HomeMy WebLinkAbout2024/08/14 - ADMIN - Agenda Packets - Housing Authority - RegularMISSION STATEMENT
The Housing Authority develops, integrates, and operates housing and housing assistance policies and
programs to ensure the availability of safe, affordable, and desirable housing options that meet the diverse,
lifecycle housing needs of all the residents of St. Louis Park.
AGENDA
Housing Authority, St. Louis Park, Minnesota
Wednesday, August 14, 2024, 5 p.m.
City Hall, Westwood Room, 3rd floor
1.Roll Call
2.Approval of Minutes for July 2024
3.Hearings: none
4.Presentation
a.Fiscal Year 2023 Audit Presentation
5.Unfinished Business
a.None
6.New Business
a.None
7.Communications from Executive Director
a.Claims Lists: July
b.Financials: June
c.Communications: Next meeting September 11, 2024
8.Other:
9.Adjournment
Auxiliary Aides for those with disabilities are available upon request. To make arrangements please call the Housing
Authority office at 952-924-2579 (TDD 952-924-2668) at least 96 hours in advance of meeting.
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MINUTES
St. Louis Park Housing Authority
St Louis Park, MN
Wednesday, July 10, 2024 5 p.m.
MEMBERS PRESENT: Commissioner Catherine Courtney, Commissioner Paul Beck,
Commissioner Reynold Burrowes, Commissioner Thom Miller, Commissioner Richard Webb
STAFF PRESENT: Karen Barton, Marney Olson, Angela Nelson, Nicole Randall
PRESENTER: Dan Walsh, Vice President, Trellis Co.
1.Call to Order – The meeting was called to order at 5:01 p.m.
2.Approval of Minutes – Minutes for the May 8, 2024 board meeting were reviewed.
Motion to approve was made by Commissioner Webb and seconded by Commissioner
Miller. Motion passed 5-0.
3.Hearings – None.
4.Presentation – None.
5.Unfinished Business – None
6.New Business
a.Election of Officers: Annually, the housing authority board must elect the Chair, Vice-
Chair and Secretary to serve on the board. A roster of officers was put forth including
Thom Miller as Chair, Paul Beck as Vice Chair and Reynold Burrowes as Secretary.
Motion to approve was made by commissioner Webb and seconded by Commissioner
Miller. Motion passed 5-0.
b.Staff recommended the Housing Authority (HA) Board authorize the assignment of the
current agreement with Perspectives, Inc. to Trellis Co. for Housing Choice voucher
project based assistance. The current owner, Prospectives Inc., has filed for Chapter 11
bankruptcy and is required to sell the property. Commissioner Courtney clarified that
this is an assignment of the current agreement with Perspectives and not a new
agreement with Trellis. The Prospectives property currently has 22 project based
vouchers (PBV) located in five buildings at Louisiana Court.
Mr. Walsh presented an introduction to Trellis, Co. It was founded in 1991 and is a non-
profit developer/owner focused on multi-family affordable housing with more than
4,000 units in 51 properties mostly in the metro area.
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Primary goals:
•Preserving rent assistance and supportive housing by continuing to serve the
existing target population, single mothers with disabilities and about 130
children.
•Continuing to offer comprehensive supportive services. Hennepin County is
assigning their existing service contracts to Missions Inc. which will have about
five full-time equivalent staff at the property.
•Continuing deep affordability by keeping the same rent and income restrictions.
About 40% of the units are at 30% AMI and the remaining are at 50% AMI.
•Applying for comprehensive renovation funding with the Minnesota Housing
Finance Agency and Hennepin County since the buildings have not been
renovated in decades. The estimate for the renovation is about $7 million to
address building performance, replace building systems, add new unit amenities,
a community room and a new office building to house Mission staff.
•They have Section 8/PBVs in their portfolio of properties.
Following Mr. Walsh’s presentation commissioners asked questions of Mr. Walsh and
staff.
Responding to Commissioner Courtney’s question, Mr. Walsh explained that Trellis Co. is
the owner/developer and has six staff. Full-time administrative and maintenance staff
will be provided by Trellis Management which has about 200 staff. The president of
Trellis is also the president of Trellis Management. In addition, Trellis Co. is partnering
with Missions, Inc. to provide supportive services.
Mr. Walsh explained there are two declarations that run with the land requiring any
owner to lease to households at 50% AMI for all 56 units on the land. Ms. Randall
clarified that the 22 PBV units are under a contract between HA and Perspectives until
the end of September 2025. The board will need to consider the renewal of this PBV
contract soon because if the contract is not renewed, tenants would need to receive a
12-month notice in September 2024. Mr. Walsh said they will be requesting the longest
possible renewal that the HA would offer.
Responding to Commissioner Miller’s question, Mr. Walsh stated the Perspectives
building at Republic Avenue and Walker Street was not considered for purchase because
it is not located near the apartments and the location was set up for other programs like
childcare.
Responding to Commissioner Burrowes’ question, Mr. Walsh said BBC was acquired by
Trellis 3-4 years ago and the name was changed to Trellis. Commissioner Burrowes
raised questions regarding online negative reviews of Trellis Management until just a
few months ago. Mr. Walsh offered to have management company representatives
come to a future board meeting to address any concerns before the contract renewal.
Ms. Olson noted that with issues specifically related to maintenance, the city has a
comprehensive rental licensing inspection program and conducts inspections every two
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years and also responds to complaints as needed. Ms. Barton stated that if staff had
concerns about the management company, the assignment would not have been
presented.
In response to Commissioner Burrowes question, Mr. Walsh said there currently is not a
skilled nurse at the property. Trellis will not be adding new services so they will not be
adding a skilled nurse at the property.
Ms. Olson explained that staff intentionally did not bring the PBV contract renewal at
the same time as this resolution for the contract assignment. Before the end of
September, the board will be asked to consider the renewal of the PBV contract.
Attorneys and staff for Hennepin County, Minnesota Housing, and the Family Housing
Fund have been doing due diligence to assign loans to Trellis for this property. The City
of St. Louis Park also has a CDGB loan with Perspectives that will be assigned to Trellis.
Motion to approve was made by Commissioner Webb and seconded by Commissioner
Miller. Motion passed 5-0.
Ms. Randall explained the HA would have immediately issued tenant based vouchers to
PBV residents if there was no owner/management company. Ms. Barton confirmed
there was one other offer on the property. The bidder was looking to remove the
underlying requirements for affordability, rehab the property and raise rents to market-
rate. The bankruptcy court could have removed the deed restrictions for affordability.
Trellis purchasing the property will continue to provide much needed affordable housing
and supportive services in St. Louis Park.
7. Communications
a. Claims Lists: April, May, June 2024
b. Financials May 2024
c. Amy Morris has taken a position with the St. Paul HA and the position is posted.
8. Other
9. Adjournment
Commissioner Webb moved to adjourn the meeting and Commissioner Burrowes seconded.
The motion passed 5-0. The meeting was adjourned at 6:00 p.m.
Respectfully submitted,
________________________
Reynold Burrowes, Secretary
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HOUSING AUTHORITY OF ST. LOUIS PARK Agenda Item 4a
St. Louis Park, Minnesota
Meeting Date: August 14, 2024
TITLE: Financial audit for fiscal year (FY) ended December 31, 2023
RECOMMENDED ACTION: No action is required by the board. The purpose of the report is to provide
the board with the results of an independent audit conducted to review the housing authority’s (HA)
financial statements for FY ended December 31, 2023.
POLICY CONSIDERATION: None
SUMMARY: Each year, the housing authority is required to have an independent audit conducted to
review its financial information. Attached are the audited financial statements and communications
letter for the FY ended December 31, 2023. RedPath and Company, certified public accountants,
conducted the audit in accordance with U.S. generally accepted auditing standards.
Overall, the housing authority is in a solid financial position to meet its outstanding obligations and
continue to operate into the reasonably foreseeable future. For FY ended 2023, the auditor issues
several reports as follows:
•Opinion regarding the fair presentation of the financial statements: The auditor’s plan and
perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement and presented in accordance with Accounting Standards. The
result is a “clean” or unmodified opinion issued on the 2023 financial statements.
•Report on internal controls: The auditor’s report on internal controls including one finding over
financial reporting. The material misstatement was related to a purchase in December 2023 that
was paid for and recorded in 2024 but should have been recorded in 2023. The HA is in the
process of transitioning to a new software system and updating internal controls with this new
system to ensure there are no additional issues in the future.
•Report on Minnesota legal compliance: No findings of noncompliance.
•Report on compliance with federal programs: No items of compliance noted. No questioned
costs identified.
Rebecca Peterson, Director of Audit and Accounting Services at RedPath and Company will present the
audit results to the Board and address any questions or concerns.
NEXT STEPS: The REAC attestation report will be submitted to HUD by September 30, 2024.
Attachment: Audit governance letter
2023 annual audit financial report
Prepared By: Marney Olson, housing supervisor
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400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 www.redpathcpas.com
COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE
To the Board of Commissioners
St. Louis Park Housing Authority
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 St. Louis Park
Housing Authority for the year ended December 31, 2023. Professional standards require that we
provide you with information about our responsibilities under generally accepted auditing
standards, Government Auditing Standards and the Uniform Guidance, 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 26, 2024. 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 St. Louis Park Housing Authority 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 2023. We noted no transactions entered into by St.
Louis Park Housing Authority 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 financial statements are the:
The allocation of payroll expenses between funds
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.
The financial statement disclosures are neutral, consistent, and clear.
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St. Louis Park Housing Authority
Communication With Those Charged With Governance
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Difficulties Encountered in Performing the Audit
We encountered no 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 on the
financial statements. The uncorrected misstatements or the matters underlying them could potentially
cause future period financial statements to be materially misstated, even though, in our judgment,
such uncorrected misstatements are immaterial to the financial statements under audit. The
adjustment identified in item 2023-001 is a material misstatement detected as a result of audit
procedures and was corrected by management.
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.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated August 7, 2024.
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 St. Louis Park Housing Authority’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 St. Louis Park Housing
Authority’s auditors. However, these discussions occurred in the normal course of our professional
relationship and our responses were not a condition to our retention.
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St. Louis Park Housing Authority
Communication With Those Charged With Governance
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Other Matters
We applied certain limited procedures to the management’s discussion and analysis, which is
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 Statements and Schedules and the Schedule of
Expenditures of Federal Awards, 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
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 were not engaged to report on the introductory section, which accompanies the financial
statements but is not RSI. Such information has not been subjected to 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.
Other Reports
Various reports on compliance and internal controls are contained in the Single Audit and Other
Required Reports section of the audited financial statement document.
Restriction on Use
This information is intended solely for the information and use of the Board of Management and
management of St. Louis Park Housing Authority and is not intended to be, and should not be, used
by anyone other than these specified parties.
REDPATH AND COMPANY, LLC
St. Paul, Minnesota
August 7, 2024
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ST. LOUIS PARK HOUSING AUTHORITY
ANNUAL FINANCIAL REPORT
For the Year Ended December 31, 2023
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ST. LOUIS PARK HOUSING AUTHORITY
TABLE OF CONTENTS
Page
Reference No.
Board of Commissioners and Administration 3
Independent Auditor's Report 7
Management's Discussion and Analysis 11
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position Statement 1 21
Statement of Activities Statement 2 22
Fund Financial Statements:
Balance Sheet - Governmental Funds Statement 3 24
Statement of Revenues, Expenditures and Changes in Fund Balance -
Governmental Funds Statement 4 25
Statement of Net Position - Proprietary Funds Statement 5 26
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds Statement 6 27
Statement of Cash Flows - Proprietary Funds Statement 7 28
Notes to Financial Statements 29
Combining Fund Statements and Schedules:
Combining Statement of Net Position - Nonmajor Proprietary Funds Statement 8 42
Combining Statement of Revenues, Expenses and Changes in Fund Net Position -
Nonmajor Proprietary Funds Statement 9 43
Combining Statement of Cash Flows - Nonmajor Proprietary Funds Statement 10 44
Schedule of Modernization Costs Schedule 1 45
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 49
Minnesota Legal Compliance Report 51
Independent Auditor's Report on Compliance For Each Major Program and on Internal Control over
Compliance required by the Uniform Guidance 53
Schedule of Expenditures of Federal Awards 57
Schedule of Findings and Questioned Costs 59
Summary Schedule of Prior Year Audit Findings 61
INTRODUCTORY SECTION
FINANCIAL SECTION
SINGLE AUDIT AND OTHER REQUIRED REPORTS
SUPPLEMENTARY INFORMATION
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INTRODUCTORY SECTION
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ST. LOUIS PARK HOUSING AUTHORITY
BOARD OF COMMISSIONERS AND ADMINISTRATION
December 31, 2023
Elected Officials Position Term Expires
Catherine Courtney Chairperson May 31, 2026
Richard Webb Commissioner May 31, 2023* term extended
Reynold Burrowes Commissioner May 31, 2027
Thom Miller Vice Chairperson May 31, 2024* term extended
Paul Beck Secretary .May 31, 2025
Administration
Karen Barton Executive Director
* City code and state statute allow members to serve beyond their term until a successor is appointed. The terms
of these commissioners have been extended
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FINANCIAL SECTION
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400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 www.redpathcpas.com
INDEPENDENT AUDITOR'S REPORT
To the Board of Commissioners
St. Louis Park Housing Authority
St. Louis Park, Minnesota
Report on the Audit of the Financial Statements
Opinions
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 St.
Louis Park Housing Authority, as of and for the year ended December 31, 2023, and the related
notes to the financial statements, which collectively comprise St. Louis Park Housing Authority's
basic financial statements as listed in the table of contents.
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 St. Louis Park Housing Authority,
as of December 31, 2023, 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.
Basis for Opinions
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. Our responsibilities
under those standards are further described in the Auditor's Responsibilities for the Audit of the
Financial Statements section of our report. We are required to be independent of St. Louis Park
Housing Authority and to meet our other ethical responsibilities, in accordance with the relevant
ethical requirements relating to our audit. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinions
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Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and
for 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.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about St. Louis
Park Housing Authority’s ability to continue as a going concern for twelve months beyond the
financial statement date, including any currently known information that may raise substantial
doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but
is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance
with generally accepted auditing standards and Government Auditing Standards will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in
the aggregate, they would influence the judgment made by a reasonable user based on the
financial statements.
In performing an audit in accordance with generally accepted auditing standards and
Governmental Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the
audit.
Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit 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 St. Louis Park Housing Authority 's internal
control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
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Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about St. Louis Park Housing Authority 's ability to
continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, as listed in the table of contents, be presented to
supplement the basic financial statements. Such information is the responsibility of management
and, 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.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise St. Louis Park Housing Authority’s basic financial statements. The
accompanying combining fund statements and schedules and schedule of expenditures of federal
awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, are
presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The 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 fund statements and schedules, and the
schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to
the basic financial statements as a whole.
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Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory section but does not include the basic financial
statements and our auditor’s report thereon. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the
other information and consider whether a material inconsistency exists between the other
information and the basic financial statements, or the other information otherwise appears to be
materially misstated. If, based on the work performed, we conclude that an uncorrected material
misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
August 7, 2024, on our consideration of St. Louis Park Housing Authority’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 St. Louis Park
Housing Authority'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 St. Louis Park Housing Authority’s internal control over financial reporting and
compliance.
REDPATH AND COMPANY, LLC
St. Paul, Minnesota
August 7, 2024
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THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
As management of the St. Louis Park Housing Authority (“the Authority”), we offer readers of the
Authority’s financial statements this narrative overview and analysis of the financial activities of the
Authority for the fiscal year ended December 31, 2023.
FINANCIAL AND DEVELOPMENT HIGHLIGHTS
The assets of the Authority exceeded liabilities at the close of the most recent fiscal year by $4,753,476.
Of this amount, $1,872,773 of unrestricted net position may be used to meet the Authority’s ongoing
obligations.
The Authority’s total net position increased by $107,035, which is due to Public Housing rent revenue
and operating subsidy and increased interest earned.
As of the close of the current fiscal year, the business-type activities of the Authority reported an ending
net position of $4,093,052 of which $36,067 is restricted for housing vouchers, $1,224,784 is
unrestricted, and $2,832,201 is the net investment in capital assets. The governmental activities of the
Authority reported an ending net position of $660,424, of which $647,989 is unrestricted and $12,435 is
restricted.
OVERVIEW OF THE FINANCIAL STATEMENTS
The management’s discussion and analysis (MD&A) is intended to serve as an introduction to the
Authority’s basic financial statements. The Authority’s basic financial statements are comprised of
three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes
to the financial statements. This report also contains supplementary information in addition to the basic
financial statements themselves.
Government-Wide Financial Statements – The government-wide financial statements are designed to
provide readers with a broad overview of the Authority’s finances in a manner similar to a private-sector
business.
The Statement of Net Position presents information on all of the Authority’s assets and liabilities, 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 Authority is improving
or deteriorating.
The Statement of Activities presents information showing how the Authority’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 this statement for some items that will not result in cash flows until future
periods (e.g. earned but unused flex leave).
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THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
Both of the government-wide financial statements distinguish functions of the Authority that are
principally supported by interest 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 Authority include only the governmental activity of
general government. The business-type activities of the Authority are rental properties that are either
directly owned by the Authority or owned privately. Those which are owned privately have a contract
with the Authority to provide low income housing.
The government-wide financial statements can be found on pages 21-23 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 Authority, like other
state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements. All funds of the Authority 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 balances of spendable resources available at
the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financial 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 Authority’s near-term financial
decisions. Both the governmental funds Balance Sheet and governmental funds Statement of Revenues,
Expenditures and Changes in Fund Balances provide a reconciliation to facilitate this comparison
between governmental funds and governmental activities.
The Authority maintains one governmental fund. Information is presented separately in the
governmental fund Balance Sheet and in the governmental fund Statement of Revenues, Expenditures
and Changes in Fund Balances for the General Fund, which is considered to be a major fund.
The basic governmental fund financial statements can be found on pages 24-25 of this report.
Proprietary Funds – The Authority maintains one type of proprietary fund, enterprise. Enterprise
funds are used to report the same functions presented as business-type activities in the government-wide
financial statements. The Authority uses enterprise funds to account for its Public Housing, Housing
Vouchers, Stable Home, Resident Opportunity and Self-Sufficiency (ROSS), Family Self-Sufficiency
(FSS), and Kids in the Park Programs.
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 Public
Housing, Housing Vouchers, Stable Home, ROSS, FSS, and Kids in the Park Programs. The Public
Housing, Housing Vouchers, and Stable Home Programs are considered major funds. The basic
proprietary fund financial statements can be found on pages 26-28 of this report.
12 28
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
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 can be found on pages 29-39 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indictor of a government’s financial
position. In the case of the Authority, the net position was $4,753,476 at the close of the most recent
fiscal year. The largest portion of the Authority’s net position $2,832,201, or 59.6%, reflects its
investment in capital assets (e.g. land, buildings, and equipment). These capital assets are not available
for future spending. Unrestricted net position of $1,872,773, or 39.4%, may be used to meet the
Authority’s ongoing obligations. Total restricted net position of $48,502, or 1.1%, consists of $12,435
for the Louisiana Court Project and $36,067 for housing vouchers.
At the end of the fiscal year, the Authority was able to report positive balances in both categories of net
position, both for the Authority as a whole, as well for its separate governmental and business-type
activities.
Net Position
2023 2022 2023 2022 2023 2022
Current and Other Assets $729,770 $691,280 $1,774,152 $1,834,697 $2,503,922 $2,525,977
Capital and Noncurrent Assets - - 3,087,203 3,096,673 3,087,203 3,096,673
Total Assets $729,770 $691,280 $4,861,355 $4,931,370 $5,591,125 $5,622,650
Current Liabilities $69,346 $48,200 $414,527 $584,012 $483,873 $632,212
Long-Term Liabilities - - 353,776 343,997 353,776 343,997
Total Liabilities 69,346 48,200 768,303 928,009 837,649 976,209
Net Position:
Invested in Capital Assets
Net of Related Debt - - 2,832,201 2,841,671 2,832,201 2,841,671
Restricted 12,435 11,840 36,067 79,044 48,502 90,884
Unrestricted 647,989 631,240 1,224,784 1,082,646 1,872,773 1,713,886
Total Net Position 660,424 643,080 4,093,052 4,003,361 4,753,476 4,646,441
Total Liabilities and Net
Position $729,770 $691,280 $4,861,355 $4,931,370 $5,591,125 $5,622,650
Governmental Business-Type
Activities Activities Total
13 29
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
Change in Net Position
2023 2022 2023 2022 2023 2022
REVENUES:
Program Revenues:
Charges for Services $ - $ - $951,507 $884,915 $951,507 $884,915
Operating Grants and Contributions 596 180 5,170,608 4,862,027 5,171,204 4,862,207
Capital Grants and Contributions - - 374,164 235,534 374,164 235,534
General Revenues:
Investment Earnings 19,756 423 17,584 5,086 37,340 5,509
Total Revenues 20,352 603 6,513,863 5,987,562 6,534,215 5,988,165
EXPENSES:
General Government 3,008 2,202 - - 3,008 2,202
Public Housing - - 1,715,558 1,539,125 1,715,558 1,539,125
Housing Vouchers - - 4,023,445 3,715,298 4,023,445 3,715,298
FSS Program - - 60,268 47,480 60,268 47,480
ROSS Program - - 80,080 80,251 80,080 80,251
Stable Home - - 313,767 295,995 313,767 295,995
Kids in the Park - - 231,054 133,979 231,054 133,979
Total Expenses 3,008 2,202 6,424,172 5,812,128 6,427,180 5,814,330
Change in Net Position 17,344 (1,599) 89,691 175,434 107,035 173,835
Net Position - January 1 643,080 644,679 4,003,361 3,827,927 4,646,441 4,472,606
Net Position - December 31 $660,424 $643,080 $4,093,052 $4,003,361 $4,753,476 $4,646,441
Activities Activities Total
Governmental Business-Type
Governmental Activities
Governmental activities increased the Authority’s net position by $17,344. This increase is a result of
increased investment earnings.
Business-Type Activities
Business-type activities increased net position by $89,691. The increase was primarily due to an
increase in Public Housing rental revenue and HUD operating subsidy.
14 30
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
Expenses and Program Revenues – Business-Type Activities
$1,780,061
$4,019,912
$321,071
$1,715,558
$4,023,445
$313,767
$(400,000)
$100,000
$600,000
$1,100,000
$1,600,000
$2,100,000
$2,600,000
$3,100,000
$3,600,000
$4,100,000
Public Housing Housing Vouchers Stable Home
Revenue Expense
$59,940
$80,080
$235,215
$60,268
$80,080
$231,054
$-
$50,000
$100,000
$150,000
$200,000
$250,000
FSS Program ROSS Kids in the Park
Revenue Expense
15 31
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
Revenues by Source – Business-Type Activities
Charges for Services
15%
Operating Grants and
Contributions
79%
Capital Grants and
Contributions
6%
Expenses by Source – Business-Type Activities
Public Housing
27%
Housing Vouchers
63%
FSS Program
1%
ROSS
1%
Stable Home
5%
Kids in the Park
3%
16 32
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS
Governmental Funds – The focus of the Authority’s governmental funds is to provide
information on near-term inflows, outflows and balances of spendable resources. Such
information is useful in assessing the Authority’s financing 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 fiscal year.
At the end of the current fiscal year, the Authority’s governmental fund reported an ending
fund balance of $660,424, of which $647,989 is unrestricted and $12,435 is restricted.
Proprietary Funds – The Authority’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 current fiscal year, the Authority’s proprietary funds reported combined net
position of $4,093,052. Of this total, 69.2%, or 2,832,201, was invested in capital assets, 0.9%, or
$36,067, was restricted for housing vouchers, and 29.9%, or $1,224,784, was unrestricted.
The Public Housing Program receives grants from HUD for subsidizing operations, purchasing
of certain equipment, and dwelling and non-dwelling improvements. If a grant is for capital
expenses and all funds are spent, it is closed and the capital improvements are transferred and
capitalized into the Public Housing Fund. In addition, the grant may be used to supplement
operations of the Public Housing Fund. This year, the Public Housing Program experienced a
increase in net position of $79,227. This is attributed to increased rent revenue and operating
subsidy.
The Housing Vouchers Program had a decrease in net position of $673. This attributed to an
increase in payment standards.
The Stable Home Program had an increase in net position of $7,304 for the fiscal year. This
attributed to an increase in program participation and increased admin fees.
The Resident Opportunity and Self-Sufficiency Program had a $0 change in net position.
The Family Self-Sufficiency Program had a decrease in net position of $328.
The Kids in the Park Program had an increase in net position of $4,161.
Budgetary Highlights
There were no modifications to any of the budgeted amounts in any program during the
fiscal year ending December 31, 2023.
17 33
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2023
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets – The Authority’s capital assets for its governmental and business-type
activities as of December 31, 2023, amounted to $3,087,203 (net of accumulated
depreciation). This investment in capital assets includes land, buildings, structures, furniture
and fixtures.
Capital purchases for the year were for building improvements totaling $296,916.
Depreciation on capital assets totaled $306,386 during the fiscal year.
Capital Assets (Net of Depreciation)
Percent
2023 2022 Change
Land $655,352 $655,352 0%
Land improvements 149,072 169,585 (12.1%)
Building 294,125 333,303 (11.8%)
Building improvements 1,970,450 1,916,631 3%
Equipment 18,204 21,802 (16.5%)
Total $3,087,203 $3,096,673 (0.3%)
Business-Type Activities
Requests for Information – This financial report is designed to provide a general overview of the
Authority’s finances for all those with an interest in the Authority’s finances. Questions concerning any
of the information provided in this report or requests for additional financial information should be
addressed to the City of St. Louis Park Housing Authority, Attention: Marney Olson – Housing
Supervisor, 5005 Minnetonka Blvd, St. Louis Park, Minnesota, 55416, or molson@stlouisparkmn.gov.
18 34
BASIC FINANCIAL STATEMENTS
19 35
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20 36
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF NET POSITION Statement 1
December 31, 2023
Governmental Business-Type
Assets: Activities Activities Total
Current assets:
Cash and cash equivalents $277,577 $1,004,219 $1,281,796
Restricted cash and cash equivalents - 62,480 62,480
Investments 354,661 372,110 726,771
Restricted investments 12,435 - 12,435
Accounts receivable - 43,520 43,520
Due from other governments - 222,823 222,823
Due from other funds (internal balances) 85,097 69,000 154,097
Total current assets 729,770 1,774,152 2,503,922
Noncurrent assets:
Capital assets not being depreciated:
Land - 655,352 655,352
Capital assets being depreciated:
Land improvements - 655,765 655,765
Buildings - 3,629,598 3,629,598
Building improvements - 10,660,407 10,660,407
Equipment - 93,328 93,328
Total cost 0 15,694,450 15,694,450
Less: accumulated depreciation - (12,607,247) (12,607,247)
Total noncurrent assets 0 3,087,203 3,087,203
Total assets $729,770 $4,861,355 $5,591,125
Liabilities:
Accounts payable $346 $94,164 $94,510
Tenant security deposits - 47,392 47,392
Salaries and benefits payable - 97,978 97,978
Due to other governments - 45,537 45,537
Due to other funds (internal balances) 69,000 85,097 154,097
FSS escrow liability:
Payable after one year - 62,480 62,480
Compensated absences payable:
Payable within one year - 44,359 44,359
Payable after one year - 36,294 36,294
Long-term debt - 255,002 255,002
Total liabilities 69,346 768,303 837,649
Net position:
Net investment in capital assets - 2,832,201 2,832,201
Restricted for other purposes:
Housing vouchers - 36,067 36,067
Other projects 12,435 - 12,435
Unrestricted 647,989 1,224,784 1,872,773
Total net position 660,424 4,093,052 4,753,476
Total liabilities and net position $729,770 $4,861,355 $5,591,125
The accompanying notes are an integral part of these financial statements.
21 37
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2023
Functions/Programs Expenses
Governmental activities:
General government $3,008
Business-type activities:
Public housing 1,715,558
Housing vouchers 4,023,445
FSS program 60,268
ROSS program 80,080
Stable home 313,767
Kids in the park 231,054
Total business-type activities 6,424,172
Total governmental and business-type activities $6,427,180
The accompanying notes are an integral part of these financial statements.
22 38
Statement 2
Operating Capital
Charges For Grants and Grants and Governmental Business-Type
Services Contributions Contributions Activities Activities Totals
$ - $596 $ - ($2,412)$ - ($2,412)
951,507 454,390 374,164 - 64,503 64,503
- 4,019,912 - - (3,533)(3,533)
- 59,940 - - (328)(328)
- 80,080 - - - -
- 321,071 - - 7,304 7,304
- 235,215 - - 4,161 4,161
951,507 5,170,608 374,164 0 72,107 72,107
$951,507 $5,171,204 $374,164 (2,412)72,107 69,695
General revenues:
Unrestricted investment earnings 19,756 17,584 37,340
Change in net position 17,344 89,691 107,035
Net position - January 1 643,080 4,003,361 4,646,441
Net position - December 31 $660,424 $4,093,052 $4,753,476
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
Primary Government
The accompanying notes are an integral part of these financial statements.
23 39
ST. LOUIS PARK HOUSING AUTHORITY
BALANCE SHEET Statement 3
GOVERNMENTAL FUNDS
December 31, 2023
General Fund
(30)
Assets:
Cash and cash equivalents $277,577
Investments 354,661
Due from other funds 85,097
Restricted assets:
Investments 12,435
Total assets $729,770
Liabilities and Fund Balance
Liabilities:
Accounts payable $346
Due to other funds 69,000
Total liabilities 69,346
Fund balance:
Restricted 12,435
Unassigned 647,989
Total fund balance 660,424
Total liabilities and fund balance $729,770
Note: No reconciling items for the statement of net position.
The accompanying notes are an integral part of these financial statements.
24 40
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF REVENUES, EXPENDITURES AND Statement 4
CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2023
General Fund
(30)
Revenues:
Miscellaneous:
Interest revenue - unrestricted $19,756
Interest revenue - restricted 596
Total revenues 20,352
Expenditures:
Current:
General government 3,008
Net change in fund balance 17,344
Fund balance - January 1 643,080
Fund balance - December 31 $660,424
Note: No reconciling items for the statement of activities.
The accompanying notes are an integral part of these financial statements.
25 41
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF NET POSITION Statement 5
PROPRIETARY FUNDS
December 31, 2023
Public Housing
(10, 11)
Housing
Vouchers (20)
Stable Home
(25)
Other Nonmajor
Proprietary Funds Total
Assets
Current assets:
Cash and cash equivalents $737,498 $213,589 $34,488 $18,644 $1,004,219
Restricted cash and cash equivalents 26,413 36,067 - - 62,480
Investments 312,407 59,703 - - 372,110
Accounts receivable 43,520 - - - 43,520
Due from other funds 67,097 1,903 - - 69,000
Due from other governments 50,938 102,443 40,117 29,325 222,823
Total current assets 1,237,873 413,705 74,605 47,969 1,774,152
Noncurrent assets:
Capital assets:
Land 655,352 - - - 655,352
Land improvements 655,765 - - - 655,765
Buildings 3,629,598 - - - 3,629,598
Building improvements 10,660,407 - - - 10,660,407
Equipment 93,328 - - - 93,328
Total capital assets 15,694,450 0 0 0 15,694,450
Less: accumulated depreciation (12,607,247) - - - (12,607,247)
Total noncurrent assets 3,087,203 0 0 0 3,087,203
Total assets $4,325,076 $413,705 $74,605 $47,969 $4,861,355
Liabilities
Current liabilities:
Accounts payable $85,575 $1,078 $145 $7,366 $94,164
Tenant security deposits 47,392 - - - 47,392
Salaries and benefits payable 68,406 25,539 2,846 1,187 97,978
Due to other funds - - 56,306 28,791 85,097
Due to other governments 41,684 3,853 - - 45,537
Compensated absences payable 36,979 5,777 1,143 460 44,359
Total current liabilities 280,036 36,247 60,440 37,804 414,527
Noncurrent liabilities:
FSS escrow liability 26,413 36,067 - - 62,480
Compensated absences payable 30,256 4,727 935 376 36,294
Long-term debt 255,002 - - - 255,002
Total noncurrent liabilities 311,671 40,794 935 376 353,776
Total liabilities 591,707 77,041 61,375 38,180 768,303
Net position
Net investment in capital assets 2,832,201 - - - 2,832,201
Restricted - 36,067 - - 36,067
Unrestricted 901,168 300,597 13,230 9,789 1,224,784
Total net position 3,733,369 336,664 13,230 9,789 4,093,052
Total liabilities and net position $4,325,076 $413,705 $74,605 $47,969 $4,861,355
The accompanying notes are an integral part of these financial statements.
26 42
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF REVENUES, EXPENSES AND Statement 6
CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For The Year Ended December 31, 2023
Public Housing
(10, 11)
Housing
Vouchers (20)
Stable Home
(25)
Other Nonmajor
Proprietary Funds Total
Operating revenues:
HUD PHA operating grants $454,390 $3,842,896 $ - $80,080 $4,377,366
Rental income 922,402 - - - 922,402
Program income - - 321,071 295,155 616,226
Portability income - 177,016 - - 177,016
Other 29,105 - - - 29,105
Total operating revenues 1,405,897 4,019,912 321,071 375,235 6,122,115
Operating expenses:
Administrative expenses 462,237 266,783 26,548 33,647 789,215
Tenant services - - - 337,755 337,755
Utility 229,789 - - - 229,789
Depreciation 306,386 - - - 306,386
Maintenance and operations 534,575 8,835 - - 543,410
General expense 182,571 89,499 - - 272,070
Housing assistance portability payments - 158,449 - - 158,449
Housing assistance - 3,499,879 287,219 - 3,787,098
Total operating expenses 1,715,558 4,023,445 313,767 371,402 6,424,172
Operating income (loss)(309,661) (3,533) 7,304 3,833 (302,057)
Nonoperating revenues:
Investment income 14,724 2,860 - - 17,584
Income (loss) before contributions (294,937)(673) 7,304 3,833 (284,473)
Contributions:
HUD Capital Grant - capital contributions 374,164 - - - 374,164
Change in net position 79,227 (673) 7,304 3,833 89,691
Net position - January 1 3,654,142 337,337 5,926 5,956 4,003,361
Net position - December 31 $3,733,369 $336,664 $13,230 $9,789 $4,093,052
The accompanying notes are an integral part of these financial statements.
27 43
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF CASH FLOWS Statement 7
PROPRIETARY FUNDS
For The Year Ended December 31, 2023
Public Housing
(10, 11)
Housing
Vouchers (20)
Stable Home
(25)
Other Nonmajor
Proprietary Funds Total
Cash flows - operating activities:
Receipts from customers and users $1,349,672 $3,966,748 $315,659 $401,138 $6,033,217
Payments to suppliers (784,111) (3,705,490) (287,344) (345,566) (5,122,511)
Payments to employees (684,917) (266,373) (33,989) (27,903) (1,013,182)
Net cash flows - operating activities (119,356) (5,115) (5,674) 27,669 (102,476)
Cash flows - noncapital financing activities:
Due to/from other funds (16,118) (22,069) 4,976 (17,553) (50,764)
Cash flows - capital and related financing activities:
Proceeds from HUD - capital funds 374,164 - - - 374,164
Purchase of capital asset (296,916) - - - (296,916)
Net cash flows - capital and related
financial activities 77,248 0 0 0 77,248
Cash flows - investing activities:
Net change in investments (14,967) (2,860) - - (17,827)
Interest and dividends received 14,724 2,860 - - 17,584
Net cash flows - investing activities (243) 0 0 0 (243)
Net change in cash and cash equivalents (58,469) (27,184) (698) 10,116 (76,235)
Cash and cash equivalents - January 1 795,967 240,773 35,186 8,528 1,080,454
Cash and cash equivalents - December 31 $737,498 $213,589 $34,488 $18,644 $1,004,219
Reconciliation of operating loss to net cash
flows - operating activities:
Operating income (loss) ($309,661) ($3,533) $7,304 $3,833 ($302,057)
Adjustments to reconcile operating income (loss)
to net cash flows - operating activities:
Depreciation expense 306,386 - - - 306,386
Change in:
Accounts receivable (5,287) 4,718 - - (569)
Due from other governments (50,938) (13,135) (5,412) 25,903 (43,582)
Accounts payable 55,774 (22,623) (125) 269 33,295
Tenant security deposits 2,482 - - - 2,482
Due to other governments 6,686 2,126 - - 8,812
Salaries and benefits payable (129,720) (44,747) (7,427) (2,393) (184,287)
Compensated absences payable 4,922 410 (14) 57 5,375
FSS escrow liability - 71,669 - - 71,669
Total adjustments 190,305 (1,582) (12,978) 23,836 199,581
Net cash flows - operating activities ($119,356) ($5,115) ($5,674) $27,669 ($102,476)
The accompanying notes are an integral part of these financial statements.
28 44
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. REPORTING ENTITY
The St. Louis Park Housing Authority (the “Authority”) operates as a special purpose government unit for
the purpose of providing housing and redevelopment services to the St. Louis Park, Minnesota, area. The
governing body consists of a five member Board of Commissioners appointed by the Mayor of St. Louis
Park and approved by the City Council to serve five-year terms.
The accounting policies of the Authority conform to accounting principles generally accepted in the United
States of America.
The financial statements present the Authority and its component units. The Authority includes all funds,
account groups, organizations, institutions, agencies, departments and offices that are not legally separate
from such. Component units are legally separate organizations for which the officials of the Authority are
financially accountable and are included within the basic financial statements of the Authority because of
the significance of their operational or financial relationships with the Authority.
The Authority is considered financially accountable for a component unit if it appoints a voting majority of
the organization's governing body and it is able to impose its will on the organization by significantly
influencing the programs, projects, activities or level of services performed or provided by the organization
or there is a potential for the organization to provide specific financial benefits to or impose specific
financial burdens on, the Authority.
As a result of applying the component unit definition criteria above, the Authority has no component units.
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 Authority. 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
segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. 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 segment
and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Other items not properly included among program revenues are reported
instead as general revenues. Internally dedicated resources are reported as general revenues rather than as
program 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. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by
the provider have been met.
29 45
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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
Authority considers revenues to be available if they are collected within 30 days of the end of the current
period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
However, expenditures related to compensated absences and claims and judgments, are recorded only when
payment is due.
Description of Funds:
Major governmental funds:
General Fund - This Fund is the general operating fund of the Authority. It accounts for all financial
resources of the general Authority, except those required to be accounted for in another fund.
Major proprietary funds:
Public Housing Program - This Fund accounts for the receipts and disbursements of the Program for
eligible participants within the Authority.
Housing Vouchers Program - This Fund accounts for the receipts and disbursements of the Program
for eligible participants within the Authority.
Stable Home Program – This Fund accounts for the receipts and disbursements of the Program for
eligible participants within the Authority.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements.
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
Public Housing and Housing Voucher Funds are rental income and contributions from HUD. Operating
expenses for enterprise funds include the cost of services, administrative expenses and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues
and expenses.
When both restricted and unrestricted resources are available for use, it is the Authority’s practice to use
restricted resources first, then unrestricted resources as they are needed. When committed, assigned or
unassigned resources are available for use, it is the Authority’s policy to first use committed resources, then
assigned and then unassigned resources as they are needed.
D. ASSETS, LIABILITIES, NET POSITION OR FUND BALANCE
1. Encumbrances
Encumbrances represent outstanding purchase orders and unfulfilled commitments that are issued to
outside vendors and budgeted in the current year but do not include amounts that are set up as liabilities,
amounts for personal services to be performed by Authority employees and purchase orders applicable to
the subsequent years’ budget.
As of December 31, 2023, no outstanding encumbrances existed.
30 46
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
2. Budget
The Authority does not adopt a budget for the General Fund as it is not legally required to do so.
3. Deposits and Investments
The Authority’s cash and cash equivalents are considered to be cash on hand, demand deposits and highly
liquid debt instruments purchased with original maturities of three months or less from the date of
acquisition. Investments are stated at fair value.
Minnesota Statutes authorize the Authority to invest in obligations of the U.S. Treasury, agencies and
instrumentalities, shares of investment companies whose only investments are in the aforementioned
securities, obligations of the State of Minnesota or its municipalities, bankers’ acceptances, future
contracts, repurchase and reverse repurchase agreements and commercial paper of the highest quality with
a maturity of no longer than 270 days and in the Minnesota Municipal Investment Pool.
The Authority has an investment policy in place that addresses the following risks:
Custodial Credit Risk - Deposits: This is the risk that in the event of a bank failure, the Authority’s deposits
may not be returned to them. Minnesota Statutes requires all deposits be protected by federal depository
insurance, corporate surety bonds or collateral. The market value of collateral pledged must equal 110% of
the deposits not covered by Federal Deposit Insurance Corporation (FDIC) insurance or corporate surety
bonds. The Authority's investment policy states there will be full protection in the form of a bond or
collateral, for all deposits in excess of amounts insured by the FDIC and that bond or collateral shall be at
least 10% more than the amount of the excess deposits with the financial institution.
Interest Rate Risk: This is the risk that market values of securities in a portfolio would decrease due to
changes in market interest rates. The investment policy states the Authority will limit its maximum final
stated maturities to five years unless specific authority is given by the Board of Commissioners.
Credit Risk: This is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. Minnesota Statutes 118A.04 and 118A.05 limit investments that are in the top two ratings
issued by nationally recognized statistical rating organizations. The Authority’s investment policy limits its
investments to those allowed by state statutes.
Concentration of Credit Risk: This is the risk of loss attributed to the magnitude of an investment in a
single issuer. The Authority's investment policy states the investments will be diversified by security type
and institution.
Custodial Credit Risk- Investments: This is the risk that in the event of the failure of the counterparty, the
Authority will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. The investment policy of the Authority states the investment broker must
provide asset protection of $500,000 through the Securities Investor Protection Corporation (SIPC) and at
least another $2,000,000 supplemental insurance protection.
4. 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 recorded as an
expenditure at the time of consumption.
31 47
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
5. Capital Assets
Capital assets, which include property, plant and equipment assets, are reported in the business-type
activities column in the government-wide financial statements. Capital assets are defined by the Authority
as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two
years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at estimated fair market value at the date of donation.
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.
Property, plant and equipment is depreciated using the straight-line method over the following estimated
useful lives:
Buildings 40 years
Land improvements 15-20 years
Building improvements 15-20 years
Equipment 3-10 years
6. Unearned Revenue
Unearned revenue represents housing rent and government grants received prior to the period for which it
is applicable or expended.
7. 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 - These are amounts that cannot be spent because they are not in spendable form, such
as prepaid items and inventories.
Restricted - These are amounts that are restricted to specific purposes either by a) constraints placed on
the use of resources by creditors, grantors, contributors, or laws or regulations of other governments or
b) imposed by law through enabling legislation.
Committed - These are amounts comprised of unrestricted funds that can only be used for specific
purposes pursuant to constraints imposed by formal action of the Board of Commissioners (highest
level of decision making authority) through resolution and that remain binding unless removed by the
Board of Commissioners by subsequent formal action.
Assigned - These are amounts that are constrained by the Authority’s intent to be used for specific
purposes but are neither restricted nor committed. Assignments are made by the Authority’s Executive
Director based on the Board of Commissioner’s direction.
Unassigned - These are residual amounts in the General Fund not reported in any other classification.
At December 31, 2023, the Authority did not have a formally approved minimum fund balance policy.
32 48
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
8. Compensated Absences
The Authority compensates retiring employees for their earned time based on the number of years of
service at the current rate of pay.
The following is a summary of the business-type compensated absence amounts earned, used, converted or
forfeited.
01/01/23 12/31/2023 Due in
Balance Additions Deletions Balance One Year
Compensated absences $75,278 $87,914 $82,539 $80,653 $44,359
9. Interfund Receivables/Payables
The following is a summary of the interfund receivable/payable balances as of December 31, 2023:
Receivable Payable
General Fund $85,097 $69,000
Public Housing Fund 67,097 -
Housing Vouchers Fund 1,903 -
Stable Home Fund - 56,306
Nonmajor Proprietary Funds - 28,791
Total $154,097 $154,097
The interfund receivable/payables represent common costs shared by the Authority’s funds.
10. Net Position
Net position represents the difference between assets and liabilities in the government-wide financial
statements. Net investment in capital assets consists of capital assets, net of accumulated depreciation,
reduced by the outstanding balance of any long-term debt used to build or acquire the capital assets. Net
position is reported as restricted in the government-wide financial statements when there are limitations on
their use through external restrictions imposed by creditors, grantors or laws or regulations of other
governments.
11. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Estimates also affect the reported amounts of revenue and expenditures/expense during the
reporting period. Actual results could differ from those estimates.
33 49
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
12. Due from Other Governments
The following is a summary of amounts due from other governments at December 31, 2023:
Due from HUD:
ROSS $7,221
Section 8 - HAP 75,752
Section 8 - HAP Mainstream 278
Capital grant 50,938
Due from Other - Section 8 Portability 26,413
Due from Hennepin County, Minnesota 40,117
Due from City of St. Louis Park, Minnesota 22,104
$222,823
Due from HUD amounts are for program costs earned but not received.
Note 2 DEPOSITS AND INVESTMENTS
A. DEPOSITS
Custodial Credit Risk: As of December 31, 2023, the Authority’s bank balances were not exposed to
custodial credit risk because they were insured and fully collateralized with securities held by the pledging
financial institution's trust department or agent and in the Authority's name. The Authority’s deposits at
December 31, 2023 were comprised of the following:
General fund checking $277,577
Public Housing checking 737,398
Housing Vouchers checking 213,589
Stable Home checking 34,488
Kids in the Park checking 18,644
Public Housing - restricted 26,413
Housing Vouchers - restricted 36,067
Total deposits $1,344,176
34 50
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
B. INVESTMENTS
As of December 31, 2023, the Authority had the following investments and maturities:
Investment Maturities (in Years)
Fair Less
Investment Type Rating Value Than 1 1-5
Money market mutual funds NR $542,759 $542,759 $ -
Brokered certificates of deposit NR 196,447 99,039 97,408
Total $739,206 $641,798 $97,408
Total investments $739,206
Deposits 1,344,176
Petty cash 100
Total cash and investments $2,083,482
Deposits and investments are presented in the December 31, 2023 basic financial statements as follows:
Statement of net position:
Governmental activities:
Cash and cash equivalents $277,577
Investments 354,661
Restricted investments 12,435
Business-type activities:
Cash and cash equivalents 1,004,219
Restricted cash and cash equivalents 62,480
Investments 372,110
Total deposits and investments $2,083,482
The Authority 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
prices in active markets for identical assets. Level 2 investments are valued using inputs that are based on
quoted prices for similar assets or inputs that are observable, either directly or indirectly. Level 3 investments
are valued using inputs that are unobservable.
35 51
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
The Authority has the following recurring fair value measurements as of December 31, 2023:
Fair Value Measurement Using
Investment Type 12/31/2023 Level 1 Level 2 Level 3
Investments at fair value:
Brokered certificates of deposit $196,447 $ - $196,447 $ -
Subtotal 196,447 $0 $196,447 $0
Investments not categorized:
Money market mutual funds 542,759
Total investments $739,206
Note 3 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2023 was as follows:
Beginning Ending
Balance Increase Decrease Balance
Business-type activities:
Capital assets, not being depreciated:
Land $655,352 $ - $ - $655,352
Total capital assets, not being depreciated 655,352 0 0
655,352
Capital assets, being depreciated:
Land improvements 655,765 - - 655,765
Buildings 3,629,598 - - 3,629,598
Building improvements 10,363,491 296,916 - 10,660,407
Equipment 93,328 - - 93,328
Total capital assets, being depreciated 14,742,182 296,916 0 15,039,098
Less accumulated depreciation for:
Land improvements 486,180 20,513 - 506,693
Buildings 3,296,295 39,178 - 3,335,473
Building improvements 8,446,860 243,097 - 8,689,957
Equipment 71,526 3,598 - 75,124
Total accumulated depreciation 12,300,861 306,386 0 12,607,247
Total capital assets being depreciated - net 2,441,321 (9,470) 0 2,431,851
Business-type activities capital assets - net $3,096,673 ($9,470) $0 $3,087,203
36 52
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Depreciation expense was charged to functions/programs of the Authority as follows:
Business-type activities:
Public housing $306,386
Note 4 LONG-TERM DEBT
In March 2016, the Authority entered into an agreement with the Minnesota Housing Finance Agency (MHFA),
where MHFA would provide funds in the form of an interest free deferred loan for a term of twenty years. There is
no amortization requirement on the loan. If the Authority continues to own and operate the property in accordance
with the provisions of their agreement with MHFA, the loan will be forgiven on March 23, 2036. As of December
31, 2023, the balance of the loan was $255,002.
Note 5 FUND BALANCE/NET POSITION
Fund balance or net position is the residual or “net” position of a given fund. Fund balance is what is left over when
the total liabilities of a fund are deducted from its total assets. Governmental funds refer to a fund's net assets as
fund balance. The government-wide Statement of Net Position and the Authority's proprietary fund financial
statements refer to a fund's residual assets as net position. The Authority's governmental fund balance is divided into
two categories: restricted and unassigned. As of December 31, 2023, $12,435 of fund balance consists of the balance
of restricted investments and is considered restricted fund balance in the General Fund. The remainder of the
Authority’s General Fund balance of $647,989 is unassigned. The government-wide Statement of Net Position and
the proprietary fund financial statements divided net position into the following components: net investment in
capital assets, restricted net position and unrestricted net position. Restricted net position is required to be reported
when external parties mandate their restriction. The Housing Vouchers fund has $36,067 of net position restricted
for housing vouchers.
Note 6 COMMITMENTS CONTRACTS & CONTINGENCIES
The Authority participates in a number of federally assisted grant programs. These programs are subject to program
compliance audits by the grantors or their representatives. The amount of expenditures, if any, which may be
disallowed by the granting agencies, cannot be determined at this time although the Authority expects such amounts,
if any, to be insignificant.
Note 7 SEGMENT INFORMATION FOR PROPRIETARY FUNDS
The Authority maintains Public Housing, Housing Vouchers, FSS, ROSS, Stable Home and Kids in the Park
Proprietary Funds, which account for activities of providing housing and other assistance to qualified individuals.
37 53
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Segment information as of and for the year ended December 31, 2023 is as follows:
Public Housing Stable ROSS FSS Kids in the
Housing Vouchers Home Program Program Park
Assets:
Current assets $1,237,873 $413,705 $74,605 $7,221 $ - $40,748
Capital assets 3,087,203 - - - - -
Total assets 4,325,076 413,705 74,605 7,221 0 40,748
Liabilities:
Current liabilities 280,036 36,247 60,440 7,221 - 30,583
Long-term liabilities 311,671 40,794 935 - - 376
Total liabilities 591,707 77,041 61,375 7,221 0 30,959
Net position:
Net investment in capital assets 2,832,201 - - - - -
Restricted - 36,067 - - - -
Unrestricted 901,168 300,597 13,230 - - 9,789
Total net position 3,733,369 336,664 13,230 0 0 9,789
Total liabilities and net position $4,325,076 $413,705 $74,605 $7,221 $0 $40,748
Public Housing Stable ROSS FSS Kids in the
Housing Vouchers Home Program Program Park
Operating revenues:
Charges for services $1,405,897 $4,019,912 $ - $80,080 $ - $ -
Program income - - 321,071 - 59,940 235,215
Total operating revenues 1,405,897 4,019,912 321,071 80,080 59,940 235,215
Operating expenses 1,409,172 4,023,445 313,767 80,080 60,268 231,054
Depreciation 306,386 - - - - -
Total operating expenses 1,715,558 4,023,445 313,767 80,080 60,268 231,054
Operating income (loss) (309,661) (3,533) 7,304 0 (328) 4,161
Nonoperating items:
Investment income 14,724 2,860 - - - -
Capital contributions 374,164 - - - - -
Net nonoperating items 388,888 2,860 0 0 0 0
Change in net position 79,227 (673) 7,304 - (328) 4,161
Net position, beginning 3,654,142 337,337 5,926 - 328 5,628
Net position, ending $3,733,369 $336,664 $13,230 $0 $0 $9,789
Net cash provided (used) by:
Operating activities ($119,356) ($5,115) ($5,674) $ - $3,304 $24,365
Noncapital financing activities (16,118) (22,069) 4,976 - (3,304) (14,249)
Capital and related financing activities 77,248 - - - - -
Investing activities (243) - - - - -
Cash and cash equivalents:
Beginning 795,967 240,773 35,186 - - 8,528
Ending $737,498 $213,589 $34,488 $0 $0 $18,644
38 54
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 8 RISK MANAGEMENT
The Authority purchases commercial insurance coverage through an insurance carrier, which is a public entity risk
pool currently operating as a common risk management and insurance program. The Authority pays an annual
premium for its insurance coverage. The Authority is covered through the pool for any claims incurred but
unreported, however, retains risk for the deductible portion of its insurance policies. The amount of these
deductibles is considered immaterial to the financial statements.
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.
The Authority’s workers' compensation insurance policy is retrospectively rated. With this type of policy, final
premiums are determined after loss experience is known. The amount of premium adjustment for 2023 was
estimated to be immaterial based on workers' compensation rates and salaries for the year.
As of December 31, 2023, there were no other claims liabilities reported in the fund based on the requirements of
GASB Statement No. 10, which requires a liability for claims to be reported if information prior to the issuance of
the financial statements indicates it is probable a liability has been incurred at the date of the financial statements
and the amount of the loss can be reasonably estimated.
Note 9 RECENTLY ISSUED ACCOUNTING STANDARDS
The Governmental Accounting Standards Board (GASB) recently approved the following statements which were
not implemented for these financial statements:
Statement No. 99 Omnibus 2022. The provisions of this Statement contain multiple effective dates, the
first being for reporting periods beginning after June 15, 2023.
Statement No. 100 Accounting Changes and Error Corrections - an amendment of GASB Statement No.
62. The provisions of this Statement are effective for reporting periods beginning after June 15, 2023.
Statement No. 101 Compensated Absences. The provisions of this Statement are effective for reporting
periods beginning after December 15, 2023.
Statement No. 102 Certain Risk Disclosures. The provisions of this Statement are effective for reporting
periods beginning after June 15, 2024.
Statement No. 103 Financial Reporting Model Improvements. The provisions of this Statement are effective
for reporting periods beginning after June 15, 2025.
The effect these standards may have on future financial statements is not determinable at this time.
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SUPPLEMENTARY INFORMATION
41 57
ST. LOUIS PARK HOUSING AUTHORITY
COMBINING STATEMENT OF NET POSITION Statement 8
NONMAJOR PROPRIETARY FUNDS
December 31, 2023
ROSS Fund
(50)
FSS Program
(22)
Kids in the Park
(27)Total
Assets
Current assets:
Cash and cash equivalents $ - $ - $18,644 $18,644
Due from other governments 7,221 - 22,104 29,325
Total assets $7,221 $0 $40,748 $47,969
Current liabilities:
Accounts payable $7,221 $ - $145 $7,366
Salaries and benefits payable - - 1,187 1,187
Due to other funds - - 28,791 28,791
Compensated absences - - 460 460
Total current liabilities 7,221 - 30,583 37,804
Noncurrent liabilities:
Compensated absences - - 376 376
Total liabilities 7,221 0 30,959 38,180
Net position:
Unrestricted - - 9,789 9,789
Total liabilities and net position $7,221 $0 $40,748 $47,969
Liabilities and Net Position
42 58
ST. LOUIS PARK HOUSING AUTHORITY
COMBINING STATEMENT OF REVENUES, EXPENSES AND Statement 9
CHANGES IN FUND NET POSITION
NONMAJOR PROPRIETARY FUNDS
For The Year Ended December 31, 2023
ROSS Fund
(50)
FSS Program
(22)
Kids in the
Park (27) Total
Operating revenues:
HUD PHA operating grants $80,080 $ - $ - $80,080
Program income - 59,940 235,215 295,155
Total operating revenues 80,080 59,940 235,215 375,235
Operating expenses:
Administrative expenses 8,080 - 25,567 33,647
Tenant services 72,000 60,268 205,487 337,755
Total operating expenses 80,080 60,268 231,054 371,402
Change in net position - (328) 4,161 3,833
Net position - January 1 - 328 5,628 5,956
Net position - December 31 $0 $0 $9,789 $9,789
43 59
ST. LOUIS PARK HOUSING AUTHORITY
COMBINING STATEMENT OF CASH FLOWS Statement 10
NONMAJOR PROPRIETARY FUNDS
For The Year Ended December 31, 2023
ROSS Fund
(50)
FSS Program
(22)
Kids in the
Park (27) Total
Cash flows - operating activities:
Receipts from customers and users $79,480 $63,778 $257,880 $401,138
Payments to suppliers (79,480) (60,474) (205,612) (345,566)
Payments to employees - - (27,903) (27,903)
Net cash flows - operating activities 0 3,304 24,365 27,669
Cash flows - noncapital financing activities:
Due to/from other funds - (3,304) (14,249) (17,553)
Net change in cash and cash equivalents 0 0 10,116 10,116
Cash and cash equivalents - January 1 - - 8,528 8,528
Cash and cash equivalents - December 31 $0 $0 $18,644 $18,644
Reconciliation of operating income (loss) to net cash
flows - operating activities:
Operating income (loss)$ - ($328) $4,161 $3,833
Adjustments to reconcile operating income (loss)
to net cash flows - operating activities:
Due from other governments (600) 3,838 22,665 25,903
Accounts payable 600 (206) (125)269
Salaries and benefits payable - - (2,393) (2,393)
Compensated absences payable - - 57 57
Total adjustments - 3,632 20,204 23,836
Net cash flows - operating activities $0 $3,304 $24,365 $27,669
44 60
ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF MODERNIZATION COSTS Schedule 1
December 31, 2023
Uncompleted
Capital Funding:
Funds Approved $282,739
Funds Expended $282,739
Funds Advanced -
Excess Funds Expended $282,739
Funds Remaining $0
Funds Approved $345,489
Funds Expended $192,850
Funds Advanced -
Excess Funds Expended $192,850
Funds Remaining $152,639
Funds Approved $353,822
Funds Expended $ -
Funds Advanced -
Excess Funds Expended $0
Funds Remaining $353,822
Federal fiscal year 2021
Federal fiscal year 2023
Federal fiscal year 2022
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SINGLE AUDIT AND OTHER REQUIRED REPORTS
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400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 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 Board of Commissioners
St. Louis Park Housing Authority
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 St. Louis Park Housing Authority, as of and for the
year ended December 31, 2023, and the related notes to the financial statements, which
collectively comprise the St. Louis Park Housing Authority’s basic financial statements, and
have issued our report thereon dated August 7, 2024.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the St. Louis
Park Housing Authority’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 St. Louis Park Housing Authority’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the St. Louis Park Housing
Authority’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.
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 and therefore, material weaknesses or significant
49 65
deficiencies may exist that were not identified. We identified a deficiency in internal control,
described in the accompanying schedule of findings and questioned costs as item 2023-001 that
we considered to be a material weakness.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the St. Louis Park Housing Authority’s
financial statements are free from 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 statements. 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.
The St. Louis Park Housing Authority’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the St.
Louis Park Housing Authority’s response to the findings identified in our audit and described in
the accompanying schedule of findings and questioned costs. The St. Louis Park Housing
Authority’s response was not subjected to the other auditing procedures applied in the audit of
the financial statements and, accordingly, we express no opinion on the response.
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 and compliance. Accordingly, this communication is not suitable for any other
purpose.
REDPATH AND COMPANY, LLC
St. Paul, Minnesota
August 7, 2024
50 66
400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 www.redpathcpas.com
MINNESOTA LEGAL COMPLIANCE REPORT
To the Board of Commissioners
St. Louis Park Housing Authority
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 St. Louis Park Housing Authority as of and for the year ended
December 31, 2023, and the related notes to the financial statements, which collectively
comprise the St. Louis Park Housing Authority’s basic financial statements, and have issued our
report thereon dated August 7, 2024.
In connection with our audit, nothing came to our attention that caused us to believe that the St.
Louis Park Housing Authority failed to comply with the provisions of the contracting – bid laws,
depositories of public funds and public investments, conflicts of interest, claims and
disbursements, and miscellaneous provisions sections of the Minnesota Legal Compliance Audit
Guide for Other Political Subdivisions, 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 performed
additional procedures, other matters may have come to our attention regarding the St. Louis Park
Housing Authority’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, LLC
St. Paul, Minnesota
August 7, 2024
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400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 www.redpathcpas.com
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR
PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE
UNIFORM GUIDANCE
To the Board of Commissioners
St. Louis Park Housing Authority
St. Louis Park, Minnesota
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the St. Louis Park Housing Authority’s compliance with the types of
compliance requirements identified as subject to audit in the OMB Compliance Supplement that
could have a direct and material effect on each of the St. Louis Park Housing Authority’s major
federal programs for the year ended December 31, 2023. The St. Louis Park Housing
Authority’s major federal programs are identified in the summary of auditor's results section of
the accompanying schedule of findings and questioned costs.
In our opinion, the St. Louis Park Housing Authority complied, in all material respects, with the
types of compliance requirements referred to above that could have a direct and material effect
on each of its major federal programs for the year ended December 31, 2023.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and the
audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Our responsibilities under those standards and the Uniform Guidance are further
described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the St. Louis Park Housing Authority and to meet our other
ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion on compliance for each major federal program. Our audit does not provide a
legal determination of the St. Louis Park Housing Authority’s compliance with the compliance
requirements referred to above.
53 69
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the
design, implementation, and maintenance of effective internal control over compliance with the
requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements
applicable to the St. Louis Park Housing Authority’s federal programs.
Auditor's Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with
the compliance requirements referred to above occurred, whether due to fraud or error, and
express an opinion on the St. Louis Park Housing Authority’s compliance based on our audit.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is
not a guarantee that an audit conducted in accordance with generally accepted auditing standards,
Government Auditing Standards, and the Uniform Guidance will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from
fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Noncompliance
with the compliance requirements referred to above is considered material if there is a substantial
likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about the St. Louis Park Housing Authority’s
compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government
Auditing Standards, and the Uniform Guidance, we:
• Exercise professional judgment and maintain professional skepticism throughout the
audit.
• Identify and assess the risks of material noncompliance, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the St. Louis Park Housing
Authority’s compliance with the compliance requirements referred to above and
performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the St. Louis Park Housing Authority’s internal control over
compliance relevant to the audit in order to design audit procedures that are appropriate
in the circumstances and to test and report on internal control over compliance in
accordance with the Uniform Guidance, but not for the purpose of expressing an opinion
on the effectiveness of the St. Louis Park Housing Authority’s internal control over
compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and any significant deficiencies and material
weaknesses in internal control over compliance that we identified during the audit.
54 70
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control
over compliance does not allow management or employees, in the normal course of performing
their assigned functions, to prevent, or detect and correct, noncompliance with a type of
compliance requirement of a federal program on a timely basis. A material weakness in internal
control over compliance is a deficiency, or a combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program will not be prevented, or detected and corrected, on
a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with a type of compliance
requirement of a federal program that is less severe than a material weakness in internal control
over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in
the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed
to identify all deficiencies in internal control over compliance that might be material weaknesses
or significant deficiencies in internal control over compliance. Given these limitations, during
our audit we did not identify any deficiencies in internal control over compliance that we
consider to be material weaknesses, as defined above. However, material weaknesses or
significant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of
internal control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of
our testing of internal control over compliance and the results of that testing based on the
requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other
purpose.
REDPATH AND COMPANY, LLC
St. Paul, Minnesota
August 7, 2024
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56 72
ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For The Year Ended December 31, 2023
Assistance Pass-Through Total
Listing Entity Identifying Federal Expenditures to
Federal Grantor/Pass-Through Grantor/Program Title Number Number Expenditures Subrecipients
U.S. Department of Housing and Urban Development:
Direct:
Housing Voucher Cluster:
Section 8 Housing Choice Vouchers 14.871 N/A $3,651,808 $ -
Mainstream Vouchers Program 14.879 N/A 213,188 -
Total Housing Voucher Cluster 3,864,996 -
Public and Indian Housing 14.850 N/A 454,390 -
Public Housing Capital Fund 14.872 N/A 354,165 -
Resident Opportunity and Supportive Services - Service Coordinators 14.870 N/A 80,080 -
Family Self-Sufficiency Program 14.896 N/A 59,940 -
Passed through Hennepin County, Minnesota:
Home Investment Partnerships Program 14.239 none 321,071 -
Total Expenditures of Federal Awards $5,134,642 $0
Notes to the schedule of expenditures of federal awards
Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the St. Louis
Park Housing Authority under programs of the federal government for the year ended December 31, 2023. The information in
this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Because the
Schedule presents only a selected portion of the operations of the St. Louis Park Housing Authority, it is not intended to and
does not present the financial position, changes in net position, or cash flows of the St. Louis Park Housing Authority.
Note 2. Summary of Significant Accounting Principles
a.) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
b.) The St. Louis Park Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Note 3. Section 8 Housing Choice Vouchers - Portability Vouchers
As part of its Section 8 Housing Choice Vouchers Program, the St. Louis Park Housing Authority administered portable
vouchers totaling $158,449 and related administration fees totaling $18,567 as the receiving public housing authority (PHA)
for various other initial PHAs throughout the United States. The St. Louis Park Housing Authority does not consider these
amounts received from the initial PHAs to be subrecipient payments, and therefore are excluded from the Section 8 Housing
Choice Vouchers Program amount above.
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58 74
ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2023
SECTION I - SUMMARY OF AUDITOR’S RESULTS
Financial Statements
A. Type of auditors’ report issued: Unmodified
B. Internal control over financial reporting:
Material weakness(es) identified? X Yes No
Significant deficiencies identified that are not
considered to be material weaknesses?
Yes X No
C. Noncompliance material to financial statements
noted?
Yes X No
Federal Awards
D. Internal control over major programs:
Material weakness(es) identified? Yes X No
Significant deficiencies identified that are not
considered to be material weaknesses?
Yes X No
E. Type of auditors’ report issued on compliance for
major programs:
Unmodified
F. Any other findings disclosed that are required to be
reported in accordance with 2 CFR section
200.516(a)?
Yes X No
G. Identification of major programs:
Name of Federal Program
Assistance Listing Number
Housing Voucher Cluster:
Section 8 Housing Choice Vouchers
Mainstream Vouchers Program
14.871
14.879
H. Dollar threshold used to distinguish between Type A
and Type B programs:
$750,000
I. Auditee qualified as a low-risk auditee X Yes No
59 75
ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2023
SECTION II – FINANCIAL STATEMENT FINDINGS
2023-001 Financial Statement Corrections
Criteria: Generally, a system of internal controls should allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect misstatements on a
timely basis.
Condition: Audit procedures detected a material misstatement in the St. Louis Park Housing
Authority’s year-end accruals, which was corrected by management:
Accounts payable, capital assets, due from other governments, and intergovernmental
revenue were adjusted by $50,398 to record the purchase of a generator that was recorded
in the incorrect year.
Cause: Unknown.
Effect: Inadequate controls over the financial closing process results in an increased risk that
financial statement misstatements may occur and not be detected on a timely basis.
Recommendation: We recommend staff review the year-end closing procedures for effectiveness
and continue efforts to identify and correct any misstatements.
Views of Responsible Officials and Planned Corrective Actions: The material misstatement was
related to a purchase in December 2023 that was paid and recorded in 2024 but should have been
recorded in 2023.
The Housing Authority is in the process of transitioning to a new software system and updating
internal controls with this new system. The HA will create a built in work flow for reviewing all
invoices and payments within the new software system including the posting month and year
prior to the approving the processing of payments. This new software system will be in place
before year end. The year-end closing procedure will require the finance/accounting technician
to enter the payables into the software system and select the correct posting month/year followed
by the review and approval of two HA staff including the housing supervisor to verify all
information including that the posting date matches the year the expense was incurred.
The new software will minimize manual entries currently required by our finance/accounting
technician and fee accountant to close-out year end which will reduce the potential for errors.
SECTION III – FEDERAL AWARD FINDINGS
No current year findings.
60 76
ST. LOUIS PARK HOUSING AUTHORITY
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
For the Year Ended December 31, 2023
FOLLOW-UP ON PRIOR YEAR FINDINGS
FINANCIAL STATEMENT FINDINGS
None.
FEDERAL AWARD FINDINGS
None.
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62 78
Date:08/08/2024 Agenda Item 7.a. Page 1H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
10
CENTERPOINT ENERGY30857 07/11/2024 $343.56RFT-706-10 006403010744-1 $202.0010-0-000-000-1122.000
XCEL ENERGY30867 07/11/2024 $231.00RFT-1203-7 51-0013967608-8$164.0010-0-000-000-1122.000
XCEL ENERGY07/11/2024 $231.00RFT-704-8 51-00107999792-1$67.0010-0-000-000-1122.000
30851 07/03/2024 $540.00062624Former Tenant - Sec De$40.0010-0-000-000-2114.000
30875 07/18/2024 $468.75071524Former Teneant SD & rent adj$250.0010-0-000-000-2114.000
30851 07/03/2024 $540.00062624Former Tenant - Sec De$500.0010-0-000-000-2114.099
30875 07/18/2024 $468.75071524Former Teneant SD & rent adj$13.7510-0-000-000-2114.099
City of St. Louis Park30869 07/18/2024 $66,458.6432378June 2024 Salary Reimbursement$45,931.8810-0-000-000-2135.000
30854 07/03/2024 $673.25070124FSS Final Payment - revised$673.2510-0-000-000-2180.000
30875 07/18/2024 $468.75071524Former Teneant SD & rent adj$205.0010-1-000-000-3110.000
City of St. Louis Park30858 07/11/2024 $2,208.5832370Computer & Rent - June 2024$615.1510-1-000-000-4160.000
City of St. Louis Park30859 07/11/2024 $347.8232297Phone & Ipad lines - May 2024$307.8110-1-000-000-4160.000
City of St. Louis Park30860 07/11/2024 $958.5832295Computer & Phone Charges - May 20$615.1510-1-000-000-4160.000
Hawkins Ash CPA's30862 07/11/2024 $1,630.003210804Accounting Services - month ending $642.5010-1-000-000-4170.000
City of St. Louis Park30858 07/11/2024 $2,208.5832370Computer & Rent - June 2024$770.0010-1-000-000-4180.000
City of St. Louis Park30861 07/11/2024 $1,250.0032296Rent - May 2024$770.0010-1-000-000-4180.000
MRI Software30863 07/11/2024 $496.00MRIUS2029991 HH - Application Reports$496.0010-1-000-000-4190.000
Dashboard Solution LLC30848 07/03/2024 $1,950.001020Consulting services 6/1/24-6/15/24$975.0010-1-000-000-4190.200
Dashboard Solution LLC30870 07/18/2024 $2,587.501026Consulting Services - 6/16-6/30$468.7510-1-000-000-4190.200
Dashboard Solution LLC07/18/2024 $2,587.501030Consulting services 7/1-7/15$825.0010-1-000-000-4190.200
CENTERPOINT ENERGY30857 07/11/2024 $343.565728878-9 6000 Minnetonka Blvd - Final Bill 4/$127.7010-1-000-000-4330.000
CENTERPOINT ENERGY07/11/2024 $343.5612149935-4 6707 Eliot View Rd - Final Bill 5/30/$13.8610-1-000-000-4330.000
CENTERPOINT ENERGY30868 07/18/2024 $23.525810517-2 4106 Randall Ave - 5/23/24-6/19/24$23.5210-1-000-000-4330.000
ASPEN WASTE SYSTEMS30847 07/03/2024 $2,004.34S1 328168-070124 HH - waste dispoal & recycling$2,004.3410-1-000-000-4391.000
HOME DEPOT CREDIT SERVICES30850 07/03/2024 $1,454.66071624HH & SS - bldg material & supplies$1,454.6610-1-000-000-4420.000
ALCO SERVICE & SUPPLY CO.30856 07/11/2024 $118.100620412HH - screens & supplies$118.1010-1-000-000-4420.000
SUNDBERG America30864 07/11/2024 $48.99309107288HH - replacement parts$48.9910-1-000-000-4420.000
SNYDER ELECTRIC CO30877 07/18/2024 $204.806910HH - hallway light repair$0.8010-1-000-000-4420.000
Guardian Property Maintenance30849 07/03/2024 $225.00061724HH #409 - water line burst in bathroo$225.0010-1-000-000-4430.000
MKC, Inc.30852 07/03/2024 $260.002024-6 HH - services for June 2024$260.0010-1-000-000-4430.000
WENZEL HEAT & AIR CONDITION, INC30866 07/11/2024 $1,880.000107938-IN SS - a/c preventative maintenance$1,880.0010-1-000-000-4430.100
Platinum Standard Elevator LLC30853 07/03/2024 $278.001791HH - July 2024 Monthly Maintenanc$278.0010-1-000-000-4430.300
Fernbrook Landscaping30873 07/18/2024 $22,110.0007012420 SS - lawn repair - 1st payment$22,110.0010-1-000-000-4430.400
New Horizon Tree Service30876 07/18/2024 $8,500.002271420 Maryland - remove tree & branc$500.0010-1-000-000-4430.400
New Horizon Tree Service07/18/2024 $8,500.00228SS - 4 - emergency tree removal$8,000.0010-1-000-000-4430.400
SNYDER ELECTRIC CO30877 07/18/2024 $204.806910HH - hallway light repair$204.0010-1-000-000-4430.600
JEFF'S SOS DRAIN & SEWER SER., INC. 30874 07/18/2024 $195.001057692917 Hillsboro - removed root from d$195.0010-1-000-000-4430.700
ADAMS PEST CONTROL30855 07/11/2024 $789.003962446HH - Bed Bud conventional service$789.0010-1-000-000-4430.800
ALL INC30846 07/03/2024 $965.00S1589335.001 4106 Randall Ave - install range & re$965.0010-1-000-000-7520.000
TOTAL $93,730.21
79
Date:08/08/2024 Page 2H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
11
EAGLE MECHANICAL LTD30872 07/18/2024 $54,450.0035325-35335 SS - 10 - replace a/c condenser & coil$54,450.0011-0-023-001-1460.000
TOTAL $54,450.00
80
Date:08/08/2024 Page 3H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
20
City of St. Louis Park30869 07/18/2024 $66,458.6432378June 2024 Salary Reimbursement$14,904.4320-1-000-002-2135.000
City of St. Louis Park07/18/2024 $66,458.64$1,918.3420-1-000-002-2135.000
David Ornstein30871 07/18/2024 $540.00877994 hearing$540.0020-1-000-002-4130.000
City of St. Louis Park30859 07/11/2024 $347.8232297Phone & Ipad lines - May 2024$40.0120-1-000-002-4160.000
Hawkins Ash CPA's30862 07/11/2024 $1,630.003210804Accounting Services - month ending $527.5020-1-000-002-4170.000
City of St. Louis Park30858 07/11/2024 $2,208.5832370Computer & Rent - June 2024$480.0020-1-000-002-4180.000
City of St. Louis Park30861 07/11/2024 $1,250.0032296Rent - May 2024$480.0020-1-000-002-4180.000
City of St. Louis Park30858 07/11/2024 $2,208.5832370Computer & Rent - June 2024$343.4320-1-000-002-4190.000
City of St. Louis Park30860 07/11/2024 $958.5832295Computer & Phone Charges - May 20$343.4320-1-000-002-4190.000
Dashboard Solution LLC30848 07/03/2024 $1,950.001020Consulting services 6/1/24-6/15/24$975.0020-1-000-002-4190.100
Dashboard Solution LLC30870 07/18/2024 $2,587.501026Consulting Services - 6/16-6/30$468.7520-1-000-002-4190.100
Dashboard Solution LLC07/18/2024 $2,587.501030Consulting services 7/1-7/15$825.0020-1-000-002-4190.100
TOTAL $21,845.89
81
Date:08/08/2024 Page 4H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
25
City of St. Louis Park30869 07/18/2024 $66,458.6432378June 2024 Salary Reimbursement$2,711.4025-1-000-000-2135.000
Hawkins Ash CPA's30862 07/11/2024 $1,630.003210804Accounting Services - month ending $150.0025-1-000-000-4170.000
TOTAL $2,861.40
82
Date:08/08/2024 Page 5H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
27
City of St. Louis Park30869 07/18/2024 $66,458.6432378June 2024 Salary Reimbursement$992.5927-1-000-000-2135.000
Hawkins Ash CPA's30862 07/11/2024 $1,630.003210804Accounting Services - month ending $150.0027-1-000-000-4170.000
TOTAL $1,142.59
83
Date:08/08/2024 Page 6H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
30
Hawkins Ash CPA's30862 07/11/2024 $1,630.003210804Accounting Services - month ending $160.0030-1-000-000-4170.000
TOTAL $160.00
84
Date:08/08/2024 Page 7H.M.S. Accounts Payable
11:41:55 AMTime:H:\HMS\REPORTS\APPAYGL.QRPPayment Detail Report
By GL Code
Payment Payment
General Ledger Account Account Amt Number Date Vendor Net Ck AmtDescriptionInv#
50
VAIL PLACE30865 07/11/2024 $6,620.83INV-0000539 HH - Admin Allocation & Ser Coor S$620.8350-1-000-000-4190.000
VAIL PLACE07/11/2024 $6,620.83$6,000.0050-1-000-000-4210.000
TOTAL $6,620.83
TOTAL:$180,810.92
DATE: APPROVED BY:
85
86
Agenda Item #7b
PTD YTD PTD YTD PTD YTD PTD YTD PTD YTD
Balance Balance Balance Balance Balance Balance Balance Balance Balance Balance
Rental Income
Subsidy 40,886 230,487 18,045 106,143
Other income 1,240 6,720 - 26,224 6,621 33,283
Grants/Admin Fees 4,143 24,572 1,550 8,400
45,029 255,058 20,835 121,263 - - - 26,224 6,621 33,283
Salaries 1,978 14,724 725 5,679 -
Benefits 733 5,206 268 2,020
Training
Other Admin 150 3,360 3,430 9,330 - 26,224 6,621 33,283
2,861 23,290 4,423 17,029 - - - 26,224 6,621 33,283
HAP Expense 40,886 230,487 18,045 106,143
HAP Port in - -
Depreciation - -
40,886 230,487 18,045 106,143
43,747 253,777 22,468 123,172 - - - 26,224 6,621 33,283
- -
1,282 1,282 (1,633) (1,909) 4,085 7,447 - - - -
Non Operating Revenue
NET INCOME/LOSS
General Expenses
Total General Exp.
TOTAL EXPENSES
REVENUES
TOTAL RECEIPTS
EXPENSES
Administrative
Total Admin Expenses
Stable Home KIP General Fund ROSS (FSS)ROSS
St Louis Park Housing Authority Income Statement
For the Period Ended
6/30/2024
BUDGET PROGRESS REPORT
87
Agenda Item #7b
PTD YTD YTD PTD YTD YTD
Balance Balance Budget Balance Balance Budget
Rental Income 84,496 494,322 455,000
Subsidy - HUD 43,739 203,394 219,000 342,580 2,099,048
Other income - Port In 7,230 67,752
Interest Income
Operating Transfers In
FSS Forfeiture - - - -
Other income 124 5,459 7,750 232 8,410
Grants/Admin Fees - - 35,918 216,045 184,250
128,359 703,175 681,750 385,960 2,391,255
Salaries 21,228 145,743 147,750 12,357 86,393 90,100
Benefits 6,753 45,014 44,300 4,466 30,026 30,400
Training - 4,310 7,500 - 6,915 10,000
Other Admin 15,245 53,909 40,750 24,424 76,054 47,540
43,226 248,976 240,300 41,246 199,388 178,040
Water 1,054 16,754 18,500
Electricity 5,405 29,002 42,500
Gas 1,276 20,290 22,500
Other Utility Expense 1,429 28,360 27,500
Garbage 3,968 15,164 12,000
13,133 109,570 123,000
Salaries 13,031 83,693 84,700
Benefits 4,920 30,779 30,800
Contract Costs 62,955 157,934 141,500
80,906 272,406 257,000
Insurance 5,020 24,918 24,263
Pmts In Lieu Of Tax 3,568 19,229 15,500
Misc Expenses - 7,579 18,000 7,867 54,305
Collection Losses - 4,672 1,000
Extraordinary Expenses - - -
FSS Escrow 2,501 10,644 12,500 4,051 20,150
Operating transfer - - -
HAP Expense - - - 387,227 2,153,685
HAP Port in - - - 7,230 67,752
11,089 67,043 71,262 406,375 2,295,892
Depreciation 25,532 153,193 -
173,886 851,187 447,621 2,495,281
1,206 7,908 260 1,563
(44,320) (140,105)(61,401) (102,463)
(18,788) 13,088
Public Housing Voucher
TOTAL RECEIPTS
EXPENSES
Administrative
St Louis Park Housing Authority Income Statement
For the Period Ended
6/30/2024
BUDGET PROGRESS REPORT
Non Operating Revenue
General Expenses
Total Admin Expenses
REVENUES
NET INCOME/LOSS Less Depreciation
Total General Exp.
TOTAL EXPENSES
NET INCOME/LOSS
Utilities
Total Utilities Exp.
Maintenance Expenses
Total Maintenance Exp
88