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2022-06-02 City Council Meeting Packet
Agenda City Council Meeting City of Edina, Minnesota Edina City Hall Council Chambers Thursday, June 2, 2022 8:30 AM Immediately following the Housing and Redevelopment Authority Meeting Watch the meeting on cable TV or at EdinaMN.gov/LiveMeetings or Facebook.com/EdinaMN. Participate in Community Comment Call 888-504-7949 Enter Participant Passcode 679180 Press *1 on your telephone keypad when you would like to get in the queue to speak. An operator will introduce you when it is your turn. I.Call To Order II.Roll Call III.Approval Of Meeting Agenda IV.Community Comment During "Community Comment," the Mayor will invite residents to share issues or concerns that are not scheduled for a future public hearing. Items that are on tonight's agenda may not be addressed during Community Comment. Individuals must limit their comments to three minutes. The Mayor may limit the number of speakers on the same issue in the interest of time and topic. Individuals should not expect the Mayor or Council to respond to their comments tonight. The City Manager will respond to questions raised during Community Comments at the next meeting. A.City Manager's Response to Community Comments V.Adoption Of Consent Agenda All agenda items listed on the Consent Agenda will be approved by one motion. There will be no separate discussion of items unless requested to be removed by a Council Member. If removed the item will be considered immediately following the adoption of the Consent Agenda. (Favorable rollcall vote of majority of Council Members present to approve, unless otherwise noted in consent item.) A.Approve Minutes: Work Session and Regular, May 17, 2022 B.Approve Payment of Claims C.Request for Purchase: Investment Advisor Services D.Resolution No. 2022-52: Cooperative Construction Agreement with State of Minnesota E.Approve Grant of Permanent and Temporary Easements at 6228 Interlachen Boulevard F.Request for Purchase: CloverRide Circulator Bus G.Request for Purchase: 50th and France Paver Improvements H.Request for Purchase: West 58th Street Reconstruction Turf Establishment I.Approve Tra<c Safety Report of April 26, 2022 J.Request for Purchase: Edina Liquor Point of Sale Software VI.Reports/Recommendations: (Favorable vote of majority of Council Members present to approve except where noted) A.Annual Comprehensive Financial Report for Year Ended December 31, 2021 B.Capital Improvement Plan 2023-2028 VII.Commission Correspondence (Minutes and Advisory Communication) A.Minutes: Energy & Environment Commission March 10, 2022 B.Minutes: Energy & Environment Commission April 14, 2022 C.Minutes: Transportation Commission, April 21, 2022 D.Minutes: Community Health Commission Feb. 14 and Mar. 14, 2022 VIII.Manager's Comments A.Request for Public Hearing Process Waiver IX.Mayor And Council Comments X.Adjournment The City of Edina wants all residents to be comfortable being part of the public process. If you need assistance in the way of hearing ampliEcation, an interpreter, large-print documents or something else, please call 952-927-8861 72 hours in advance of the meeting. Date: June 2, 2022 Agenda Item #: IV.A. To:Mayor and City Council Item Type: Other From:Sharon Allison, City Clerk Item Activity: Subject:City Manager's Response to Community Comments Information CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: None. INTRODUCTION: City Manager Neal will respond to questions asked at the previous council meeting. Date: June 2, 2022 Agenda Item #: V.A. To:Mayor and City Council Item Type: Minutes From:Sharon Allison, City Clerk Item Activity: Subject:Approve Minutes: Work Session and Regular, May 17, 2022 Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Minutes as presented. INTRODUCTION: ATTACHMENTS: Description Minutes: Draft Work Session, May 17, 2022 Minutes: Draft Regular, May 17, 2022 MINUTES OF THE EDINA CITY COUNCIL WORK SESSION COMMUNITY ROOM, CITY HALL TUESDAY, MAY 17, 2022 5:30 P.M. CALL TO ORDER Mayor Hovland called the meeting to order at 5:33 p.m. ROLL CALL Answering roll call were Members Anderson, Jackson, Pierce, Staunton, and Hovland. Staff in attendance: Scott Neal, City Manager; Lisa Schaefer, Assistant City Manager; Heidi Lee, Race & Equipment Manager; Jeff Brown, Community Health Administrator; Perry Vetter, Director Parks and Recreation; Ryan Browning, I.T. Director; Jesse Meyer-Rudd, I.T. Specialist; and Sharon Allison, City Clerk. JOINT MEETING: HUMAN RIGHTS AND RELATIONS COMMISSION Chair Epstein updated the Council on their 2022 work plan. Commissioners in attendance: Chair Michael Epstein, Joni Bennett, Leticia Guadarrama, George Pastrana. JOINT MEETING: COMMUNITY HEALTH COMMISSION Chair Absolon updated the Council on their 2022 work plan. Commissioners in attendance: Chair Mary Absolon, Vice Chair Andrew Hawkins, Greg Wright, Tracy Nelson, Philip King-Lowe, Michael Wood. ADJOURNMENT Mayor Hovland adjourned the meeting at 6:38 p.m. Respectfully submitted, ____________________________________________ Sharon Allison, City Clerk Minutes approved by the Edina City Council, June 2, 2022. ___________________________________________ James B. Hovland, Mayor Page 1 MINUTES OF THE REGULAR MEETING OF THE EDINA CITY COUNCIL MEETING MAY 17, 2022 7:00 P.M. I. CALL TO ORDER Mayor Hovland called the meeting to order at 7:00 p.m. then shared the procedure for public hearing and community comment. II. ROLLCALL Answering rollcall were Members Anderson, Jackson, Pierce, Staunton, and Mayor Hovland. Absent: None. III. PLEDGE OF ALLEGIANCE IV. MEETING AGENDA APPROVED AS PRESENTED Member Staunton made a motion, seconded by Member Pierce, to approve the meeting agenda as presented. Rollcall: Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. V. COMMUNITY COMMENT No one appeared. V.A. CITY MANAGER’S RESPONSE TO COMMUNITY COMMENTS Manager Neal responded to Community Comments from the last meeting. VI. CONSENT AGENDA ADOPTED AS PRESENTED Member Anderson made a motion, seconded by Member Jackson approving the consent agenda as presented: VI.A. Approve minutes of the Work Session and Regular Meetings of May 4, 2022 VI.B. Approve Claims for Payment for Check Register Pre-List Dated May 6, 2022, totaling $1,931,677.35 and Check Register Pre-List Dated May 13, 2022, totaling $892,801.97 VI.C. Adopt Resolution No. 2022-50; Providing for the Sale of $29,255,000 General Obligation Funds VI.D. Adopt Resolution No. 2022-48; Master Partnership Contract with State of Minnesota VI.E. Approve Revised Conservation and Sustainability Fund Policy VI.F. Request for Purchase, Aquatic Center Equipment and Building Assessment, awarding the bid to the recommended low bidder, HGA, $29,500 VI.G. Request for Purchase, Public Works Building HVAC Systems Recommissioning, awarding the bid to the recommended low bidder, HGA, $63,875 VI.H. Request for Purchase, City Facilities Fire Alarm and Sprinkler Services, awarding the bid to the recommended low bidder, LVC Companies, $74,616 VI.I. Request for Purchase, Edinborough Way Roadway Lighting Improvements, awarding the bid to the recommended low bidder, Neo Electrical Solutions, $111,385 VI.J. Request for Purchase, Normandale Park C Watermain Improvements, awarding the bid to the recommended low bidder, Fer-Pal, $596,425 VI.K. Request for Purchase, Conference Room Audio/Visual Upgrades, awarding the bid to the recommended low bidder, EPA Audio Visual, Inc., $65,824 VI.L. Adopt Resolution No. 2022-47; Approving Joint Powers Agreement with the Bureau of Criminal Apprehension Minnesota Financial Crimes Task Force Minutes/Edina City Council/May 17, 2022 Page 2 VI.M. Approve Out-of-State Travel for Mayor Hovland Rollcall: Ayes: Anderson, Jackson, Pierce, and Staunton Motion carried. VII. SPECIAL RECOGNITIONS AND PRESENTATIONS VII.A. EDINA CRIME PREVENTION FUND MIKE SIITARI OFFICER OF THE YEAR: EMILY JEPSON – PRESENTED Chief Milburn presented the 2021 Edina Crime Prevention Fund Mike Siitari Officer of the Year Award to Officer Emily Jepson. He shared Officer Jepson’s background and her positive impact in the City regarding work surrounding mental health and overall wellness, community food drives during the pandemic, and other roles in the department. Officer Jepson thanked the Council, Chief, and her family for the recognition. The agenda was reordered to next consider Item VII.C. VII.C. NATIONAL POLICE WEEK – PROCLAIMED Mayor Hovland read in full a proclamation to declare May 15-21, 2022, as National Police Week in the City of Edina. Police Chief Milburn thanked the Council for the Proclamation and shared about last year’s 50 line of duty deaths in the country and how the department would continue to respond to the community needs, support efforts of all officers, and invited the public to the flag-raising ceremony in their honor. Member Jackson made a motion, seconded by Member Staunton, to approve the Proclamation for National Police Week 2022. Rollcall: Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. VII.B. NATIONAL PUBLIC WORKS WEEK – PROCLAIMED Mayor Hovland read in full a proclamation to declare May 15-21, 2022, as National Public Works Week in the City of Edina. Director of Public Works Olson thanked the Council for the Proclamation then shared about the work of the City’s Public Works staff, thanked them for their hard work, and invited the community to attend their upcoming open house. Member Jackson made a motion, seconded by Member Staunton, to approve the Proclamation for National Public Works Week 2022. Rollcall: Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. VII.C. NATIONAL POLICE WEEK This item was considered prior to Item VII.B. VII.D. EMERGENCY MEDICAL SERVICES WEEK – PROCLAIMED Mayor Hovland read in full a proclamation to declare May 15-21, 2022, as Emergency Medical Services Week in the City of Edina and thanked all staff for their work. Member Jackson made a motion, seconded by Member Pierce, to approve the Proclamation for Emergency Medical Services Week in Edina. Minutes/Edina City Council/May 17, 2022 Page 3 Rollcall: Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. Fire Chief Slama thanked the Council for the Proclamation, outlined the department’s important work, and thanked the first responders and dispatchers in the City. VII.E. 2022 STATE OF SUSTAINABILITY– PRESENTED Sustainability Manager Hancock said the City had a history of commitment to environmental protection and progress and in 2016, the Conservation and Sustainability (CAS) Fund received its first income distribution and staff dedicated to sustainability was hired. In 2021, Edina passed its first Climate Action Plan and received its first State of Sustainability report. The purpose of the annual State of Sustainability report was for staff to inform Council of program metrics, progress on the Climate Action Plan, provide a look ahead to long-term goals and to answer questions. She outlined the City’s Climate Action Plan and presented the Community Climate Action Report that included action plan goals to reduce greenhouse gas emissions 45% by 2030 with a net zero increase by 2050. She outlined the CAS fund update, awareness, activation and accountability, focus on building energy use that included City-owned buildings, transportation impacts, a greenhouse gas emission inventory every two years, and the goal for all City commissions to add climate action plans by 2023. The Council asked questions and provided feedback. VIII. REPORTS AND RECOMMENDATIONS VIII.A. RESOLUTION NO. 2022-49 ACCEPTING DONATIONS – ADOPTED Member Anderson introduced and moved adoption of Resolution No. 2022-49 accepting donations. Member Pierce seconded the motion. Rollcall: Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. VIII.B. PROPOSED BRAEMAR PARK MASTER PLAN AMENDMENTS AND SPECIAL PROJECT REQUEST FOR BRAEMAR ICE ARENA EXPANSION – RECEIVED Parks and Recreation Director Vetter said at 500 acres, Braemar Park was the largest recreational space in the City of Edina and was home to Braemar Golf Course, Braemar Golf Dome, Braemar Arena, Braemar Sports Dome and Field, and Courtney Fields. The Braemar Park Master Plan Improvements included improving the connectivity of trail systems, access, and wayfinding to park amenities and facilities; separated use trail systems to accommodate walkers, mountain bikers and cross-country skiers; new site improvements and recreational amenities such as pickleball, a playground and platform tennis to enhance existing facilities; improvement of the quality of natural resources in the park; incorporation of sustainable site improvements to promote land water resources; and investment in facility infrastructure. He outlined the special project request to expand the Braemar Ice Arena with one additional sheet of indoor ice then further highlighted the arena’s unfunded and unscheduled capital investments, many elements of which were original to the building. Mr. Vetter stated that many elements of the arena had exceeded their useful lifecycle then spoke about arena expansion that could include a total of four indoor rinks, one outdoor rink, a new entry, lobby, and circulation and parking for 946 cars. He shared the feasibility budget for the proposed fourth sheet of ice that would better accommodate the current 500,000 patrons and reduce ice time demand. The Council asked questions and provided feedback. Member Anderson made a motion, seconded by Member Staunton, to receive the proposed Braemar Park Master Plan amendments and special project request for Braemar Ice Arena expansion. Rollcall: Minutes/Edina City Council/May 17, 2022 Page 4 Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. VIII.C. RESOLUTION NO. 2022-46; SITE PLAN REVIEW FOR 4931 77TH STREET WEST – ADOPTED Community Development Director Teague stated William Bauer, SEH, on behalf of Prince Bhakta, JR Hospitality, was requesting site plan review for a project within the Pentagon Park South (PUD-17) known as Pentagon Village. Pentagon Village approved in 2019. The site at 4931 77th Street received site plan approval to construct a five-story 235-room hotel but construction of the hotel was delayed in 2020 due to COVID-19 and the approvals had expired. He confirmed the applicant proposed to construct the same hotel approved in 2019. Member Jackson introduced and moved adoption of Resolution No. 2022-46 approving a site plan for 4931 77th Street West for Pentagon Village and JR Hospitality. Member Anderson seconded the motion. Rollcall: Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland Motion carried. VIII.D. RESOLUTION NO. 2022-43; APPROVING RIGHT-OF-WAY EASEMENT VACATION AT WATERMAN AVENUE – ADOPTED Director of Engineering Millner stated the proposed resolution would vacate street right-of-way easement at Waterman Avenue. He said an application was received on March 25, 2022 from Interlachen Country Club requesting that a portion of the right-of-way street easement of Waterman Avenue be vacated and that no comments were received related to this easement vacation request. Member Staunton introduced and moved adoption of Resolution No. 2022-43 vacating street right-of-way easement, Waterman Avenue. Member Jackson seconded the motion. Rollcall: Ayes: Anderson, Jackson, Staunton, and Hovland Abstain: Pierce Motion carried. IX. COMMISSION CORRESPONDENCE (MINUTES AND ADVISORY COMMUNICATION) - Received IX.A. MINUTES: HUMAN RIGHTS AND RELATIONS COMMISSION, MARCH 22, 2022 IX.B. MINUTES: PARKS AND RECREATION COMMISSION, APRIL 12, 2022 X. MANAGER’S COMMENTS – Received XI. MAYOR AND COUNCIL COMMENTS – Received XII. ADJOURNMENT Member Pierce made a motion, seconded by Member Anderson, to adjourn the meeting at 8:50 p.m. Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland. Motion carried. Respectfully submitted, Sharon Allison, City Clerk Minutes approved by Edina City Council, June 2, 2022. James B. Hovland, Mayor Video Copy of the May 17, 2022, meeting available. Date: June 2, 2022 Agenda Item #: V.B. To:Mayor and City Council Item Type: Claims From:Alisha McAndrews, Finance Director Item Activity: Subject:Approve Payment of Claims Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve claims for payment: Check Register Claims Pre-List Dated 5.12.22 TOTAL $1,830,811.29 Check Register Claims Pre-List Dated 5.20.22 TOTAL $1,379,678.53 Check Register Claims Pre-List Dated 5.27.22 TOTAL $1,523,396.01 INTRODUCTION: Claims information for approval is attached. ATTACHMENTS: Description Check Register Claims Pre-List Dated 5.12.22 TOTAL $1,830,811.29 Check Register Claims Pre-List Dated 5.20.22 TOTAL $1,379,678.53 Check Register Claims Pre-List Dated 5.27.22 TOTAL $1,523,396.01 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 14:03User: STanGeilProgram ID: apcshdsb Page 4 JOURNAL ENTRIES TO BE CREATED FUND SUB FUND DUE TO DUE FR 1000 General 354,261.605900 Utility Fund 1,476,549.699999 Pooled Cash Fund 1,830,811.29 TOTAL 1,830,811.29 1,830,811.29 ** END OF REPORT - Generated by Shirleng Tan Geil ** City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 14:03User: STanGeilProgram ID: apcshdsb Page 1 CASH ACCOUNT: 9999 1011 Control BS - CashOp CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 32 05/12/2022 WIRE 100886 METROPOLITAN COUNCIL 0001132896 12/02/2021 492,183.23 CHECK 32 TOTAL: 492,183.23 33 05/12/2022 WIRE 100886 METROPOLITAN COUNCIL 0001137738 04/05/2022 492,183.23 CHECK 33 TOTAL: 492,183.23 34 05/12/2022 WIRE 100886 METROPOLITAN COUNCIL 0001139630 05/05/2022 492,183.23 CHECK 34 TOTAL: 492,183.23 35 05/12/2022 WIRE 100886 METROPOLITAN COUNCIL April 2022 SAC 05/01/2022 17,221.05 CHECK 35 TOTAL: 17,221.05 36 05/12/2022 WIRE 100886 METROPOLITAN COUNCIL March 2022 SAC. 04/01/2022 337,040.55 CHECK 36 TOTAL: 337,040.55 NUMBER OF CHECKS 5 *** CASH ACCOUNT TOTAL *** 1,830,811.29 COUNT AMOUNT TOTAL WIRE TRANSFERS 5 1,830,811.29 *** GRAND TOTAL *** 1,830,811.29 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 41 JOURNAL ENTRIES TO BE CREATED FUND SUB FUND DUE TO DUE FR 1000 General 44,150.832500 Conservation & Sustainability 2,069.852600 Housing & Redvlpmt Authority 4,000.002600 Housing & Redvlpmt Authority 168,685.132600 Housing & Redvlpmt Authority 351,437.172600 Housing & Redvlpmt Authority 2,231.504000 Capital Projects 18,765.904400 PIR Capital Projects 2,643.135100 Art Center 2,653.785200 Braemar Golf Course 32,238.265200 Braemar Golf Course 2,503.845300 Aquatic Center 982.425400 Edinborough Park 7,218.415500 Braemar Arena 5,795.085600 Braemar Field 823.245700 Centennial Lakes 25,152.195800 Liquor 281,036.325900 Utility Fund 141,256.065900 Utility Fund 136,908.425900 Utility Fund 80,456.726000 Risk Management 1,433.426100 Equipment Operations 37,702.976200 Information Technology 531.106300 Facilities Management 25,682.887100 PS Training Facility 249.667200 MN Task Force 1 3,070.259999 Pooled Cash Fund 1,379,678.53 TOTAL 1,379,678.53 1,379,678.53 ** END OF REPORT - Generated by Shirleng Tan Geil ** City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 1 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472068 05/20/2022 PRTD 101304 ABM EQUIPMENT & SUPPLY 0170706-IN 04/25/2022 20220520 831.55 CHECK 472068 TOTAL: 831.55 472069 05/20/2022 PRTD 129458 ACME ELECTRIC MOTOR INC 9856629 04/20/2022 20220520 548.00 CHECK 472069 TOTAL: 548.00 472070 05/20/2022 PRTD 143143 TORRES, ARMANDO CHAVEZ 1991 04/01/2022 20220520 1,430.08 CHECK 472070 TOTAL: 1,430.08 472071 05/20/2022 PRTD 102715 WIENS GRAPHICS INC 152061 04/21/2022 20220520 312.50 WIENS GRAPHICS INC 152050 04/21/2022 20220520 937.50 WIENS GRAPHICS INC 152018 04/19/2022 20220520 132.00 CHECK 472071 TOTAL: 1,382.00 472072 05/20/2022 PRTD 160095 AM CRAFT SPIRITS SALES & MARKETIN 14489 05/03/2022 20220520 67.70 AM CRAFT SPIRITS SALES & MARKETIN 14490 05/03/2022 20220520 130.70 CHECK 472072 TOTAL: 198.40 472073 05/20/2022 PRTD 141960 AMAZON CAPITAL SERVICES 1QN1-NKR3-LG6W 04/19/2022 20220520 63.96 AMAZON CAPITAL SERVICES 1FJD-Y3HP-CJVD 04/19/2022 20220520 499.90 AMAZON CAPITAL SERVICES 1FJD-Y3HP-D347 04/19/2022 20220520 10.60 AMAZON CAPITAL SERVICES 16PH-Y6J7-D1GM 04/19/2022 20220520 23.92 AMAZON CAPITAL SERVICES 1QVG-4WFJ-JQ74 04/20/2022 20220520 119.30 AMAZON CAPITAL SERVICES 11LX-DWTP-4JWT 04/20/2022 20220520 129.28 AMAZON CAPITAL SERVICES 141W-7WXP-9CKM 04/20/2022 20220520 31.98 AMAZON CAPITAL SERVICES 1VV4-WFXW-9RWL 04/20/2022 20220520 11.17 AMAZON CAPITAL SERVICES 1T1C-6J3R-G3LK 04/20/2022 20220520 16.49 AMAZON CAPITAL SERVICES 1NLG-41QM-R1FJ 04/21/2022 20220520 45.72 AMAZON CAPITAL SERVICES 1MY1-7FFX-WMNL 04/21/2022 20220520 119.24 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 2 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET AMAZON CAPITAL SERVICES 1FTF-YKG6-VTQH 04/21/2022 20220520 26.06 AMAZON CAPITAL SERVICES 196K-YGX1-XYCK 04/21/2022 20220520 52.91 AMAZON CAPITAL SERVICES 1416-Y6D3-4CQ9 04/21/2022 20220520 68.79 AMAZON CAPITAL SERVICES 1L4D-9MXR-7V36 04/21/2022 20220520 49.34 AMAZON CAPITAL SERVICES 1NY6-MX61-R1M7 04/22/2022 20220520 855.64 AMAZON CAPITAL SERVICES 16HW-V6MD-CWLF 04/23/2022 20220520 205.50 AMAZON CAPITAL SERVICES 16HW-V6MD-LPLX 04/23/2022 20220520 10.75 AMAZON CAPITAL SERVICES 1NCY-GWQJ-KPVY 04/23/2022 20220520 29.29 AMAZON CAPITAL SERVICES 1YMV-MC6F-Q43F 04/23/2022 20220520 29.97 AMAZON CAPITAL SERVICES 1P1G-CK97-TK7X 04/23/2022 20220520 84.71 AMAZON CAPITAL SERVICES 113Q-HLKF-KKW6 04/25/2022 20220520 139.23 AMAZON CAPITAL SERVICES 1RWD-KT9N-DQX6 04/25/2022 20220520 33.10 AMAZON CAPITAL SERVICES 1CYY-46TW-DW4H 04/25/2022 20220520 59.88 AMAZON CAPITAL SERVICES 1T1H-K4GD-FPM4 04/25/2022 20220520 31.20 AMAZON CAPITAL SERVICES 14DT-RMRY-7JXC 04/25/2022 20220520 101.96 AMAZON CAPITAL SERVICES 1QDW-CYMY-39H4-1 05/16/2022 20220520 .01 CHECK 472073 TOTAL: 2,849.90 472074 05/20/2022 PRTD 100630 ANCHOR PAPER COMPANY 10686371-00 04/25/2022 20220520 873.00 ANCHOR PAPER COMPANY 10686376-00 04/25/2022 20220520 97.00 CHECK 472074 TOTAL: 970.00 472075 05/20/2022 PRTD 151441 ARAMARK UNIFORM AND CAREER APPEAL 250000136781 04/19/2022 20220520 127.73 ARAMARK UNIFORM AND CAREER APPEAL 250000136721 04/19/2022 20220520 180.62 ARAMARK UNIFORM AND CAREER APPEAL 250000137727 04/20/2022 20220520 262.16 CHECK 472075 TOTAL: 570.51 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 3 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472076 05/20/2022 PRTD 106304 ASPEN MILLS INC 292704 04/21/2022 20220520 328.86 ASPEN MILLS INC 292705 04/21/2022 20220520 150.48 ASPEN MILLS INC 292775 04/22/2022 20220520 504.16 ASPEN MILLS INC 292774 04/22/2022 20220520 461.05 ASPEN MILLS INC 292766 04/22/2022 20220520 28.50 ASPEN MILLS INC 292765 04/22/2022 20220520 28.50 CHECK 472076 TOTAL: 1,501.55 472077 05/20/2022 PRTD 102660 AUDUBON SOCIETY OF NEW YORK STATE 10984-2022 04/18/2022 20220520 500.00 CHECK 472077 TOTAL: 500.00 472078 05/20/2022 PRTD 125333 BARNUM COMPANIES INC 32924 04/25/2022 20220520 3,003.19 CHECK 472078 TOTAL: 3,003.19 472079 05/20/2022 PRTD 100643 BARR ENGINEERING CO 23271892.00-8 04/25/2022 20220520 4,224.00 BARR ENGINEERING CO 23271898.00-7 04/25/2022 20220520 82,762.72 CHECK 472079 TOTAL: 86,986.72 472080 05/20/2022 PRTD 101355 BELLBOY CORPORATION 0094636200 04/28/2022 20220520 2,310.35 BELLBOY CORPORATION 0105055600 04/28/2022 20220520 138.08 BELLBOY CORPORATION 0094623200 04/28/2022 20220520 316.95 BELLBOY CORPORATION 0105004200 04/14/2022 20220520 109.50 BELLBOY CORPORATION 0094661300 04/28/2022 20220520 98.70 BELLBOY CORPORATION 0094661500 04/28/2022 20220520 587.80 BELLBOY CORPORATION 0105055500 04/28/2022 20220520 27.12 BELLBOY CORPORATION 0094623300 04/28/2022 20220520 365.60 BELLBOY CORPORATION 0105055700 04/28/2022 20220520 181.73 BELLBOY CORPORATION 0094645100 04/28/2022 20220520 2,548.68 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 4 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET BELLBOY CORPORATION 0094742200 05/05/2022 20220520 268.30 BELLBOY CORPORATION 0094742600 05/05/2022 20220520 4,057.27 BELLBOY CORPORATION 0094743100 05/05/2022 20220520 2,889.50 BELLBOY CORPORATION 0094708300 05/05/2022 20220520 219.30 BELLBOY CORPORATION 0105085900 05/05/2022 20220520 89.81 BELLBOY CORPORATION 0105097900 05/05/2022 20220520 190.67 BELLBOY CORPORATION 0094742400 05/05/2022 20220520 1,320.75 CHECK 472080 TOTAL: 15,720.11 472081 05/20/2022 PRTD 160321 5150 INC 64076-0 04/22/2022 20220520 9,099.95 CHECK 472081 TOTAL: 9,099.95 472082 05/20/2022 PRTD 141961 MIDAMERICAN ENERGY SERVICES LLC 11453523 04/20/2022 20220520 4,826.76 CHECK 472082 TOTAL: 4,826.76 472083 05/20/2022 PRTD 142153 BLACK STACK BREWING INC 17335 04/28/2022 20220520 365.00 BLACK STACK BREWING INC 17336 04/28/2022 20220520 365.00 BLACK STACK BREWING INC 17337 04/28/2022 20220520 559.00 BLACK STACK BREWING INC 17445 05/05/2022 20220520 316.00 BLACK STACK BREWING INC 17446 05/05/2022 20220520 230.00 BLACK STACK BREWING INC 17447 05/05/2022 20220520 505.00 CHECK 472083 TOTAL: 2,340.00 472084 05/20/2022 PRTD 105367 BOUND TREE MEDICAL LLC 84491612 04/19/2022 20220520 279.96 BOUND TREE MEDICAL LLC 84491611 04/19/2022 20220520 161.88 BOUND TREE MEDICAL LLC 84497884 04/25/2022 20220520 48.75 BOUND TREE MEDICAL LLC 84497883 04/25/2022 20220520 58.25 BOUND TREE MEDICAL LLC 84497885 04/25/2022 20220520 76.79 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 5 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472084 TOTAL: 625.63 472085 05/20/2022 PRTD 119351 BOURGET IMPORTS 186624 05/03/2022 20220520 187.50 BOURGET IMPORTS 186621 05/03/2022 20220520 800.75 BOURGET IMPORTS 186623 05/03/2022 20220520 604.75 CHECK 472085 TOTAL: 1,593.00 472086 05/20/2022 PRTD 117040 ALLIANCE PARTS TRUCK AND TRAILER 007P31070 04/19/2022 20220520 376.20 CHECK 472086 TOTAL: 376.20 472087 05/20/2022 PRTD 124291 BREAKTHRU BEVERAGE MINNESOTA WINE 343921606 04/29/2022 20220520 1,431.05 BREAKTHRU BEVERAGE MINNESOTA WINE 343921597 04/29/2022 20220520 1,431.05 BREAKTHRU BEVERAGE MINNESOTA WINE 343921605 04/29/2022 20220520 1,431.05 BREAKTHRU BEVERAGE MINNESOTA WINE 343978303 05/04/2022 20220520 4,907.93 BREAKTHRU BEVERAGE MINNESOTA WINE 343978306 05/04/2022 20220520 89.15 BREAKTHRU BEVERAGE MINNESOTA WINE 343978305 05/04/2022 20220520 361.15 BREAKTHRU BEVERAGE MINNESOTA WINE 343978302 05/04/2022 20220520 175.83 BREAKTHRU BEVERAGE MINNESOTA WINE 343978288 05/04/2022 20220520 45.15 BREAKTHRU BEVERAGE MINNESOTA WINE 343978289 05/04/2022 20220520 1,792.40 BREAKTHRU BEVERAGE MINNESOTA WINE 343978286 05/04/2022 20220520 41.27 BREAKTHRU BEVERAGE MINNESOTA WINE 343978308 05/04/2022 20220520 1,039.48 BREAKTHRU BEVERAGE MINNESOTA WINE 343790006 04/20/2022 20220520 22.46 BREAKTHRU BEVERAGE MINNESOTA WINE 409737774 05/03/2022 20220520 -10.59 CHECK 472087 TOTAL: 12,757.38 472088 05/20/2022 PRTD 124529 BREAKTHRU BEVERAGE MINNESOTA BEER 343854256 04/26/2022 20220520 5,413.90 BREAKTHRU BEVERAGE MINNESOTA BEER 343953908 05/03/2022 20220520 3,019.65 BREAKTHRU BEVERAGE MINNESOTA BEER 343953897 05/03/2022 20220520 89.70 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 6 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET BREAKTHRU BEVERAGE MINNESOTA BEER 409687872 05/04/2022 20220520 -172.00 BREAKTHRU BEVERAGE MINNESOTA BEER 409687874 05/04/2022 20220520 -55.20 BREAKTHRU BEVERAGE MINNESOTA BEER 343953909 05/03/2022 20220520 4,609.90 CHECK 472088 TOTAL: 12,905.95 472089 05/20/2022 PRTD 100648 BERTELSON BROTHERS INC OE-596012-1 04/19/2022 20220520 21.12 BERTELSON BROTHERS INC WO-1182122-1 04/19/2022 20220520 50.84 BERTELSON BROTHERS INC WO-1183088-1 04/25/2022 20220520 409.87 CHECK 472089 TOTAL: 481.83 472090 05/20/2022 PRTD 102149 CALLAWAY GOLF 934541683 03/25/2022 20220520 157.50 CALLAWAY GOLF 934556476 03/29/2022 20220520 411.30 CHECK 472090 TOTAL: 568.80 472091 05/20/2022 PRTD 119455 CAPITOL BEVERAGE SALES LP 2681117 04/29/2022 20220520 827.50 CAPITOL BEVERAGE SALES LP 2680578 04/29/2022 20220520 -20.20 CAPITOL BEVERAGE SALES LP 2681119 04/29/2022 20220520 1,096.55 CAPITOL BEVERAGE SALES LP 2682391 05/03/2022 20220520 468.00 CAPITOL BEVERAGE SALES LP 2682390 05/03/2022 20220520 14.00 CAPITOL BEVERAGE SALES LP 2682392 05/03/2022 20220520 2,782.75 CAPITOL BEVERAGE SALES LP 2684182 05/06/2022 20220520 1,935.50 CAPITOL BEVERAGE SALES LP 2684181 05/06/2022 20220520 67.75 CAPITOL BEVERAGE SALES LP 2684157 05/06/2022 20220520 175.50 CAPITOL BEVERAGE SALES LP 2684156 05/06/2022 20220520 14.00 CAPITOL BEVERAGE SALES LP 2684158 05/06/2022 20220520 211.00 CHECK 472091 TOTAL: 7,572.35 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 7 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472092 05/20/2022 PRTD 103300 CENTER FOR ENERGY AND ENVIRONMENT 20932 04/20/2022 20220520 168,685.13 CHECK 472092 TOTAL: 168,685.13 472093 05/20/2022 PRTD 142028 CINTAS CORPORATION 4117376773 04/25/2022 20220520 11.78 CINTAS CORPORATION 4117376795 04/25/2022 20220520 17.87 CINTAS CORPORATION 4117376780 04/25/2022 20220520 33.63 CINTAS CORPORATION 4117376801 04/25/2022 20220520 25.49 CINTAS CORPORATION 4117376844 04/25/2022 20220520 27.65 CINTAS CORPORATION 4117958799 04/29/2022 20220520 98.32 CHECK 472093 TOTAL: 214.74 472094 05/20/2022 PRTD 142028 CINTAS CORPORATION NO.2 5104814259 04/20/2022 20220520 45.68 CHECK 472094 TOTAL: 45.68 472095 05/20/2022 PRTD 101837 COMMUNICATIONS COM-2631 05/04/2022 20220520 60.57 CHECK 472095 TOTAL: 60.57 472096 05/20/2022 PRTD 101837 COMMUNICATIONS COM-2637 05/12/2022 20220520 100.00 CHECK 472096 TOTAL: 100.00 472097 05/20/2022 PRTD 139927 CITY OF ROCHESTER MN ROCHESTER-04/2022-2 04/26/2022 20220520 2,160.00 CHECK 472097 TOTAL: 2,160.00 472098 05/20/2022 PRTD 102165 ROGER CLEVELAND GOLF CO. INC 6854931 SO 03/28/2022 20220520 2,613.60 CHECK 472098 TOTAL: 2,613.60 472099 05/20/2022 PRTD 120433 COMCAST 0023973-05/22 05/03/2022 20220520 9.00 CHECK 472099 TOTAL: 9.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 8 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472100 05/20/2022 PRTD 120433 COMCAST 0540232-05/22 05/08/2022 20220520 95.62 CHECK 472100 TOTAL: 95.62 472101 05/20/2022 PRTD 100012 CORE & MAIN Q711550 04/19/2022 20220520 409.64 CHECK 472101 TOTAL: 409.64 472102 05/20/2022 PRTD 146423 COX COMMUNICATIONS 21069 04/25/2022 20220520 50.00 CHECK 472102 TOTAL: 50.00 472103 05/20/2022 PRTD 160189 COYLE, ANN 1037 04/22/2022 20220520 930.00 CHECK 472103 TOTAL: 930.00 472104 05/20/2022 PRTD 121267 CREATIVE RESOURCES 82350 03/09/2022 20220520 562.09 CREATIVE RESOURCES 82352 03/09/2022 20220520 283.30 CREATIVE RESOURCES 82360 03/09/2022 20220520 275.22 CREATIVE RESOURCES 82353 03/09/2022 20220520 283.68 CHECK 472104 TOTAL: 1,404.29 472105 05/20/2022 PRTD 100699 CULLIGAN SOFTWATER SERVICE COMPAN 114X86104805 04/30/2022 20220520 85.87 CHECK 472105 TOTAL: 85.87 472106 05/20/2022 PRTD 100130 DAKOTA COUNTY DPC DCSOT-04/2022-1 04/21/2022 20220520 319.75 CHECK 472106 TOTAL: 319.75 472107 05/20/2022 PRTD 104020 DALCO ENTERPRISES INC 3926846 04/22/2022 20220520 215.91 CHECK 472107 TOTAL: 215.91 472108 05/20/2022 PRTD 100718 DELEGARD TOOL COMPANY 153768/1 04/25/2022 20220520 3.73 CHECK 472108 TOTAL: 3.73 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 9 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472109 05/20/2022 PRTD 123995 DICKS SANITATION SERVICE INC 4608253T460 04/30/2022 20220520 453.80 DICKS SANITATION SERVICE INC 4608226T460 04/30/2022 20220520 247.20 CHECK 472109 TOTAL: 701.00 472110 05/20/2022 PRTD 160382 DIENG, KRISTIN MARIE 101 05/03/2022 20220520 1,257.55 CHECK 472110 TOTAL: 1,257.55 472111 05/20/2022 PRTD 121103 DIRECTV GROUP INC 016523692X220513 05/13/2022 20220520 103.98 CHECK 472111 TOTAL: 103.98 472112 05/20/2022 PRTD 129718 DREW'S CONCESSIONS LLC 2813 04/20/2022 20220520 798.64 CHECK 472112 TOTAL: 798.64 472113 05/20/2022 PRTD 140431 EARTH NETWORKS INC INV3220 04/21/2022 20220520 1,654.00 CHECK 472113 TOTAL: 1,654.00 472114 05/20/2022 PRTD 132810 ECM PUBLISHERS INC 888277 04/21/2022 20220520 207.90 ECM PUBLISHERS INC 888278 04/21/2022 20220520 89.25 ECM PUBLISHERS INC 888279 04/21/2022 20220520 160.65 CHECK 472114 TOTAL: 457.80 472115 05/20/2022 PRTD 160062 ELM CREEK BREWING COMPANY E-2337 05/05/2022 20220520 375.00 CHECK 472115 TOTAL: 375.00 472116 05/20/2022 PRTD 148012 EVEREST EMERGENCY VEHICLES INC W03747 04/21/2022 20220520 281.06 CHECK 472116 TOTAL: 281.06 472117 05/20/2022 PRTD 100146 ELLIOTT AUTO SUPPLY CO, INC 158-069267 04/20/2022 20220520 22.28 ELLIOTT AUTO SUPPLY CO, INC 69-448211 04/20/2022 20220520 81.12 ELLIOTT AUTO SUPPLY CO, INC 69-448207 04/20/2022 20220520 55.08 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 10 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472117 TOTAL: 158.48 472118 05/20/2022 PRTD 147181 FALLING BREWERY - BERGMAN LEDGE L E-6407 05/03/2022 20220520 441.00 FALLING BREWERY - BERGMAN LEDGE L E-6411 05/03/2022 20220520 361.00 FALLING BREWERY - BERGMAN LEDGE L E-6412 05/03/2022 20220520 240.00 CHECK 472118 TOTAL: 1,042.00 472119 05/20/2022 PRTD 105823 FBI LEEDA INC 200068507 04/21/2022 20220520 695.00 FBI LEEDA INC 200068506 04/21/2022 20220520 695.00 FBI LEEDA INC 200068505 04/21/2022 20220520 695.00 FBI LEEDA INC 200068513 04/21/2022 20220520 695.00 FBI LEEDA INC 200068512 04/21/2022 20220520 695.00 CHECK 472119 TOTAL: 3,475.00 472120 05/20/2022 PRTD 103600 FERGUSON US HOLDINGS INC 0492034 04/20/2022 20220520 3,695.03 FERGUSON US HOLDINGS INC 0492034-1 04/21/2022 20220520 147.40 CHECK 472120 TOTAL: 3,842.43 472121 05/20/2022 PRTD 116492 BRIDGETOWER OPCO, LLC 745382327 04/21/2022 20220520 178.38 CHECK 472121 TOTAL: 178.38 472122 05/20/2022 PRTD 141837 DAIOHS USA INC 808568 04/22/2022 20220520 397.66 DAIOHS USA INC 607231 04/25/2022 20220520 143.10 CHECK 472122 TOTAL: 540.76 472123 05/20/2022 PRTD 105066 FITTING REFLECTIONS LLC 3222 04/22/2022 20220520 1,575.00 FITTING REFLECTIONS LLC 3223 04/22/2022 20220520 1,300.00 CHECK 472123 TOTAL: 2,875.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 11 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472124 05/20/2022 PRTD 102456 GALLS PARENT HOLDINGS LLC BC1595992 04/19/2022 20220520 144.95 GALLS PARENT HOLDINGS LLC BC1597034 04/20/2022 20220520 79.00 CHECK 472124 TOTAL: 223.95 472125 05/20/2022 PRTD 101931 HANESBRANDS INC 41909550 04/25/2022 20220520 1,192.39 CHECK 472125 TOTAL: 1,192.39 472126 05/20/2022 PRTD 160375 GENERAL SHEET METAL 27330 04/19/2022 20220520 813.76 CHECK 472126 TOTAL: 813.76 472127 05/20/2022 PRTD 100775 GENERAL SPORTS CORPORATION 98265 04/25/2022 20220520 708.00 CHECK 472127 TOTAL: 708.00 472128 05/20/2022 PRTD 101351 GILBERT MECHANICAL CONTRACTORS LL 59087 04/20/2022 20220520 7,144.00 GILBERT MECHANICAL CONTRACTORS LL 59088 04/20/2022 20220520 1,540.00 GILBERT MECHANICAL CONTRACTORS LL 59081 04/20/2022 20220520 10,994.00 GILBERT MECHANICAL CONTRACTORS LL 59082 04/20/2022 20220520 6,865.00 CHECK 472128 TOTAL: 26,543.00 472129 05/20/2022 PRTD 160376 GOPHER IN168787 04/19/2022 20220520 228.42 CHECK 472129 TOTAL: 228.42 472130 05/20/2022 PRTD 144412 WINEBOW MN00112212 05/03/2022 20220520 285.00 WINEBOW MN00112193 05/03/2022 20220520 2,303.18 WINEBOW MN00112307 05/05/2022 20220520 952.00 CHECK 472130 TOTAL: 3,540.18 472131 05/20/2022 PRTD 160108 GREAT RIVER OFFICE PRODUCTS, INC. 221199-00 04/19/2022 20220520 111.40 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 12 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472131 TOTAL: 111.40 472132 05/20/2022 PRTD 129108 HAAG COMPANIES INC 4-441686 04/22/2022 20220520 53.98 CHECK 472132 TOTAL: 53.98 472133 05/20/2022 PRTD 137677 HAMMEL GREEN AND ABRAHAMSON INC 228371 04/19/2022 20220520 1,132.35 CHECK 472133 TOTAL: 1,132.35 472134 05/20/2022 PRTD 151168 HAMMER SPORTS LLC 2281 04/24/2022 20220520 32.00 CHECK 472134 TOTAL: 32.00 472135 05/20/2022 PRTD 103085 HENNEPIN COUNTY ACCOUNTING SERVIC 1000185594 04/29/2022 20220520 1,879.02 CHECK 472135 TOTAL: 1,879.02 472136 05/20/2022 PRTD 104375 HOHENSTEINS INC 501558 05/03/2022 20220520 1,456.40 HOHENSTEINS INC 501562 05/03/2022 20220520 2,596.00 HOHENSTEINS INC 501566 05/03/2022 20220520 3,653.10 CHECK 472136 TOTAL: 7,705.50 472137 05/20/2022 PRTD 100417 HORIZON CHEMICAL CO INV14271 04/25/2022 20220520 738.32 CHECK 472137 TOTAL: 738.32 472138 05/20/2022 PRTD 160239 HUEBSCH LAUNDRY CO 20145974 04/25/2022 20220520 201.72 CHECK 472138 TOTAL: 201.72 472139 05/20/2022 PRTD 100814 INDELCO PLASTICS CORPORATION INV322866 04/21/2022 20220520 619.30 CHECK 472139 TOTAL: 619.30 472140 05/20/2022 PRTD 124290 INTERNATIONAL CHEMTEX LLC 38648 04/25/2022 20220520 939.55 CHECK 472140 TOTAL: 939.55 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 13 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472141 05/20/2022 PRTD 144093 IT VERDIN COMPANY 206748 04/20/2022 20220520 14,925.00 CHECK 472141 TOTAL: 14,925.00 472142 05/20/2022 PRTD 140784 OLNESS, JEFFREY JOHN 1530 04/21/2022 20220520 550.00 CHECK 472142 TOTAL: 550.00 472143 05/20/2022 PRTD 100828 JERRY'S ENTERPRISES INC UTILITIES-04/2022 04/25/2022 20220520 216.31 JERRY'S ENTERPRISES INC PARKS-04/2022 04/25/2022 20220520 497.67 CHECK 472143 TOTAL: 713.98 472144 05/20/2022 PRTD 132592 JF AHERN CO 502436 04/29/2022 20220520 260.00 CHECK 472144 TOTAL: 260.00 472145 05/20/2022 PRTD 100741 JJ TAYLOR DISTRIBUTING CO OF MINN 3293505 04/27/2022 20220520 663.50 JJ TAYLOR DISTRIBUTING CO OF MINN 3293543 05/04/2022 20220520 4,100.60 JJ TAYLOR DISTRIBUTING CO OF MINN 3293542 05/04/2022 20220520 67.70 JJ TAYLOR DISTRIBUTING CO OF MINN 3293546 05/04/2022 20220520 3,954.85 JJ TAYLOR DISTRIBUTING CO OF MINN 3293541 05/04/2022 20220520 67.70 JJ TAYLOR DISTRIBUTING CO OF MINN 3293544 05/04/2022 20220520 26.30 JJ TAYLOR DISTRIBUTING CO OF MINN 3293545 05/04/2022 20220520 2,686.65 CHECK 472145 TOTAL: 11,567.30 472146 05/20/2022 PRTD 150045 JOHNNIE-0 INC 0909186 04/19/2022 20220520 132.41 JOHNNIE-0 INC 0908405 04/19/2022 20220520 1,957.16 CHECK 472146 TOTAL: 2,089.57 472147 05/20/2022 PRTD 100835 ARTISAN BEER COMPANY 3532829 04/28/2022 20220520 1,099.50 ARTISAN BEER COMPANY 3532827 04/28/2022 20220520 1,163.60 ARTISAN BEER COMPANY 3532828 04/28/2022 20220520 3,075.60 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 14 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET ARTISAN BEER COMPANY 330854 04/21/2022 20220520 -53.28 ARTISAN BEER COMPANY 3534122 05/05/2022 20220520 1,982.80 ARTISAN BEER COMPANY 3534123 05/05/2022 20220520 110.70 ARTISAN BEER COMPANY 3534124 05/05/2022 20220520 2,443.20 ARTISAN BEER COMPANY 3534125 05/05/2022 20220520 110.70 ARTISAN BEER COMPANY 3534121 05/05/2022 20220520 722.55 CHECK 472147 TOTAL: 10,655.37 472148 05/20/2022 PRTD 100835 PHILLIPS WINE & SPIRITS 6384167 04/21/2022 20220520 6,216.50 PHILLIPS WINE & SPIRITS 6387966 04/28/2022 20220520 1,025.10 PHILLIPS WINE & SPIRITS 6387967 04/28/2022 20220520 2,810.34 PHILLIPS WINE & SPIRITS 6387970 04/28/2022 20220520 89.95 PHILLIPS WINE & SPIRITS 6387969 04/28/2022 20220520 162.70 PHILLIPS WINE & SPIRITS 6387968 04/28/2022 20220520 1,055.95 PHILLIPS WINE & SPIRITS 6384186 04/28/2022 20220520 45.35 PHILLIPS WINE & SPIRITS 6387954 04/28/2022 20220520 683.40 PHILLIPS WINE & SPIRITS 6387955 04/28/2022 20220520 643.19 PHILLIPS WINE & SPIRITS 6387956 04/28/2022 20220520 1,776.94 PHILLIPS WINE & SPIRITS 6387957 04/28/2022 20220520 81.35 PHILLIPS WINE & SPIRITS 6387963 04/28/2022 20220520 220.05 PHILLIPS WINE & SPIRITS 6378962 04/28/2022 20220520 1,754.79 PHILLIPS WINE & SPIRITS 6387960 04/28/2022 20220520 101.90 PHILLIPS WINE & SPIRITS 6387961 04/28/2022 20220520 220.05 PHILLIPS WINE & SPIRITS 6387959 04/28/2022 20220520 1,646.07 PHILLIPS WINE & SPIRITS 6387958 04/28/2022 20220520 1,025.10 PHILLIPS WINE & SPIRITS 6388219 04/28/2022 20220520 50.95 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 15 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET PHILLIPS WINE & SPIRITS 6391687 05/05/2022 20220520 81.35 PHILLIPS WINE & SPIRITS 6391686 05/05/2022 20220520 762.31 PHILLIPS WINE & SPIRITS 6391685 05/05/2022 20220520 1,318.85 PHILLIPS WINE & SPIRITS 6391684 05/05/2022 20220520 1,531.50 PHILLIPS WINE & SPIRITS 6391692 05/05/2022 20220520 1,703.23 PHILLIPS WINE & SPIRITS 6391690 05/05/2022 20220520 81.35 PHILLIPS WINE & SPIRITS 6391689 05/05/2022 20220520 1,235.81 PHILLIPS WINE & SPIRITS 6391688 05/05/2022 20220520 171.90 PHILLIPS WINE & SPIRITS 6391693 05/05/2022 20220520 165.05 PHILLIPS WINE & SPIRITS 6391694 05/05/2022 20220520 2,201.80 PHILLIPS WINE & SPIRITS 6391695 05/05/2022 20220520 81.35 PHILLIPS WINE & SPIRITS 6391697 05/05/2022 20220520 1,037.81 PHILLIPS WINE & SPIRITS 665391 04/29/2022 20220520 -13.34 PHILLIPS WINE & SPIRITS 664192-1 05/16/2022 20220520 12.00 CHECK 472148 TOTAL: 29,980.65 472149 05/20/2022 PRTD 100835 WINE MERCHANTS 7377652 04/28/2022 20220520 11,540.25 WINE MERCHANTS 7377657 04/28/2022 20220520 681.45 WINE MERCHANTS 7377648 04/28/2022 20220520 24.35 WINE MERCHANTS 7377649 04/28/2022 20220520 1,644.97 WINE MERCHANTS 7377650 04/28/2022 20220520 18,464.39 WINE MERCHANTS 7377653 04/28/2022 20220520 301.35 WINE MERCHANTS 7377655 04/28/2022 20220520 1,908.12 WINE MERCHANTS 7377654 04/28/2022 20220520 172.42 WINE MERCHANTS 7377651 04/28/2022 20220520 3,846.75 WINE MERCHANTS 7378597 05/05/2022 20220520 1,025.40 WINE MERCHANTS 7378596 05/05/2022 20220520 48.70 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 16 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET WINE MERCHANTS 7378599 05/05/2022 20220520 1,659.55 WINE MERCHANTS 7378600 05/05/2022 20220520 52.70 WINE MERCHANTS 7378601 05/05/2022 20220520 3,659.05 WINE MERCHANTS 743977 04/29/2022 20220520 -13.33 WINE MERCHANTS 743978 04/29/2022 20220520 -16.50 CHECK 472149 TOTAL: 44,999.62 472150 05/20/2022 PRTD 100835 JOHNSON BROTHERS LIQUOR CO 2041395 04/28/2022 20220520 447.36 JOHNSON BROTHERS LIQUOR CO 2041394 04/28/2022 20220520 410.84 JOHNSON BROTHERS LIQUOR CO 2041393 04/28/2022 20220520 65.35 JOHNSON BROTHERS LIQUOR CO 2041386 04/28/2022 20220520 38.35 JOHNSON BROTHERS LIQUOR CO 2041387 04/28/2022 20220520 512.24 JOHNSON BROTHERS LIQUOR CO 2041389 04/28/2022 20220520 3,545.25 JOHNSON BROTHERS LIQUOR CO 2041390 04/28/2022 20220520 2,221.25 JOHNSON BROTHERS LIQUOR CO 2041363 04/28/2022 20220520 1,966.20 JOHNSON BROTHERS LIQUOR CO 2041396 04/28/2022 20220520 1,464.81 JOHNSON BROTHERS LIQUOR CO 2041391 04/28/2022 20220520 1,092.25 JOHNSON BROTHERS LIQUOR CO 2041392 04/28/2022 20220520 434.25 JOHNSON BROTHERS LIQUOR CO 2041388 04/28/2022 20220520 1,145.34 JOHNSON BROTHERS LIQUOR CO 2041364 04/28/2022 20220520 586.70 JOHNSON BROTHERS LIQUOR CO 2041365 04/28/2022 20220520 1,473.02 JOHNSON BROTHERS LIQUOR CO 2041366 04/28/2022 20220520 2,349.99 JOHNSON BROTHERS LIQUOR CO 2041367 04/28/2022 20220520 489.18 JOHNSON BROTHERS LIQUOR CO 2014368 04/28/2022 20220520 1,394.90 JOHNSON BROTHERS LIQUOR CO 2041369 04/28/2022 20220520 849.70 JOHNSON BROTHERS LIQUOR CO 2041370 04/28/2022 20220520 41.35 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 17 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET JOHNSON BROTHERS LIQUOR CO 2041372 04/28/2022 20220520 2,367.46 JOHNSON BROTHERS LIQUOR CO 2041371 04/28/2022 20220520 277.86 JOHNSON BROTHERS LIQUOR CO 2041381 04/28/2022 20220520 787.20 JOHNSON BROTHERS LIQUOR CO 2041380 04/28/2022 20220520 561.61 JOHNSON BROTHERS LIQUOR CO 2041379 04/28/2022 20220520 847.55 JOHNSON BROTHERS LIQUOR CO 2041378 04/28/2022 20220520 963.30 JOHNSON BROTHERS LIQUOR CO 2041377 04/28/2022 20220520 2,851.12 JOHNSON BROTHERS LIQUOR CO 2041376 04/28/2022 20220520 4,112.51 JOHNSON BROTHERS LIQUOR CO 2041375 04/28/2022 20220520 1,564.47 JOHNSON BROTHERS LIQUOR CO 2041374 04/28/2022 20220520 971.16 JOHNSON BROTHERS LIQUOR CO 2041373 04/28/2022 20220520 92.70 JOHNSON BROTHERS LIQUOR CO 2041382 04/28/2022 20220520 4,032.88 JOHNSON BROTHERS LIQUOR CO 2000222 02/25/2022 20220520 269.67 JOHNSON BROTHERS LIQUOR CO 2046204 05/05/2022 20220520 48.35 JOHNSON BROTHERS LIQUOR CO 2046203 05/05/2022 20220520 1,037.50 JOHNSON BROTHERS LIQUOR CO 2046200 05/05/2022 20220520 222.24 JOHNSON BROTHERS LIQUOR CO 2046199 05/05/2022 20220520 999.15 JOHNSON BROTHERS LIQUOR CO 2046197 05/05/2022 20220520 133.35 JOHNSON BROTHERS LIQUOR CO 2046196 05/05/2022 20220520 1,259.57 JOHNSON BROTHERS LIQUOR CO 2046195 05/05/2022 20220520 1,116.58 JOHNSON BROTHERS LIQUOR CO 2046194 05/05/2022 20220520 434.14 JOHNSON BROTHERS LIQUOR CO 2046193 05/05/2022 20220520 38.35 JOHNSON BROTHERS LIQUOR CO 2046211 05/05/2022 20220520 924.58 JOHNSON BROTHERS LIQUOR CO 2046210 05/05/2022 20220520 4,438.84 JOHNSON BROTHERS LIQUOR CO 2046214 05/05/2022 20220520 999.15 JOHNSON BROTHERS LIQUOR CO 2046209 05/05/2022 20220520 2,220.06 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 18 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET JOHNSON BROTHERS LIQUOR CO 2046213 05/05/2022 20220520 965.74 JOHNSON BROTHERS LIQUOR CO 2046212 05/05/2022 20220520 513.12 JOHNSON BROTHERS LIQUOR CO 2046208 05/05/2022 20220520 1,461.76 JOHNSON BROTHERS LIQUOR CO 2046206 05/05/2022 20220520 48.35 JOHNSON BROTHERS LIQUOR CO 2046205 05/05/2022 20220520 494.75 JOHNSON BROTHERS LIQUOR CO 2046219 05/05/2022 20220520 1,008.95 JOHNSON BROTHERS LIQUOR CO 2046201 05/05/2022 20220520 626.70 JOHNSON BROTHERS LIQUOR CO 2046202 05/05/2022 20220520 1,053.50 JOHNSON BROTHERS LIQUOR CO 2046207 05/05/2022 20220520 96.70 JOHNSON BROTHERS LIQUOR CO 2046217 05/05/2022 20220520 38.35 JOHNSON BROTHERS LIQUOR CO 2046218 05/05/2022 20220520 1,687.59 JOHNSON BROTHERS LIQUOR CO 2046220 05/05/2022 20220520 133.35 JOHNSON BROTHERS LIQUOR CO 2046223 05/05/2022 20220520 585.65 JOHNSON BROTHERS LIQUOR CO 2046224 05/05/2022 20220520 1,101.83 JOHNSON BROTHERS LIQUOR CO 199661 04/29/2022 20220520 -4.25 CHECK 472150 TOTAL: 63,911.77 472151 05/20/2022 PRTD 100835 ORIGIN WINE AND SPIRITS 0016305 04/28/2022 20220520 686.75 ORIGIN WINE AND SPIRITS 0016418 05/05/2022 20220520 686.75 CHECK 472151 TOTAL: 1,373.50 472152 05/20/2022 PRTD 145396 JUNKYARD BREWING COMPANY LLC 003968 04/28/2022 20220520 134.00 CHECK 472152 TOTAL: 134.00 472153 05/20/2022 PRTD 103409 KELBRO COMPANY 2752554 04/28/2022 20220520 256.70 KELBRO COMPANY 2755785 05/05/2022 20220520 200.85 KELBRO COMPANY 2754484 05/05/2022 20220520 104.70 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 19 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472153 TOTAL: 562.25 472154 05/20/2022 PRTD 124002 KIMLEY-HORN AND ASSOCIATES INC 160603028-0322 03/31/2022 20220520 4,280.50 CHECK 472154 TOTAL: 4,280.50 472155 05/20/2022 PRTD 100944 KIWI KAI IMPORTS INC 163948 05/03/2022 20220520 650.75 KIWI KAI IMPORTS INC 163947 05/03/2022 20220520 1,218.75 KIWI KAI IMPORTS INC 163966 05/03/2022 20220520 242.25 KIWI KAI IMPORTS INC 163961 05/03/2022 20220520 1,858.50 KIWI KAI IMPORTS INC 163963 05/03/2022 20220520 1,137.50 KIWI KAI IMPORTS INC 163962 05/03/2022 20220520 1,212.50 KIWI KAI IMPORTS INC 163969 05/03/2022 20220520 710.25 KIWI KAI IMPORTS INC 163968 05/03/2022 20220520 408.75 KIWI KAI IMPORTS INC 163949 05/03/2022 20220520 532.50 KIWI KAI IMPORTS INC 164331 05/05/2022 20220520 808.75 CHECK 472155 TOTAL: 8,780.50 472156 05/20/2022 PRTD 151024 LA DONA SBC 5485 05/04/2022 20220520 116.00 LA DONA SBC 5503 05/05/2022 20220520 112.00 CHECK 472156 TOTAL: 228.00 472157 05/20/2022 PRTD 101220 LANO EQUIPMENT INC 03-905420 04/21/2022 20220520 100.55 LANO EQUIPMENT INC 03-905419 04/21/2022 20220520 215.10 LANO EQUIPMENT INC 02-846733 07/14/2021 20220520 -88.77 CHECK 472157 TOTAL: 226.88 472158 05/20/2022 PRTD 100852 LAWSON PRODUCTS INC 9309499542 04/22/2022 20220520 618.47 CHECK 472158 TOTAL: 618.47 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 20 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472159 05/20/2022 PRTD 101552 LEAGUE OF MINNESOTA CITIES 7202 04/21/2022 20220520 1,333.42 CHECK 472159 TOTAL: 1,333.42 472160 05/20/2022 PRTD 135867 LIBATION PROJECT 45240 05/03/2022 20220520 106.00 CHECK 472160 TOTAL: 106.00 472161 05/20/2022 PRTD 160043 LIFE SAFETY SYSTEMS INC. 89911 04/19/2022 20220520 290.00 CHECK 472161 TOTAL: 290.00 472162 05/20/2022 PRTD 141916 LUPULIN BREWING COMPANY 44617 04/28/2022 20220520 138.00 LUPULIN BREWING COMPANY 44745 05/03/2022 20220520 458.85 LUPULIN BREWING COMPANY 44746 05/03/2022 20220520 276.50 CHECK 472162 TOTAL: 873.35 472163 05/20/2022 PRTD 102722 PEAVEY CORPORATION 389113 04/21/2022 20220520 267.09 CHECK 472163 TOTAL: 267.09 472164 05/20/2022 PRTD 134063 MANSFIELD OIL COMPANY 23203176 04/22/2022 20220520 2,160.37 MANSFIELD OIL COMPANY 23207260 04/25/2022 20220520 16,951.98 MANSFIELD OIL COMPANY 23203140 04/22/2022 20220520 12,106.46 CHECK 472164 TOTAL: 31,218.81 472165 05/20/2022 PRTD 141215 MAVERICK WINE LLC INV752173 04/05/2022 20220520 225.54 MAVERICK WINE LLC INV768511 05/03/2022 20220520 253.50 MAVERICK WINE LLC INV768519 05/03/2022 20220520 544.50 MAVERICK WINE LLC INV768491 05/03/2022 20220520 706.98 MAVERICK WINE LLC INV769347 05/04/2022 20220520 86.52 CHECK 472165 TOTAL: 1,817.04 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 21 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472166 05/20/2022 PRTD 130477 MCDONALD DISTRIBUTING COMPANY 629759 05/04/2022 20220520 187.50 MCDONALD DISTRIBUTING COMPANY 629752 05/04/2022 20220520 578.25 MCDONALD DISTRIBUTING COMPANY 629693 05/04/2022 20220520 836.25 MCDONALD DISTRIBUTING COMPANY 629688 05/04/2022 20220520 42.25 MCDONALD DISTRIBUTING COMPANY 629686 05/04/2022 20220520 315.25 MCDONALD DISTRIBUTING COMPANY 629687 05/04/2022 20220520 171.75 CHECK 472166 TOTAL: 2,131.25 472167 05/20/2022 PRTD 101483 MENARDS 60027 04/25/2022 20220520 115.24 MENARDS 60008 04/25/2022 20220520 225.98 MENARDS 60013 04/25/2022 20220520 32.04 MENARDS 60007 04/25/2022 20220520 265.74 MENARDS 59375 04/14/2022 20220520 67.96 MENARDS 57961 03/23/2022 20220520 166.59 MENARDS 58093 03/25/2022 20220520 513.69 MENARDS 59327 04/13/2022 20220520 132.47 MENARDS 59374 04/14/2022 20220520 73.70 MENARDS 58094 03/25/2022 20220520 56.05 MENARDS 59381 04/14/2022 20220520 48.79 MENARDS 59448 04/15/2022 20220520 24.61 CHECK 472167 TOTAL: 1,722.86 472168 05/20/2022 PRTD 102729 METROPOLITAN FORD LLC 527887 04/19/2022 20220520 70.88 CHECK 472168 TOTAL: 70.88 472169 05/20/2022 PRTD 138732 TRADITION WINE & SPIRITS LLC 31426 04/28/2022 20220520 1,117.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 22 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472169 TOTAL: 1,117.00 472170 05/20/2022 PRTD 100913 MINNEAPOLIS & SUBURBAN SEWER & WA 36391 04/22/2022 20220520 2,200.00 CHECK 472170 TOTAL: 2,200.00 472171 05/20/2022 PRTD 101537 MINNESOTA POLLUTION CONTROL AGENC 10000143002 04/21/2022 20220520 304.65 CHECK 472171 TOTAL: 304.65 472172 05/20/2022 PRTD 128914 BJKK DEVELOPMENT 32842 04/23/2022 20220520 180.00 BJKK DEVELOPMENT 32833 04/22/2022 20220520 98.00 CHECK 472172 TOTAL: 278.00 472173 05/20/2022 PRTD 140955 MODIST BREWING LLC E-30919 05/03/2022 20220520 415.00 MODIST BREWING LLC E-30920 05/03/2022 20220520 403.00 MODIST BREWING LLC E-30921 05/03/2022 20220520 533.00 CHECK 472173 TOTAL: 1,351.00 472174 05/20/2022 PRTD 100906 MTI DISTRIBUTING INC 1339675-00 04/19/2022 20220520 69.72 CHECK 472174 TOTAL: 69.72 472175 05/20/2022 PRTD 134024 NAGELL APPRAISAL INCORPORATED 30332 04/21/2022 20220520 2,100.00 NAGELL APPRAISAL INCORPORATED 30331 04/21/2022 20220520 1,900.00 CHECK 472175 TOTAL: 4,000.00 472176 05/20/2022 PRTD 100920 GENUINE PARTS COMPANY 3599-143427 10/14/2021 20220520 -63.00 GENUINE PARTS COMPANY 3599-144815 10/25/2021 20220520 -9.00 GENUINE PARTS COMPANY 2122-821431 04/11/2022 20220520 27.96 GENUINE PARTS COMPANY 3599-165027 04/28/2022 20220520 151.99 CHECK 472176 TOTAL: 107.95 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 23 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472177 05/20/2022 PRTD 100683 CERTIFIED LABORATORIES 7762485 04/19/2022 20220520 385.96 CHECK 472177 TOTAL: 385.96 472178 05/20/2022 PRTD 100076 NEW FRANCE WINE CO 187029 05/04/2022 20220520 660.50 NEW FRANCE WINE CO 187032 05/04/2022 20220520 74.50 NEW FRANCE WINE CO 187033 05/04/2022 20220520 351.50 CHECK 472178 TOTAL: 1,086.50 472179 05/20/2022 PRTD 160071 NATIONAL ORGANIZATION A SOUND-CON 1045 04/19/2022 20220520 1,155.00 CHECK 472179 TOTAL: 1,155.00 472180 05/20/2022 PRTD 104232 NORTHERN SAFETY TECHNOLOGY INC 53908 04/20/2022 20220520 387.50 CHECK 472180 TOTAL: 387.50 472181 05/20/2022 PRTD 139023 NUSS TRUCK GROUP INC 739742 04/25/2022 20220520 632.91 CHECK 472181 TOTAL: 632.91 472182 05/20/2022 PRTD 100936 OLSEN CHAIN & CABLE CO INC 684862 04/19/2022 20220520 80.00 OLSEN CHAIN & CABLE CO INC 683259 04/20/2022 20220520 342.00 CHECK 472182 TOTAL: 422.00 472183 05/20/2022 PRTD 999995 Carrigan Curtis Design Build LLC ED186294-REFUND 05/06/2022 20220520 10,000.00 CHECK 472183 TOTAL: 10,000.00 472184 05/20/2022 PRTD 999995 Hardy, Jason ED185526-REFUND 05/10/2022 20220520 8,550.00 CHECK 472184 TOTAL: 8,550.00 472185 05/20/2022 PRTD 999994 Horwitz ED197340-REFUND 05/13/2022 20220520 604.50 CHECK 472185 TOTAL: 604.50 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 24 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472186 05/20/2022 PRTD 999996 Macmiller, Alyssa POS54911-REFUND 05/09/2022 20220520 32.26 CHECK 472186 TOTAL: 32.26 472187 05/20/2022 PRTD 999996 Rhymers, Lauren 38593586-REFUND 05/13/2022 20220520 17.33 CHECK 472187 TOTAL: 17.33 472188 05/20/2022 PRTD 151973 PAINTING BY NAKASONE INC 6267 04/21/2022 20220520 4,929.00 CHECK 472188 TOTAL: 4,929.00 472189 05/20/2022 PRTD 100945 PEPSI-COLA COMPANY 34732660 05/02/2022 20220520 584.53 PEPSI-COLA COMPANY 30782456 04/29/2022 20220520 200.00 PEPSI-COLA COMPANY 32485458 04/28/2022 20220520 628.00 CHECK 472189 TOTAL: 1,412.53 472190 05/20/2022 PRTD 149249 PEQUOD DISTRIBUTING W-144804 04/28/2022 20220520 649.50 CHECK 472190 TOTAL: 649.50 472191 05/20/2022 PRTD 140243 PK BLOODY MARY CORP 1861 04/27/2022 20220520 82.68 CHECK 472191 TOTAL: 82.68 472192 05/20/2022 PRTD 125979 PRECISE MRM LLC 200-1036541 04/25/2022 20220520 125.00 PRECISE MRM LLC 200-1036542 04/25/2022 20220520 1,050.00 CHECK 472192 TOTAL: 1,175.00 472193 05/20/2022 PRTD 129706 PREMIUM WATERS INC 318734607 04/19/2022 20220520 41.99 CHECK 472193 TOTAL: 41.99 472194 05/20/2022 PRTD 160374 PROVICTA LLC 142 04/22/2022 20220520 4,500.00 CHECK 472194 TOTAL: 4,500.