IV.10. Resolution to Close Obsolete Funds and Transfer Balances; Bishop
CITY OF HOPKINS
City Council Report 2024-060
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: May 7, 2024
Subject: Resolution to Close Obsolete Funds and Transfer Balances
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO Approve Resolution No. 2024-037 to Close Obsolete Funds and Transfer
Balances
OVERVIEW
The City of Hopkins maintains a fund accounting system which separates funds
according to their sources and uses. A separate fund is created for each new debt
issuance. Bonds associated with Fund 424 (2012A GO Improvement Bonds), Fund 433
(2005B GO TIF Bonds), Fund 436 (2009B GO Housing Improvement Bonds), Fund 439
(2010B GO Refunding) and Fund 444 (2014B GO Refunding Bonds) have been paid off
and are no longer necessary. Transfers between funds would be used to close out any
remaining balances or deficits. The chart below shows the required transfers, which
require City Council approval.
Transfer Out
Fund 204,
Economic
Development
Fund 231,
Super Valu
Tax
Increment
Fund 424,
2012A GO
Improvement
Bonds
Fund 444,
2014B GO
Refunding Total
Fund 101, General Fund - - 14,301 22,623 36,924
Fund 433, 2005B GO TIF Bonds 297 - - - 297
Fund 436, 2009B GO Housing
Improvement Bonds 1,233 - - - 1,233
Fund 439, 2010B GO Refunding
Bonds - 188,429 - - 188,429
Total 1,530 188,429 14,301 22,623 226,883
Transfer In
SUPPORTING INFORMATION
• Resolution No. 2024-037 Close Obsolete Funds and Transfer Balances
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2024-037
CLOSE OBSOLETE FUNDS AND TRANSFER BALANCES
WHEREAS, The City of Hopkins maintains a fund accounting system that separates
funds according to their source and use ; and
WHEREAS, it is necessary to create certain Fund Accounts from time to time as the
need arises, and to close certain Accounts as those needs disappear; and
WHEREAS, there is no longer need to maintain an Account for the following activities:
1. Fund 424, 2012A GO Improvement Bonds
2. Fund 433, 2005B GO TIF Bonds
3. Fund 436, 2009B GO Housing Improvement Bonds
4. Fund 439, 2010B GO Refunding Bonds
5. Fund 444 2014B GO Refunding Bonds, and
WHEREAS, it is necessary and appropriate to transfer money from closed funds within
the City’s account structure in order to eliminate the fund balances that currently exist in
these accounts,
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby authorizes the following transfer of money as follows:
1. Transfer $14,301 from Fund 101(General Fund) to Fund 424 to eliminate a deficit
in Fund 424
2. Transfer the remaining balance of Fund 433, estimated to be $297 to Fund 204-
Economic Development
3. Transfer the remaining balance of Fund 436, estimated to be $1,233 to Fund
204-Economic Development
4. Transfer the remaining balance of Fund 439, estimated to be $188,429 to Fund
231-Super Valu Tax Increment
5. Transfer $22,623 from Fund 101 to Fund 444 to eliminate a deficit in Fund 444
Adopted by the City Council of the City of Hopkins this 7th day of May, 2024.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk