,736
Total 362,022$ 18,960,104$ 812,078$ 31,391,303$
Fund/Description
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
B. MINIMUM FUND BALANCE POLICY
The City Council has formally adopted a fund balance policy for the General Fund.
The policy establishes a year-end target of unassigned fund balance amount for cash flow timing needs in the
range of 40-50% of the subsequent years budget expenditures. At December 31, 2020, the unassigned fund
balance for the General Fund was 60% of the subsequent year’s budgeted expenditures.
Note 12 DEFICIT FUND BALANCE/NET POSITION
At December 31, 2020, individual funds with deficit fund balance/net position are as follows:
Amount Future Financing Source
Redevelopment District:
Elmwood Village 246,761$ Future tax increment
Hard Coat TIF District 4,895 Future tax increment
Other Governmental Funds:
Park Improvement 109,526 Future property taxes
Streets Capital Projects 2,973,686 Future bonding/MSA reimbursement
Pavement Management 2,552,363 Future bonding/franchise taxes
Internal Service Funds:
Employee Benefits 32,469,740 Future pension contributions
and investment earnings
Total 38,356,971$
Note 13 COMMITMENTS AND CONTINGENCIES
A. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors
and omissions; injuries to employees; and natural disasters. The City continues to carry commercial insurance for
risks of loss, including workers compensation, property and general liability and employee health and accident
insurance. There were no significant reductions in insurance from the previous year or settlements in excess of
insurance coverage for any of the past three fiscal years.
PROPERTY AND CASUALTY INSURANCE
Property and casualty insurance coverage is provided through the League of Minnesota Cities Insurance Trust
(LMCIT), a public entity risk pool currently operating as a common risk management and insurance program for
Minnesota cities: general liability, excess liability property, automobile, marine, crime, employee dishonesty,
boiler and open meeting law.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
The City pays an annual premium to the LMCIT for its insurance coverage. The LMCIT is self-sustaining through
member premiums and reinsures through commercial companies for claims in excess of various amounts. The City
retains risk for the deductible portions of the insurance policies. The deductible amounts are $50,000 for each
occurrence and a $150,000 annual aggregate.
Current State Statute (Minnesota Statute subd. 466.04) provides limits of liability for the City. These limits are that
the combination of defense expense and indemnification expense shall not exceed $500,000 in the case of one
claimant or $1,500,000 for any number of claims arising out of a single occurrence.
B. LITIGATION
The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a
defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attorney,
remotely recoverable by plaintiffs.
C. FEDERAL AND STATE FUNDS
The City receives financial assistance from federal and state governmental agencies in the form of grants. The
disbursement of funds received under these programs generally requires compliance with the terms and
conditions specified in the grant agreements and is subject to audit by the grantor agencies. Any disallowed claims
resulting from such audits could become a liability of the applicable fund. However, in the opinion of
management, any such disallowed claims will not have a material effect on any of the financial statements of the
individual fund types included herein or on the overall financial position of the City at December 31, 2020.
D.TAX ABATEMENTS – PAY-AS-YOU-GO TAX INCREMENT
The City EDA provides tax abatements pursuant to Minnesota Statutes 469.174 to 469.1794 (Tax Increment
Financing) through a pay-as-you-go note program. Tax increment financing (TIF) can be used to encourage private
development, redevelopment, renovation and renewal, growth in low-to-moderate-income housing, and
economic development within the City. TIF captures the increase in tax capacity and property taxes from
development or redevelopment to provide funding for the related project.
The City has numerousl tax increment pay-as-you-go agreements. The agreements are not a general obligation of
the City and are payable solely from available tax increment. Accordingly, these agreements are not reflected in
the financial statements of the City. The pay-as-you-go note provides for payment to the developer a percentage
of all tax increment received in the prior six months. The payment reimburses the developer for public
improvements. Principal and interest shall be paid on February 1 and August 1. Payments are payable solely from
available tax increment derived from the developed/redeveloped property and paid to the City. The City shall
have no obligation to pay any unpaid balance of principal or accrued interest that may remain after the final
payment.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Details of the pay-as-you-go notes are as follows:
Issue Principal Interest First Final % TIF 2020 12/31/2020
District Name / Note Description Date Amount Rate Note Pymt Note Pymt Available Payments Balance
Zarthan/16th Ave TIF District
Rottlund - Town Homes/Condos 11/06/2000 $1,395,547 8.00% 08/01/2003 02/01/2023 89.75% 276,250 471,512
CSM - Town Place Suites 10/25/2000 1,101,362 8.00% 08/01/2003 02/01/2022 89.75% 91,184 1,218,476
CSM - Spring Hill Suites 10/25/2000 1,448,088 8.00% 08/01/2003 02/01/2022 89.75% 116,882 1,750,836
484,316
Mill City TIF District
MSP SLP Apartments 11/20/2000 3,431,137 8.75% 08/1/2002 02/01/2023 94.75% 542,824 3,034,560
Park Commons TIF District
Excelsior & Grand Phase I 07/01/2003 3,500,000 8.50% 08/05/2005 08/01/2022 97.00% 1,074,568 1,446,582
Excelsior & Grand Phase NE 06/05/2006 4,668,633 8.50% 08/01/2006 02/01/2028 97.00% 488,543 4,469,153
Excelsior & Grand Phase NW 06/05/2006 4,079,105 8.50% 08/01/2007 02/01/2028 97.00% 528,545 4,249,079
Excelsior & Grand Phase E 06/05/2006 3,300,715 8.50% 08/01/2006 02/01/2028 97.00% 319,494 4,100,193
2,411,150
Wolfe Lake TIF District
Belt Line Industrial Park 01/20/2006 996,000 7.50% 08/01/2006 02/01/2020 95.00% 48,449 -
Elmwood Village TIF District
Hoigaard Village 2010A TIF Revenue Bonds 10/21/2010 3,495,000 1.5-5% 02/01/2011 02/01/2023 95.00% 377,625 1,015,000
Highway 7 Corporate Center TIF District
Highway 7 Business Center Note A 07/24/2008 2,100,000 1.00% 08/01/2008 08/01/2027 95.00% 116,341 746,676
Highway 7 Business Center Note B 07/24/2008 360,000 1.00% 08/01/2008 08/01/2027 95.00% 19,944 128,002
Highway 7 Business Center Note C 07/24/2008 72,000 1.00%08/01/2028 95.00%- 81,169
Highway 7 Business Center Note D 07/24/2008 23,000 1.00%08/01/2028 95.00%- 25,929
136,285
West End TIF District
Duke Realty Limited Partnership 11/01/2010 21,100,000 6.75% 02/01/2012 08/01/2031 95.00% 1,927,217 20,909,528
Ellipse on Excelsior TIF District
Bader Development / Ellipse II 08/01/2015 686,195 5.60% 08/01/2015 02/01/2021 95.00% 162,804 -
Eliot Park TIF District
Weidner / Siena Apartment Homes 05/18/2016 1,100,000 5.50% 08/01/2016 08/01/2020 95.00% 380,217 -
The Shoreham TIF District
Bader Development / Shoreham Apts LLC 05/14/2019 1,200,000 3.75% 09/06/2019 08/01/2021 95.00% 482,380 124,609
4900 Excelsior TIF District
Weidner / 4900 Excelsior Apts LLC 03/05/2019 2,800,000 4.50% 08/01/2019 02/01/2027 95.00% 491,826 2,264,181
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
E. LOUISIANA COURT PROJECT
The City of St. Louis Park has entered into an agreement with Project for Pride in Living Louisiana Court Limited
Partnership to issue $4,505,000 in General Obligation Bonds – Series 2000A for the purpose of acquiring and
renovating certain rental housing facilities within the City of St. Louis Park intended primarily for low and moderate
income persons and their families. During 2010, the 2000A bonds were refunded by the $1,770,000 General
Obligation Refunding Bonds, Series 2010C. The City of St. Louis Park will receive monthly principal and interest
payments from Project for Pride in Living Louisiana Court Limited Partnership to cover all debt service obligations
of the City of St. Louis Park on a semi-annual basis. In the event that the City of St. Louis Park does not receive
payment from Project for Pride in Living, the City of St. Louis Park is still under obligation to make all debt service
payments. At such time, the City of St. Louis Park would pursue collection of above referenced principal and
interest payments per the agreement dated May 1, 2000. As of December 31, 2020, the outstanding principal on
the bonds is $1,435,000.
F. CONSTRUCTION COMMITMENTS
The City has active construction projects as of December 31, 2020. The projects include street construction in
areas with newly developed housing, widening and construction of existing streets and bridges, and the
construction of additional storm sewer and utility improvements. At year end the City’s commitments with
contractors are as follows:
Remaining
Project Commitment
Bituminous Roadways, Inc. - 2021 street maintenance (Area 5)557,979$
G.L. Contracting, Inc. - alley reconstruction project 526,407
Hydro-Klean, LLC - sanitary sewer mainline rehab 399,686
Northdale Construction Company - booster station at water treatment plant #8 348,900
Standard Sidewalk, Inc. - concrete replacement 188,267
Thomas and Sons Construction - Monterey-Belt Line-36th improvement project 2,889,052
4,910,291$
Note 14 CONDUIT DEBT OBLIGATIONS
From time to time, the City has issued industrial, hospital or housing revenue bonds to provide financial assistance to
private-sector entities for the acquisition and construction of industrial, commercial or housing facilities deemed to be in
the public interest. The bonds are secured by the property financed and are payable solely from payments received on the
underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-
sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in
any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
financial statements. As of December 31, 2020, there were 16 revenue bonds issued. The aggregate principal amount
payable as of December 31, 2020 is $169,663,792.
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CITY OF ST. LOUIS PARK, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
Note 15 RECENTLY ISSUED ACCOUNTING STANDARDS
The Governmental Accounting Standards Boards (GASB) recently approved the following statements which were not
implemented for these financial statements:
Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning after June 15,
2021.
Statement No. 89 Accounting for Interest Cost Incurred before the End of a Construction Period. The provisions of this
Statement are effective for reporting periods beginning after December 15, 2020.
Statement No. 91 Conduit Debt Obligations. The provisions of this Statement are effective for reporting periods
beginning after December 15, 2021.
Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods beginning after
June 15, 2021.
Statement No. 93 Replacement of Interbank Offered Rates. The provisions of this Statement contain multiple effective
dates, the first being for reporting periods beginning after June 15, 2020.
Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The provisions
of this Statement are effective for reporting periods beginning after June 15, 2022.
Statement No. 96 Subscription – Based Information Technology Arrangements. The provisions of this Statement are
effective for reporting periods beginning after June 15, 2022.
The effect these standards may have on future financial statements is not determinable at this time, but it is expected that
Statement No. 87 may have a material impact.
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REQUIRED SUPPLEMENTARY INFORMATION
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 1 of 5
For The Year Ended December 31, 2020
Budgeted Amounts
Original Final
Revenues
Property taxes 28,393,728$ 28,393,728$ 28,524,232$ 130,504$
Abatement of property taxes - - 90,969 90,969
Total property taxes 28,393,728 28,393,728 28,615,201 221,473
Licenses and permits
Business regulatory licenses 691,730 691,730 720,190 28,460
Non-business licenses and permits 3,969,081 3,969,081 4,574,124 605,043
Total licenses and permits 4,660,811 4,660,811 5,294,314 633,503
Intergovernmental
Federal 1,500 1,500 4,200 2,700
State shared taxes
Highway user tax 755,000 755,000 816,974 61,974
Insurance premium tax 769,182 769,182 810,467 41,285
State of Minnesota
Other 81,120 81,120 326,275 245,155
PERA 45,205 45,205 - (45,205)
Police training reimbursement 45,000 45,000 49,868 4,868
School district 59,700 59,700 50,307 (9,393)
Other local governments 2,875 2,875 3,056 181
Total intergovernmental 1,759,582 1,759,582 2,061,147 301,565
Charges for services
General government 829,674 829,674 842,625 12,951
Public safety 189,650 189,650 73,014 (116,636)
Public works - signals/lighting 9,000 9,000 13,000 4,000
Culture and rec 1,244,500 1,244,500 672,288 (572,212)
Rent of City property 1,413,052 1,413,052 1,156,285 (256,767)
Total charges for services 3,685,876 3,685,876 2,757,212 (928,664)
Fines and forfeits
Municipal court 240,000 240,000 100,882 (139,118)
Liquor violations 10,000 10,000 - (10,000)
Property forfeits 25,000 25,000 23,410 (1,590)
Miscellaneous violations 5,000 5,000 1,900 (3,100)
Total fines and forfeits 280,000 280,000 126,192 (153,808)
Interest income 210,000 210,000 486,468 276,468
Miscellaneous
Other 665,830 665,830 825,557 159,727
Total miscellaneous 665,830 665,830 825,557 159,727
Total revenues 39,655,827 39,655,827 40,166,091 510,264
Actual Amounts
Variance with Final
Budget
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 2 of 5
For The Year Ended December 31, 2020
Budgeted Amounts
Expenditures Original Final
General government
Administration
Current
Personal services 1,052,969$ 1,052,969$ 996,554$ 56,415$
Supplies 16,500 16,500 30,900 (14,400)
Other services and charges 574,130 574,130 589,013 (14,883)
Total administration 1,643,599 1,643,599 1,616,467 27,132
Finance
Current
Personal services 675,686 675,686 581,608 94,078
Materials and supplies 3,000 3,000 2,578 422
Other services and charges 445,359 445,359 610,642 (165,283)
Total finance 1,124,045 1,124,045 1,194,828 (70,783)
Assessing
Current
Personal services 766,861 766,861 763,518 3,343
Materials and supplies 1,250 1,250 823 427
Other services and charges 40,060 40,060 27,937 12,123
Total assessing 808,171 808,171 792,278 15,893
Human resources
Current
Personal services 673,109 673,109 689,776 (16,667)
Supplies 2,000 2,000 855 1,145
Other services and charges 148,100 148,100 106,272 41,828
Total human resources 823,209 823,209 796,903 26,306
Community development
Current
Personal services 1,556,594 1,556,594 1,527,790 28,804
Materials and supplies 1,300 1,300 1,466 (166)
Other services and charges 14,000 14,000 7,400 6,600
Total community development 1,571,894 1,571,894 1,536,656 35,238
Facilities maintenance
Current
Personal services 566,755 566,755 519,463 47,292
Materials and supplies 102,500 102,500 82,698 19,802
Other services and charges 596,082 596,082 644,275 (48,193)
Total facilities maintenance 1,265,337 1,265,337 1,246,436 18,901
Actual Amounts
Variance with Final
Budget
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 3 of 5
For The Year Ended December 31, 2020
Budgeted Amounts
Expenditures (continued)Original Final
General government (continued)
Communications and marketing
Current
Personal services 435,754$ 435,754$ 456,325$ (20,571)$
Materials and supplies 22,500 22,500 10,610 11,890
Other services and charges 369,750 369,750 243,402 126,348
Total communications, etc.828,004 828,004 710,337 117,667
Information resources
Current
Personal services 968,355 968,355 928,044 40,311
Materials and supplies 24,500 24,500 538 23,962
Other services and charges 716,400 716,400 667,907 48,493
Total information services 1,709,255 1,709,255 1,596,489 112,766
Total general government 9,773,514 9,773,514 9,490,394 283,120
Public safety
Police
Current
Personal services 9,874,862 9,874,862 9,698,618 176,244
Materials and supplies 231,812 231,812 214,778 17,034
Other services and charges 722,147 722,147 670,108 52,039
Capital outlay 25,000 25,000 27,638 (2,638)
Total police 10,853,821 10,853,821 10,611,142 242,679
Fire protection
Current
Personal services 4,402,116 4,402,116 4,153,783 248,333
Materials and supplies 135,000 135,000 115,444 19,556
Other services and charges 503,587 503,587 495,109 8,478
Total fire protection 5,040,703 5,040,703 4,764,336 276,367
Building
Current
Personal services 2,569,208 2,569,208 2,183,053 386,155
Materials and supplies 16,000 16,000 14,268 1,732
Other services and charges 111,377 111,377 124,343 (12,966)
Total building 2,696,585 2,696,585 2,321,664 374,921
Total public safety 18,591,109 18,591,109 17,697,142 893,967
Actual Amounts
Variance with Final
Budget
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 4 of 5
For The Year Ended December 31, 2020
Budgeted Amounts
Expenditures (continued)Original Final
Operations
Public works administration
Current
Personal services 249,868$ 249,868$ 212,314$ 37,554$
Materials and supplies 5,000 5,000 1,850 3,150
Other services and charges 18,450 18,450 2,740 15,710
Total public works administration 273,318 273,318 216,904 56,414
Public works operations
Current
Personal services 1,747,057 1,747,057 1,602,806 144,251
Materials and supplies 472,500 472,500 441,764 30,736
Other services and charges 1,112,409 1,112,409 1,123,969 (11,560)
Total public works operations 3,331,966 3,331,966 3,168,539 163,427
Vehicle maintenance
Current
Personal services 657,088 657,088 640,367 16,721
Materials and supplies 434,600 434,600 457,024 (22,424)
Other services and charges 187,139 187,139 109,189 77,950
Total vehicle maintenance 1,278,827 1,278,827 1,206,580 72,247
Engineering
Current
Personal services 404,801 404,801 423,300 (18,499)
Materials and supplies 8,000 8,000 2,982 5,018
Other services and charges 138,484 138,484 105,518 32,966
Total engineering 551,285 551,285 531,800 19,485
Total operations 5,435,396 5,435,396 5,123,823 311,573
Parks and recreation
Organized recreation
Current
Personal services 1,070,502 1,070,502 961,972 108,530
Materials and supplies 51,600 51,600 26,288 25,312
Other services and charges 512,400 512,400 381,047 131,353
Total organized recreation 1,634,502 1,634,502 1,369,307 265,195
Recreation Center
Current
Personal services 1,278,379 1,278,379 1,160,370 118,009
Materials and supplies 207,750 207,750 148,149 59,601
Other services and charges 575,265 575,265 557,356 17,909
Total recreation center 2,061,394 2,061,394 1,865,875 195,519
Park maintenance
Current
Personal services 1,306,869 1,306,869 1,257,622 49,247
Materials and supplies 113,225 113,225 100,822 12,403
Other services and charges 486,269 486,269 444,089 42,180
Total park maintenance 1,906,363 1,906,363 1,802,533 103,830
Actual Amounts
Variance with Final
Budget
See accompanying notes to the required supplementary information.
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 121
CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 5 of 5
For The Year Ended December 31, 2020
Budgeted Amounts
Expenditures (continued)Original Final
Parks and recreation (continued)
Westwood hills nature center
Current
Personal services 677,208 677,208 573,225 103,983
Materials and supplies 36,750 36,750 19,864 16,886
Other services and charges 34,725 34,725 13,291 21,434
Total westwood hills nature center 748,683 748,683 606,380 142,303
Natural Resources
Current
Personal services 157,843 157,843 149,318 8,525
Materials and supplies 21,200 21,200 17,884 3,316
Other services and charges 325,100 325,100 266,160 58,940
Total natural resources 504,143 504,143 433,362 70,781
Total parks and recreation 6,855,085 6,855,085 6,077,457 777,628
Other
Race equity and inclusion
Current
Personal services 258,077 258,077 265,252 (7,175)
Materials and supplies 3,500 3,500 192 3,308
Other services and charges 52,500 52,500 7,551 44,949
Total race equity and inclusion 314,077 314,077 272,995 41,082
Sustainability
Current
Personal services 286,384 286,384 208,977 77,407
Materials and supplies 1,900 1,900 795 1,105
Other services and charges 209,200 209,200 34,884 174,316
Total Sustainability 497,484 497,484 244,656 252,828
Total other 811,561 811,561 517,651 293,910
Total expenditures 41,466,665 41,466,665 38,906,467 2,560,198
Revenues over (under) expenditures (1,810,838) (1,810,838) 1,259,624 3,070,462
Other financing sources (uses)
Transfers in 2,038,338 2,038,338 4,732,648 2,694,310
Transfers out (225,000) (225,000) - 225,000
Total other financing sources (uses) 1,813,338 1,813,338 4,732,648 2,919,310
Net change in fund balances 2,500$ 2,500$ 5,992,272 5,989,772$
Fund balance - January 1 20,831,827
Fund balance - December 31 26,824,099$
Actual Amounts
Variance with Final
Budget
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS
For The Year Ended December 31, 2020
2020 2019 2018
Total OPEB Liabilty:
Service cost 273,727$ 312,898$ 273,798$
Interest cost 148,042 122,728 126,654
Changes in benefit terms - - -
Differences between expected and actual experience - 269,604 -
Changes in assumptions 131,969 (170,614) 120,221
Benefit payments (214,270) (211,503) (140,966)
Net change in total OPEB liability 339,468 323,113 379,707
Total OPEB liability - beginning 3,823,756 3,500,643 3,120,936
Total OPEB liability - ending 4,163,224$ 3,823,756$ 3,500,643$
Covered-employee payroll $24,950,067 $23,867,837 $22,206,835
Total OPEB liabilty as a percentage of covered-employee payroll 16.7%16.0%15.8%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2018 and
is intended to show a ten year trend. Additional years will be added as they become available.
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 11
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY -
GENERAL EMPLOYEES RETIREMENT FUND
Last Ten Years
City's
Proportionate
State's Share of the City's
Proportionate Net Pension Proportionate Plan
City's City's Share (Amount) Liability and the Share of the Fiduciary
Proportionate Proportionate of the Net State's Proportionate Net Pension Net Position
Share Share (Amount) Pension Share of the Net Liability as a as a
Measurement Fiscal Year (Percentage) of of the Net Liability Pension Liability Percentage of its Percentage
Date Ending the Net Pension Pension Associated with Associated with Covered Covered of the Total
June 30 December 31 Liability Liability (a) City (b) City (a+b) Payroll (c) Payroll ((a+b)/c) Pension Liability
2015 2015 0.2263% 11,728,040$ -$ 11,728,040$ 13,317,871$ 88.1%78.2%
2016 2016 0.2258% 18,333,840 239,395 18,573,235 14,027,206 132.4%68.9%
2017 2017 0.2269% 14,485,146 182,131 14,667,277 14,714,583 99.7%75.9%
2018 2018 0.2307% 12,798,290 419,668 13,217,958 15,513,575 85.2%79.5%
2019 2019 0.2358% 13,036,854 405,149 13,442,003 16,684,548 80.6%80.2%
2020 2020 0.2373% 14,227,219 438,865 14,666,084 16,929,758 86.6%79.1%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 12
SCHEDULE OF PENSION CONTRIBUTIONS - GENERAL EMPLOYEES RETIREMENT FUND
Last Ten Years
Statutorily Contributions in Contribution Contributions as a
Required Relation to the Deficiency Covered Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll Covered
Ending (a) Contribution (b)(a-b)(c)Payroll (b/c)
December 31, 2015 1,026,806$ 1,026,806$ -$ 13,690,747$ 7.50%
December 31, 2016 1,076,319 1,076,319 - 14,350,435 7.50%
December 31, 2017 1,122,359 1,122,359 - 14,965,469 7.50%
December 31, 2018 1,206,070 1,206,070 - 16,080,867 7.50%
December 31, 2019 1,270,160 1,270,160 - 16,935,462 7.50%
December 31, 2020 1,330,896 1,330,896 - 17,746,254 7.50%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 13
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY -
PUBLIC EMPLOYEES POLICE AND FIRE FUND
Last Ten Years
Proportionate Share
Proportionate of the Net Pension Plan Fiduciary
Proportion Share (Amount) Liability as a Net Position as
Measurement Fiscal Year (Percentage) of of the Net Percentage of its a Percentage
Date Ending the Net Pension Pension Covered Covered of the Total
June 30 December 31 Liability Liability (a) Payroll (b) Payroll (a/b) Pension Liability
2015 2015 0.7170%8,146,798$ 6,568,763$ 124.0%86.6%
2016 2016 0.7090%28,453,404 6,826,711 416.8%63.9%
2017 2017 0.7010%9,464,334 7,214,850 131.2%85.4%
2018 2018 0.7220%7,695,776 7,675,241 100.3%88.8%
2019 2019 0.7803%8,307,082 8,227,972 101.0%89.3%
2020 2020 0.7570%9,978,070 8,551,806 116.7%87.2%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 14
SCHEDULE OF PENSION CONTRIBUTIONS - PUBLIC EMPLOYEES POLICE AND FIRE FUND
Last Ten Years
Statutorily Contributions in Contribution Contributions as a
Required Relation to the Deficiency Covered Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll Covered
Ending (a) Contribution (b)(a-b)(c)Payroll (b/c)
December 31, 2015 1,087,225$ 1,087,225$ -$ 6,711,265$ 16.20%
December 31, 2016 1,127,487 1,127,487 - 6,959,796 16.20%
December 31, 2017 1,210,648 1,210,648 - 7,473,136 16.20%
December 31, 2018 1,284,219 1,284,219 - 7,927,279 16.20%
December 31, 2019 1,433,661 1,433,661 - 8,458,178 16.95%
December 31, 2020 1,602,879 1,602,879 - 9,055,812 17.70%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
See accompanying notes to the required supplementary information.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2020
Note A LEGAL COMPLIANCE – BUDGETS
The General Fund budget is legally adopted on a basis consistent with accounting principles generally
accepted in the United States of America. The legal level of budgetary control is at the department level for
the major funds.
Note B MODIFIED APPROACH FOR CITY STREETS AND TRAILS INFRASTRUCTURE CAPITAL ASSETS
In accordance with GASB Statement No. 34, the City is required to account for and report infrastructure capital
assets. The City defines infrastructure as the basic physical assets including the street and trail system; water
treatment and distribution system; wastewater collection system; park and recreation lands and improvement
system; storm water conveyance system; and building combined with site amenities such as parking and
landscape areas used by the City in the conduct of its business. Each major infrastructure can be divided into
subsystems. For example, the street and trail system can be divided into pavement widths, curb type and
sidewalk. City owned streets could further be classified as collector or local. Subsystem detail is not
presented in these basic financial statements; however, the City maintains detailed information on these
subsystems.
The City elects to use the modified approach as defined in GASB Statement No. 34 for infrastructure reporting
for its Pavement Management Program. Under GASB Statement No. 34, eligible infrastructure capital assets
are not required to be depreciated under the following requirements:
1) The City manages the eligible infrastructure capital assets using an asset management system with
characteristics of (1) an up to-date inventory; (2) perform condition assessments and summarize the
results using a measurement scale; and (3) estimate annual amount to maintain and preserve at the
established condition assessment level.
2) The City documents that the eligible infrastructure capital assets are being preserved
approximately at or above the established and disclosed condition assessment level.
The City’s policy relative to maintaining the street and trail assets is to achieve an average rating of “Good” for
all segments. This acceptable rating allows minor cracking and patching of the pavement along with minor
roughness that could be noticeable to the users of the system.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2020
In 2017, the City conducted a physical condition assessment of four of eight areas of the City. Going forward
two areas will be assessed each year. Each street segment was assigned a physical condition based on
potential defects. An Overall Condition Index (OCI) was assigned to each street and expressed in a continuous
scale from 0 to 100, where 0 is assigned to the least acceptable physical condition and 100 is assigned the
physical characteristics of a new street. The following conditions were defined:
Range Description
86 - 100 Excellent
71 - 85 Very good
56 - 70 Good
41 - 55 Fair
26 - 40 Poor
11 - 25 Very poor
0 - 10 Failed
As of December 31, 2020, the City’s street and trail system was rated at an OCI index of 62.4 on the average
with detail condition as follows:
Condition
% of Streets
and Trails
Excellent to Good 61.1%
Fair 12.7%
Poor to Substandard 26.3%
The City’s streets are constantly deteriorating resulting from the following factors: (1) traffic using the system;
(2) the sun’s ultra-violet rays drying out and breaking down the top layer of pavement; (3) utility
company/private development trenching operations; (4) water damage from natural precipitation; and (5)
frost heave. The City is continuously taking actions to prolong the life of the system through short-term
maintenance activities such as pothole patching, crack sealing, seal coating and overlaying. The City expended
$5,322,133 on street maintenance for the year ending December 31, 2020. These expenditures delayed
deterioration; however, the overall condition of the system was not improved through these maintenance
expenditures. The City has estimated that the amount of annual expenditures through 2028 required to
maintain the City’s street system at the average OCI rating of “good” is approximately $4,399,000.
Year
Maintenance
Estimate
Actual
Expenditures OCI Rating
2017 $4,255,000 $4,494,315 67%
2018 4,839,000 4,207,721 67%
2019 4,399,000 5,379,721 64%
2020 4,464,201 5,322,133 62%
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2020
Note C PENSION INFORMATION
PERA – General Employees Retirement Fund
2020 Changes
Changes in Actuarial Assumptions:
- The price inflation assumption was decreased from 2.50% to 2.25%.
- The payroll growth assumption was decreased from 3.25% to 3.00%.
- As recommended in the June 30, 2019 experience study, assumed salary increase rates were
decreased 0.25% and assumed rates of retirement were changed resulting in more unreduced
(normal) retirements and slightly fewer Rule of 90 and early retirements. Assumed rates of
termination and disability were also changed.
- The base mortality tables were changed from RP-2014 tables to Pub-2010 tables, with adjustments.
- The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019.
- The assumed spouse age difference was changed from two years older for females to one year older.
- The assumed number of married male new retirees electing the 100% Joint & Survivor option
changed from 35% to 45%. The assumed number of married female new retirees electing the 100%
Joint & Survivor option changed from 15% to 30%. The corresponding number of married new
retirees electing the Life annuity option was adjusted accordingly.
Changes in Plan Provisions:
- Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020
through December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations
occurring after June 30, 2020.
2019 Changes
Changes in Actuarial Assumptions
- The mortality projection scale was changed from MP-2017 to MP-2018
Changes in the Plan Provisions
- The employer supplemental contribution was changed prospectively, decreasing from $31.0 million
to $21.0 million per year. The State’s special funding contribution was changed prospectively,
requiring $16.0 million due per year through 2031.
2018 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2015 to MP-2017.
- The assumed benefit increase was changed from 1.00 percent per year through 2044 and 2.50
percent per year thereafter to 1.25 percent per year.
2017 Changes
Changes in Actuarial Assumptions:
- The Combined Service Annuity (CSA) loads were changed from 0.8 percent for active members and 60
percent for vested and non-vested deferred members. The revised CSA loads are now 0.0 percent for
active member liability, 15.0 percent for vested deferred member liability and 3.0 percent for non-
vested deferred member liability.
- The assumed post-retirement benefit increase rate was changed from 1.0 percent per year for all
years to 1.0 percent per year through 2044 and 2.5 percent per year thereafter.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2020
2016 Changes
Changes in Actuarial Assumptions:
- The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2035
and 2.5% per year thereafter to 1.0% per year for all future years.
- The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was
changed from 7.9% to 7.5%.
- Other assumptions were changed pursuant to the experience study dated June 30, 2015. The
assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for
payroll growth and 2.50% for inflation.
PERA – Public Employees Police and Fire Fund
2020 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2018 to MP-2019.
2019 Changes
Changes in Actuarial Assumptions
- The mortality projection scale was changed from MP-2017 to MP-2018
Changes in the Plan Provisions
- There have been no changes since the prior valuation.
2018 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2016 to MP-2017.
2017 Changes
Changes in Actuarial Assumptions:
- The single discount rate was changed from 5.6% to 7.5%.
- Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The
net effect is proposed rates that average 0.34 percent lower than the previous rates.
- Assumed rates of retirement were changed, resulting in fewer retirements.
- The Combined Service Annuity (CSA) load was 30 percent for vested and non-vested deferred
members. The CSA has been changed to 33 percent for vested members and 2 percent for non-
vested members.
