IV.5. Resolution to Transfer Funds to the Affordable Housing Trust Fund and Close the Local Affordable Housing Aid Fund; Bishop
CITY OF HOPKINS
City Council Report 2025-034
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: March 4, 2025
Subject: Resolution to Transfer Funds to Affordable Housing Trust Fund
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO Approve Resolution No. 2025-013 to Transfer Funds to the Affordable
Housing Trust Fund and Close the Local Affordable Housing Aid Fund.
OVERVIEW
Approval of the resolution will allow staff to make two transfers into the newly created
Affordable Housing Trust Fund.
1. $150,000 from the Economic Development Fund. Staff will also apply to the
Local Housing Trust Fund Grant Program offering a one-to-one match.
2. $173,190 from the Local Affordable Housing Aid (LAHA) Special Revenue Fund.
This represents the balance of LAHA received in 2024. The fund will be closed
after the transfer is made. Additional LAHA will be deposited into the Affordable
Housing Trust Fund.
Transfers between funds require City Council approval.
SUPPORTING INFORMATION
• Resolution No. 2025-013 Transfer Funds to the Affordable Housing Trust Fund and
Close the Local Affordable Housing Aid Fund
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2025-013
Transfer Funds to the Affordable Housing Trust Fund and
Close the Local Affordable Housing Aid Fund
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 fund 208, Local Affordable Housing
Aid Special Revenue Fund; and
WHEREAS, it is necessary and appropriate to transfer money between funds within the
City’s account structure; and
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 $150,000 from Fund 204 (Economic Development) to Fund 510 (Local
Affordable Housing Trust Fund)
2. Transfer $173,190 from Fund 208 (Local Affordable Housing Aid) to Fund 510
(Local Affordable Housing Trust Fund)
Adopted by the City Council of the City of Hopkins this 4th day of March, 2025.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk