HomeMy WebLinkAbout25-063 - ADMIN Resolution - City Council - 2025/06/16Resolution No. 25-063
Approving 2024 calendar year financial transfers to/out other funds
Whereas, the city approved the following permanent interfund transfers for
calendar year 2024 as shown in Exhibit A;
•General fund transfers in $10,067.22 out from the housing rehabilitation fund
•General fund transfers in $35,647.22 out from the EDA development fund
•General fund transfers in $4,028,713.89 out from the city’s COVID fund related to
2024 ARPA expenditures and transferring interest earned from the COVID fund to
the General fund. Transfer will zero out the COVID fund
•General fund transfers in $2,435,424.41 out from the city’s enterprise funds,
$763,937.32 water fund, $261,741.54 solid waste fund, $383,564.79 storm water
fund, and $1,026,180.76 sewer for general overhead services
•Housing rehabilitation fund transfers in $718,564.00 out from the affordable
housing trust fund
•Development EDA transfers in $68,653.59 out from Redevelopment District
(Highway 7 Business TIF district sub-fund)
•Debt Service (Bridgewalk HIA debt service sub-fund) transfers in $287,402.50 out
from housing rehabilitation fund to cover debt service expenditures
•Debt Service (2019C taxable GO HIA refunding debt service sub-fund) transfers in
$292,535.00 out from housing rehabilitation fund to cover debt service expenditures
•Debt Service (2012A taxable GO HIA debt service sub-fund) transfers in $90,008.44
out from housing rehabilitation fund to cover debt service expenditures
•Debt Service (2008B general obligation tax increment debt service sub-fund)
transfers in $583,681.26 out from Redevelopment District (Duke West End TIF sub-
fund) to cover debt service expenditures
•Capital (West 36th St / Woodale rehab street capital sub-fund) transfers in
$1,626,066.60 from Redevelopment District (Elmwood Village TIF district sub-fund)
related to capital expenditures
•Internal Service Fund (Municipal buildings & Infrastructure fund) transfers in
$850,000 out from the General fund
•Internal Service Fund (Employee Benefits fund) transfers in $365,530.85 out from
the city’s general fund related to personal expenditures
•Internal Service Fund (Vehicle & Equipment) transfers in $616,536.18 out from the
General fund
•Internal Service Fund (Technology) transfers in $701,347.00 out from the General
fund
•Special Service District (SSD #1 sub-fund) transfers in $28,700.00 from the General
fund
•Affordable housing trust fund transfers in $2,212,131.00 from following
Redevelopment Districts related to allowable transfers out of TIF to AHTF in 2024,
Docusign Envelope ID: 1539CFE5-641E-4FAF-B878-50C98ECEB49B
$475,000 4900 Excelsior TIF District, $600,000 CSM TIF District, $630,000 Mill City
TIF District, $275,000.00 from Wolfe Lake TIF District, $232,131.00 Aquila Commons
TIF District
•Transfer between Debt Service sub-funds: 2010C general obligation refunding debt
service fund transfers in $5,345.03 out from general obligation bond reserve debt
service fund to cover debt service expenditures
•Transfer between Capital sub-funds: capital sub-fund restructuring occurred in 2024
to align sub-fund with funding source to allow better tracking of revenue and
expenditures. Transfer in $667,185.61 in the Sidewalk Capital sub-fund from the
following $583,522.88 MSA sub-fund (f.ka. 2023 MSA sub-fund), $6,704 Franchise
Fees sub-fund (f.k.a Pavement Management), $76,958.38 2024A GO Capital sub-
fund. Transfer in $282,275.47 in the Street Capital sub-fund from the Sidewalk sub-
fund. Transfer in $2,052,980.00 in the Street Capital sub-fund from the Franchise
Fees sub-fund. Transfer in the 2024 MSA fund in the amount of $187,169.36 from
the MSA Fund. Capital sub-fund transfers will result in the closing of the Sidewalk
sub-fund for better sub-funds that align with the capital funding. Also, 2024 MSA
sub-fund is combining with 2023 MSA sub-fund to create the MSA sub-fund.
Now therefore be it resolved by the City of St. Louis Park City Council that the 2024
calendar year financial transfers in/out be approved for the completion of the city’s annual
audit and annual comprehensive financial report for December 31, 2024.
Reviewed for administration: Adopted by the city council June 16, 2025:
Kim Keller, city manager Nadia Mohamed, mayor
Attest:
Melissa Kennedy, city clerk
Docusign Envelope ID: 1539CFE5-641E-4FAF-B878-50C98ECEB49B
Fund
General Housing
Rehabilitation
EDA ‐
Development Debt Service Capital
Internal
Service Funds ‐
Municipal
Buildings &
Infrastructure
Internal
Service Funds ‐
Health Benefit
Internal Service
Funds ‐ Vehicle &
Equipment
Internal Service
Funds ‐ Technology
Nonmajor
Governmental ‐
Special Service
District 1
Nonmajor
Governmental ‐
AHTF
Totals
Transfers out:
General ‐ ‐ ‐ ‐ ‐ 850,000 365,531 616,536 701,347 28,700 ‐ 2,562,114
Housing Rehabilitation 10,067 ‐ ‐ 669,946 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 680,013
Redevelopment District ‐ ‐ 68,654 583,681 1,626,067 ‐ ‐ ‐ ‐ ‐ 2,212,131 4,490,532
EDA ‐ Development 35,647 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 35,647
COVID Fund 4,028,714 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4,028,714
Nonmajor Governmental ‐ AHT ‐ 718,564 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 718,564
Water 763,937 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 763,937
Sewer 1,026,181 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1,026,181
Storm Water 383,565 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 383,565
Solid Waste 261,742 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 261,742
Total transfers in 6,509,853 718,564 68,654 1,253,627 1,626,067 850,000 365,531 616,536 701,347 28,700 2,212,131 14,951,009
Transfer Out Between Sub‐Funds:
Capital 3,189,610 3,189,610
Debt Service 5,345 5,345
Total (In/Out)18,145,965
CITY OF ST. LOUIS PARK, MINNESOTA
Final 2024 Calendar Year Transfers
December 31st, 2024
Transfers in
Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to a debt service
fund in accordance with bond documents, (3) move funds in accordance with the City’s adopted capital improvement plan to support project costs, and (4) use unrestricted revenues collected in the General Fund to finance various
programs accounted for in other funds in accordance with City policy.
Docusign Envelope ID: 1539CFE5-641E-4FAF-B878-50C98ECEB49B