IV.6. Resolution Closing Fund 229 and Transfer Balances; Bishop
CITY OF HOPKINS
City Council Report 2026-020
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: February 17, 2026
Subject: Resolution to Close Fund 229 and Transfer Balances
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO Approve Resolution No. 2026-010 to Close Fund 229 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 Tax
Increment Financing (TIF) District. TIF District 2-9, Oaks of Main (Fund 229) has been
decertified and all obligations have been met. Staff is recommending the transfer of
$5,339 from the Economic Development Fund (204) to eliminate the deficit fund balance
and close the fund. Transfers between funds require City Council approval.
SUPPORTING INFORMATION
• Resolution No. 2024-037 Close Obsolete Funds and Transfer Balances
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2026-10
CLOSE FUND 229 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 a need to maintain Fund 229 for TIF District 2-9, Oaks
of Main; and
WHEREAS, it is necessary and appropriate to transfer money to closed funds within the
City’s account structure in order to eliminate deficit fund balances that currently exist,
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby authorizes a transfer of $5,339 from Fund 204 (Economic Development Fund) to
Fund 229.
Adopted by the City Council of the City of Hopkins this 17th day of February, 2026.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk