2024-037 Close Obsolete Funds and Transfer Balances 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:
atrick Hanlon, Mayor
A EST:
A/LeAVAmy Domeier, City Clerk