HomeMy WebLinkAbout2025/08/13 - ADMIN - Agenda Packets - Housing Authority - RegularHousing Authority of St. Louis Park
Meeting date: August 13, 2025
Housing Authority, St. Louis Park, Minnesota
Wednesday, August 13, 2025, 5 p.m.
Community Room, first floor
Agenda
1.Call to order ‐ roll call
2.Approval of Minutes for June 2025
3.Hearings:
a.None
4.Presentation
a.Financial audit for fiscal year (FY) ended December 31, 2024
5.Unfinished Business
a.None
6.New Business
a.Authorization to enter into a contract with Hennepin County to administer the Stable HOME
Rental Assistance program, Resolution No. 778
7.Communications
a.Claims Lists: June and July 2025
b.Financials: April 2025
c.Communications:
8.Other: Next scheduled meetings: September 10, 2025 and October 8, 2025
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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Unofficial minutes
Housing Authority meeting
St. Louis Park, Minnesota
June 11, 2025
1. Call to order: The meeting was called to order at 5:00 p.m.
Roll call:
Members present: Catherine Courtney, Shelby Conway, Thom Miller and Jolene Tanner
Staff present: Karen Barton, Angela Nelson, Marney Olson, and Nicole Randall
Guests: Marcus Paul, elections specialist, City of St. Louis Park
Rhett Carlson and Will Anderson from Sherman Associates
2. Approval of Minutes – Minutes for the May 2025 board meeting were reviewed.
It was moved by Commissioner Courtney, seconded by Commissioner Conway, to
approve the May 2025 minutes as presented.
Motion passed 4-0.
3. Hearings
4. Presentation – None.
5. Unfinished Business – None
6. New Business
a. Elections 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, Shelby Conway as Vice Chair and Jolene Tanner as
Secretary.
It was moved by Commissioner Courtney, seconded by Commissioner Conway to
approve the election of officers.
Motion passed 4-0.
b. Authorization of Agreement with Sherman Associates to enter into a Housing
Assistance Payment (AHAP) contract for PBV units at Beltline Station Redevelopment
Project, Resolution No. 777.
Ms. Olson summarized the request for 20 project based vouchers (PBV) for Beltline
Station redevelopment project in the all-affordable building that will have 82 units.
At the May meeting, the board was supportive of the 20 PBV. Staff recommended
that the housing authority board approve the authorization to enter into a Housing
Assistance Payment (AHAP) contract with Sherman Associates.
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In response to Commissioner Tanner’s questions, Mr. Anderson confirmed that
Sherman Associates intends to renew the PBV for an additional 20 years. If not
renewed, the 20 PBV would still be affordable at 60% AMI. There will be no support
services provided by the development.
It was moved by Commissioner Conway, seconded by Commissioner Tanner to
approve Resolution No. 777.
Motion passed 3-0 and Commissioner Courtney abstained.
c. City council election filing process was presented by Marcus Paul.
d. The board discussed and agreed to send a letter of board support for federally
funded housing programs to elected officials.
7. Communications
8. Other
9. Adjournment
It was moved by Commissioner Miller, seconded by Commissioner Tanner, to adjourn
the meeting.
Motion passed 4-0.
The meeting was adjourned at 5:58 p.m.
Respectfully submitted,
______________________________
Jolene Tanner, Secretary
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Housing Authority of St. Louis Park
Meeting date: August 13, 2025
Agenda item: 4a
Title: Financial audit for fiscal year (FY) ended December 31, 2024
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, 2024
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, 2024. 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 2024, the auditor issues
several reports which will be presented at the August 13, 2025 board meeting including:
Opinion regarding the fair presentation of the financial statements: The auditors 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 2024 financial statements.
Report on internal controls: The auditor’s report on internal controls includes one finding over
financial reporting. The material misstatement was related to the Housing Authority’s year‐end
accruals which was corrected by management. Liabilities and cash were adjusted by
$112,522.99 to properly account for year‐end payable accruals. These items related to checks
printed in 2025 which had been backdated in the ledger to post to 2024, resulting in an
understatement of both cash and liabilities at year‐end. The HA believes this was a result of the
new financial software. The HA will review and strengthen year‐end closing procedures and
work with our software and fee accountant on ensuring disbursements are recorded in the
proper reporting period.
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.
Supporting documents: Audit governance letter
2024 annual audit financial report
Prepared by: Marney Olson, housing manager
Reviewed by: Angela Nelson, office assistant, community development
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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, 2024. 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
July 31, 2025. 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 2024, except that the St. Louis Park Housing Authority
implemented Governmental Accounting Standards Board Statement (GASBS) No. 101,
Compensated Absences, and GASBS No. 100, Accounting Changes and Error Corrections an
amendment of GASB Statement No. 62. The implementation of GASBS No. 101 did not have a
material effect on the financial statements. The implementation of GASBS No. 100 resulted in an
updated presentation of changes in major funds, as shown in Statement 6. 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 managements 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 is the:
Present value of the subscription liability and related subscription asset
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St. Louis Park Housing Authority
Communication With Those Charged With Governance
Page 2
These estimates are based on the Authoritys estimated incremental borrowing rate. 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.
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 following
material misstatements detected as a result of audit procedures were corrected by management:
Liabilities and cash were adjusted by $112,522.99 to properly account for year-end payable
accruals. These items related to checks printed in 2025 which had been backdated in the
ledger to post to 2024, resulting in an understatement of both cash and liabilities at year-end.
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 auditors 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 July 31, 2025.
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 Authoritys financial
statements or a determination of the type of auditors 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.
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St. Louis Park Housing Authority
Communication With Those Charged With Governance
Page 3
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
Authoritys auditors. However, these discussions occurred in the normal course of our professional
relationship and our responses were not a condition to our retention.
Documentation of Approval of Payments
Audit procedures detected two instances of invoices which were paid by the Authority without
documented evidence of dual approval of the payment. In one instance, an approver gave verbal
approval for payment which was documented by authority staff, and in a second instance, approval
was not maintained with the paid invoice, but was instead identified within a historical Teams
message. We recommend that the Authority review its approval process and documentation retention
policies to ensure that all paid invoices include documented evidence of approval by the individual(s)
authorized to give such approval.
Other Matters
We applied certain limited procedures to the managements 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 managements 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.
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St. Louis Park Housing Authority
Communication With Those Charged With Governance
Page 4
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
July 31, 2025
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ST. LOUIS PARK HOUSING AUTHORITY
ANNUAL FINANCIAL REPORT
For the Year Ended December 31, 2024
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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, 2024
Elected Officials Position Term Expires
Catherine Courtney Commissioner May 31, 2026
Shelby Conway Commissioner May 31, 2028
Reynold Burrowes Secretary May 31, 2027
Thom Miller Chairperson May 31, 2029
Paul Beck Vice Chairperson .December 31, 2024
Administration
Karen Barton Executive Director
Marney Olson Housing Supervisor
Nicole Randall Housing Assistance Administrator
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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, 2024, 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, 2024, 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.
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.
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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
July 31, 2025, 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
July 31, 2025
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THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
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, 2024.
FINANCIAL AND DEVELOPMENT HIGHLIGHTS
The assets of the Authority exceeded liabilities at the close of the most recent fiscal year by $5,170,884.
Of this amount, $1,797,497 of unrestricted net position may be used to meet the Authority’s ongoing
obligations.
The Authority’s total net position increased by $417,408 which is due to Public Housing rent revenue
HUD operating grants and contributions, significant public housing capital improvements 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 $4,491,188 of which $69,829 is restricted for FSS program participants, $1,130,878 is
unrestricted, and $3,290,481 is the net investment in capital assets. The governmental activities of the
Authority reported an ending net position of $679,696, of which $666,619 is unrestricted and $13,077 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, 2024
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, Kids in the Park, Resident Opportunity and Self-Sufficiency (ROSS), and
Family Self-Sufficiency (FSS) 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, Kids in the Park, ROSS, and FSS Programs. The Public
Housing, Housing Vouchers, Stable Home Programs, and Kids in the Park Programs are considered
major funds. The basic proprietary fund financial statements can be found on pages 26-28 of this report.
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THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
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 $5,170,884 at the close of the most recent
fiscal year. The largest portion of the Authority’s net position $3,290,481, or 63.6%, 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 $1,797,497, or 34.8%, may be used to meet the
Authority’s ongoing obligations. Total restricted net position of $82,906, or 1.6%, consists of $13,077
for the Louisiana Court Project and $69,829 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
2024 2023 2024 2023 2024 2023
Current and Other Assets $680,012 $729,770 $1,587,340 $1,774,152 $2,267,352 $2,503,922
Capital and Noncurrent Assets - - 3,653,282 3,087,203 3,653,282 3,087,203
Total Assets $680,012 $729,770 $5,240,622 $4,861,355 $5,920,634 $5,591,125
Current Liabilities $316 $69,346 $306,121 $414,527 $306,437 $483,873
Long-Term Liabilities - - 443,313 353,776 443,313 353,776
Total Liabilities 316 69,346 749,434 768,303 749,750 837,649
Net Position:
Invested in Capital Assets
Net of Related Debt - - 3,290,481 2,832,201 3,290,481 2,832,201
Restricted 13,077 12,435 69,829 36,067 82,906 48,502
Unrestricted 666,619 647,989 1,130,878 1,224,784 1,797,497 1,872,773
Total Net Position 679,696 660,424 4,491,188 4,093,052 5,170,884 4,753,476
Total Liabilities and Net
Position $680,012 $729,770 $5,240,622 $4,861,355 $5,920,634 $5,591,125
Governmental Business-Type
Activities Activities Total
13 27
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
Change in Net Position
2024 2023 2024 2023 2024 2023
REVENUES:
Program Revenues:
Charges for Services $ - $ - $989,371 $951,507 $989,371 $951,507
Operating Grants and Contributions 642 596 6,421,494 5,170,608 6,422,136 5,171,204
Capital Grants and Contributions - - 720,123 374,164 720,123 374,164
General Revenues:
Investment Earnings 18,758 19,756 18,787 17,584 37,545 37,340
Miscellaneous revenue 3,881 - 8,421 - 12,302 -
Total Revenues 23,281 20,352 8,158,196 6,513,863 8,181,477 6,534,215
EXPENSES:
General Government 4,009 3,008 - - 4,009 3,008
Public Housing - - 1,820,282 1,715,558 1,820,282 1,715,558
Housing Vouchers - - 5,060,989 4,023,445 5,060,989 4,023,445
FSS Program - - 62,937 60,268 62,937 60,268
ROSS Program - - 79,629 80,080 79,629 80,080
Stable Home - - 500,994 313,767 500,994 313,767
Kids in the Park - - 235,229 231,054 235,229 231,054
Total Expenses 4,009 3,008 7,760,060 6,424,172 7,764,069 6,427,180
Change in Net Position 19,272 17,344 398,136 89,691 417,408 107,035
Net Position - January 1 660,424 643,080 4,093,052 4,003,361 4,753,476 4,646,441
Net Position - December 31 $679,696 $660,424 $4,491,188 $4,093,052 $5,170,884 $4,753,476
Activities Activities Total
Governmental Business-Type
Governmental Activities
Governmental activities increased the Authority’s net position by $19,272. This increase is a result of
increased investment earnings.
Business-Type Activities
Business-type activities increased net position by $398,136. The increase was primarily due to increases
in Public Housing capital improvements, Public Housing rental revenue and HUD operating grants and
contributions.
14 28
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
Expenses and Program Revenues – Business-Type Activities
$2,137,115
$5,100,706
$512,154
$1,820,282
$5,060,989
$500,994
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
$5,500,000
Public Housing Housing Vouchers Stable Home
Revenue Expense
$62,937
$79,629
$238,447
$62,937
$79,629
$235,229
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
FSS Program ROSS Kids in the Park
Revenue Expense
15 29
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
Revenues by Source – Business-Type Activities
Charges for Services
12%
Operating Grants and
Contributions
79%
Capital Grants and
Contributions
9%
Expenses by Source – Business-Type Activities
Public Housing
24%
Housing Vouchers
65%
FSS Program
1%
ROSS
1%
Stable Home
6%
Kids in the Park
3%
16 30
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
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 $679,696, of which $666,619 is unrestricted and $13,077 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 $4,491,188. Of this total, 73.3% or 3,290,481, was invested in capital assets, 1.6%, or
$69,829, was restricted for housing vouchers, and 25.2%, or $1,130,878 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 $339,381. This is attributed to increased rent revenue and significant
increase in capital improvements.
The Housing Vouchers Program had an increase in net position of $44,377. This is attributed to
an increase in Housing Assistance Payments, admin fees and interest income.
The Stable Home Program had an increase in net position of $11,160 for the fiscal year. This is
attributed to an increase in program participation and increased admin fees.
The Kids in the Park Program had an increase in net position of $3,218. This is attributed to an
increase in program participation and admin fees.
The Resident Opportunity and Self-Sufficiency Program had a $0 change in net position.
The Family Self-Sufficiency Program had a $0 change in net position.
Budgetary Highlights
There were no modifications to any of the budgeted amounts in any program during the
fiscal year ending December 31, 2024.
17 31
THE ST. LOUIS PARK HOUSING AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2024
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets – The Authority’s capital assets for its governmental and business-type
activities as of December 31, 2024, amounted to $3,653,282 (net of accumulated depreciation
and amortization). This investment in capital assets includes land, buildings, structures,
furniture and fixtures.
Capital purchases for the year were for building improvements of $771,332 and subscription-
based IT arrangements of $145,909. Depreciation and amortization on capital assets totaled
$351,162 during the fiscal year.
Capital Assets (Net of Depreciation)
Percent
2024 2023 Change
Land $655,352 $655,352 0%
Land improvements 129,694 149,072 (13.0%)
Building 254,947 294,125 (13.3%)
Building improvements 2,481,823 1,970,450 26%
Equipment 14,738 18,204 (19.0%)
Right-to-use subscription asset 116,728 - 0%
Total $3,653,282 $3,087,203 18%
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 32
BASIC FINANCIAL STATEMENTS
19 33
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20 34
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF NET POSITION Statement 1
December 31, 2024
Governmental Business-Type
Assets:Activities Activities Total
Current assets:
Cash and cash equivalents $164,869 $994,802 $1,159,671
Restricted cash and cash equivalents -92,632 92,632
Investments 373,419 391,312 764,731
Restricted investments 13,077 -13,077
Accounts receivable -30,331 30,331
Due from other governments -157,348 157,348
Due to/from other funds (internal balances)128,647 (128,647) -
Prepaid items -49,562 49,562
Total current assets 680,012 1,587,340 2,267,352
Noncurrent assets:
Capital assets not being depreciated:
Land -655,352 655,352
Capital assets being depreciated and amortized:
Land improvements -655,765 655,765
Buildings -3,629,598 3,629,598
Building improvements - 11,431,739 11,431,739
Equipment -93,328 93,328
Right-to-use subscription asset -145,909 145,909
Total cost 0 16,611,691 16,611,691
Less: accumulated depreciation and amortization - (12,958,409) (12,958,409)
Total noncurrent assets 0 3,653,282 3,653,282
Total assets $680,012 $5,240,622 $5,920,634
Liabilities:
Accounts payable $316 $49,611 $49,927
Tenant security deposits -42,245 42,245
Unearned revenue -7,436 7,436
Salaries and benefits payable -68,949 68,949
Due to other governments -36,302 36,302
FSS escrow liability:
Payable after one year -92,632 92,632
Compensated absences payable:
Payable within one year -77,174 77,174
Payable after one year -12,284 12,284
Subscription-based IT arrangement liability
Payable within one year -24,404 24,404
Payable after one year -83,395 83,395
Long-term debt -255,002 255,002
Total liabilities 316 749,434 749,750
Net position:
Net investment in capital assets -3,290,481 3,290,481
Restricted for:
FSS program participants -69,829 69,829
Other projects 13,077 -13,077
Unrestricted 666,619 1,130,878 1,797,497
Total net position 679,696 4,491,188 5,170,884
Total liabilities and net position $680,012 $5,240,622 $5,920,634
The accompanying notes are an integral part of these financial statements.
21 35
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2024
Functions/Programs Expenses
Governmental activities:
General government $4,009
Business-type activities:
Public housing 1,820,282
Housing vouchers 5,060,989
FSS program 62,937
ROSS program 79,629
Stable home 500,994
Kids in the park 235,229
Total business-type activities 7,760,060
Total governmental and business-type activities $7,764,069
The accompanying notes are an integral part of these financial statements.
22 36
Statement 2
Operating Capital
Charges For Grants and Grants and Governmental Business-Type
Services Contributions Contributions Activities Activities Totals
$ - $642 $ - ($3,367)$ - ($3,367)
989,371 427,621 720,123 - 316,833 316,833
- 5,100,706 - - 39,717 39,717
- 62,937 - - - -
- 79,629 - - - -
- 512,154 - - 11,160 11,160
- 238,447 - - 3,218 3,218
989,371 6,421,494 720,123 0 370,928 370,928
$989,371 $6,422,136 $720,123 (3,367)370,928 367,561
General revenues:
Unrestricted investment earnings 18,758 18,787 37,545
Miscellaneous income 3,881 8,421 12,302
Change in net position 19,272 398,136 417,408
Net position - January 1 660,424 4,093,052 4,753,476
Net position - December 31 $679,696 $4,491,188 $5,170,884
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
Primary Government
The accompanying notes are an integral part of these financial statements.
23 37
ST. LOUIS PARK HOUSING AUTHORITY
BALANCE SHEET Statement 3
GOVERNMENTAL FUNDS
December 31, 2024
General Fund
(30)
Assets:
Cash and cash equivalents $164,869
Investments 373,419
Due from other funds 128,647
Restricted assets:
Investments 13,077
Total assets $680,012
Liabilities and Fund Balance
Liabilities:
Accounts payable $316
Total liabilities 316
Fund balance:
Restricted 13,077
Unassigned 666,619
Total fund balance 679,696
Total liabilities and fund balance $680,012
Note: No reconciling items for the statement of net position.
The accompanying notes are an integral part of these financial statements.
24 38
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF REVENUES, EXPENDITURES AND Statement 4
CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2024
General Fund
(30)
Revenues:
Miscellaneous:
Interest revenue - unrestricted $18,758
Interest revenue - restricted 642
Other 3,881
Total revenues 23,281
Expenditures:
Current:
General government 4,009
Net change in fund balance 19,272
Fund balance - January 1 660,424
Fund balance - December 31 $679,696
Note: No reconciling items for the statement of activities.
The accompanying notes are an integral part of these financial statements.
25 39
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF NET POSITION Statement 5
PROPRIETARY FUNDS
December 31, 2024
Public Housing
(10, 11)
Housing
Vouchers (20,
21)
Stable Home
(25)
Kids in the Park
(27)
Other Nonmajor
Proprietary Funds Total
Assets
Current assets:
Cash and cash equivalents $645,714 $262,054 $46,657 $40,377 $ - $994,802
Restricted cash and cash equivalents 22,803 69,829 - - - 92,632
Investments 328,528 62,784 - - - 391,312
Accounts receivable 13,783 13,744 2,804 - - 30,331
Due from other governments 12,238 73,589 44,769 20,131 6,621 157,348
Prepaid items 49,299 263 - - - 49,562
Total current assets 1,072,365 482,263 94,230 60,508 6,621 1,715,987
Noncurrent assets:
Capital assets:
Land 655,352 - - - - 655,352
Land improvements 655,765 - - - - 655,765
Buildings 3,629,598 - - - - 3,629,598
Building improvements 11,431,739 - - - - 11,431,739
Equipment 93,328 - - - - 93,328
Subscription-based IT arrangement 40,855 94,841 5,836 4,377 - 145,909
Total capital assets 16,506,637 94,841 5,836 4,377 - 16,611,691
Less: accumulated depreciation and amortization (12,937,399) (18,968) (1,167)(875) - (12,958,409)
Total noncurrent assets 3,569,238 75,873 4,669 3,502 0 3,653,282
Total assets $4,641,603 $558,136 $98,899 $64,010 $6,621 $5,369,269
Liabilities
Current liabilities:
Accounts payable $37,539 $9,615 $585 $1,872 $ - $49,611
Tenant security deposits 42,245 - - - - 42,245
Unearned revenue 7,436 - - - - 7,436
Salaries and benefits payable 48,551 16,899 2,560 939 - 68,949
Due to other funds 12,444 - 65,285 44,297 6,621 128,647
Due to other governments 36,302 - - - - 36,302
Subscription-based IT arrangement liability - current 6,833 15,863 976 732 - 24,404
Compensated absences payable 65,863 9,216 1,524 571 - 77,174
Total current liabilities 257,213 51,593 70,930 48,411 6,621 434,768
Noncurrent liabilities:
FSS escrow liability 22,803 69,829 - - - 92,632
Compensated absences payable 10,484 1,467 243 90 - 12,284
Subscription-based IT arrangement liability - noncurrent 23,351 54,206 3,336 2,502 - 83,395
Long-term debt 255,002 - - - - 255,002
Total noncurrent liabilities 311,640 125,502 3,579 2,592 0 443,313
Total liabilities 568,853 177,095 74,509 51,003 6,621 878,081
Net position
Net investment in capital assets 3,284,052 5,804 357 268 - 3,290,481
Restricted - 69,829 - - - 69,829
Unrestricted 788,698 305,408 24,033 12,739 - 1,130,878
Total net position 4,072,750 381,041 24,390 13,007 - 4,491,188
Total liabilities and net position $4,641,603 $558,136 $98,899 $64,010 $6,621 $5,369,269
The accompanying notes are an integral part of these financial statements.
26 40
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, 2024
Public Housing (10,
11)
Housing Vouchers
(20, 21) Stable Home (25)
Kids in the Park
(27)
Other Nonmajor
Proprietary Funds Total
Operating revenues:
HUD PHA operating grants $427,621 $4,978,781 $ - $ - $79,629 $5,486,031
Rental income 975,945 - - - - 975,945
Program income - - 512,154 238,447 62,937 813,538
Excess utilities 13,426 - - - - 13,426
Portability income - 121,925 - - - 121,925
Other 6,842 1,579 - - - 8,421
Total operating revenues 1,423,834 5,102,285 512,154 238,447 142,566 7,419,286
Operating expenses:
Administrative expenses 483,954 346,752 40,845 29,690 7,629 908,870
Tenant services - - - 204,664 134,937 339,601
Utility 248,383 52 - - - 248,435
Depreciation and amortization 330,152 18,968 1,167 875 - 351,162
Maintenance and operations 575,829 - - - - 575,829
General expense 179,845 92,638 - - - 272,483
Housing assistance portability payments - 113,588 - - - 113,588
Housing assistance 2,119 4,488,991 458,982 - - 4,950,092
Total operating expenses 1,820,282 5,060,989 500,994 235,229 142,566 7,760,060
Operating income (loss) (396,448) 41,296 11,160 3,218 - (340,774)
Nonoperating revenues:
Investment income 15,706 3,081 - - - 18,787
Income (loss) before contributions (380,742) 44,377 11,160 3,218 - (321,987)
Contributions:
HUD Capital Grant - capital contributions 720,123 - - - - 720,123
Change in net position 339,381 44,377 11,160 3,218 - 398,136
Net position - January 1, as previously presented 3,733,369 336,664 13,230 - 9,789 4,093,052
Change within financial reporting entity (nonmajor to major fund) - - - 9,789 (9,789) -
Net position - January 1, as adjusted 3,733,369 336,664 13,230 9,789 - 4,093,052
Net position - December 31 $4,072,750 $381,041 $24,390 $13,007 $0 $4,491,188
The accompanying notes are an integral part of these financial statements.
27 41
ST. LOUIS PARK HOUSING AUTHORITY
STATEMENT OF CASH FLOWS Statement 7
PROPRIETARY FUNDS
For The Year Ended December 31, 2024
Public Housing
(10, 11)
Housing
Vouchers (20,
21)
Stable Home
(25)
Kids in the Park
(27)
Other Nonmajor
Proprietary Funds Total
Cash flows - operating activities:
Receipts from customers and users $1,499,707 $5,108,755 $504,698 $240,420 $143,166 $7,496,746
Payments to suppliers (1,597,994) (4,690,848) (458,542) (202,937) (149,787) (7,100,108)
Payments to employees (10,743) (346,573) (41,442) (30,113) - (428,871)
Net cash flows - operating activities (109,030) 71,334 4,714 7,370 (6,621) (32,233)
Cash flows - noncapital financing activities:
Due to/from other funds 79,541 1,903 8,979 15,506 6,621 112,550
Cash flows - capital and related financing activities:
Proceeds from HUD - capital funds 720,123 - - - 720,123
Principal paid on subscription asset (7,675) (17,817) (1,096) (822) - (27,410)
Purchase of capital asset (774,328) (6,955) (428) (321) - (782,032)
Net cash flows - capital and related
financial activities (61,880) (24,772) (1,524) (1,143) 0 (89,319)
Cash flows - investing activities:
Net change in investments (16,121) (3,081) - - - (19,202)
Interest and dividends received 15,706 3,081 - - - 18,787
Net cash flows - investing activities (415) 0 0 0 0 (415)
Net change in cash and cash equivalents (91,784) 48,465 12,169 21,733 - (9,417)
Cash and cash equivalents - January 1 737,498 213,589 34,488 18,644 - 1,004,219
Cash and cash equivalents - December 31 $645,714 $262,054 $46,657 $40,377 $0 $994,802
Reconciliation of operating loss to net cash
flows - operating activities:
Operating income (loss) ($396,448) $41,296 $11,160 $3,218 $ - ($340,774)
Adjustments to reconcile operating income (loss)
to net cash flows - operating activities:
Depreciation and amortization expense 330,152 18,968 1,167 875 - 351,162
Change in:
Accounts receivable 29,737 (13,744) (2,804) - - 13,189
Due from other governments 38,700 28,854 (4,652) - 600 63,502
Prepaid items (49,299) (263) - - - (49,562)
Accounts payable (48,036) 8,537 440 1,727 (7,221) (44,553)
Tenant security deposits (5,147) - - - - (5,147)
Unearned revenue 7,436 - - - - 7,436
Due to other governments (5,382) (3,853) - 1,973 - (7,262)
Salaries and benefits payable (19,855) (8,640) (286) (248) - (29,029)
Compensated absences payable 9,112 179 (311) (175) - 8,805
Total adjustments 287,418 30,038 (6,446) 4,152 (6,621) 308,541
Net cash flows - operating activities ($109,030) $71,334 $4,714 $7,370 ($6,621) ($32,233)
The accompanying notes are an integral part of these financial statements.
28 42
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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.
29 43
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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.
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.
Kids in the Park 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.
30 44
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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, 2024, no outstanding encumbrances existed.
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.
31 45
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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.
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, 2024, the Authority did not have a formally approved minimum fund balance policy.
32 46
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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. All leave time that is attributable to services already rendered,
accumulates, and are more likely than not to be used for time off or otherwise paid, has been accrued as a
liability at year-end in the proprietary funds and business type activities.
9. Interfund Receivables/Payables
The following is a summary of the interfund receivable/payable balances as of December 31, 2024:
Receivable Payable
General Fund $128,647 $ -
Public Housing Fund - 12,444
Stable Home Fund - 65,285
Kids in the Park - 44,297
Nonmajor Proprietary Funds - 6,621
Total $128,647 $128,647
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 47
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
12. Due from Other Governments
The following is a summary of amounts due from other governments at December 31, 2024:
Due from HUD:
ROSS $6,621
Section 8 - HAP 35,001
Section 8 - HAP Mainstream 15,403
CFP LOCCS 12,238
Due from Other - Section 8 Portability 23,185
Due from Hennepin County, Minnesota 44,769
Due from City of St. Louis Park, Minnesota 20,131
$157,348
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, 2024, 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 carrying amount of the
Authority’s deposits at December 31, 2024 was comprised of the following:
General fund checking $164,869
Public Housing checking 645,614
Housing Vouchers checking 262,054
Stable Home checking 46,657
Kids in the Park checking 40,377
Public Housing - restricted 22,803
Housing Vouchers - restricted 69,829
Total deposits $1,252,203
34 48
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
B. INVESTMENTS
As of December 31, 2024, the Authority had the following investments and maturities:
Fair Less
Investment Type Rating Value Than 1 1-5
Money market mutual funds NR $678,273 $678,273 $ -
Brokered certificates of deposit NR 99,535 99,535 -
Total $777,808 $777,808 $0
Total investments $777,808
Deposits 1,252,203
Petty cash 100
Total cash and investments $2,030,111
Investment Maturities (in Years)
Deposits and investments are presented in the December 31, 2024 basic financial statements as follows:
Statement of net position:
Governmental activities:
Cash and cash equivalents $164,869
Investments 373,419
Restricted investments 13,077
Business-type activities:
Cash and cash equivalents 994,802
Restricted cash and cash equivalents 92,632
Investments 391,312
Total deposits and investments $2,030,111
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.
The Authority has the following recurring fair value measurements as of December 31, 2024:
Investment Type 12/31/2024 Level 1 Level 2 Level 3
Investments at fair value:
Brokered certificates of deposit $99,535 $ - $99,535 $ -
Subtotal 99,535 $0 $99,535 $0
Investments not categorized:
Money market mutual funds 678,273
Total investments $777,808
Fair Value Measurement Using
35 49
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
Note 3 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2024 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 and amortized:
Land improvements 655,765 - - 655,765
Buildings 3,629,598 - - 3,629,598
Building improvements 10,660,407 771,332 - 11,431,739
Equipment 93,328 - - 93,328
Subscription-based IT arrangement -145,909 -145,909
Total capital assets, being depreciated and amortized 15,039,098 917,241 0 15,956,339
Less accumulated depreciation and amortization for:
Land improvements 506,693 19,378 -526,071
Buildings 3,335,473 39,178 - 3,374,651
Building improvements 8,689,957 259,959 - 8,949,916
Equipment 75,124 3,466 -78,590
Subscription-based IT arrangement -29,181 -29,181
Total accumulated depreciation and amortization 12,607,247 351,162 0 12,958,409
Total capital assets being depreciated and amortized - net 2,431,851 566,079 0 2,997,930
Business-type activities capital assets - net $3,087,203 $566,079 $0 $3,653,282
Depreciation and amortization expense was charged to functions/programs of the Authority as follows:
Business-type activities:
Public housing 330,152
Housing Vouchers 18,968
Stable Home 1,167
Kids in the Park 875
$351,162
Note 4 LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2024 was as follows:
01/01/24 12/31/2024 Due in
Balance Additions Deletions Balance One Year
MHFA Loan $255,002 $ - $ - $255,002 $ -
Subscription-based IT arrangement liability - 135,209 27,410 107,799 24,404
Compensated absences*80,653 8,805 - 89,458 77,174
$335,655 $144,014 $27,410 $452,259 $101,579
*The change in compensated absences is presented as a net change
36 50
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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, 2024, the balance of the loan was $255,002.
Scheduled subscription payments are as follows:
Year Ending
December 31 Principal Interest
2025 $24,404 $3,773
2026 26,048 2,919
2027 27,770 2,007
2028 29,576 1,035
Total $107,798 $9,734
Subscription Liability
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, 2024, $13,077 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 $666,619 is unassigned. The government-wide Statement of Net Position and
the proprietary fund financial statements divide 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 $69,829 of net position restricted for FSS
program participants.
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.
37 51
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
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.
Segment information as of and for the year ended December 31, 2024 is as follows:
Public Housing Stable Kids in the ROSS FSS
Housing Vouchers Home Park Program Program
Assets:
Current assets $1,072,365 $482,263 $94,230 $60,508 $6,621 $ -
Capital assets 3,569,238 75,873 4,669 3,502 - -
Total assets 4,641,603 558,136 98,899 64,010 6,621 0
Liabilities:
Current liabilities 257,213 51,593 70,930 48,411 6,621 -
Long-term liabilities 311,640 125,502 3,579 2,592 - -
Total liabilities 568,853 177,095 74,509 51,003 6,621 0
Net position:
Net investment in capital assets 3,284,052 5,804 357 268 - -
Restricted - 69,829 - - - -
Unrestricted 788,698 305,408 24,033 12,739 - -
Total net position 4,072,750 381,041 24,390 13,007 0 0
Total liabilities and net position $4,641,603 $558,136 $98,899 $64,010 $6,621 $0
Public Housing Stable Kids in the ROSS FSS
Housing Vouchers Home Park Program Program
Operating revenues:
Charges for services $1,423,834 $5,102,285 $ - $ - $79,629 $ -
Program income - - 512,154 238,447 - 62,937
Total operating revenues 1,423,834 5,102,285 512,154 238,447 79,629 62,937
Operating expenses 1,490,130 5,042,021 499,827 234,354 79,629 62,937
Depreciation 330,152 18,968 1,167 875 - -
Total operating expenses 1,820,282 5,060,989 500,994 235,229 79,629 62,937
Operating income (loss)(396,448) 41,296 11,160 3,218 0 0
Nonoperating items:
Investment income 15,706 3,081 - - - -
Capital contributions 720,123 - - - - -
Net nonoperating items 735,829 3,081 0 0 0 0
Change in net position 339,381 44,377 11,160 3,218 - -
Net position, beginning 3,733,369 336,664 13,230 9,789 - -
Net position, ending $4,072,750 $381,041 $24,390 $13,007 $0 $0
Net cash provided (used) by:
Operating activities ($109,030) $71,334 $4,714 $7,370 ($6,621) $ -
Noncapital financing activities 79,541 1,903 8,979 15,506 6,621 -
Capital and related financing activities (61,880) (24,772) (1,524) (1,143) - -
Investing activities (415) - - - - -
Cash and cash equivalents:
Beginning 737,498 213,589 34,488 18,644 - -
Ending $645,714 $262,054 $46,657 $40,377 $0 $0
38 52
ST. LOUIS PARK HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
Note 8 SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENT DISCLOSURES
As of December 31, 2024, the Authority had one outstanding right-to-use subscription-based IT arrangement
related to the use of Yardi software. The agreement requires annual payments of $27,410, subject to annual
increases not to exceed the percentage increase published by the U.S. Department of Labor. The agreement expires
on February 28, 2029 and is reported at the present value of future minimum payments, discounted at 3.5%, which
represents the Housing Authority’s estimated borrowing rate over the term of the agreement.
The subscription-based IT arrangement asset is presented in Note 3, and the liability is presented in Note 4.
Note 9 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 2024 was
estimated to be immaterial based on workers' compensation rates and salaries for the year.
As of December 31, 2024, 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 10 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. 102 Certain Risk Disclosures. The provisions of this Statement are effective for fiscal years
beginning after June 15, 2024.
Statement No. 103 Financial Reporting Model Improvements. The provisions of this Statement are effective
for fiscal years beginning after June 15, 2025.
Statement No. 104 Disclosure of Certain Capital Assets. 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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40 54
SUPPLEMENTARY INFORMATION
41 55
ST. LOUIS PARK HOUSING AUTHORITY
COMBINING STATEMENT OF NET POSITION Statement 8
NONMAJOR PROPRIETARY FUNDS
December 31, 2024
ROSS Fund
(50)
FSS Program
(22)Total
Assets
Current assets:
Cash and cash equivalents $ - $ - $ -
Due from other governments 6,621 - 6,621
Total current assets 6,621 0 6,621
Current liabilities:
Due to other funds $6,621 $ - $6,621
Total current liabilities 6,621 - 6,621
Net position:
Unrestricted - - -
Total net position - - -
Total liabilities and net position $6,621 $0 $6,621
Liabilities and Net Position
42 56
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, 2024
ROSS Fund
(50)
FSS Program
(22)
Kids in the
Park (27) Total
Operating revenues:
HUD PHA operating grants $79,629 $ - $79,629
Program income - 62,937 62,937
Total operating revenues 79,629 62,937 - 142,566
Operating expenses:
Administrative expenses 7,629 - 7,629
Tenant services 72,000 62,937 134,937
Depreciation and amortization - - -
Total operating expenses 79,629 62,937 - 142,566
Change in net position - - - -
Net position - January 1, as previously presented - - 9,789 9,789
Change within financial reporting entity (nonmajor to major fund) - - (9,789) (9,789)
Net position - January 1, as adjusted - - - -
Net position - December 31 $0 $0 $0 $0
43 57
ST. LOUIS PARK HOUSING AUTHORITY
COMBINING STATEMENT OF CASH FLOWS Statement 10
NONMAJOR PROPRIETARY FUNDS
For The Year Ended December 31, 2024
ROSS Fund
(50)
FSS Program
(22)Total
Cash flows - operating activities:
Receipts from customers and users $80,229 $62,937 $143,166
Payments to suppliers (86,850) (62,937) (149,787)
Payments to employees - - -
Net cash flows - operating activities (6,621) - (6,621)
Cash flows - noncapital financing activities:
Due to/from other funds 6,621 - 6,621
Net change in cash and cash equivalents 0 0 0
Cash and cash equivalents - January 1 - - -
Cash and cash equivalents - December 31 $0 $0 $0
Reconciliation of operating income (loss) to net cash
flows - operating activities:
Operating income (loss)$ - $ - $ -
Adjustments to reconcile operating income (loss)
to net cash flows - operating activities:
Change in:
Due from other governments 600 - 600
Accounts payable (7,221) - (7,221)
Total adjustments (6,621) - (6,621)
Net cash flows - operating activities ($6,621)$0 ($6,621)
44 58
ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF MODERNIZATION COSTS Schedule 1
December 31, 2024
Uncompleted
Capital Funding:
Funds Approved $345,489
Funds Expended $345,489
Funds Advanced -
Excess Funds Expended $345,489
Funds Remaining $0
Funds Approved $354,936
Funds Expended $354,936
Funds Advanced -
Excess Funds Expended $354,936
Funds Remaining $0
Funds Approved $361,715
Funds Expended $212,547
Funds Advanced -
Excess Funds Expended $212,547
Funds Remaining $149,168
Federal fiscal year 2022
Federal fiscal year 2024
Federal fiscal year 2023
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SINGLE AUDIT AND OTHER REQUIRED REPORTS
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48 62
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, 2024, 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 July 31, 2025.
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.
49 63
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
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 2024-001 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
July 31, 2025
50 64
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, 2024, 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 July 31, 2025.
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
July 31, 2025
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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, 2024. 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, 2024.
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 67
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 68
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
July 31, 2025
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ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For The Year Ended December 31, 2024
Federal Pass-Through
Assistance Entity Total
Listing Identifying Federal Passed through
Federal Grantor/Pass-Through Grantor/Program or Cluster Title Number Number Expenditures to Subrecipients
U.S. Department of Housing and Urban Development:
Direct:
Housing Voucher Cluster:
Section 8 Housing Choice Vouchers 14.871 N/A $4,685,412 $ -
Mainstream Vouchers 14.879 N/A 293,369 -
Total Housing Voucher Cluster 4,978,781 -
Public Housing Operating Fund 14.850 N/A 425,437 -
Public Housing Capital Fund 14.872 N/A 720,123 -
Resident Opportunity and Supportive Services - Service Coordinators 14.870 N/A 79,629 -
Family Self-Sufficiency Program 14.896 N/A 62,937 -
Passed through Hennepin County, Minnesota:
Home Investment Partnerships Program 14.239 none 508,727 -
Total Expenditures of Federal Awards $6,775,634 $0
Notes to the schedule of expenditures of federal awards
Note A. 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 for the year ended December 31, 2024. 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 B. Summary of Significant Accounting Principles
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.
Note C. Indirect Costs
St. Louis Park Housing Authority did not elect to use the de minimis indirect cost rate as allowed under the
Uniform Guidance.
Note D. 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 $113,588 and related administration fees totaling $8,337 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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ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2024
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 deficienc(ies) identified? 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? 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 or Cluster
Assistance Listing Number
Housing Voucher Cluster:
Section 8 Housing Choice Vouchers
Mainstream Vouchers
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 Yes X No
59 73
ST. LOUIS PARK HOUSING AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended December 31, 2024
SECTION II – FINANCIAL STATEMENT FINDINGS
2024-001 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:
Liabilities and cash were adjusted by $112,522.99 to properly account for year-end
payable accruals. These items related to checks printed in 2025 which had been
backdated in the ledger to post to 2024, resulting in an understatement of both cash and
liabilities at year-end.
The authority’s review procedures did not identify this error prior to audit.
Cause: Unknown, however we understand that a new financial reporting system may be a
contributing factor.
Effect: Inadequate controls over the year-end closing process increase the risk that financial
statement misstatements may occur and not be detected on a timely basis.
Recommendation: We recommend that management review and strengthen year-end closing
procedures for effectiveness and continue efforts to identify and correct any misstatements.
Year-end closing procedures should include a review of transactions to ensure that disbursements
are recorded in the proper reporting period.
Views of Responsible Officials and Planned Corrective Actions: Management is aware of the
issue and will review closing procedures to help prevent future occurrences.
SECTION III – FEDERAL AWARD FINDINGS
No current year findings.
60 74
ST. LOUIS PARK HOUSING AUTHORITY
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
For the Year Ended December 31, 2024
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
FINANCIAL STATEMENT FINDINGS
2023-001 Financial Statement Corrections
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.
Recommendation: We recommend staff review the year-end closing procedures for effectiveness
and continue efforts to identify and correct any misstatements.
Current Status: Unresolved; see finding 2024-001 for a continuation of this finding relating to
material audit adjustments.
FEDERAL AWARD FINDINGS
None.
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Housing Authority of St. Louis Park
Meeting date: August 13, 2025
Agenda item: 6a
Title: Authorization to enter into a contract with Hennepin County to administer the Stable HOME
Rental Assistance program, Resolution no. 778
Recommended action: Staff recommends the Housing Authority (HA) Board authorize entering into a
contract amendment with Hennepin County to continue administration of the tenant‐based rental
assistance program Stable HOME. The program targets families that are homeless, formerly homeless
or at imminent risk of homelessness. The program is limited to 45 participants. The term of the
contract is July 1, 2025 to December 31, 2027.
Policy consideration: Does the Housing Authority Board wish to continue to partner with Hennepin
County to administer a rental assistance program that serves homeless families and individuals
throughout suburban Hennepin County consistent with the mission and goals of the Housing
Authority?
Summary: Since 2014, Hennepin County has contracted with the HA to administer a county tenant
based rental assistance program that was created to target Hennepin County families and singles who
have chronic health problems who are in shelters. Funding for the program is provided by Federal
HOME funds received by the county and county general funds. The funds support expenses related to
rental assistance payments. The HA earns an administrative fee, similar to the Housing Choice Voucher
program, for each participant under contract on the first of the month. The admin fee is equal to the
current maximum administrative fee established by HUD for the Metro Area, currently at $104.47 per
month per participant under contract on the first of the month. It is estimated that the HA will earn
approximately $20,000 in admin fees for the remainder of 2025. The admin fee will be paid by
Hennepin County Housing and Redevelopment Authority 2025 HOME Administration allocation.
Federal funding uncertainty has prompted both HA staff and the county staff to look at contingency
plans if funding were to become eliminated for any reason. Both organizations intend to fulfill the
contract as agreed, but additional language around the termination of the contract is being negotiated.
These terms include a termination notice requirement and relocation benefits for tenants, should the
contract need to be terminated due to lack of federal HOME funding.
Program Specifics: The Stable HOME program provides rent assistance throughout suburban Hennepin
County to low income singles and families who are homeless or would otherwise be at risk of
homelessness. Rental assistance participation is strictly limited to three years, during which time
tenants have the opportunity to establish good rental histories. They also receive direct assistance from
service providers to find a permanent subsidy program or improve their earnings to a point where they
no longer need rent assistance.
The program is administered by the St. Louis Park Housing Authority, but unlike the HA’s other rental
assistance programs that have a waiting list, participants for Stable HOME are referred to the program
through the county. Participants are free to choose a rental unit anywhere in suburban Hennepin
County (Minneapolis is excluded). The tenant rent portion for Stable HOME participants is calculated
similar to the Housing Choice Voucher program. Also, like Housing Choice Vouchers, there is a Payment
Standard and Utility Allowance that determine the maximum cost of a unit that can be chosen. The
77
Housing Authority meeting of August 13, 2025 (Item No. 6a) Page 2
Title: Authorization to enter into a contract with Hennepin County to administer the Stable HOME Rental
Assistance program, Resolution no. 778
participant selects a unit on the private market and then pays approximately 40% of their adjusted
monthly income for rent. The Housing Authority pays the subsidy amount directly to the owner.
Families or individuals may qualify for the program if:
They have at least $600 per month in income but are at or below 50% of AMI for their
household size.
The Gross Rent (rent plus Utility Allowance) does not exceed the Payment Standard for the
bedroom size that applies.
The unit is located in suburban Hennepin County.
The unit meets minimum Housing Quality Standards. An inspection is performed by the
Housing Authority before the execution of the Housing Assistance Payment (HAP) contract.
The landlord agrees to participate in the program and agrees to sign a HAP contract.
Program participants pay the regular security deposit. If the participant needs assistance for the
deposit, they need to attempt to obtain those funds from various agencies, Hennepin County
Emergency Assistance, or the Stable HOME program itself, if necessary.
The maximum number of households to be served on the program is 45. The program currently has 40
households under contract and 1 household searching. Through the partnership between Hennepin
County and the HA, the Stable HOME program is serving those households most vulnerable to being
homeless.
Next Steps: On July 22, 2025 the Hennepin County Board approved funding not to exceed $45, 000 for
administrative fees and rental assistance not to exceed $450,000; the same board action approved
authorization to enter into a contract with the St. Louis Park Housing Authority for the administration
of the Stable Home Program. Approval by the SLPHA board to execute a new contract is required to
access the allocated HOME funds to fund the rental assistance and admin fees paid by Hennepin
County. A draft copy was reviewed by city attorney Soren Mattick and is currently being reviewed by
Hennepin County’s legal team. Contract effective dates will be July 1, 2025 to December 31, 2027.
Supporting documents: Resolution no. 778
Prepared by: Nicole Randall, housing assistance administrator
Reviewed by: Marney Olson, housing manager
78
Resolution No. 778
Resolution authorizing the Housing Authority to enter into a contract with
Hennepin County to continue administration of the Stable HOME rent assistance
WHEREAS, the Housing Authority of St. Louis Park (HA) initially entered a contract with
Hennepin County to administer the Stable HOME rental assistance program in 2014; and
WHEREAS, the HA wishes to continue to partner with Hennepin County to administer a
rental assistance program that serves homeless families and individuals throughout suburban
Hennepin County consistent with the mission and goals of the HA; and
WHEREAS, execution of the new contract is required to access allocated Home funds to
finance the rental assistance and the administrative fee funded by Hennepin County Housing and
Redevelopment Authority; and
WHEREAS, Hennepin County has approved entering a new contract with the HA to continue
the administration of the Stable HOME program;
NOW, THEREFORE, BE IT RESOLVED, by the Housing Authority Board of St. Louis Park, that
approval is hereby given to authorize the HA to enter a contract with Hennepin County to administer
the Stable HOME program effective July 1, 2025 until December 31, 2027.
Adopted by the Authority on August 13, 2025
____________________________________
Thom Miller, chair
_____________________________________
Jolene Tanner, secretary
ATTEST:
__________________________
Karen Barton, executive director
79
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Agenda item 7a - June, 2025
82
83
84
85
86
87
Agenda item 7a - July 2025
88
89
90
91
92
93
94
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3101-00-000 Rental Income
3111-00-000 Tenant Rent 78,995.44 315,582.44
3114-00-000 Less: Concessions -350.00 -350.00
3119-00-000 Total Rental Income 78,645.44 315,232.44
3120-00-000 Other Tenant Income
3120-01-000 Laundry and Vending 0.00 2,457.20
3120-02-000 Cleaning Fee 0.00 3,937.97
3120-03-000 Damages 3,525.09 6,054.71
3120-04-000 Late Charges 20.03 572.08
3120-06-000 NSF Charges -30.00 120.00
3120-07-000 Tenant Owed Utilities 0.00 118.13
3120-09-000 Other Income - Laundry 478.74 1,080.68
3121-00-000 Tenant Payment Agreement (TPA) Ren 150.00 2,233.84
3121-01-000 Tenant Payment Agreement (TPA) Frau -273.00 -1,092.00
3121-02-000 Tenant Payment Agreement (TPA) Othe 2,100.70 1,682.76
3129-00-000 Total Other Tenant Income 5,971.56 17,165.37
3199-00-000 TOTAL TENANT INCOME 84,617.00 332,397.81
3400-00-000 GRANT INCOME
3401-00-000 HUD PHA Operating Grants/Subsidy 28,867.00 111,799.00
3499-00-000 TOTAL GRANT INCOME 28,867.00 111,799.00
3600-00-000 OTHER INCOME
3610-00-000 Investment Income - Unrestricted 1,076.61 4,479.80
3640-00-000 Fraud Recovery 273.00 1,092.00
3699-00-000 TOTAL OTHER INCOME 1,349.61 5,571.80
3999-00-000 TOTAL INCOME 114,833.61 449,768.61
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4100-99-000 Administrative Salaries
4110-00-000 Administrative Salaries 21,486.00 83,192.59
4110-04-000 Employee Benefit Contribution-Admin 7,841.00 28,408.46
4110-99-000 Total Administrative Salaries 29,327.00 111,601.05
4139-00-000 Other Admin Expenses
4140-00-000 Staff Training 65.00 560.00
4170-00-000 Accounting Fees 1,275.00 1,917.50
Low Income Public Housing (.ph)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 3
95
Agenda Item - 7b.
Period to Date Year to Date
Low Income Public Housing (.ph)
Income Statement
Period = Apr 2025
Book = Accrual
4171-00-000 Auditing Fees 2,500.00 2,500.00
4180-00-000 Office Rent 0.00 1,250.00
4189-00-000 Total Other Admin Expenses 3,840.00 6,227.50
4190-00-000 Miscellaneous Admin Expenses
4190-01-000 Membership and Fees 0.00 262.75
4190-04-000 Office Supplies 110.73 190.71
4190-07-000 Telephone 396.65 4,121.12
4190-12-000 Software 7,560.85 7,560.85
4190-22-000 Other Misc Admin Expenses 3,859.10 12,138.69
4191-00-000 Total Miscellaneous Admin Expenses 41,254.33 135,875.17
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 45,094.33 142,102.67
4300-00-000 UTILITY EXPENSES
4310-00-000 Water 1,725.30 16,241.78
4320-00-000 Electricity 5,420.94 18,863.48
4330-00-000 Gas 4,118.99 18,245.20
4340-00-000 Garbage/Trash Removal 6,205.22 28,077.97
4390-00-000 Sewer 2,465.64 26,927.46
4399-00-000 TOTAL UTILITY EXPENSES 19,936.09 108,355.89
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
4400-99-000 General Maint Expense
4410-00-000 Maintenance Salaries 13,456.00 52,160.94
4410-05-000 Employee Benefit Contribution-Maint.4,761.00 19,684.14
4419-00-000 Total General Maint Expense 18,217.00 71,845.08
4420-00-000 Materials
4420-01-000 Maintenance Materials 2,952.66 9,308.42
4429-00-000 Total Materials 2,952.66 9,308.42
4430-00-000 Contract Costs
4430-06-000 Contract-Electrical 2,986.21 8,294.65
4430-07-000 Contract-Pest Control 1,087.00 3,112.00
4430-10-000 Contract-Janitorial/Cleaning 5,000.00 12,500.00
4430-11-000 Contract-Plumbing 2,569.39 8,676.25
4430-17-000 Contract-Elevator Monitoring 1,568.00 2,426.00
4430-18-000 Contract-Snow Removal Contract Cost 0.00 2,400.00
4430-19-000 Unit Turnaround Contract Cost 1,488.41 1,488.41
4430-99-000 Contract Costs-Other 3,400.43 5,624.09
4439-00-000 Total Contract Costs 18,099.44 44,521.40
4499-00-000 TOTAL MAINTENANCE AND OPERATIONAL EX 39,269.10 125,674.90
4500-00-000 GENERAL EXPENSES
4510-00-000 Insurance 213.25 1,875.01
4510-10-000 Property Insurance 3,235.14 12,940.56
4510-20-000 Liability Insurance 277.09 1,108.36
Page 2 of 3
96
Period to Date Year to Date
Low Income Public Housing (.ph)
Income Statement
Period = Apr 2025
Book = Accrual
4520-00-000 Payments in Lieu of Taxes 2,952.97 10,361.33
4570-00-000 Bad Debt-Tenant Rents -237.00 -237.00
4590-00-000 Other General Expense 6,482.60 6,482.60
4599-00-000 TOTAL GENERAL EXPENSES 12,924.05 32,530.86
4700-00-000 HOUSING ASSISTANCE PAYMENTS
4715-01-000 Tenant Utility Payments-Voucher 0.00 292.00
4715-01-001 Tenant Utility Payments-Public Housing 252.00 252.00
4715-06-000 FSS Escrow Payments 1,259.01 3,901.00
4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 1,511.01 4,445.00
5000-00-000 NON-OPERATING ITEMS
5100-01-000 Depreciation -Buildings 26,831.82 107,327.28
5999-00-000 TOTAL NON-OPERATING ITEMS 26,831.82 107,327.28
8000-00-000 TOTAL EXPENSES 145,566.40 520,436.60
9000-00-000 NET INCOME -30,732.79 -70,667.99
Exclude Depreciation 26,831.82 107,327.28
Total Net Income -3,900.97 36,659.29
Page 3 of 3
97
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1110-00-000 Unrestricted Cash
1111-10-000 Cash Operating 1 795,733.34
1111-20-000 Cash Operating 2 -1,104.65
1111-90-000 Petty Cash 100.00
1111-99-000 Total Unrestricted Cash 794,728.69
1112-00-000 Restricted Cash
1112-02-000 Cash Restricted-FSS Escrow 27,283.28
1112-99-000 Total Restricted Cash 27,283.28
1119-00-000 TOTAL CASH 822,011.97
1120-00-000 ACCOUNTS AND NOTES RECEIVABLE
1122-00-000 A/R -Tenants 23,273.42
1122-01-000 Allowance for Doubtful Accounts-Tenan -7,996.16
1122-02-000 A/R - Tenant Payment Agreement (TPA 8,099.13
1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVAB 23,376.39
1160-00-000 OTHER CURRENT ASSETS
1162-00-000 Investments-Unrestricted 333,122.33
1211-00-000 Prepaid Expenses and Other Assets 29,803.69
1299-00-000 TOTAL OTHER CURRENT ASSETS 362,926.02
1300-00-000 TOTAL CURRENT ASSETS 1,208,314.38
1400-00-000 NONCURRENT ASSETS:
1400-01-000 FIXED ASSETS
1400-05-000 Land 655,352.36
1400-06-000 Buildings 3,629,597.61
1400-08-000 Furniture and Equipment-Admin.93,327.88
1400-09-000 Leasehold Improvements 655,765.21
1400-10-000 Site Improvement 10,568,745.90
1405-01-000 Accum Depreciation-Buildings -13,036,555.71
1410-00-000 SBITA Asset 32,684.00
1420-00-000 TOTAL FIXED ASSETS 2,598,917.25
1499-00-000 TOTAL NONCURRENT ASSETS 2,598,917.25
1999-00-000 TOTAL ASSETS 3,807,231.63
2000-00-000 LIABILITIES & EQUITY
Low Income Public Housing (.ph)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 2
98
Current Balance
Low Income Public Housing (.ph)
Balance Sheet
Period = Apr 2025
Book = Accrual
2001-00-000 LIABILITIES:
2100-00-000 CURRENT LIABLITIES:
2111-00-000 A/P Vendors and Contractors 494.51
2114-00-000 Tenant Security Deposits 42,345.31
2114-02-000 Security Deposit Clearing Account 374.00
2115-00-000 A/P Other 539.75
2135-00-000 Accrued Payroll & Payroll Taxes 47,544.00
2137-00-000 Accrued PILOT 10,361.33
2145-00-000 Interprogram-Due To 171,095.62
2240-00-000 Tenant Prepaid Rents 7,143.67
2260-00-000 Accrued Compensated Absences-Curren 36,979.30
2299-00-000 TOTAL CURRENT LIABILITIES 316,877.49
2300-00-000 NONCURRENT LIABILITIES:
2305-00-000 Accrued Compensated Absences-LT 30,255.79
2307-00-000 FSS Escrow 26,712.28
2310-00-000 Notes Payable - LT 255,002.02
2360-00-000 SBITA Liability 30,184.00
2399-00-000 TOTAL NONCURRENT LIABILITIES 342,154.09
2499-00-000 TOTAL LIABILITIES 659,031.58
2800-00-000 EQUITY
2809-00-000 RETAINED EARNINGS:
2809-01-000 Invested in Capital Assets-Net of Debt 2,391,726.69
2809-02-000 Retained Earnings-Unrestricted Net Ass 756,473.36
2809-99-000 TOTAL RETAINED EARNINGS:3,148,200.05
2899-00-000 TOTAL EQUITY 3,148,200.05
2999-00-000 TOTAL LIABILITIES AND EQUITY 3,807,231.63
Page 2 of 2
99
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3120-00-000 Other Tenant Income
3121-01-000 Tenant Payment Agreement (TPA) Frau -402.00 -1,608.00
3121-02-000 Tenant Payment Agreement (TPA) Othe 1,648.00 1,648.00
3129-00-000 Total Other Tenant Income 1,246.00 40.00
3199-00-000 TOTAL TENANT INCOME 1,246.00 40.00
3400-00-000 GRANT INCOME
3410-01-000 Section 8 HAP Earned 354,176.00 1,452,646.00
3410-02-000 Section 8 Admin. Fee Income 35,574.00 163,898.00
3410-04-000 Port-In Admin Fees Earned 889.20 3,408.60
3410-06-000 Port In HAP Earned 11,532.00 45,959.00
3499-00-000 TOTAL GRANT INCOME 402,171.20 1,665,911.60
3600-00-000 OTHER INCOME
3610-00-000 Investment Income - Unrestricted 219.55 878.06
3640-00-000 Fraud Recovery 402.00 6,396.00
3699-00-000 TOTAL OTHER INCOME 621.55 7,274.06
3999-00-000 TOTAL INCOME 404,038.75 1,673,225.66
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4100-99-000 Administrative Salaries
4110-00-000 Administrative Salaries 10,972.00 48,132.92
4110-04-000 Employee Benefit Contribution-Admin 4,281.00 17,568.67
4110-99-000 Total Administrative Salaries 15,253.00 65,701.59
4139-00-000 Other Admin Expenses
4140-00-000 Staff Training 250.00 1,545.00
4170-00-000 Accounting Fees 2,075.00 2,752.50
4171-00-000 Auditing Fees 3,000.00 3,000.00
4172-00-000 Port Out Admin Fee Paid 5,112.90 22,304.10
4180-00-000 Office Rent 0.00 1,250.00
4189-00-000 Total Other Admin Expenses 10,437.90 30,851.60
4190-00-000 Miscellaneous Admin Expenses
4190-01-000 Membership and Fees 0.00 262.75
4190-04-000 Office Supplies 0.00 265.57
4190-07-000 Telephone 0.00 766.73
4190-12-000 Software 16,182.90 16,182.90
HCV not including MS5 (.hcv-fin)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 2
100
Period to Date Year to Date
HCV not including MS5 (.hcv-fin)
Income Statement
Period = Apr 2025
Book = Accrual
4190-22-000 Other Misc Admin Expenses 3,375.10 12,223.55
4191-00-000 Total Miscellaneous Admin Expenses 34,811.00 95,403.09
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 45,248.90 126,254.69
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
4700-00-000 HOUSING ASSISTANCE PAYMENTS
4715-00-000 Housing Assistance Payments 297,363.00 1,197,253.00
4715-01-000 Tenant Utility Payments-Voucher 1,252.00 4,903.00
4715-02-000 Port Out HAP Payments 70,357.00 336,698.00
4715-06-000 FSS Escrow Payments 1,656.00 6,516.00
4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 370,628.00 1,545,370.00
8000-00-000 TOTAL EXPENSES 415,876.90 1,671,624.69
9000-00-000 NET INCOME -11,838.15 1,600.97
Page 2 of 2
101
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1110-00-000 Unrestricted Cash
1111-10-000 Cash Operating 1 381,733.08
1111-99-000 Total Unrestricted Cash 381,733.08
1112-00-000 Restricted Cash
1112-02-000 Cash Restricted-FSS Escrow 68,757.06
1112-03-000 Cash Restricted-HAP -78,547.95
1112-99-000 Total Restricted Cash -9,790.89
1119-00-000 TOTAL CASH 371,942.19
1120-00-000 ACCOUNTS AND NOTES RECEIVABLE
1122-00-000 A/R -Tenants 2,488.00
1122-02-000 A/R - Tenant Payment Agreement (TPA 2,288.00
1125-00-000 A/R - HUD 35,001.00
1130-00-000 A/R Port Ins 19,666.71
1131-00-000 A/R Port In Suspense 991.72
1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVAB 60,435.43
1160-00-000 OTHER CURRENT ASSETS
1162-00-000 Investments-Unrestricted 63,661.86
1299-00-000 TOTAL OTHER CURRENT ASSETS 63,661.86
1300-00-000 TOTAL CURRENT ASSETS 496,039.48
1400-00-000 NONCURRENT ASSETS:
1400-01-000 FIXED ASSETS
1410-00-000 SBITA Asset 94,841.00
1410-01-000 Accumulated Amortization -18,968.00
1420-00-000 TOTAL FIXED ASSETS 75,873.00
1499-00-000 TOTAL NONCURRENT ASSETS 75,873.00
1999-00-000 TOTAL ASSETS 571,912.48
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2100-00-000 CURRENT LIABLITIES:
2111-00-000 A/P Vendors and Contractors -18,085.80
2114-00-000 Tenant Security Deposits -500.00
HCV not including MS5 (.hcv-fin)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 2
102
Current Balance
HCV not including MS5 (.hcv-fin)
Balance Sheet
Period = Apr 2025
Book = Accrual
2135-00-000 Accrued Payroll & Payroll Taxes 15,253.00
2145-00-000 Interprogram-Due To 65,772.89
2240-00-000 Tenant Prepaid Rents 246.00
2260-00-000 Accrued Compensated Absences-Curren 5,776.89
2299-00-000 TOTAL CURRENT LIABILITIES 68,462.98
2300-00-000 NONCURRENT LIABILITIES:
2305-00-000 Accrued Compensated Absences-LT 4,726.55
2307-00-000 FSS Escrow 57,073.20
2360-00-000 SBITA Liability 70,069.00
2399-00-000 TOTAL NONCURRENT LIABILITIES 131,868.75
2499-00-000 TOTAL LIABILITIES 200,331.73
2800-00-000 EQUITY
2807-00-000 RESERVED FUND BALANCE
2807-02-000 Reserved for Capital Activities -78,547.95
2808-00-000 TOTAL RESERVED FUND BALANCE -78,547.95
2809-00-000 RETAINED EARNINGS:
2809-02-000 Retained Earnings-Unrestricted Net Ass 450,128.70
2809-99-000 TOTAL RETAINED EARNINGS:450,128.70
2899-00-000 TOTAL EQUITY 371,580.75
2999-00-000 TOTAL LIABILITIES AND EQUITY 571,912.48
Page 2 of 2
103
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3400-00-000 GRANT INCOME
3410-01-000 Section 8 HAP Earned 23,343.00 93,324.00
3410-02-000 Section 8 Admin. Fee Income 2,437.00 5,358.00
3499-00-000 TOTAL GRANT INCOME 25,780.00 98,682.00
3999-00-000 TOTAL INCOME 25,780.00 98,682.00
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4100-99-000 Administrative Salaries
4110-00-000 Administrative Salaries 422.00 2,095.67
4110-04-000 Employee Benefit Contribution-Admin 164.00 631.91
4110-99-000 Total Administrative Salaries 586.00 2,727.58
4139-00-000 Other Admin Expenses
4172-00-000 Port Out Admin Fee Paid 666.90 2,667.60
4189-00-000 Total Other Admin Expenses 666.90 2,667.60
4190-00-000 Miscellaneous Admin Expenses
4190-12-000 Software 1,112.58 1,112.58
4190-22-000 Other Misc Admin Expenses 0.00 32.05
4191-00-000 Total Miscellaneous Admin Expenses 1,698.58 3,872.21
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 2,365.48 6,539.81
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
4700-00-000 HOUSING ASSISTANCE PAYMENTS
4715-00-000 Housing Assistance Payments 14,629.00 57,484.00
4715-01-000 Tenant Utility Payments-Voucher 0.00 2.00
4715-02-000 Port Out HAP Payments 9,326.00 37,817.00
4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 23,955.00 95,303.00
8000-00-000 TOTAL EXPENSES 26,320.48 101,842.81
9000-00-000 NET INCOME -540.48 -3,160.81
Mainstream 5 (ms5)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 1
104
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1110-00-000 Unrestricted Cash
1111-10-000 Cash Operating 1 6,981.69
1111-99-000 Total Unrestricted Cash 6,981.69
1112-00-000 Restricted Cash
1112-03-000 Cash Restricted-HAP -17,382.00
1112-99-000 Total Restricted Cash -17,382.00
1119-00-000 TOTAL CASH -10,400.31
1120-00-000 ACCOUNTS AND NOTES RECEIVABLE
1125-00-000 A/R - HUD 15,403.00
1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVAB 15,403.00
1300-00-000 TOTAL CURRENT ASSETS 5,002.69
1400-00-000 NONCURRENT ASSETS:
1999-00-000 TOTAL ASSETS 5,002.69
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2100-00-000 CURRENT LIABLITIES:
2111-00-000 A/P Vendors and Contractors -5,804.00
2135-00-000 Accrued Payroll & Payroll Taxes 586.00
2145-00-000 Interprogram-Due To 2,141.58
2299-00-000 TOTAL CURRENT LIABILITIES -3,076.42
2499-00-000 TOTAL LIABILITIES -3,076.42
2800-00-000 EQUITY
2807-00-000 RESERVED FUND BALANCE
2807-02-000 Reserved for Capital Activities -17,382.00
2808-00-000 TOTAL RESERVED FUND BALANCE -17,382.00
2809-00-000 RETAINED EARNINGS:
2809-02-000 Retained Earnings-Unrestricted Net Ass 25,461.11
2809-99-000 TOTAL RETAINED EARNINGS:25,461.11
Mainstream 5 (ms5)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 2
105
Current Balance
Mainstream 5 (ms5)
Balance Sheet
Period = Apr 2025
Book = Accrual
2899-00-000 TOTAL EQUITY 8,079.11
2999-00-000 TOTAL LIABILITIES AND EQUITY 5,002.69
Page 2 of 2
106
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3400-00-000 GRANT INCOME
3428-00-000 FSS Income 15,734.25 15,734.25
3499-00-000 TOTAL GRANT INCOME 15,734.25 15,734.25
3999-00-000 TOTAL INCOME 15,734.25 15,734.25
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4190-00-000 Miscellaneous Admin Expenses
4190-23-000 Sundry Exp - STEP 5,244.75 15,734.25
4191-00-000 Total Miscellaneous Admin Expenses 5,244.75 15,734.25
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 5,244.75 15,734.25
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
8000-00-000 TOTAL EXPENSES 5,244.75 15,734.25
9000-00-000 NET INCOME 10,489.50 0.00
FSS (fssgrant)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 1
107
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1400-00-000 NONCURRENT ASSETS:
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2800-00-000 EQUITY
FSS (fssgrant)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 1
108
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3400-00-000 GRANT INCOME
3427-00-000 ROSS Revenue 6,620.83 19,862.49
3499-00-000 TOTAL GRANT INCOME 6,620.83 19,862.49
3999-00-000 TOTAL INCOME 6,620.83 19,862.49
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4190-00-000 Miscellaneous Admin Expenses
4190-22-000 Other Misc Admin Expenses 620.83 1,862.49
4191-00-000 Total Miscellaneous Admin Expenses 620.83 1,862.49
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 620.83 1,862.49
4200-00-000 TENANT SERVICES
4210-02-000 Project Coordinator 6,000.00 18,000.00
4299-00-000 TOTAL TENANT SERVICES EXPENSES 6,000.00 18,000.00
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
8000-00-000 TOTAL EXPENSES 6,620.83 19,862.49
9000-00-000 NET INCOME 0.00 0.00
ROSS (rosssvc)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 1
109
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1400-00-000 NONCURRENT ASSETS:
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2800-00-000 EQUITY
ROSS (rosssvc)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 1
110
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3400-00-000 GRANT INCOME
3422-00-000 Hennepin County Rev 41,134.00 165,447.00
3423-00-000 Hennepin County Admin Rev 4,071.60 16,184.61
3499-00-000 TOTAL GRANT INCOME 45,205.60 181,631.61
3999-00-000 TOTAL INCOME 45,205.60 181,631.61
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4100-99-000 Administrative Salaries
4110-00-000 Administrative Salaries 2,425.00 9,717.58
4110-04-000 Employee Benefit Contribution-Admin 943.00 3,815.56
4110-99-000 Total Administrative Salaries 3,368.00 13,533.14
4139-00-000 Other Admin Expenses
4170-00-000 Accounting Fees 325.00 475.00
4189-00-000 Total Other Admin Expenses 325.00 475.00
4190-00-000 Miscellaneous Admin Expenses
4190-12-000 Software 1,999.70 1,999.70
4190-22-000 Other Misc Admin Expenses 0.00 288.49
4191-00-000 Total Miscellaneous Admin Expenses 5,367.70 15,821.33
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 5,692.70 16,296.33
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
4700-00-000 HOUSING ASSISTANCE PAYMENTS
4715-00-000 Housing Assistance Payments 39,871.00 164,194.00
4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 39,871.00 164,194.00
8000-00-000 TOTAL EXPENSES 45,563.70 180,490.33
9000-00-000 NET INCOME -358.10 1,141.28
Stable Home (stablehm)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 1
111
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1110-00-000 Unrestricted Cash
1111-10-000 Cash Operating 1 42,426.37
1111-99-000 Total Unrestricted Cash 42,426.37
1119-00-000 TOTAL CASH 42,426.37
1120-00-000 ACCOUNTS AND NOTES RECEIVABLE
1122-02-000 A/R - Tenant Payment Agreement (TPA 2,803.50
1129-00-000 A/R -Other 181,631.61
1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVAB 184,435.11
1300-00-000 TOTAL CURRENT ASSETS 226,861.48
1400-00-000 NONCURRENT ASSETS:
1400-01-000 FIXED ASSETS
1410-00-000 SBITA Asset 5,836.00
1410-01-000 Accumulated Amortization -1,167.00
1420-00-000 TOTAL FIXED ASSETS 4,669.00
1499-00-000 TOTAL NONCURRENT ASSETS 4,669.00
1999-00-000 TOTAL ASSETS 231,530.48
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2100-00-000 CURRENT LIABLITIES:
2111-00-000 A/P Vendors and Contractors -805.00
2135-00-000 Accrued Payroll & Payroll Taxes 3,368.00
2145-00-000 Interprogram-Due To 197,357.27
2260-00-000 Accrued Compensated Absences-Curren 1,142.58
2299-00-000 TOTAL CURRENT LIABILITIES 201,062.85
2300-00-000 NONCURRENT LIABILITIES:
2305-00-000 Accrued Compensated Absences-LT 934.84
2360-00-000 SBITA Liability 4,312.00
2399-00-000 TOTAL NONCURRENT LIABILITIES 5,246.84
2499-00-000 TOTAL LIABILITIES 206,309.69
Stable Home (stablehm)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 2
112
Current Balance
Stable Home (stablehm)
Balance Sheet
Period = Apr 2025
Book = Accrual
2800-00-000 EQUITY
2809-00-000 RETAINED EARNINGS:
2809-02-000 Retained Earnings-Unrestricted Net Ass 25,220.79
2809-99-000 TOTAL RETAINED EARNINGS:25,220.79
2899-00-000 TOTAL EQUITY 25,220.79
2999-00-000 TOTAL LIABILITIES AND EQUITY 231,530.48
Page 2 of 2
113
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3101-00-000 Rental Income
3112-00-000 50059 HAP Subsidy 18,458.00 74,957.00
3119-00-000 Total Rental Income 18,458.00 74,957.00
3199-00-000 TOTAL TENANT INCOME 18,458.00 74,957.00
3400-00-000 GRANT INCOME
3425-00-000 Admin Fee Revenue 1,650.00 6,700.00
3426-00-000 Admin Fee Revenue- to STEP 1,500.00 6,080.00
3499-00-000 TOTAL GRANT INCOME 3,150.00 12,780.00
3999-00-000 TOTAL INCOME 21,608.00 87,737.00
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4100-99-000 Administrative Salaries
4110-00-000 Administrative Salaries 877.00 3,435.37
4110-04-000 Employee Benefit Contribution-Admin 341.00 1,358.56
4110-99-000 Total Administrative Salaries 1,218.00 4,793.93
4139-00-000 Other Admin Expenses
4170-00-000 Accounting Fees 325.00 475.00
4189-00-000 Total Other Admin Expenses 325.00 475.00
4190-00-000 Miscellaneous Admin Expenses
4190-12-000 Software 1,323.33 1,323.33
4190-22-000 Other Misc Admin Expenses 0.00 96.16
4190-23-000 Sundry Exp - STEP 3,560.00 3,560.00
4191-00-000 Total Miscellaneous Admin Expenses 6,101.33 9,773.42
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 6,426.33 10,248.42
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
4700-00-000 HOUSING ASSISTANCE PAYMENTS
4715-00-000 Housing Assistance Payments 18,458.00 74,957.00
4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 18,458.00 74,957.00
8000-00-000 TOTAL EXPENSES 24,884.33 85,205.42
9000-00-000 NET INCOME -3,276.33 2,531.58
Kids in the Park (kidspark)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 1
114
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1110-00-000 Unrestricted Cash
1111-10-000 Cash Operating 1 18,656.72
1111-99-000 Total Unrestricted Cash 18,656.72
1119-00-000 TOTAL CASH 18,656.72
1120-00-000 ACCOUNTS AND NOTES RECEIVABLE
1129-00-000 A/R -Other 68,525.00
1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVAB 68,525.00
1300-00-000 TOTAL CURRENT ASSETS 87,181.72
1400-00-000 NONCURRENT ASSETS:
1400-01-000 FIXED ASSETS
1410-00-000 SBITA Asset 4,377.00
1410-01-000 Accumulated Amortization -875.00
1420-00-000 TOTAL FIXED ASSETS 3,502.00
1499-00-000 TOTAL NONCURRENT ASSETS 3,502.00
1999-00-000 TOTAL ASSETS 90,683.72
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2100-00-000 CURRENT LIABLITIES:
2111-00-000 A/P Vendors and Contractors 2,115.00
2135-00-000 Accrued Payroll & Payroll Taxes 1,218.00
2145-00-000 Interprogram-Due To 67,917.49
2260-00-000 Accrued Compensated Absences-Curren 460.14
2299-00-000 TOTAL CURRENT LIABILITIES 71,710.63
2300-00-000 NONCURRENT LIABILITIES:
2305-00-000 Accrued Compensated Absences-LT 376.48
2360-00-000 SBITA Liability 3,234.00
2399-00-000 TOTAL NONCURRENT LIABILITIES 3,610.48
2499-00-000 TOTAL LIABILITIES 75,321.11
2800-00-000 EQUITY
Kids in the Park (kidspark)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 2
115
Current Balance
Kids in the Park (kidspark)
Balance Sheet
Period = Apr 2025
Book = Accrual
2809-00-000 RETAINED EARNINGS:
2809-02-000 Retained Earnings-Unrestricted Net Ass 15,362.61
2809-99-000 TOTAL RETAINED EARNINGS:15,362.61
2899-00-000 TOTAL EQUITY 15,362.61
2999-00-000 TOTAL LIABILITIES AND EQUITY 90,683.72
Page 2 of 2
116
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3600-00-000 OTHER INCOME
3610-00-000 Investment Income - Unrestricted 1,061.77 4,188.37
3611-00-000 Investment Income - Restricted 45.73 182.89
3699-00-000 TOTAL OTHER INCOME 1,107.50 4,371.26
3999-00-000 TOTAL INCOME 1,107.50 4,371.26
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4139-00-000 Other Admin Expenses
4170-00-000 Accounting Fees 0.00 160.00
4189-00-000 Total Other Admin Expenses 0.00 160.00
4190-00-000 Miscellaneous Admin Expenses
4190-20-000 Bank Fees 116.40 594.37
4191-00-000 Total Miscellaneous Admin Expenses 116.40 594.37
4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 116.40 754.37
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
8000-00-000 TOTAL EXPENSES 116.40 754.37
9000-00-000 NET INCOME 991.10 3,616.89
General Fund Cocc - interco (cocc)
Income Statement
Period = Apr 2025
Book = Accrual
Page 1 of 1
117
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1110-00-000 Unrestricted Cash
1111-10-000 Cash Operating 1 -210,809.08
1111-99-000 Total Unrestricted Cash -210,809.08
1119-00-000 TOTAL CASH -210,809.08
1160-00-000 OTHER CURRENT ASSETS
1162-00-000 Investments-Unrestricted 377,607.47
1162-10-000 Investments-Restricted 13,259.96
1295-00-000 Interprogram-Due From 504,284.85
1299-00-000 TOTAL OTHER CURRENT ASSETS 895,152.28
1300-00-000 TOTAL CURRENT ASSETS 684,343.20
1400-00-000 NONCURRENT ASSETS:
1999-00-000 TOTAL ASSETS 684,343.20
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2100-00-000 CURRENT LIABLITIES:
2115-00-000 A/P Other 1,030.00
2299-00-000 TOTAL CURRENT LIABILITIES 1,030.00
2499-00-000 TOTAL LIABILITIES 1,030.00
2800-00-000 EQUITY
2807-00-000 RESERVED FUND BALANCE
2807-01-000 Reserved for Operating Activities 13,259.96
2808-00-000 TOTAL RESERVED FUND BALANCE 13,259.96
2809-00-000 RETAINED EARNINGS:
2809-02-000 Retained Earnings-Unrestricted Net Ass 670,053.24
2809-99-000 TOTAL RETAINED EARNINGS:670,053.24
2899-00-000 TOTAL EQUITY 683,313.20
General Fund Cocc - interco (cocc)
Balance Sheet
Period = Apr 2025
Book = Accrual
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118
Current Balance
General Fund Cocc - interco (cocc)
Balance Sheet
Period = Apr 2025
Book = Accrual
2999-00-000 TOTAL LIABILITIES AND EQUITY 684,343.20
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119
Period to Date Year to Date
2999-99-999 Revenue & Expenses
3000-00-000 INCOME
3100-00-000 TENANT INCOME
3400-00-000 GRANT INCOME
3420-00-000 Capital Fund Grants 11,310.00 17,550.10
3499-00-000 TOTAL GRANT INCOME 11,310.00 17,550.10
3999-00-000 TOTAL INCOME 11,310.00 17,550.10
4000-00-000 EXPENSES
4100-00-000 ADMINISTRATIVE EXPENSES
4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES
9000-00-000 NET INCOME 11,310.00 17,550.10
(cfp2024)
CFP Income Statement
Period = Apr 2025
Book = Accrual
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120
Current Balance
0999-99-000 All
1000-00-000 ASSETS
1001-00-000 CURRENT ASSETS
1100-00-000 CASH
1400-00-000 NONCURRENT ASSETS:
1400-01-000 FIXED ASSETS
1400-10-000 Site Improvement 230,097.40
1420-00-000 TOTAL FIXED ASSETS 230,097.40
1499-00-000 TOTAL NONCURRENT ASSETS 230,097.40
1999-00-000 TOTAL ASSETS 230,097.40
2000-00-000 LIABILITIES & EQUITY
2001-00-000 LIABILITIES:
2800-00-000 EQUITY
2809-00-000 RETAINED EARNINGS:
2809-02-000 Retained Earnings-Unrestricted Net Ass 230,097.40
2809-99-000 TOTAL RETAINED EARNINGS:230,097.40
2899-00-000 TOTAL EQUITY 230,097.40
2999-00-000 TOTAL LIABILITIES AND EQUITY 230,097.40
CFP (cfp2024)
Balance Sheet
Period = Apr 2025
Book = Accrual
Page 1 of 1
121