- The base mortality table for healthy annuitants was changed from the RP-2000 fully generational
table to the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a
factor of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The
base mortality table for disabled annuitants was changed from the RP-2000 disabled mortality table
to the mortality tables assumed for healthy retirees.
- Assumed termination rates were decreased to 3.0 percent for the first three years of service. Rates
beyond the select period of three years were adjusted, resulting in more expected terminations
overall.
- Assumed percentage of married female members was decreased from 65 percent to 60 percent.
- Assumed age difference was changed from separate assumptions for male members (wives assumed
to be three years younger) and female members (husbands assumed to be four years older) to the
assumption that males are two years older than females.
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CITY OF ST. LOUIS PARK, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2020
- The assumed percentage of female members electing Joint and Survivor annuities was increased.
- The assumed post-retirement benefit increase rate was changed from 1.00 percent for all years to
1.00 percent per year through 2064 and 2.50 percent thereafter.
2016 Changes
Changes in Actuarial Assumptions:
- The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037
and 2.5% thereafter to 1.0% per year for all future years.
- The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed
from 7.9% to 5.6%.
- The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25%
for payroll growth and 2.50% for inflation.
Note D OPEB INFORMATION
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75 to pay
related benefits. There are no factors that affect trends in the amounts reported, such as changes in benefit
terms or assumptions.
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COMBINING FUND STATEMENTS AND SCHEDULES
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NONMAJOR GOVERNMENTAL FUNDS
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SPECIAL REVENUE FUNDS
The Special Revenue Funds are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to
expenditure for specified purposes other than debt service or capital
projects.
CAPITAL PROJECTS FUNDS
The Capital Projects Funds account for financial resources that are
restricted, committed, or assigned to expenditure for capital outlays
including the acquisition or construction of capital facilities and other
capital assets.
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING BALANCE SHEET Statement 15
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2020
Special Capital Interfund
Revenue Projects Eliminations Total
Assets
Cash and investments 2,691,961$ 3,039,885$ -$ 5,731,846$
Due from other governments 34,841 409,013 - 443,854
Accounts receivable 132,450 2,713 - 135,163
Prepaid items - - - -
Special assessments receivable - delinquent - 5,623 - 5,623
Special assessments receivable - deferred 218,439 557,080 - 775,519
Due from other funds - 126,222 (34,841) 91,381
Loans receivable - noncurrent 498,433 - - 498,433
Pledges receivable - current - 166,665 - 166,665
Pledges receivable - noncurrent - 966,665 - 966,665
Total assets 3,576,124$ 5,273,866$ (34,841)$ 8,815,149$
Liabilities
Accounts payable 39,585$ 106,545$ -$ 146,130$
Salaries payable 12,110 - - 12,110
Due to other governments - - - -
Contracts payable - 912,908 - 912,908
Due to other funds 34,841 (3,055,317) (34,841) (3,055,317)
Unearned revenue - 389,000 - 389,000
Total liabilities 86,536 (1,646,864) (34,841) (1,595,169)
Deferred inflows of resources
Unavailable revenue 272,056 1,925,569 - 2,197,625
Fund balances
Nonspendable - - - -
Restricted 1,759,289 1,609,272 - 3,368,561
Committed 607,460 - - 607,460
Assigned 850,783 3,495,415 - 4,346,198
Unassigned - (109,526) - (109,526)
Total fund balances 3,217,532 4,995,161 - 8,212,693
Total liabilities, deferred inflows
of resources, and fund balances 3,576,124$ 5,273,866$ (34,841)$ 8,815,149$
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND Statement 16
CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2020
Special Capital
Revenue Projects Total
Revenues
Property taxes -$ 860,000$ 860,000$
Franchise taxes 535,726 - 535,726
Intergovernmental 3,789,620 174,702 3,964,322
Charges for services 27,890 56,470 84,360
Special assessments 212,531 115,183 327,714
Interest income 39,182 133,712 172,894
Miscellaneous 3,184 614,401 617,585
Total revenues 4,608,133 1,954,468 6,562,601
Expenditures
Current
Public safety - 137,249 137,249
Public information 875,890 - 875,890
Parks and recreation - 377,357 377,357
Operations - - -
Housing maintenance 709,009 - 709,009
Social and economic development 197,492 - 197,492
Capital outlay
Public safety - (5,590)(5,590)
Public information 73,338 - 73,338
Parks and recreation - 5,625,845 5,625,845
Operations - - -
Debt service
Bond issuance costs - - -
Total expenditures 1,855,729 6,134,861 7,990,590
Revenues over (under) expenditures 2,752,404 (4,180,393)(1,427,989)
Other financing sources (uses)
Transfers in 1,029,752 - 1,029,752
Transfers out (2,692,178)(27,638)(2,719,816)
Bonds issued - - -
Premiums on bonds issue - - -
Total other financing sources (uses)(1,662,426)(27,638)(1,690,064)
Net change in fund balances 1,089,978 (4,208,031)(3,118,053)
Fund balances - January 1 2,127,554 9,203,192 11,330,746
Fund balances - December 31 3,217,532$4,995,161$ 8,212,693$
Reconciliation of beginning fund balance to prior year ending fund balance:
Prior year ending fund balance for nonmajor capital project funds:4,359,861$
Plus prior year ending fund balance for major fund reported as nonmajor in current year:
Westwood Hills Nature Center Construction Fund 5,259,677
Plus prior year ending Fund Balance for non-major funds reported as major in the current year
Sidewalks and Trails 433,880
Pavement Management 1,277,328
Current year beginning fund balance 7,908,330$
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NONMAJOR SPECIAL REVENUE FUNDS
Cable Television Fund – used to account for revenues received from
franchise fees and expenditures related to regulation of the privately
owned cable television company.
Community Development Fund – used to account for funds received
under Title I of the Housing and Community Development Act of 1974.
Special Service Districts Fund – used to account for the operations of
Special Service Districts. Revenues are received from each district’s
property owners and are used to provide additional services, primarily
snow removal, within each District.
Affordable Housing Trust – used to account for the operations related to
supporting and expanding efforts to maintain and support naturally
occurring affordable housing and other housing opportunities.
COVID Fund – used to account for the proceeds of federal CARES Act
Funding.
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING BALANCE SHEET Statement 17
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2020
Assets
Cash and investments 1,487,098$ 17,588$ 152,895$ 1,034,380$ -$ 2,691,961$
Due from other governments - - - - 34,841 34,841
Accounts receivable 132,450 - - - - 132,450
Special assessments receivable - deferred - - 218,439 - - 218,439
Loans receivable - noncurrent - 498,433 - - - 498,433
Total assets 1,619,548$ 516,021$ 371,334$ 1,034,380$ 34,841$ 3,576,124$
Liabilities
Accounts payable 8,263$ -$ 31,322$ -$ -$ 39,585$
Salaries payable 12,110 - - - - 12,110
Due to other funds - - - - 34,841 34,841
Total liabilities 20,373 - 31,322 - 34,841 86,536
Deferred inflows of resources
Unavailable revenue - 53,780 218,276 - - 272,056
Fund balances
Restricted 262,668 462,241 - 1,034,380 - 1,759,289
Committed 607,460 - - - - 607,460
Assigned 729,047 - 121,736 - - 850,783
Total fund balances 1,599,175 462,241 121,736 1,034,380 - 3,217,532
Total liabilities, deferred inflows
of resources, and fund balances 1,619,548$ 516,021$ 371,334$ 1,034,380$ 34,841$ 3,576,124$
Cable Television
Community
Development COVID Fund Total
Special Service
Districts
Affordable
Housing Trust
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING SCHEDULE OF REVENUES,Statement 18
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2020
Revenues
Franchise taxes 535,726$ -$ -$ -$ -$ 535,726$
Intergovernmental - 60,000 - - 3,729,620 3,789,620
Charges for services - - 27,890 - - 27,890
Special assessments - - 212,531 - - 212,531
Interest income 36,460 401 2,208 113 - 39,182
Miscellaneous 1,191 - 1,993 - - 3,184
Total revenues 573,377 60,401 244,622 113 3,729,620 4,608,133
Expenditures
Current
Public information
Personal services 419,633 - - - - 419,633
Supplies 1,355 - - - 184,964 186,319
Other services and charges 130,301 - - - 139,637 269,938
Housing maintenance
Other services and charges - 60,000 - - 649,009 709,009
Social and economic development
Supplies - - 330 - - 330
Other services and charges - - 197,162 - - 197,162
Capital outlay
Public information - - - - 73,338 73,338
Total expenditures 551,289 60,000 197,492 - 1,046,948 1,855,729
Revenues over (under) expenditures 22,088 401 47,130 113 2,682,672 2,752,404
Other financing sources (uses)
Transfers in - - - 1,029,752 - 1,029,752
Transfers out (9,506) - - - (2,682,672) (2,692,178)
Total other financing sources (uses)(9,506) - - 1,029,752 (2,682,672) (1,662,426)
Net change in fund balances 12,582 401 47,130 1,029,865 - 1,089,978
Fund balances - January 1 1,586,593 461,840 74,606 4,515 - 2,127,554
Fund balances - December 31 1,599,175$ 462,241$ 121,736$ 1,034,380$ -$ 3,217,532$
Cable Television
Community
Development
Special Service
Districts Total
Affordable Housing
Trust COVID Fund
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NONMAJOR CAPITAL PROJECTS FUNDS
Police and Fire Pension Fund – used to account for pension refunds
received by the police and fire departments. These funds must be used
for specific police and fire purposes.
Permanent Improvement Revolving Fund – used to account for the
resources and expenditures required for capital improvements which will
provide a direct or significant indirect benefit to individual property
owners. Financing of these projects is provided by shared costs with
other organizations, Municipal State Aid and special assessements.
Park Improvement Fund – used to account for the financing of land
acquisition and development for park purposes. Revenues are provided
by park dedication fees, a school district contribution, rent and a
property tax levy.
Westwood Hills Nature Center – used to account for the construction of a
new nature center. Revenues are provided by the issuance of bonds.
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING BALANCE SHEET Statement 19
NONMAJOR CAPITAL PROJECTS FUNDS
December 31, 2020
Police and Fire
Pensions
Permanent
Improvement
Revolving
Park
Improvement
Westwood Hills
Nature Center
Construction
Project
Interfund
Eliminations Total
Assets
Cash and investments 1,433,980$ 98,408$ 198,829$ 1,308,668$ -$ 3,039,885$
Due from other governments - - 179,000 230,013 - 409,013
Accounts receivable - 1,863 850 - - 2,713
Prepaid items - - - - - -
Special assessments receivable - delinquent - 5,623 - - - 5,623
Special assessments receivable - deferred - 557,080 - - - 557,080
Due from other funds - 3,181,539 - - - 3,181,539
Pledges receivable - current - - 166,665 - - 166,665
Pledges receivable - noncurrent - - 966,665 - - 966,665
Total assets 1,433,980$ 3,844,513$ 1,512,009$ 1,538,681$ -$ 8,329,183$
Liabilities
Accounts payable -$ -$ 99,145$ 7,400$ -$ 106,545$
Due to other governments - - - - - -
Contracts payable - - 60 912,848 - 912,908
Due to other funds - - - - - -
Unearned revenue - - 389,000 - - 389,000
Total liabilities - - 488,205 920,248 - $1,408,453
Deferred inflows of resources
Unavailable revenue - 562,226 1,133,330 230,013 - 1,925,569
Fund balances
Nonspendable - - - - - -
Restricted 1,433,980 - - 175,292 - 1,609,272
Assigned - 3,282,287 - 213,128 - 3,495,415
Unassigned - - (109,526) - - (109,526)
Total fund balances 1,433,980 3,282,287 (109,526) 388,420 - 4,995,161
Total liabilities, deferred inflows of
resources, and fund balances 1,433,980$ 3,844,513$ 1,512,009$ 1,538,681$ -$ $8,329,183
125
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 149
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING SCHEDULE OF REVENUES,Statement 20
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
For The Year Ended December 31, 2020
Police and Fire
Pensions
Permanent
Improvement
Revolving
Park
Improvement
Westwood Hills
Nature Center
Construction
Project
Inter-Fund
Eliminations Total
Revenues
Property taxes -$ -$ 860,000$ -$ -$ 860,000$
Franchise taxes - - - - - -
Intergovernmental - - 174,702 - - 174,702
Charges for services - - 56,470 - - 56,470
Special assessments - 115,183 - - - 115,183
Interest income 35,302 72,411 - 25,999 - 133,712
Miscellaneous - 432 597,144 16,825 - 614,401
Total revenues 35,302 188,026 1,688,316 42,824 - 1,954,468
Expenditures
Current
Public safety 16,887 120,362 - - - 137,249
Parks and recreation - - 375,277 2,080 - 377,357
Operations - - - - - -
Capital outlay
Public safety (5,590) - - - - (5,590)
Parks and recreation - - 713,844 4,912,001 - 5,625,845
Operations - - - - - -
Debt service
Bond issuance costs - - - - - -
Total expenditures 11,297 120,362 1,089,121 4,914,081 - 6,134,861
Revenues over (under) expenditures 24,005 67,664 599,195 (4,871,257) - (4,180,393)
Other financing sources (uses)
Transfers in - - - - - -
Transfers out - (27,638) - - - (27,638)
Bonds issued - - - - - -
Premiums on bonds issue - - - - - -
Total other financing sources (uses)- (27,638) - - - (27,638)
Net change in fund balances 24,005 40,026 599,195 (4,871,257) - (4,208,031)
Fund balances - January 1 1,409,975 3,242,261 (708,721) 5,259,677 - 9,203,192
Fund balances - December 31 1,433,980$ 3,282,287$ (109,526)$ 388,420$ -$ 4,995,161$
Reconciliation of beginning fund balance to prior year ending fund balance:
Prior year ending fund balance for nonmajor Capital Project Funds 2,232,307$
Plus prior year ending fund balance for major fund reported as nonmajor in current year:
Westwood Hills Nature Center Construction Fund 5,259,677
Less prior year ending fund balance for non-major funds reported as major in current year:
Sidewalks and Trails (433,880)
Pavement Management (1,277,328)
Current year beginning fund balance 9,203,192$
126
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 150
FUNDS INCLUDED IN DEBT SERVICE FUND
2010A General Obligation Bonds
2012A General Obligation HIA Bonds
2014A General Obligation Bonds
2010D General Obligation Fire Station Bonds
2016A General Obligation Bonds
2000 General Obligation Bond Reserve
2010C General Obligation Bonds
2010C General Obligation Bond Reserve Fund
Hoigaard’s 2010 A & B TIF Notes
2008B General Obligation Tax Increment Bonds
2017A General Obligation Bonds
2018A General Obligation Bonds
2019A General Obligation Bonds
2020A General Obligation Bonds
127
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 151
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING BALANCE SHEET
DEBT SERVICE FUND
December 31, 2020
2010A General
Obligation Bond
2012A General
Obligation HIA
Bonds
2010D General
Obligation Fire
Station Bond
2014A General
Obligation Bonds
2016A General
Obligation Bonds
2000 General
Obligation Bond
Reserve
Assets
Cash and investments 20,983$ 911$ 1,099,599$ 682,464$ 1,330,649$ 121,105$
Accounts receivable - - - - - -
Loans receivable - current - - - - - -
Loans receivable - noncurrent - - - - - -
Total assets 20,983$ 911$ 1,099,599$ 682,464$ 1,330,649$ 121,105$
Liabilities
Deposits payable -$ -$ -$ -$ -$ -$
Total liabilities - - - - - -
Deferred inflows of resources
Unavailable revenue - - - - - -
Fund balances
Restricted 20,983 911 1,099,599 682,464 1,330,649 121,105
Total liabilities, deferred inflows
of resources, and fund balances 20,983$ 911$1,099,599$ 682,464$ 1,330,649$ 121,105$
128
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 152
Statement 21
2010C General
Obligation Bond
2010C General
Obligation Bond
Reserve
Hoigaard's 2010 A
& B TIF Notes
2017A General
Obligation Bonds
2018A General
Obligation Bonds
2019A General
Obligation Bonds
2020A General
Obligation Bonds Total
49,310$ 379,391$ 482$ 372,549$ 242,118$ 584,525$ 385,388$ 5,269,474$
19,470 7,332 - - - - 26,802
45,000 - - - - - - 45,000
1,390,000 - - - - - - 1,390,000
1,503,780$ 386,723$ 482$ 372,549$ 242,118$ 584,525$ 385,388$ 6,731,276$
-$ 372,578$ -$ -$ -$ -$ -$ 372,578$
- 372,578 - - - - - 372,578
1,435,000 - - - - - - 1,435,000
68,780 14,145 482 372,549 242,118 584,525 385,388 4,923,698
1,503,780$ 386,723$ 482$ 372,549$ 242,118$ 584,525$ 385,388$ 6,731,276$
129
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Study session meeting of June 28, 2021 (Item No. 5)
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING SCHEDULE OF REVENUES,Statement 22
EXPENDITURES AND CHANGES IN FUND BALANCES Page 1 of 2
DEBT SERVICE FUND
For The Year Ended December 31, 2020
2010A General
Obligation Bond
2012A General
Obligation HIA
Bonds
2014A General
Obligation Bonds
2010D General
Obligation Fire
Station Bond
Revenues
Taxes
Property taxes -$ -$ 591,360$ 926,378$
Intergovernmental - - - 12,355
Interest income - 926 8,886 15,083
Miscellaneous - - - -
Total revenues - 926 600,246 953,816
Expenditures
Social and economic development
Developer assistance - - - -
Debt service
Principal 190,000 55,000 490,000 9,200,000
Interest and other 28,898 30,755 72,792 450,706
Bond issuance costs - - - -
Total expenditures 218,898 85,755 562,792 9,650,706
Revenues over (under) expenditures (218,898) (84,829) 37,454 (8,696,890)
Other financing sources (uses)
Transfers in 219,359 85,740 - -
Transfers out - - - -
Bonds issued - - - -
Total other financing sources (uses)219,359 85,740 - -
Net change in fund balances 461 911 37,454 (8,696,890)
Fund balances - January 1 20,522 - 645,010 9,796,489
Fund balances - December 31 20,983$ 911$ 682,464$ 1,099,599$
131
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 155
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING SCHEDULE OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
DEBT SERVICE FUND
For The Year Ended December 31, 2020
2016A General
Obligation Bonds
2000 General
Obligation Bond
Reserve
2010C General
Obligation Bond
2010C General
Obligation Bond
Reserve
Hoigaard's 2010
A & B TIF Notes
Revenues
Taxes
Property taxes 1,230,318$ -$ -$ -$ -$
Intergovernmental - - - - -
Interest income 16,360 481 58 1,390 7
Miscellaneous - - 117,055 - -
Total revenues 1,246,678 481 117,113 1,390 7
Expenditures
Social and economic development
Developer assistance - - - - 378,200
Debt service
Principal 1,000,000 - 45,000 - -
Interest and other 165,108 - 79,733 - -
Bond issuance costs - - - - -
Total expenditures 1,165,108 - 124,733 - 378,200
Revenues over (under) expenditures 81,570 481 (7,620) 1,390 (378,193)
Other financing sources (uses)
Transfers in - - 481 - 378,675
Transfers out - (481) - - -
Bonds issued - - - - -
Total other financing sources (uses) - (481) 481 - 378,675
Net change in fund balances 81,570 - (7,139) 1,390 482
Fund balances - January 1 1,249,079 121,105 75,919 12,755 -
Fund balances - December 31 1,330,649$ 121,105$ 68,780$ 14,145$ 482$
132
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 156
Statement 22
Page 2 of 2
2008B General
Obligation Tax
Increment Bond
2017A General
Obligation Bonds
2018A General
Obligation Bonds
2019A General
Obligation Bonds
2020A General
Obligation Bonds
Interfund
Eliminations Total
-$ 418,307$ 259,665$ 373,065$ -$ -$ 3,799,093$
- - - 147,050 - - 159,405
- 3,799 2,662 9,080 4,304 - 63,036
- - - - - - 117,055
- 422,106 262,327 529,195 4,304 - 4,138,589
- - - - - - 378,200
460,000 310,000 165,000 - - - 11,915,000
106,038 83,878 71,353 906,834 75 - 1,996,170
- - - - - - -
566,038 393,878 236,353 906,834 75 - 14,289,370
(566,038) 28,228 25,974 (377,639) 4,229 - (10,150,781)
566,038 - - - - (481) 1,249,812
- - - - - 481 -
- - - - 381,159 - 381,159
566,038 - - - 381,159 - 1,630,971
- 28,228 25,974 (377,639) 385,388 - (8,519,810)
- 344,321 216,144 962,164 - - 13,443,508
-$ 372,549$ 242,118$ 584,525$ 385,388$ -$ 4,923,698$
133
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Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 158
FUNDS INCLUDED IN REDEVELOPMENT DISTRICT FUND
Duke West End TIF
Eliot Park TIF
Ellipse TIF District
HRA Levy
Victoria Ponds
Park Center Housing
CSM TIF District
Mill City TIF District
Park Commons TIF District
Edgewood TIF District
Elmwood Village
Wolfe Lake TIF District
Aquila Commons
Highway 7 Business Center
Hard Coat TIF District
Shoreham TIF District
4900 Excelsior Blvd TIF District
Elmwood Apartments TIF District
135
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 159
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING BALANCE SHEET
REDEVELOPMENT DISTRICT FUND
December 31, 2020
Duke West End
TIF Eliot Park TIF Ellipse TIF District HRA Levy
Assets
Cash and investments 1,539,229$ 29,073$ 365,681$ 15,174$
Taxes receivable - unremitted - - - 8,108
Taxes receivable - delinquent - - - 13,958
Interfund loan receivable - - - -
Loans receivable - noncurrent - - - -
Total assets 1,539,229$ 29,073$ 365,681$ 37,240$
Liabilities
Accounts payable 918$ 641$ 641$ -$
Due to other governments 3,924 1,086 1,340 -
Interfund loan payable 441,543 - - -
Total liabilities 446,385 1,727 1,981 -
Deferred inflows of resources
Unavailable revenue - - - 13,958
Fund balances
Restricted 1,092,844 27,346 363,700 23,282
Unassigned - - - -
Total fund balances 1,092,844 27,346 363,700 23,282
Total liabilities, deferred inflows
of resources, and fund balances 1,539,229$ 29,073$ 365,681$ 37,240$
136
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 160
Statement 23
Page 1 of 2
Victoria Ponds
Park Center
Housing CSM TIF District
Mill City TIF
District
Park Commons TIF
District
99,900$ 298,868$ 334,876$ 377,494$ 1,609,031$
- - - - 24,538
- - - - -
31,221 - - - -
- 769,226 - - -
131,121$ 1,068,094$ 334,876$ 377,494$ 1,633,569$
-$ 641$ 917$ 918$ 918$
572 746 1,503 1,220 6,488
- - - - -
572 1,387 2,420 2,138 7,406
- 126,220 - - -
130,549 940,487 332,456 375,356 1,626,163
- - - - -
130,549 940,487 332,456 375,356 1,626,163
131,121$ 1,068,094$ 334,876$ 377,494$ 1,633,569$
137
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 161
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING BALANCE SHEET
REDEVELOPMENT DISTRICT FUND
December 31, 2020
Edgewood TIF
District Elmwood Village
Wolfe Lake TIF
District Aquila Commons
Assets
Cash and investments 10,473$ 1,641,509$ 121,914$ 497,240$
Taxes receivable - unremitted - 3,753 - -
Taxes receivable - delinquent - -- -
Interfund loan receivable - -- -
Loans receivable - noncurrent - -- -
Total assets 10,473$ 1,645,262$ 121,914$ 497,240$
Liabilities
Accounts payable -$ 641$ 641$ 641$
Due to other governments - 5,339 718 1,177
Interfund loan payable - 1,886,043 - -
Total liabilities - 1,892,023 1,359 1,818
Deferred inflows of resources
Unavailable revenue - - - -
Fund balances
Restricted 10,473 - 120,555 495,422
Unassigned - (246,761) - -
.
Total fund balances 10,473 (246,761) 120,555 495,422
Total liabilities, deferred inflows
of resources, and fund balances 10,473$ 1,645,262$ 121,914$ 497,240$
138
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 162
Statement 23
Page 2 of 2
Highway 7
Business Center
Hard Coat TIF
District
Shoreham TIF
District
4900 Excelsior
Blvd TIF District
Elmwood
Apartments TIF
District
Interfund
Eliminations Total
77,895$ 26,326$ 400,303$ 428,873$ 4,032$ -$ 7,877,891$
- - - - - - 36,399
- - - - - - 13,958
- - - - - (31,221) -
- - - - - - 769,226
77,895$ 26,326$ 400,303$ 428,873$ 4,032$(31,221)$ 8,697,474$
918$ -$ 918$ 919$ -$ -$ 10,272$
706 - 1,152 1,296 537 - 27,804
- 31,221 - - - (31,221) 2,327,586
1,624 31,221 2,070 2,215 537 (31,221) 2,365,662
- - - - - - 140,178
76,271 - 398,233 426,658 3,495 - 6,443,290
- (4,895) - - - - (251,656)
76,271 (4,895) 398,233 426,658 3,495 - 6,191,634
77,895$ 26,326$ 400,303$ 428,873$ 4,032$(31,221)$ 8,697,474$
139
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 163
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING SCHEDULE OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
REDEVELOPMENT DISTRICT FUND
For The Year Ended December 31, 2020
Duke West End
TIF Eliot Park TIF
Ellipse TIF
District HRA Levy
Revenues
Taxes
Property taxes -$ -$ -$ 1,320,567$
Tax increments 2,732,063 471,422 700,701 -
Abatement of property taxes 14,836 - - 3,273
Interest income 14,012 - 11,313 16,061
Total revenues 2,760,911 471,422 712,014 1,339,901
Expenditures
Current
Social and economic development 1,936,640 716,002 973,079 15,386
Debt service
Interest and other 19,086 - - -
Total expenditures 1,955,726 716,002 973,079 15,386
Revenues over (under) expenditures 805,185 (244,580) (261,065) 1,324,515
Other financing (uses)
Transfers out (566,038) - - (1,302,000)
Net change in fund balances 239,147 (244,580) (261,065) 22,515
Fund balances - January 1 853,697 271,926 624,765 767
Fund balances - December 31 1,092,844$ 27,346$ 363,700$ 23,282$
140
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 164
Statement 24
Page 1 of 2
Victoria Ponds
Park Center
Housing CSM TIF District
Mill City TIF
District
Park Commons
TIF District
-$ -$ -$ -$ -$
- 182,944 565,130 595,478 2,859,900
- - 3,190 - 362
4,226 8,077 2,696 3,311 13,289
4,226 191,021 571,016 598,789 2,873,551
631 4,868 520,431 548,775 2,703,533
- - - - -
631 4,868 520,431 548,775 2,703,533
3,595 186,153 50,585 50,014 170,018
- (126,278) - - -
3,595 59,875 50,585 50,014 170,018
126,954 880,612 281,871 325,342 1,456,145
130,549$ 940,487$ 332,456$ 375,356$ 1,626,163$
141
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 165
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING SCHEDULE OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
REDEVELOPMENT DISTRICT FUND
For The Year Ended December 31, 2020
Edgewood TIF
District Elmwood Village
Wolfe Lake TIF
District
Aquila
Commons
Revenues
Taxes
Property taxes -$ -$ -$ -$
Tax increments - 2,212,120 155,628 228,981
Abatement of property taxes - -- -
Interest income - 39,402 2,983 12,575
Total revenues - 2,251,522 158,611 241,556
Expenditures
Current
Social and economic development 184 12,226 154,055 5,698
Debt service
Interest and other - 120,617 - -
Total expenditures 184 132,843 154,055 5,698
Revenues over (under) expenditures (184) 2,118,679 4,556 235,858
Other financing (uses)
Transfers out - (378,675) - (126,278)
Net change in fund balances (184) 1,740,004 4,556 109,580
Fund balances - January 1 10,657 (1,986,765) 115,999 385,842
Fund balances - December 31 10,473$ (246,761)$ 120,555$ 495,422$
142
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 166
Statement 24
Page 2 of 2
Highway 7
Business Center
Hard Coat TIF
District
Shoreham TIF
District
4900 Excelsior
Blvd TIF District
Elmwood
Apartments TIF
District Total
-$ -$ -$ -$ -$ 1,320,567$
144,722 27,854 539,064 665,098 - 12,081,105
- - - - - 21,661
523 812 4,386 3,759 101 137,526
145,245 28,666 543,450 668,857 101 13,560,859
141,647 - 488,669 497,757 537 8,720,118
- 2,278 - - - 141,981
141,647 2,278 488,669 497,757 537 8,862,099
3,598 26,388 54,781 171,100 (436) 4,698,760
- - - - - (2,499,269)
3,598 26,388 54,781 171,100 (436) 2,199,491
72,673 (31,283) 343,452 255,558 3,931 3,992,143
76,271$ (4,895)$ 398,233$ 426,658$ 3,495$ 6,191,634$
143
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Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 167
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144
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 168
INTERNAL SERVICE FUNDS
The City has three Internal Service Funds to account for the financing of
goods or services provided by one department or agency to other
departments or agencies of the City, or to other governments on a cost
reimbursement basis. The City’s internal service funds account for
employee benefits including pensions and other postemployment
benefits, uninsured loss and capital replacement.
145
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 169
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING STATEMENT OF NET POSITION Statement 25
INTERNAL SERVICE FUNDS
December 31, 2020
Employee Benefits Uninsured Loss
Capital
Replacement Total
Assets
Current assets
Cash and investments -$ 380,179$ 1,194,778$ 1,574,957$
Due from other governments 19,634 - 7,128 26,762
Accounts receivable 49,803 - (683) 49,120
Taxes receivable - unremitted - - 219,116 219,116
Prepaid items 530,393 96,296 114,265 740,954
Total current assets 599,830 476,475 1,534,604 2,610,909
Noncurrent assets
Capital assets, at cost
Land - - 818,094 818,094
Building and structures - - 9,484,364 9,484,364
Improvements other than buildings - - 2,517,832 2,517,832
Infrastructure - - 1,313,801 1,313,801
Machinery, furniture and equipment - - 9,432,107 9,432,107
Fleet - - 10,544,717 10,544,717
Total capital assets, at cost - - 34,110,915 34,110,915
Less: accumulated depreciation - - (14,318,258) (14,318,258)
Total noncurrent assets - - 19,792,657 19,792,657
Total assets 599,830 476,475 21,327,261 22,403,566
Deferred outflows of resources
Related to pensions 7,618,406 - - 7,618,406
Related to OPEB 399,018 - - 399,018
Total deferred outflows of resources 8,017,424 - - 8,017,424
Liabilities
Current liabilities
Accounts payable 24,384 487 44,452 69,323
Accrued flex spending 17,152 - - 17,152
Due to other governments - - 750 750
Due to other funds 91,381 - - 91,381
Compensated absences payable - current 2,935,904 - - 2,935,904
Capital lease payable - current - - 58,669 58,669
Other postemployment benefits payable 214,270 - - 214,270
Total current liabilities 3,283,091 487 103,871 3,387,449
Noncurrent liabilities
Compensated absences payable 1,435,253 - - 1,435,253
Capital lease payable - - 23,030 23,030
Other postemployment benefits payable 3,948,954 - - 3,948,954
Net pension liability 24,205,289 - - 24,205,289
Total noncurrent liabilities 29,589,496 - 23,030 29,612,526
Total liabilities 32,872,587 487 126,901 32,999,975
Deferred inflows of resources
Related to pensions 8,083,797 - - 8,083,797
Related to OPEB 130,610 - - 130,610
Total deferred inflows of resources 8,214,407 - - 8,214,407
Net position
Net investment in capital assets - - 19,710,958 19,710,958
Unrestricted (32,469,740) 475,988 1,489,402 (30,504,350)
Total net position (32,469,740)$ 475,988$ 21,200,360$ (10,793,392)$
146
Study session meeting of June 28, 2021 (Item No. 5)
Title: Comprehensive annual financial report for the year ended December 31, 2020 Page 170
CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENSES AND Statement 26
CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
For The Year Ended December 31, 2020
Employee Benefits Uninsured Loss
Capital
Replacement Total
Operating revenues
Charges for services 2,933,775$ -$1,432,949$ 4,366,724$
Other 253,988 85,330 - 339,318
Total operating revenues 3,187,763 85,330 1,432,949 4,706,042
Operating expenses
Personal services 3,067,719 42,527 - 3,110,246
Supplies --684,440 684,440
Professional services 55,211 -5,163 60,374
Insurance, deductibles and unisured losses -184,868 - 184,868
Depreciation -- 2,092,553 2,092,553
Other 40,741 395 702,439 743,575
Total operating expenses 3,163,671 227,790 3,484,595 6,876,056
Operating income (loss)24,092 (142,460) (2,051,646) (2,170,014)
Nonoperating revenues (expenses)
Interest income 31,451 12,412 12,860 56,723
Property taxes 150,000 - 1,786,816 1,936,816
Intergovernmental revenue 198,284 -274,747 473,031
Gain (loss) on disposal of capital assets --(81,067) (81,067)
Interest expense --(4,420) (4,420)
Total nonoperating revenues (expenses)379,735 12,412 1,988,936 2,381,083
Income (loss) before transfers 403,827 (130,048) (62,710) 211,069
Transfers in --138,952 138,952
Change in net position 403,827 (130,048) 76,242 350,021
Net position - January 1 (32,873,567) 606,036 21,124,118 (11,143,413)
Net position - December 31 (32,469,740)$ 475,988$ 21,200,360$ (10,793,392)$
147
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING STATEMENT OF CASH FLOWS Statement 27
INTERNAL SERVICE FUNDS Page 1 of 2
For The Year Ended December 31, 2020
Employee
Benefits Uninsured Loss
Capital
Replacement Total
Cash flows from operating activities
Receipts from interfund services provided 2,933,775$ -$ 1,433,908$ 4,367,683$
Other operating cash receipts 204,185 85,330 - 289,515
Payments to suppliers (233,136) (216,578) (1,505,641) (1,955,355)
Payments to employees (3,516,155) (42,527) - (3,558,682)
Net cash flows provided (used) by
operating activities (611,331) (173,775) (71,733) (856,839)
Cash flows from noncapital financing activities
Property taxes 150,000 - 1,567,700 1,717,700
Intergovernmental receipts 200,260 - 268,578 468,838
Advances to/from other funds - net change 91,381 - - 91,381
Net cash flows provided (used) by
noncapital financing activities 441,641 - 1,836,278 2,277,919
Cash flows from capital and related
financing activities
Transfers in - - 138,952 138,952
Acquisition of capital assets - - 260,634 260,634
Proceeds from sale of capital assets - - 1,360,045 1,360,045
Acquisition of capital lease 22,887 22,887
Principal paid on capital lease - - (62,193) (62,193)
Interest paid on capital lease - - (4,420) (4,420)
Net cash flows provided (used) by
and related financing activities - - 1,715,905 1,715,905
Cash flows from investing activities
Interest received 31,451 12,412 12,860 56,723
Net increase in cash and cash equivalents (138,239) (161,363) 3,493,310 3,193,708
Cash and cash equivalents - January 1 138,239 541,542 669,964 1,349,745
Cash and cash equivalents - December 31 -$ 380,179$ 4,163,274$ 4,543,453$
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CITY OF ST. LOUIS PARK, MINNESOTA
COMBINING STATEMENT OF CASH FLOWS Statement 27
INTERNAL SERVICE FUNDS Page 2 of 2
For The Year Ended December 31, 2020
Employee
Benefits Uninsured Loss
Capital
Replacement Total
Reconciliation of operating income (loss) to
net cash provided (used) by operating activities
Operating income (loss) 24,092$ (142,460)$ (2,051,646)$ (2,170,014)$
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities
Depreciation - - 2,092,553 2,092,553
(Increase) decrease in assets/deferred outflows
Accounts receivable (49,803) - 959 (48,844)
Prepaid items (139,758) (15,475) (42,072) (197,305)
Inventories - - - -
Deferred outflows of resources 4,349,938 - - 4,349,938
Increase (decrease) in liabilities/deferred inflows
Accounts payable 4,362 (15,840) (44,813) (56,291)
Accrued flex spending 452 - - 452
Due to other governments (1,788) - (26,714) (28,502)
Accrued salaries payable - - - -
Compensated absences payable 343,347 - - 343,347
Other postemployment benefits 339,468 - - 339,468
Net pension liability 2,861,353 - - 2,861,353
Deferred inflows of resources (8,342,994) - - (8,342,994)
Net cash provided (used) by operating activities (611,331)$ (173,775)$ (71,733)$ (856,839)$
Noncash capital and related financing activities
Disposal of capital assets -$ -$ 1,620,679$ 1,620,679$
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III. STATISTICAL SECTION (UNAUDITED)
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Statistical Section (Unaudited)
This part of the City of St. Louis Park's statistical comprehensive annual financial report
presents detailed information as a context for understanding what the information in the
financial statements, note disclosures, and required supplementary information says
about the City's overall financial health.
Contents Page
Financial Trends 154
These schedules contain trend information to help the reader understand how the
City's financial performance and well-being have changed over time.
Revenue Capacity 166
These schedules contain information to help the reader assess the factors
affecting the City's ability to generate its property tax.
Debt Capacity 178
These schedules present information to help the reader assess the affordability
of the City's current levels of outstanding debt and the City's ability to issue
additional debt in the future.
Demographic and Economic Information 181
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the City's financial activities take
place and to help make comparisons over time and with other governments.
Operating Information 184
These schedules contain information about the City's operations and resources
to help the reader understand how the City's financial information relates to the
services the City provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived
from the comprehensive annual financial reports for the relevant year.
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2011 2012 2013 2014
Governmental activities
Net investment in capital assets 99,835,484$ 95,020,700$ 96,480,493$ 94,891,625$
Restricted 17,695,996 18,941,172 13,560,965 10,971,995
Unrestricted 43,929,086 46,413,200 45,688,600 49,971,778
Total governmental activities net position 161,460,566$ 160,375,072$ 155,730,058$ 155,835,398$
Business-type activities
Net investment in capital assets 22,347,266$ 22,906,086$ 19,127,309$ 22,818,382$
Unrestricted 8,524,086 9,829,024 11,540,303 4,783,696
Total business-type activities net position 30,871,352$ 32,735,110$ 30,667,612$ 27,602,078$
Total primary government
Net investment in capital assets 122,182,750$ 117,926,786$ 115,607,802$ 117,710,007$
Restricted 17,695,996 18,941,172 13,560,965 10,971,995
Unrestricted 52,453,172 56,242,224 57,228,903 54,755,474
Total primary government 192,331,918$ 193,110,182$ 186,397,670$ 183,437,476$
Note:
GASB 65 was implemented in 2013. Net position was restated for 2012 to reflect the expenses of bond issuance costs in the
year of issuance. Net position for years prior to 2012 was not restated.
GASB 68 was implemented in 2015. Net position was restated for 2014 to reflect the reporting of net pension liability and
pension related deferred outflows of resources. Net position for years prior to 2014 was not restated.
Fiscal Year
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Table 1
2015 2016 2017 2018 2019 2020
96,286,131$ 96,458,787$ 103,279,857$ 107,090,668$ 102,644,391$ 103,325,878$
10,608,709 10,658,889 11,439,977 13,200,855 22,391,884 15,556,085
31,667,135 31,751,796 26,888,688 23,914,099 11,937,764 24,180,714
138,561,975$ 138,869,472$ 141,608,522$ 144,205,622$ 136,974,039$ 143,062,677$
22,753,326$ 23,030,284$ 25,716,982$ 25,992,377$ 27,805,955$ 30,198,068$
4,620,302 5,849,650 4,979,057 6,163,907 6,426,698 8,055,401
27,373,628$ 28,879,934$ 30,696,039$ 32,156,284$ 34,232,653$ 38,253,469$
119,039,457$ 119,489,071$ 128,996,839$ 133,083,045$ 130,450,346$ 133,523,946$
10,608,709 10,658,889 11,439,977 13,200,855 22,391,884 15,556,085
36,287,437 37,601,446 31,867,745 30,078,006 18,364,462 32,236,115
165,935,603$ 167,749,406$ 172,304,561$ 176,361,906$ 171,206,692$ 181,316,146$
Fiscal Year
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
2011 2012 2013 2014
Expenses
Governmental activities
General government 7,247,716$ 7,387,354$ 10,085,905$ 9,161,922$
Public safety 12,535,793 13,264,220 13,365,297 13,954,604
Public works 7,513,833 - - -
Public information 803,885 524,012 466,043 507,928
Culture and recreation 7,882,789 - - -
Parks and recreation - - - -
Operations - - - -
Operations and recreation - 15,209,548 13,487,238 13,318,552
Engineering - 5,253,969 16,046,665 21,045,392
Housing and rehabilitation 794,935 3,914,261 1,774,657 909,051
Housing maintenance 79,786 116,949 141,250 130,534
Social and economic development 6,171,527 7,810,635 9,040,280 8,058,914
General services - - - -
Interest on long-term debt 1,695,758 1,245,294 1,295,298 1,185,975
Total governmental activities expenses 44,726,022 54,726,242 65,702,633 68,272,872
Business-type activities
Water 3,839,592 3,890,860 5,747,116 4,609,579
Sewer 4,572,869 4,593,166 5,272,646 4,885,748
Solid Waste 2,319,099 2,562,985 3,614,118 2,813,587
Refuse - - - -
Storm Water 1,373,546 1,485,390 1,390,235 1,422,645
Wireless - - - -
Total business-type activities expenses 12,105,106 12,532,401 16,024,115 13,731,559
Total expenses 56,831,128$ 67,258,643$ 81,726,748$ 82,004,431$
Program revenues
Governmental activities
Charges for services
General government 1,059,527$ 1,060,679$ 1,024,253$ 1,142,294$
Public safety 2,917,525 3,344,449 3,109,813 3,477,244
Public works 315,163 - - -
Public information 200,000 - - -
Culture and recreation 2,111,348 2,438,841 - -
Operations and recreation - - 2,035,715 2,089,052
Engineering - - 1,032 318,873
Housing and rehabilitation 62,191 8,162 8,606 7,537
Housing maintenance - - - 241
Social and economic development 316,935 281,002 250,015 224,252
Interest on long-term debt - - - -
Operating grants and contributions 2,065,312 2,360,465 2,709,644 2,024,171
Capital grants and contributions 1,878,697 6,290,076 11,881,109 12,066,132
Total governmental activities program revenue 10,926,698 15,783,674 21,020,187 21,349,796
Business-type activities
Charges for services
Water 4,475,068 5,109,446 5,037,067 5,188,065
Sewer 5,768,266 5,959,931 5,822,085 5,841,377
Solid Waste 2,894,726 2,858,930 2,912,415 3,179,732
Refuse - - - -
Storm Water 1,904,587 1,977,663 2,054,915 2,246,201
Wireless - - - -
Operating grants and contributions 103,166 105,976 135,642 127,742
Capital grants and contributions - - - -
Total business-type activities program revenue 15,145,813 16,011,946 15,962,124 16,583,117
Total program revenues 26,072,511$ 31,795,620$ 36,982,311$ 37,932,913$
Fiscal Year
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Table 2
Page 1 of 2
2015 2016 2017 2018 2019 2020
10,712,749$ 11,182,348$ 10,648,181$ 11,051,775$ 12,022,082$ 12,065,668$
15,336,854 20,091,787 17,870,131 17,621,109 18,868,900 18,283,411
- - - - -
3,057,509 549,940 647,316 642,350 594,521 924,428
- - - - -
- - - - 7,463,862 6,454,814
- - - - 20,692,741 18,700,327
9,996,885 13,352,637 13,448,470 15,146,290 -
10,185,956 5,091,818 7,859,907 7,491,753 -
707,661 528,467 480,911 530,192 1,001,834 1,085,356
84,505 144,204 72,244 19,768 89,828 709,009
8,872,479 8,826,281 10,987,654 12,549,378 16,536,420 11,642,624
- - - - - -
1,233,107 1,620,489 1,511,329 1,456,241 2,139,962 1,818,341
60,187,705 61,387,971 63,526,143 66,508,856 79,410,150 71,683,978
4,684,190 4,773,624 4,786,816 5,445,760 5,922,733 5,545,411
5,333,887 6,002,088 6,227,919 6,083,196 6,387,860 6,020,350
2,917,214 3,256,804 3,390,874 3,463,412 3,527,810 2,279,318
- - - - -
1,400,975 1,514,761 1,611,785 2,372,829 2,179,955 3,689,042
- - - - - -
14,336,266 15,547,277 16,017,394 17,365,197 18,018,358 17,534,121
74,523,971$ 76,935,248$ 79,543,537$ 83,874,053$ 97,428,508$ 89,218,099$
1,185,881$ 1,184,122$ 1,143,220$ 1,214,710$ 1,231,454$ -$
4,237,819 4,354,793 3,962,306 4,049,914 5,212,202 6,353,145
- - - - - -
10,000 - - - - -
- - - 576 - 89,008
2,344,863 2,122,730 2,308,221 2,516,191 2,566,014 1,703,896
144,151 97,688 134,508 136,648 156,330 -
6,315 7,607 4,514 633,932 3,467 -
- - - - - -
256,557 259,910 255,109 213,944 216,989 330,072
- - - - - -
3,586,440 2,512,011 3,670,054 2,666,090 3,360,346 6,426,976
3,178,294 3,960,739 5,205,879 3,526,377 2,693,816 3,646,262
14,950,320 14,499,600 16,683,811 14,958,382 15,440,618 18,549,359
5,766,601 5,674,239 6,089,295 6,469,268 6,908,538 7,989,679
6,112,024 6,663,731 7,261,014 7,360,679 7,634,597 8,059,428
3,189,566 2,905,899 3,237,506 3,348,948 3,538,931 3,782,579
- - - - - -
2,472,134 2,642,860 2,816,349 2,887,425 3,059,282 3,158,072
- - - - - -
128,610 181,525 159,376 174,250 196,100 196,223
- 799,894 279,801 429,928 556,508 299,018
17,668,935 18,868,148 19,843,341 20,670,498 21,893,956 23,484,999
32,619,255$ 33,367,748$ 36,527,152$ 35,628,880$ 37,334,574$ 42,034,358$
Fiscal Year
157
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
2011 2012 2013 2014
Net (expenses) revenues
Governmental activities (33,799,324)$ (38,942,568)$ (44,682,446)$ (46,923,076)$
Business-type activities 3,040,707 3,479,545 (61,991) 2,851,558
Total primary government (30,758,617)$ (35,463,023)$ (44,744,437)$ (44,071,518)$
General Revenues and Other Changes in Net Position
Governmental activities
Taxes
Property taxes 23,527,322$ 24,625,789$ 26,963,176$ 27,398,157$
Tax increment 7,222,976 6,446,389 6,647,729 7,380,995
Franchise taxes 1,894,714 1,954,557 2,211,569 2,268,213
Lodging taxes - - - -
Grants and contributions not
restricted to specific programs 156,325 46,422 45,266 504,035
Unrestricted investment earnings 1,048,395 663,978 138,899 407,753
Gain on sale of capital assets 51,686 60,416 69,237 464,629
Miscellaneous 2,300,478 2,183,685 2,199,629 2,609,539
Transfers 2,457,867 1,660,035 1,761,927 5,995,095
Total governmental activities expenses 38,659,763 37,641,271 40,037,432 47,028,416
Business-type activities
Unrestricted investment earnings 136,674 113,260 (3,348) 78,003
Miscellaneous - - - -
Transfers (2,457,867) (1,660,035) (1,761,927) (5,995,095)
Total business-type activities expenses (2,321,193) (1,546,775) (1,765,275) (5,917,092)
Total primary government 36,338,570$ 36,094,496$ 38,272,157$ 41,111,324$
Change in net position
Governmental activities 4,860,439$ (1,301,297)$ (4,645,014)$ 105,340$
Business-type activities 719,514 1,932,770 (1,827,266) (3,065,534)
Total primary government 5,579,953$ 631,473$ (6,472,280)$ (2,960,194)$
Note:
GASB 65 was implemented in 2013. Governmental and business-type activities expenses were restated for 2012 to reflect
the expensing of bond issuance costs in the year of issuance. Expenses for years prior to 2012 were not restated.
GASB 68 was implemented in 2015. Pension expense for years prior to 2015 was not restated.
Fiscal Year
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Table 2
Page 2 of 2
2015 2016 2017 2018 2019 2020
(45,237,385)$ (46,888,371)$ (46,842,332)$ (51,550,474)$ (63,969,532)$ (53,134,619)$
3,332,669 3,320,871 3,825,947 3,305,301 3,875,598 5,950,878
(41,904,716)$ (43,567,500)$ (43,016,385)$ (48,245,173)$ (60,093,934)$ (47,183,741)$
28,209,567$ 30,185,703$ 31,582,993$ 33,449,668$ 34,566,143$ 36,651,274$
6,763,951 7,733,689 8,961,792 10,266,075 11,027,616 12,081,105
2,915,732 3,079,399 3,763,394 3,804,678 1,074,002 4,569,901
- - - 1,021,855 4,212,728 339,055
557,671 584,639 590,978 618,645 319,322 331,454
221,408 388,647 408,945 739,130 1,669,916 1,232,923
577,248 142,713 106,204 1,751,339 178,509 56,625
2,985,997 3,201,122 2,091,334 491,591 1,619,458 1,858,081
3,620,449 1,879,956 2,075,742 2,004,593 2,070,255 2,102,839
45,852,023 47,195,868 49,581,382 54,147,574 56,737,949 59,223,257
59,330 65,391 65,900 159,537 271,026 172,777
- - - - - -
(3,620,449) (1,879,956) (2,075,742) (2,004,593) (2,070,255) (2,102,839)
(3,561,119) (1,814,565) (2,009,842) (1,845,056) (1,799,229) (1,930,062)
42,290,904$ 45,381,303$ 47,571,540$ 52,302,518$ 54,938,720$ 57,293,195$
614,638$ 307,497$ 2,739,050$ 2,597,100$ (7,231,583)$ 6,088,638$
(228,450) 1,506,306 1,816,105 1,460,245 2,076,369 4,020,816
386,188$ 1,813,803$ 4,555,155$ 4,057,345$ (5,155,214)$ 10,109,454$
Fiscal Year
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 3
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
LAST TEN FISCAL YEARS
Fiscal Property Franchise
Year Tax Tax Total
2011 30,853,927$ 1,894,714$ 32,748,641$
2012 31,220,365 1,954,557 33,174,922
2013 33,610,905 2,211,569 35,822,474
2014 34,779,152 2,268,213 37,047,365
2015 34,973,518 2,915,732 37,889,250
2016 37,919,392 3,079,399 40,998,791
2017 40,544,785 3,763,394 44,308,179
2018 43,715,743 3,804,678 47,520,421
2019 45,593,759 4,212,728 49,806,487
2020 48,732,379 4,569,901 53,302,280
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
2011 2012 2013 2014
General fund
Nonspendable 71,192$ 70,450$ 256,251$ 397,873$
Restricted 427,718 458,448 498,922 492,223
Assigned 139,483 690,242 691,171 696,293
Unassigned 10,799,829 10,757,776 14,342,422 14,576,348
Total General fund 11,438,222$ 11,976,916$ 15,788,766$ 16,162,737$
All other governmental funds
Nonspendable 306,058$ 426,736$ -$ -$
Restricted 21,476,374 20,464,874 15,102,011 12,663,957
Committed 511,610 459,160 467,682 483,590
Assigned 34,425,344 35,947,479 33,481,454 38,701,128
Unassigned (5,042,828) (7,567,117) (7,020,483) (8,819,377)
Total all other governmental funds 51,676,558$ 49,731,132$ 42,030,664$ 43,029,298$
Fiscal Year
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Table 4
2015 2016 2017 2018 2019 2020
566,574$ 330,483$ 292,821$ 258,932$ 340,247$ 362,022$
464,469 413,787 392,004 272,840 126,683 82,986
758,084 936,663 1,050,569 1,025,207 1,602,523 992,938
15,242,009 16,193,763 17,054,520 17,697,405 18,762,374 25,386,153
17,031,136$ 17,874,696$ 18,789,914$ 19,254,384$ 20,831,827$ 26,824,099$
-$ 23,563$ 6,500$ 19,700$ 6,799$ -$
12,457,701 10,057,843 11,725,590 12,196,553 28,145,222 18,877,118
481,009 466,287 696,235 1,064,284 913,497 812,078
39,567,878 41,068,221 33,609,392 33,843,896 31,598,020 25,100,852
(6,551,326) (5,187,339) (3,628,247) (7,382,436) (7,310,832) (5,887,231)
45,955,262$ 46,428,575$ 42,409,470$ 39,741,997$ 53,352,706$ 65,726,916$
Fiscal Year
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
2011 2012 2013 2014
Revenues
Taxes 23,336,537$ 24,259,861$ 25,658,762$ 24,361,524$
Tax increments 7,222,976 6,446,389 6,647,729 7,380,995
Abatement of property taxes --- -
Lodging tax --- -
Franchise taxes 1,894,714 1,954,557 2,211,569 2,268,213
Licenses and permits 2,797,700 3,241,813 3,069,090 3,413,683
Intergovernmental 3,105,500 2,983,191 13,887,247 13,216,055
Charges for services 3,897,710 3,547,900 3,052,789 3,476,264
Fines and forfeits 281,047 341,356 311,882 369,546
Special assessments 985,912 2,233,715 1,505,568 1,268,539
Investment earnings 949,510 622,450 123,306 386,263
Miscellaneous 2,285,608 2,188,262 2,216,820 2,577,300
Total revenues 46,757,214 47,819,494 58,684,762 58,718,382
Expenditures
General government 6,415,318 6,503,965 7,162,588 7,376,380
Public safety 11,885,577 12,571,356 12,435,341 13,239,729
Public works 4,437,939 -- -
Parks and recreation --- -
Operations and recreation - 13,955,142 10,083,541 10,450,789
Operations --- -
Engineering -939,416 15,998,842 21,013,383
Public information 383,586 470,280 408,683 462,341
Culture and recreation 6,546,054 -- -
Housing and rehabilitation 790,918 3,881,500 1,715,540 875,225
Housing maintenance 79,786 116,949 141,250 130,534
Social and economic development 6,426,013 7,681,176 8,910,821 7,928,905
Miscellaneous --- -
Debt service
Principal 5,420,000 1,285,000 3,275,000 1,970,000
Interest 1,170,549 1,235,118 1,298,016 1,138,100
Other charges 1,040 46,435 3,895 54,433
Bond issuance costs --- -
Capital outlay 14,295,009 3,930,528 2,089,798 2,271,988
Total expenditures 57,851,789 52,616,865 63,523,315 66,911,807
Revenues over (under) expenditures (11,094,575) (4,797,371)(4,838,553)(8,193,425)
Other financing sources (uses)
Transfers in 7,086,529 6,395,355 10,472,534 19,317,129
Transfers out (5,520,906) (5,580,044) (9,531,189) (15,241,005)
Refunding bonds issued -1,290,000 - -
Bonds issued --- 5,070,000
Proceeds from long term debt --- -
Premium on bonds issued --- 98,040
Redemption of refunded bonds --- -
Payments to refunded bond escrow agent --- -
Costs paid to refunded bond escrow agent --- -
Proceeds from sale of capital assets -885,328 8,590 321,866
Total other financing sources (uses)1,565,623 2,990,639 949,935 9,566,030
Net change in fund balances (9,528,952)$ (1,806,732)$ (3,888,618)$ 1,372,605$
Debt service as a percentage of
noncapital expenditures 15.26%5.18%7.44%4.81%
Fiscal Year
164
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Table 5
2015 2016 2017 2018 2019 2020
26,598,373$ 27,734,546$ 28,941,646$ 31,853,551$ 32,598,016$ 34,531,332$
6,763,951 7,733,689 8,961,792 10,266,075 11,368,332 12,081,105
- - - - (340,716) 112,630
- - - 1,021,855 4,212,728 339,055
2,915,732 3,079,399 3,763,394 3,804,678 1,074,002 4,569,901
4,312,702 4,320,078 3,985,517 4,001,645 5,264,659 5,294,314
6,017,025 4,345,482 8,228,158 5,240,175 5,383,495 6,904,307
3,608,933 3,406,964 3,529,125 3,708,327 3,847,458 3,055,615
263,951 299,808 293,236 282,146 274,339 126,192
1,238,873 1,192,628 1,169,859 1,150,577 1,183,508 1,127,497
199,747 362,196 369,203 677,131 1,616,635 1,176,200
3,051,946 3,230,390 2,218,712 1,529,337 1,701,458 1,901,751
54,971,233 55,705,180 61,460,642 63,535,497 68,183,914 71,219,899
7,813,046 8,188,193 8,142,675 9,075,636 9,372,448 9,490,394
14,025,463 14,669,251 15,824,577 17,050,302 17,651,051 17,806,753
- - - - - -
- - - - 6,571,735 6,454,814
9,710,604 9,688,872 10,665,329 11,031,544 - -
- - - - 14,448,732 17,097,698
10,068,447 480,162 7,754,421 4,449,897 - -
561,252 477,721 495,256 567,653 477,150 875,890
- - - - - -
538,411 482,313 453,940 512,029 796,010 1,060,588
84,505 144,204 57,370 12,040 60,315 709,009
8,872,479 8,673,638 10,857,645 10,479,359 15,396,270 11,513,051
- - - - 26,282 517,651
1,612,827 1,681,876 3,650,297 2,055,000 2,990,000 11,915,000
1,210,971 1,446,371 1,493,780 1,462,325 1,468,620 2,138,151
2,640 2,717 - - - -
- 111,922 40,419 33,060 309,945 124,200
3,486,864 19,894,828 10,159,659 14,388,878 16,857,464 8,140,774
57,987,509 65,942,068 69,595,368 71,117,723 86,426,022 87,843,973
(3,016,276)(10,236,888)(8,134,726)(7,582,226)(18,242,108)(16,624,074)
13,296,241 8,148,651 5,586,488 7,282,081 3,919,120 7,537,016
(9,462,850) (6,994,545) (4,182,613) (5,608,462) (2,299,247) (5,573,129)
- - - - - -
- 10,000,000 3,430,000 2,020,000 32,005,001 10,505,000
2,200,000 - - - - -
- 396,655 196,964 5,659 1,965,386 938,458
- - - - - -
- - - - (2,160,000) -
- - - - - -
777,248 3,000 - 1,679,945 - 56,625
6,810,639 11,553,761 5,030,839 5,379,223 33,430,260 13,463,970
3,794,363$ 1,316,873$ (3,103,887)$ (2,203,003)$ 15,188,152$ (3,160,104)$
5.18%6.02%8.61%5.6%6.0%17.6%
Fiscal Year
165
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
ASSESSED VALUE/TAX CAPACITY VALUE AND ESTIMATED MARKET VALUE
OF ALL TAXABLE PROPERTY
LAST TEN FISCAL YEARS
2011 2012 2013 2014
Population 44,665 45,505 46,362 47,411
Real Property
Total assessed/tax capacity value 65,611,006$ 62,602,680$ 61,348,576$ 62,068,742$
Less tax increment districts - (6,379,980) (5,426,995) (5,587,609) (6,130,653)
Area-wide allocation (net) (2,775,483) (3,220,881) (2,940,678) (3,670,487)
Net assessed/tax capacity value 56,455,543$ 53,954,804$ 52,820,289$ 52,267,602$
Estimated market value 5,302,557,500$ 5,226,900,300$ 5,103,186,900$ 5,123,316,900$
Personal Property
Assessed/tax capacity value 478,864$ 490,122$ 559,718$ 576,427$
Estimated market value 24,363,800$ 24,962,100$ 28,487,900$ 29,320,000$
Total Real and Personal Property
Assessed/tax capacity value 56,934,407$ 54,444,926$ 53,380,007$ 52,844,029$
Estimated market value 5,326,921,300$ 5,251,862,400$ 5,131,674,800$ 5,152,636,900$
Tax Capacity Rate 41.5% 43.9% 46.6% 48.6%
Fiscal Year
166
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Table 6
2015 2016 2017 2018 2019 2020
47,502 48,354 48,747 49,039 48,677 49,834
65,599,841$ 71,118,692$ 77,324,247$ 81,272,437$ 88,023,090$ 95,317,915$
(5,894,025) (6,798,025) (8,211,886) (8,746,231) (10,129,650) (10,875,524)
(3,879,478) (3,168,815) (4,255,021) (4,787,086) (4,741,344) (5,233,557)
55,826,338$ 61,151,852$ 64,857,340$ 67,739,120$ 73,152,096$ 79,208,834$
5,435,136,500$ 5,841,548,800$ 6,306,324,900$ 6,637,473,500$ 7,205,288,500$ 7,731,035,100$
607,025$ 614,793$ 650,504$ 710,227$ 747,358$ 739,713$
30,852,400$ 31,212,200$ 33,056,300$ 36,048,400$ 37,926,900$ 37,525,400$
56,433,363$ 61,766,645$ 65,507,844$ 68,469,347$ 73,899,454$ 79,948,547$
5,465,988,900$ 5,872,761,000$ 6,339,381,200$ 6,673,521,900$ 7,243,215,400$ 7,768,560,500$
47.8% 46.2% 46.2% 46.4% 44.7% 43.4%
Fiscal Year
167
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STATISTICAL SECTION (UNAUDITED)
2011 2012 2013 2014
Operating Rate 39.689 40.303 42.902 45.868
Debt Service Rate 1.770 3.563 3.650 2.702
Total City Direct Rates 41.459 43.866 46.552 48.570
County
Operating Rate 45.840 48.231 49.461 49.959
School District
Operating Rate 12.917 13.324 13.976 16.741
Debt Service Rate 13.539 15.946 15.754 15.617
Other Taxing Districts
St. Louis Park HRA Levy 1.817 1.806 1.676 1.808
Metro Mosquito Control 0.525 0.537 0.556 0.563
Metro Council 0.885 0.940 0.997 1.069
Metro Transit Debt 1.539 1.607 1.689 1.703
Hennepin County HRA 0.397 0.403 0.478 0.514
Hennepin Parks 3.765 3.943 4.054 4.169
Park Museum 0.815 0.799 0.754 0.766
HC Regional Railroad Authority 1.246 1.294 1.561 1.777
Referendum Market Value Based Rate 0.148 -- -
Watershed 1.606 1.705 1.769 1.806
Total Overlapping Rates 85.039 90.535 92.725 96.492
Total Direct and Overlapping Rates 126.498 134.401 139.277 145.062
City of St. Louis Park
Overlapping Rates
CITY OF ST. LOUIS PARK, MINNESOTA
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Fiscal Year
168
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Table 7
2015 2016 2017 2018 2019 2020
45.234 43.744 42.933 41.759 40.090 38.656
2.520 2.451 3.267 4.624 4.616 4.742
47.754 46.195 46.200 46.383 44.706 43.398
46.398 45.356 44.087 42.808 41.861 41.084
15.642 14.887 12.364 14.506 13.578 13.946
14.698 13.627 13.247 14.529 13.444 13.244
1.679 1.634 1.661 1.718 1.667 1.668
0.507 0.483 0.475 0.456 0.427 0.412
0.976 0.925 0.883 0.844 0.659 0.062
1.523 1.491 1.463 1.383 1.456 1.433
0.471 0.439 0.497 0.457 0.535 0.801
3.789 3.601 3.365 3.161 2.961 2.859
0.702 0.712 0.711 0.710 0.705 0.710
1.817 1.879 1.925 1.962 1.807 1.388
- - --- -
1.738 1.724 1.738 1.694 1.569 1.493
89.940 86.758 82.416 84.228 80.669 79.654
137.694 132.953 128.616 130.611 125.375 123.052
Fiscal Year
169
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 8
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
Percentage Percentage
of Total of Total
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Value Rank Value Value Rank Value
BRI 1880 Towers at West LLC 107,772,000$ 1 1.39 %
ARC WEMPSMN001, LLC 95,500,000 2 1.23
Gateway Knollwood, LLC 62,000,000 3 0.80
Thomson Reuters Prop Tx 54,358,000 4 0.70
Excelsior & Grand Apts LLC 50,768,000 5 0.65 52,111,800$ 5 0.94
Camerata LLC 50,600,000 6 0.65
Park Glen Corporation 47,100,000 7 0.61
36 Park LLC 47,040,000 8 0.61
4800 Excelsior Apartments 46,051,000 9 0.59
Park Nicollet Real Estate 44,520,500 10 0.57
Interchange Investors (formerly WHIOP Real Estate)80,608,500 1 1.45
BRE/COH MN, LLC 76,940,000 2 1.38
Park Nicollet 63,900,000 3 1.15
Parkdale Property LLC 54,803,900 4 0.98
AEW VIF II Acquisition LLC 43,301,000 6 0.78
Parkshore, LLC 38,615,000 7 0.69
Target (formerly Dayton Hudson)26,183,000 8 0.47
Xcel Energy 25,520,000 9 0.46
WTC No 459 Corp 24,979,000 10 0.45
Total 605,709,500$ 7.80 % 486,962,200$ 8.75 %
Total taxable assessed value 7,768,560,500$ 5,572,275,800$
Source: Hennepin County Assessor's Office
Taxpayer
2020 2011
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 9
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal Year Total Tax
Ended Levy for Percentage Percentage
December 31 Fiscal Year Amount of Levy Amount of Levy
2011 23,724,816$ 23,368,028$ 98.50 23,724,816$ 100.00
2012 24,746,325 24,435,571 98.74 24,690,024 99.77
2013 25,613,874 25,379,070 99.08 25,611,682 99.99
2014 26,527,267 26,129,048 98.50 26,515,779 99.96
2015 27,938,615 27,590,682 98.75 27,906,854 99.89
2016 29,615,682 29,462,804 99.48 29,448,809 99.44
2017 31,350,534 30,559,213 97.48 30,731,673 98.03
2018 32,921,154 32,737,859 99.44 32,749,899 99.48
2019 34,362,862 34,204,350 99.54 34,258,178 99.70
2020 34,770,521 34,426,033 99.01 34,426,033 99.01
Collected Within the
Fiscal Year of the Levy Total Collections to Date
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 10
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
General Net Unamortized Net Unamortized Total Percentage
Fiscal Obligation Tax Increment Capital Notes Premiums/ Revenue Premiums/ Primary of Personal Per
Year Bonds Bonds Leases Payable (Discounts) Bonds (Discounts) Government Income (1) Capita (1)
2011 21,420,000$ 6,905,000$ 26,220$ -$ (161,329)$ 10,555,000$ 25,299$ 38,770,190$ 2.31 868.02
2012 21,730,000 6,600,000 - - (164,209) 9,600,000 22,899 37,788,690 2.17 830.43
2013 20,185,000 4,870,000 - - (128,384) 12,785,000 35,022 37,746,638 2.06 814.17
2014 23,609,091 4,520,700 33,075 - (25,209) 16,826,503 126,503 45,090,663 2.39 951.06
2015 22,445,000 4,175,000 24,975 2,122,173 (28,920) 13,510,000 106,990 42,355,218 2.26 891.65
2016 31,230,000 3,805,000 215,619 2,025,297 348,099 10,515,000 91,538 48,230,553 2.46 997.45
2017 33,430,000 3,410,000 165,931 - 497,335 14,070,000 375,930 51,949,196 2.53 1,065.69
2018 33,810,000 2,995,000 180,382 - 445,293 19,475,000 677,443 57,583,118 2.67 1,174.23
2019 61,100,000 2,560,000 121,005 - 2,393,817 24,900,000 1,853,981 92,928,803 3.95 1,909.09
2020 60,150,000 2,100,000 81,699 - 3,082,422 27,870,000 2,194,446 95,478,567 3.87 1,915.93
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1) See the Schedule of Demographic Statistics on page 171 for personal income and population data.
Governmental Activities Business Type Activities
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 11
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
Percentage of
Less: Amounts Estimated
General Restricted Net Unamortized Actual Taxable
Fiscal Obligation for Debt Premiums/ Value of Per
Year Bonds Service Funds (Discounts) Total Property (1) Capita (2)
2011 21,420,000$ (2,792,922)$ (111,310)$ 18,515,768$ 0.35 414.55
2012 21,730,000 (3,862,611) (123,684) 17,743,705 0.34 389.93
2013 20,185,000 (3,703,071) (119,339) 16,362,590 0.32 352.93
2014 23,625,000 (3,152,137) (16,954) 20,440,000 0.40 431.12
2015 22,445,000 (3,092,198) (20,758) 19,332,044 0.35 406.97
2016 31,230,000 (3,146,018) 355,124 28,439,106 0.48 588.14
2017 33,430,000 (3,325,205) 503,370 30,608,165 0.48 627.90
2018 33,810,000 (4,727,310) 450,186 29,532,876 0.44 602.23
2019 61,100,000 (13,942,465) 2,327,029 49,484,564 0.69 1,019.52
2020 60,150,000 (4,923,698) 3,082,423 58,308,725 0.75 1,170.06
(1) See the Schedule of Assessed Value/Tax Capacity Value and Estimated Market Value on
page 164 for property value data.
(2) Population data can be found in the Schedule of Demographic Statistics on page 177.
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 12
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF DECEMBER 31, 2020
Share of
Debt Percentage Overlapping
Outstanding (1) Applicable (2) Debt
Overlapping Debt
Hennepin County 998,790,298$ 3.78 % 37,754,273$
St. Louis Park Independent School District 131,029,599 99.35 130,177,907
Hopkins Independent School District 194,315,000 3.36 6,528,984
Edina Independent School District 178,548,040 0.06 107,129
Hennepin County Suburban Park District 42,954,642 5.44 2,336,733
Hennepin Regional RR Authority 93,859,422 3.78 3,547,886
Metropolitan Council 103,225,628 1.79 1,847,739
Subtotal of Overlapping Debt 1,742,722,629 182,300,651
Direct Debt
City of St. Louis Park 65,414,121 100.00 65,414,121
Total of Direct and Overlapping Debt 1,808,136,750$ 247,714,772$
Source: Hennepin County, Minnesota
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City of St. Louis Park. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses
of the City of St. Louis Park. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the
entire burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is
a resident, and therefore responsible for repaying the debt of each overlapping government.
(1) Net debt which excludes revenue and special assessment bonds.
(2) The percentage applicable to the City of St. Louis Park was determined by dividing the portion of tax capacity within the City by the
total tax capacity of the of the taxing jurisdiction.
Governmental Unit
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
2011 2012 2013 2014
Debt Limit 159,807,639$ 157,555,872$ 153,950,244$ 154,579,107$
Total Net Debt Applicable to Limit 15,150,000 14,755,000 13,726,638 18,053,460
Legal Debt Margin 144,657,639$ 142,800,872$ 140,223,606$ 136,525,647$
Total Net Debt Applicable to the Limit as
a percentage of Debt Limit 9.48% 9.36% 8.92% 11.68%
Legal Debt Margin Calculation for Fiscal Year
Estimated Taxable Market Value 5,326,921,300$ 5,251,862,400$ 5,131,674,800$ 5,152,636,900$
Debt Limit (3% of taxable market value) 159,807,639$ 157,555,872$ 153,950,244$ 154,579,107$
Debt applicable to limit
Total Bonded Debt 38,880,000$ 37,930,000$ 37,746,638$ 45,090,663$
Less:
G.O. Revenue Bonds (10,555,000) (9,600,000) (12,785,000) (16,826,503)
G.O. Improvement Bonds (6,270,000) (6,975,000) (6,365,000) (5,690,000)
G.O. Tax Increment Bonds (6,905,000) (6,600,000) (4,870,000) (4,520,700)
Notes payable - - - -
Total Net Debt Applicable to Limit:15,150,000 14,755,000 13,726,638 18,053,460
Legal Debt Margin:144,657,639$ 142,800,872$ 140,223,606$ 136,525,647$
Note: Under State of Minnesota law, the City of St. Louis Park's outstanding general obligation debt should not exceed
3 percent of the market value of the taxable property. By law, the general obligation debt subject to the limitation may be
offset by amounts set aside for the extinguishment of those obligations.
Fiscal Year
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Table 13
2015 2016 2017 2018 2019 2020
163,979,667$ 176,182,830$ 190,181,436$ 200,205,657$ 216,158,655$ 233,056,815$
17,063,045 23,934,703 28,375,000 28,975,000 56,450,000 55,790,000
146,916,622$ 152,248,127$ 161,806,436$ 171,230,657$ 159,708,655$ 177,266,815$
10.41%13.59%14.92%14.47%26.12%23.94%
5,465,988,900$ 5,872,761,000$ 6,339,381,200$ 6,673,521,900$ 7,205,288,500$ 7,768,560,500$
163,979,667$ 176,182,830$ 190,181,436$ 200,205,657$ 216,158,655$ 233,056,815$
42,355,218$ 45,550,000$ 50,910,000$ 56,280,000$ 88,560,000$ 90,120,000$
(13,510,000) (10,515,000) (14,070,000) (19,475,000) (24,900,000) (27,870,000)
(5,485,000) (5,270,000) (5,055,000) (4,835,000) (4,650,000) (4,360,000)
(4,175,000) (3,805,000) (3,410,000) (2,995,000) (2,560,000) (2,100,000)
(2,122,173) (2,025,297) - -
17,063,045 23,934,703 28,375,000 28,975,000 56,450,000 55,790,000
146,916,622$ 152,248,127$ 161,806,436$ 171,230,657$ 159,708,655$ 177,266,815$
Fiscal Year
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 14
PLEDGED REVENUE BOND COVERAGE
LAST TEN FISCAL YEARS
Less: Net
Fiscal Gross Operating Revenue
Year Revenue 2 Expenses 3 Available Principal Interest Coverage
2011 12,186,180$ (8,269,813)$ 3,916,367$ 525,000$ 363,435$ 4.41
2012 13,079,123 (8,387,329) 4,691,794 1,405,000 375,218 2.64
2013 12,659,936 (10,417,099) 2,242,837 985,000 324,393 1.71
2014 13,277,524 (10,514,981) 2,762,543 1,015,000 352,614 2.02
2015 14,379,975 (9,041,931) 5,338,044 1,045,000 4 381,359 3.74
2016 15,481,494 (10,328,560) 5,152,934 1,155,000 5 301,051 3.54
2017 16,495,157 (10,186,997) 6,308,160 1,360,000 6 197,658 4.05
2018 16,851,218 (11,354,272) 5,496,946 1,375,000 320,608 3.24
2019 17,827,318 (11,848,046) 5,979,272 2,095,000 543,388 2.27
2020 19,334,536 (11,095,215) 8,239,321 2,065,000 697,976 2.95
Note: Details regarding the government's outstanding debt can be found in the notes to the financial statements.
1 Includes Water Utility, Sewer Utility and Storm Water Utility revenue bonds.
2 Gross revenue includes investment income and excludes intergovermental and miscellaneous revenues.
3 Expenses exclude depreciation, interest on bonds and miscellaneous expenses.
4 Excludes $2,145,000 refunded principal paid through cash with fiscal agent.
5 Excludes $1,840,000 refunded principal paid through cash with fiscal agent.
6 Excludes $1,555,000 refunded principal paid through issuance of 2017A bonds.
Debt Service
Revenue Bonds1
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Personal Income
(amounts
expressed Per Capita Median School Unemployment
Year Population (1) in thousands) Income (1) Age (1) Enrollment (2) Rate (3)
2011 44,665 1,680,297$ 37,620$ 35.4 4,365 4.4
2012 45,505 1,744,525 38,337 35.4 4,472 4.6
2013 46,362 1,828,193 39,433 35.4 4,545 4.4
2014 47,411 1,884,398 39,746 35.4 4,590 2.6
2015 47,502 1,876,424 39,502 35.5 4,590 2.3
2016 48,354 1,962,641 40,589 35.2 4,627 2.9
2017 48,747 2,053,370 42,123 35.7 4,571 2.1
2018 49,039 2,157,275 43,991 35.7 4,560 2.2
2019 48,677 2,286,261 46,968 35.6 4,692 2.5
2020 49,834 2,469,026 49,545 35.3 5,000 3.7
Source:(1) Federal Census Bureau data
(2) St. Louis Park School District
(3) Minnesota Department of Employment and Economic Development
Table 15
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 16
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
Employees Rank Employees Rank
Park Nicollet Health Services and Methodist Hospita 4,650 1 13.9 % 5,825 1 21.7 %
Wells Fargo Mortgage 1,400 2 4.2
St. Louis Park Public Schools (I.S.D. No. 283)756 3 2.3 671 3 2.5
St. Louis Park, City of 676 4 2.0 313 8 1.2
Japs-Olson Company 600 5 1.8 700 2 2.6
Sholom Home West 600 6 1.8 575 5 2.1
MoneyGram International 442 7 1.3
Target (formerly Super Target)405 8 1.2 405 6 1.5
Center for Diagnostic Imaging 387 9 1.2
HealthPartners 350 10 1.0
Knollwood Mall 600 4 2.2
Miracle Mile Shopping Center 350 7 1.3
Lifetime Fitness 300 9 1.1
Profit Stars 300 10 1.1
Total 10,266 30.70 % 10,039 37.30 %
Total City employment 33,432 26,897
Source:
Official Statement from 2020 A Bonds
Percentage Percentage
2020 2011
Fiscal Year Fiscal Year
of Total City of Total City
Employer Employment Employment
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)
FULL-TIME EQUIVALENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2011 2012 2013 2014
Function
General government 95.4 90.3 88.8 88.4
Public safety
Police
Officers 51.0 52.0 52.0 53.0
Civilians 23.0 30.0 34.0 35.0
Fire
Firefighters and officers 24.0 24.0 24.0 24.0
Operations and recreation and Engineering 32.0 33.0 35.0 34.0
Water 11.2 11.2 10.9 11.2
Sewer 4.9 4.9 4.9 5.5
Solid Waste 3.3 3.3 3.3 4.7
Storm Water 4.9 4.8 4.8 6.2
Total Employees 249.7 253.5 257.7 262.0
Source: St. Louis Park Human Resources Department
Fiscal Year
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Table 17
2015 2016 2017 2018 2019 2020
89.4 91.6 97.9 91.8 93.9 128.0
55.0 55.0 57.0 57.0 57.0 58.0
35.0 35.0 35.0 35.0 36.0 15.0
25.0 26.0 28.0 28.0 28.0 28.0
35.0 35.0 28.1 35.0 36.0 37.0
11.5 11.4 12.5 14.6 12.2 9.7
6.0 6.0 6.4 5.1 6.1 6.0
5.8 5.8 5.3 4.9 5.6 3.0
6.7 6.7 7.1 6.2 6.8 4.0
269.4 272.5 277.3 277.6 281.6 288.7
Fiscal Year
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 18
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Police
Medical calls 3,101 3,152 3,296 2,391 3,756 3,623 3,705 4,375 4,479 3,559
Traffic stops 5,362 7,146 6,674 6,907 6,692 6,939 7,401 6,267 3,956 3,352
Other 21,742 24,354 25,014 27,752 29,299 31,462 31,052 31,882 37,399 43,757
Fire
Inspections/medical/all other calls 3,078 3,117 3,360 4,747 5,118 6,130 5,513 6,308 5,712 5,032
Fire calls - residential/structural 153 142 66 116 135 53 202 297 95 87
Fire calls - other 53 64 48 91 115 41 85 68 50 40
Cable TV
Hours of new programming 535 -549.5 311 400 400 368 362 377 249
Inspections
Permits 9,220 9,091 10,254 11,111 9,684 10,099 11,246 10,106 10,619 11,215
Inspections 22,818 23,667 26,902 32,543 23,031 23,372 28,484 25,187 21,419 23,090
Culture and recreation
Aquatic park attendance 67,422 70,270 52,557 51,894 68,355 72,439 65,665 71,977 65,000 26,762
Hours of ice time 4,687 5,444 4,701 4,773 4,626 4,125 6,000 6,400 6,900 4,460
Water
Gallons of water production (billions)2.1 2.4 2.2 2.09 2.01 1.78 1.79 1.91 1.83 1.77
Average watermain breaks per year 30 30 27 40 41 20 11 38 33 33
Public Works
Snowplowing hours 2,543 1,173 6,449 3,752 2,284 3,781 2,859 5,466 4,334 2,546
Source: St. Louis Park Departments
Fiscal Year
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CITY OF ST. LOUIS PARK, MINNESOTA
STATISTICAL SECTION (UNAUDITED)Table 19
CAPITAL ASSET STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Function
Public safety
Police
Stations 1 1 1 1 1 1 1 1 1 1
Patrol units 26 28 26 25 28 28 29 29 29 29
Fire
Stations 2 2 2 2 2 2 2 2 2 2
Vehicles 13 14 13 13 10 14 15 15 15 15
Fire hydrants 1,699 1,699 1,699 1,699 1,699 1,772 1,773 1,774 1,774 1,774
Culture and recreation
Parks 57 57 57 57 52 53 53 53 53 53
Trails 10 10 10 10 10 22 22 22 22 22
Streets
Lane miles of streets 311 311 311 311 311 311 311 311 311 311
Miles of streets 155 155 155 155 155 155 155 155 155 155
Water
Wells 11 11 11 11 10 10 10 10 10 10
Water treatment plants 6 6 6 6 6 6 6 6 6 6
Miles of watermain 160 160 160 160 160 175 175 175 175 175
Sanitary Sewer
Lift stations 23 23 23 23 23 23 23 23 23 23
Miles of sewermain 147 147 147 147 147 143 143 143 143 143
Storm Sewer
Lift stations 10 10 10 10 10 10 11 11 11 11
Ponds and lakes 52 52 52 52 52 52 52 52 52 52
Catch basins 3,731 3,731 3,731 3,731 3,731 3,885 3,885 3,940 3,940 3,940
Source: St. Louis Park Departments
Fiscal Year
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Meeting: Study session
Meeting date: June 28, 2021
Written report: 6
Executive summary
Title: May 2021 monthly financial report
Recommended action: No action is required.
Policy consideration: Monthly financial reporting is part of our financial management policies.
Summary: The monthly financial report provides an overview of general fund revenues and
departmental expenditures comparing them to budget throughout the year.
Financial or budget considerations: Expenditures should generally be at about 42% of the
annual budget at the end of May. General fund expenditures are under budget through May at
approximately 38% of budget.
License and permit revenues are exceeding budget at almost 50% through May because nearly
all of the 2021 license revenue has been received. Permit revenue is at 39% of budget through
May.
Most departments are under or at budget for expenditures. There is a small variance in
Engineering due to a lesser portion of staff hours allocated to projects prior to the start of the
construction season.
Strategic priority consideration: Not applicable.
Supporting documents: Summary of revenues and departmental expenditures – General Fund
Prepared by: Darla Monson, accountant
Reviewed by: Melanie Schmitt, chief financial officer
Approved by: Tom Harmening, city manager
Summary of Revenues & Departmental Expenditures - General Fund As of May 31, 2021 20212021201920192020202020212021Balance YTD Budget Budget Audited Budget Audited Budget YTD May Remaining to Actual %General Fund Revenues: General Property Taxes26,880,004$ 26,952,306$ 28,393,728$ 28,635,694$ 29,601,811$ -$29,601,811$ 0.00% Licenses and Permits4,103,424 5,264,659 4,660,811 5,294,310 4,621,829 2,295,534 2,326,295 49.67% Fines & Forfeits279,700 274,340 280,000 126,192 231,000 61,470 169,530 26.61% Intergovernmental1,760,900 1,761,763 1,760,082 2,061,267 1,661,549 460,230 1,201,319 27.70% Charges for Services2,187,319 2,160,345 2,273,824 1,600,806 2,013,834 471,201 1,542,633 23.40% Rents & Other Miscellaneous1,367,012 1,500,867 1,456,102 1,201,119 1,499,091 590,611 908,480 39.40% Transfers In1,999,877 2,012,706 2,038,338 2,049,976 2,055,017 846,674 1,208,343 41.20% Investment Earnings 180,000 523,124 210,000 486,468 200,000 24,798 175,202 12.40% Other Income31,300 57,274 621,280 3,442,900 593,300 210,472 382,828 35.47% Use of Fund Balance298,156 230,026 25,000 25,000 0.00%Total General Fund Revenues39,087,692$ 40,737,411$ 41,694,165$ 44,898,732$ 42,502,431$ 4,960,989$ 37,541,442$ 11.67%General Fund Expenditures: General Government: Administration1,837,620$ 1,673,619$ 1,868,599$ 1,472,421$ 1,842,882$ 491,660$ 1,351,222$ 26.68% Finance1,034,199 1,078,291 1,124,045 1,194,828 1,129,591 437,437 692,154 38.73% Assessing772,746 751,737 808,171 792,277 798,244 328,323 469,921 41.13% Human Resources805,620 756,767 823,209 796,088 837,736 324,904 512,832 38.78% Community Development1,502,521 1,515,672 1,571,894 1,536,657 1,576,323 629,389 946,934 39.93% Facilities Maintenance1,170,211 1,209,474 1,265,337 1,246,439 1,349,365 532,027 817,338 39.43% Information Resources1,674,937 1,474,604 1,709,255 1,596,487 1,683,216 695,100 988,116 41.30% Communications & Marketing805,674 786,448 828,004 710,334 970,934 351,560 619,374 36.21%Total General Government9,603,528$ 9,246,612$ 9,998,514$ 9,345,531$ 10,188,291$ 3,790,400$ 6,397,891$ 37.20% Public Safety: Police10,335,497$ 10,452,038$ 10,853,821$ 10,611,141$ 11,307,863$ 4,688,864$ 6,618,999$ 41.47% Fire Protection4,813,078 4,754,524 5,040,703 4,764,337 4,998,636 2,044,698 2,953,938 40.91% Building 2,555,335 2,430,473 2,696,585 2,321,664 2,571,968 979,978 1,591,990 38.10%Total Public Safety17,703,910$ 17,637,035$ 18,591,109$ 17,697,142$ 18,878,467$ 7,713,540$ 11,164,927$ 40.86% Operations: Public Works Administration290,753$ 214,436$ 273,318$ 216,899$ 249,256$ 84,289$ 164,967$ 33.82% Public Works Operations3,111,481 3,099,493 3,331,966 3,168,538 3,285,820 1,182,467 2,103,353 35.99% Vehicle Maintenance1,242,236 1,268,700 1,278,827 1,207,998 1,303,159 499,958 803,201 38.37% Engineering570,377 609,567 551,285 531,801 523,547 247,484 276,063 47.27%Total Operations5,214,847$ 5,192,196$ 5,435,396$ 5,125,236$ 5,361,782$ 2,014,197$ 3,347,585$ 37.57% Parks and Recreation: Organized Recreation1,579,569 1,498,462 1,637,002 1,369,309 1,639,358 650,185 989,173 39.66% Recreation Center1,949,657 2,041,386 2,061,394 1,864,459 2,082,697 669,645 1,413,052 32.15% Park Maintenance1,833,297 1,820,455 1,906,363 1,802,534 1,916,643 673,441 1,243,202 35.14% Westwood Nature Center643,750 612,266 748,683 606,378 736,515 255,606 480,909 34.70% Natural Resources484,784 429,409 504,143 433,362 496,497 71,381 425,116 14.38%Total Parks and Recreation6,491,057$ 6,401,977$ 6,857,585$ 6,076,042$ 6,871,710$ 2,320,258$ 4,551,452$ 33.77% Other Depts and Non-Departmental: Racial Equity and Inclusion -$4,592$ 314,077$ 272,994$ 341,293$ 98,653$ 242,640$ 28.91% Sustainability26,283 497,484 244,655 432,043 115,408 316,635 26.71% Transfers Out300,000 428,845 0.00% Contingency and Other74,350 121,245 144,860 0.00%Total Other Depts and Non-Departmental74,350$ 452,119$ 811,561$ 662,509$ 1,202,181$ 214,061$ 559,275$ 17.81%Total General Fund Expenditures39,087,692$ 38,929,940$ 41,694,165$ 38,906,460$ 42,502,431$ 16,052,457$ 26,021,129$ 37.77%Study session meeting of June 28, 2021 (Item No. 6) Title: May 2021 monthly financial reportPage 2
Meeting: Study session
Meeting date: June 28, 2021
Written report: 7
Executive summary
Title: Minnetonka Boulevard redevelopment update
Recommended action: None at this time. This report is to inform the EDA of the conceptual
plans for the Minnetonka Boulevard Redevelopment site and proposed Preliminary
Development Agreement.
Policy consideration: Does the EDA support entering into a preliminary development
agreement with Greater Metropolitan Housing Corporation (GMHC) to formalize the respective
parties’ obligations relative to preparing an affordable housing development plan for the
Minnetonka Boulevard site?
Summary: At the December 14, 2020 study session, the EDA supported staff’s continued efforts
to pursue development of owner-occupied affordable housing on the four single-family
properties recently purchased by the EDA, located at 5639, 5643, 5647 and 5707 Minnetonka
Boulevard. Since that time, staff has been working with GMHC to determine affordable housing
redevelopment options and concept plans for the subject parcels. GMHC is partnering with
Homes within Reach to include a community land trust for the redevelopment. Current concept
plans propose four twin-home style townhouses (eight units total) on the combined properties.
The homes are proposed to be affordable to households at 80% AMI or lower.
To continue working with GMHC and move forward on redevelopment options, the EDA has
been asked to enter into a preliminary development agreement (PDA) with GMHC. The purpose
of the PDA is to formalize the parties’ respective responsibilities relative to further defining the
Minnetonka Blvd redevelopment project consistent with the parties’ mutual objectives.
Financial or budget considerations: The precise purchase price of the EDA parcels and the
amount of financial assistance necessary to bring the proposed Minnetonka Boulevard
redevelopment to fruition will require further discussion with the development team once the
project’s components are fully defined. It’s anticipated that implementation of the proposed
redevelopment plans for the Minnetonka Blvd site will require some form of financial
assistance.
Strategic priority consideration: St. Louis Park is committed to providing a broad range of
housing and neighborhood oriented development.
Supporting documents: Discussion
Proposed PDA available by contacting Community Development staff
Prepared by: Julie Grove, economic development specialist
Reviewed by: Greg Hunt, economic development coordinator
Karen Barton, community development director
Approved by: Tom Harmening, city manager/EDA executive director
Study session meeting of June 28, 2021 (Item No. 7) Page 2
Title: Minnetonka Boulevard redevelopment update
Discussion
Background: Over the last several years the EDA, has purchased four single-family homes
located at 5639, 5643, 5647 and 5707 Minnetonka Boulevard (see map below). These
properties are located on the south side of Minnetonka Boulevard between a 60-unit
apartment building to the east and a church to the west. All four properties are zoned R-4
multi-family residential and guided RM-Medium Density Residential, which permit up to 30
housing units per acre.
Acquisition of these properties began in May 2018 and were completed by the spring 2020.
Assembling these properties created the opportunity to pursue development of non-traditional,
owner-occupied, affordable housing on the site. Staff is currently working with Greater
Metropolitan Housing Corporation (GMHC) to determine redevelopment options for the
subject parcels. GMHC is a non-profit dedicated to helping families secure ownership of
affordable homes and has experience with infill affordable housing developments. GMHC is also
partnering with Homes within Reach (formerly called West Hennepin Affordable Housing Land
Trust -WHAHLT) to develop a land trust for the future homes which will ensure long-term
affordability.
As shown in the concept plan below, GMHC is proposing to consolidate the lots and construct
four twin-homes for a total of eight units. Each home is proposed to have a front porch facing
Minnetonka Boulevard and garage access off an alley in the rear. The homes would have three
to four bedrooms with affordability levels of between 60-80% of area median income (AMI).
Such a plan would provide diverse housing options that would blend into the existing
neighborhood, expand home ownership and wealth building opportunities, and promote
resident stability.
On July 15, 2021, GMHC will be applying to MN Housing for financing for the proposed
development through the Consolidated Request for Proposal (RFP). Site control is a
requirement of this application. As such, GMHC has requested the EDA enter into a preliminary
development agreement (PDA) between the EDA and GMHC. The PDA will allow both parties to
work cooperatively together toward a mutually acceptable medium density development plan
as well as purchase and redevelopment contract for the site. The PDA would also provide
GMHC with formal permission to access the site to conduct its due diligence. In addition, the
proposed agreement provides guidance on applying for land use and zoning changes as well as
financial assistance. During the term of the PDA, GMHC would be provided with exclusive rights
to negotiate acquisition of the subject properties from the EDA. The PDA would terminate if: (1)
the EDA has not approved a purchase and redevelopment contract with GMHC by June 30,
2022, or (2) by mutual written agreement of the parties or a determination by either party that
negotiations have reached an impasse. A draft of the proposed Preliminary Development
Agreement is attached for review.
Next steps: Provided the EDA is supportive, the proposed Preliminary Development Agreement
will be brought to the EDA for formal consideration on July 6, 2021. Staff will continue to work
with GMHC and Homes within Reach on redevelopment plans for this site.
Study session meeting of June 28, 2021 (Item No. 7) Page 3
Title: Minnetonka Boulevard redevelopment update
Location map of Minnetonka Boulevard redevelopment site
Concept plan of Minnetonka Boulevard redevelopment site
Minnetonka Blvd
Meeting: Study session
Meeting date: June 28, 2021
Written report: 8
Executive summary
Title: Update on anti-idling research and recommendations
Recommended action: No action is required at this time.
Policy consideration: None at this time. Please inform staff of any questions you might have.
Summary: Idling refers to running a vehicle’s gasoline or diesel-powered engine when the
vehicle is not in motion. Idling has numerous negative impacts, including air pollution, carbon
emissions, and a heightened risk of vehicle theft. In March 2020, concerned residents and
Councilmember Kraft attended an Environment and Sustainability Commission (ESC) meeting to
ask the ESC about researching anti-idling and presenting recommendations for ways to limit
idling to council. The research was tabled for a year due to COVID-19.
At the March 9, 2021 council study session, Councilmembers Kraft and Rog presented a study
session topic proposal on Vehicle Idling, which included a request for staff and the ESC to work
on the issue jointly. Staff presented on the topic at the April ESC meeting, and the ESC
expressed support for reducing idling in St. Louis Park through a few different means.
Staff proposes to draft a report detailing the various options for reducing idling in St. Louis Park
(including regulation through ordinance, resolution statement, internal fleet policy, a public
education campaign, and any combination thereof) with the advantages and disadvantages of
each, circulate it for internal review, then bring it to the ESC for feedback at their July 14
meeting. Once the ESC has reviewed and revised the report, staff plans to present it to council
at a study session in August to receive direction on next steps.
Financial or budget considerations: None at this time.
Strategic priority consideration: St. Louis Park is committed to continue to lead in
environmental stewardship.
Supporting documents: None
Prepared by: Emily Ziring, sustainability manager
Reviewed by: Brian Hoffman, director of building and energy
Approved by: Tom Harmening, city manager