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 25 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472195 05/20/2022 PRTD 100975 MULTI SERVICE TECHNOLOGY SOLUTION 268-1-116775 04/19/2022 20220520 200.00 MULTI SERVICE TECHNOLOGY SOLUTION 268-1-116776 04/19/2022 20220520 -200.00 MULTI SERVICE TECHNOLOGY SOLUTION 268-1-116394 04/11/2022 20220520 200.00 CHECK 472195 TOTAL: 200.00 472196 05/20/2022 PRTD 100977 RICHFIELD PLUMBING COMPANY 84461 04/21/2022 20220520 898.00 CHECK 472196 TOTAL: 898.00 472197 05/20/2022 PRTD 102408 RIGID HITCH INCORPORATED 1928666120 04/22/2022 20220520 112.88 CHECK 472197 TOTAL: 112.88 472198 05/20/2022 PRTD 129492 ROCHESTER CONCRETE PRODUCTS LLC 277044 04/25/2022 20220520 2,231.50 ROCHESTER CONCRETE PRODUCTS LLC 277045 04/25/2022 20220520 2,231.50 CHECK 472198 TOTAL: 4,463.00 472199 05/20/2022 PRTD 160381 ROFIDAL, KEVIN LOUIS Rofidal-05/03/22 05/03/2022 20220520 100.00 CHECK 472199 TOTAL: 100.00 472200 05/20/2022 PRTD 101659 ORKIN 225168842 04/19/2022 20220520 30.00 ORKIN 225169134 04/19/2022 20220520 26.28 ORKIN 225168766 04/19/2022 20220520 149.47 CHECK 472200 TOTAL: 205.75 472201 05/20/2022 PRTD 129282 ROSENBAUER MINNESOTA LLC 0000051411 02/02/2022 20220520 1,615.20 ROSENBAUER MINNESOTA LLC 0000052425 03/30/2022 20220520 23.18 CHECK 472201 TOTAL: 1,638.38 472202 05/20/2022 PRTD 150704 ROSENQUIST CONSTRUCTION 38584 04/21/2022 20220520 1,257.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 26 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472202 TOTAL: 1,257.00 472203 05/20/2022 PRTD 140989 S M HENTGES & SONS INC 06 04/15/2022 20220520 347,156.67 CHECK 472203 TOTAL: 347,156.67 472204 05/20/2022 PRTD 101431 SCAN AIR FILTER INC 155237 04/19/2022 20220520 5,176.57 CHECK 472204 TOTAL: 5,176.57 472205 05/20/2022 PRTD 132210 RUSCIANO GROUP INC 68023 04/22/2022 20220520 755.00 CHECK 472205 TOTAL: 755.00 472206 05/20/2022 PRTD 100998 SHERWIN WILLIAMS CO 6502-3 04/20/2022 20220520 110.29 CHECK 472206 TOTAL: 110.29 472207 05/20/2022 PRTD 120784 WALSH GRAPHICS INC 17128 04/20/2022 20220520 110.00 WALSH GRAPHICS INC 17119 04/19/2022 20220520 286.20 CHECK 472207 TOTAL: 396.20 472208 05/20/2022 PRTD 137482 SITEONE LANDSCAPE SUPPLY LLC 118176975-001 04/20/2022 20220520 435.76 CHECK 472208 TOTAL: 435.76 472209 05/20/2022 PRTD 132195 SMALL LOT MN MN52436 05/03/2022 20220520 230.36 CHECK 472209 TOTAL: 230.36 472210 05/20/2022 PRTD 101000 RJM PRINTING INC 120541012 04/20/2022 20220520 138.63 CHECK 472210 TOTAL: 138.63 472211 05/20/2022 PRTD 127878 SOUTHERN GLAZERS WINE & SPIRITS L 2206244 04/29/2022 20220520 813.27 SOUTHERN GLAZERS WINE & SPIRITS L 2206245 04/29/2022 20220520 813.27 SOUTHERN GLAZERS WINE & SPIRITS L 2194520 03/30/2022 20220520 1,641.28 SOUTHERN GLAZERS WINE & SPIRITS L 2206246 04/29/2022 20220520 813.27 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 27 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET SOUTHERN GLAZERS WINE & SPIRITS L 2204868 04/27/2022 20220520 1,970.69 SOUTHERN GLAZERS WINE & SPIRITS L 5083493 05/04/2022 20220520 855.78 SOUTHERN GLAZERS WINE & SPIRITS L 2207503 05/04/2022 20220520 2,897.75 SOUTHERN GLAZERS WINE & SPIRITS L 2207502 05/04/2022 20220520 123.80 SOUTHERN GLAZERS WINE & SPIRITS L 44158/32019 05/17/2022 20220520 -165.00 SOUTHERN GLAZERS WINE & SPIRITS L 2207500 05/04/2022 20220520 96.80 SOUTHERN GLAZERS WINE & SPIRITS L 2207504 05/04/2022 20220520 718.80 SOUTHERN GLAZERS WINE & SPIRITS L 2207495 05/04/2022 20220520 290.40 SOUTHERN GLAZERS WINE & SPIRITS L 5083492 05/04/2022 20220520 1,568.93 SOUTHERN GLAZERS WINE & SPIRITS L 2207497 05/04/2022 20220520 439.20 SOUTHERN GLAZERS WINE & SPIRITS L 2207499 05/04/2022 20220520 372.80 SOUTHERN GLAZERS WINE & SPIRITS L 2207496 05/04/2022 20220520 1,679.32 SOUTHERN GLAZERS WINE & SPIRITS L 2207492 05/04/2022 20220520 586.40 SOUTHERN GLAZERS WINE & SPIRITS L 2207491 05/04/2022 20220520 123.80 SOUTHERN GLAZERS WINE & SPIRITS L 5083491 05/04/2022 20220520 285.26 SOUTHERN GLAZERS WINE & SPIRITS L 2207490 05/04/2022 20220520 290.40 SOUTHERN GLAZERS WINE & SPIRITS L 2207494 05/04/2022 20220520 1,504.00 SOUTHERN GLAZERS WINE & SPIRITS L 9297645 09/20/2021 20220520 -66.00 SOUTHERN GLAZERS WINE & SPIRITS L 9297646 09/20/2021 20220520 -128.00 SOUTHERN GLAZERS WINE & SPIRITS L 9298078 09/20/2021 20220520 -2.40 SOUTHERN GLAZERS WINE & SPIRITS L 9300067 09/24/2021 20220520 -72.00 SOUTHERN GLAZERS WINE & SPIRITS L 9319178 11/09/2021 20220520 -36.00 SOUTHERN GLAZERS WINE & SPIRITS L 9297642 09/20/2021 20220520 -672.00 SOUTHERN GLAZERS WINE & SPIRITS L 9297643 09/20/2021 20220520 -1,456.00 SOUTHERN GLAZERS WINE & SPIRITS L 9298077 09/20/2021 20220520 -5.60 SOUTHERN GLAZERS WINE & SPIRITS L 9308333 10/22/2021 20220520 -1.60 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 28 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET SOUTHERN GLAZERS WINE & SPIRITS L 9319177 11/09/2021 20220520 -72.00 SOUTHERN GLAZERS WINE & SPIRITS L 9330951 12/10/2021 20220520 -24.00 SOUTHERN GLAZERS WINE & SPIRITS L 9319176 11/09/2021 20220520 -42.00 SOUTHERN GLAZERS WINE & SPIRITS L 9327038 12/01/2021 20220520 -2.40 SOUTHERN GLAZERS WINE & SPIRITS L 9330950 12/10/2021 20220520 -84.00 CHECK 472211 TOTAL: 15,056.22 472212 05/20/2022 PRTD 104408 SPEEDWAY LLC 057501052200 05/01/2022 20220520 5.00 CHECK 472212 TOTAL: 5.00 472213 05/20/2022 PRTD 102371 STANDARD SPRING PARTS 392794 04/20/2022 20220520 351.85 CHECK 472213 TOTAL: 351.85 472214 05/20/2022 PRTD 133068 STEEL TOE BREWING LLC 45474 05/02/2022 20220520 498.00 STEEL TOE BREWING LLC 45470 05/02/2022 20220520 249.00 STEEL TOE BREWING LLC 45504 05/02/2022 20220520 174.00 CHECK 472214 TOTAL: 921.00 472215 05/20/2022 PRTD 143698 STORM COMBATIVES TRAINING AND CON 0000674 03/14/2022 20220520 199.00 CHECK 472215 TOTAL: 199.00 472216 05/20/2022 PRTD 101015 STREICHERS INC I1563958 04/20/2022 20220520 10.00 STREICHERS INC I1564097 04/21/2022 20220520 315.98 CHECK 472216 TOTAL: 325.98 472217 05/20/2022 PRTD 101017 SUBURBAN CHEVROLET 20108P 04/19/2022 20220520 15.31 SUBURBAN CHEVROLET 21834P 04/25/2022 20220520 233.38 CHECK 472217 TOTAL: 248.69 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 29 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472218 05/20/2022 PRTD 105874 SUBURBAN TIRE WHOLESALE INC 10186166 04/25/2022 20220520 98.00 CHECK 472218 TOTAL: 98.00 472219 05/20/2022 PRTD 142316 T-MOBILE USA INC 477067848-04/22 04/27/2022 20220520 35.00 CHECK 472219 TOTAL: 35.00 472220 05/20/2022 PRTD 104932 TAYLOR MADE 35623694 02/28/2022 20220520 137.04 TAYLOR MADE 35624310 02/28/2022 20220520 137.04 TAYLOR MADE 35829219 04/19/2022 20220520 -1,887.84 TAYLOR MADE 34821066 03/10/2022 20220520 -284.49 TAYLOR MADE 35568667 02/10/2022 20220520 547.84 TAYLOR MADE 35568669 02/10/2022 20220520 547.84 TAYLOR MADE 35878215 04/29/2022 20220520 52.67 TAYLOR MADE 35574364 02/11/2022 20220520 1,294.56 TAYLOR MADE 35574565 02/11/2022 20220520 1,294.56 TAYLOR MADE 35577309 02/12/2022 20220520 822.48 TAYLOR MADE 35585272 02/15/2022 20220520 1,260.01 TAYLOR MADE 35599171 02/18/2022 20220520 1,171.20 TAYLOR MADE 35612319 02/24/2022 20220520 1,060.88 TAYLOR MADE 35615185 02/25/2022 20220520 -146.16 TAYLOR MADE 35615633 02/25/2022 20220520 639.86 TAYLOR MADE 35619068 02/26/2022 20220520 25.09 TAYLOR MADE 35620330 02/27/2022 20220520 639.86 TAYLOR MADE 35693980 03/21/2022 20220520 279.68 TAYLOR MADE 35697708 03/22/2022 20220520 274.09 TAYLOR MADE 35708811 03/23/2022 20220520 137.04 TAYLOR MADE 35718750 03/24/2022 20220520 137.04 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 30 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET TAYLOR MADE 35726068 03/26/2022 20220520 422.07 TAYLOR MADE 35800648 04/12/2022 20220520 591.35 TAYLOR MADE 35806970 04/13/2022 20220520 -1,171.20 TAYLOR MADE 35807003 04/13/2022 20220520 -1,075.20 TAYLOR MADE 35812217 04/13/2022 20220520 -32.27 TAYLOR MADE 35842262 04/21/2022 20220520 382.68 CHECK 472220 TOTAL: 7,257.72 472221 05/20/2022 PRTD 101038 TOLL COMPANY 10457019 04/23/2022 20220520 158.40 CHECK 472221 TOTAL: 158.40 472222 05/20/2022 PRTD 134673 TOTAL MECHANICAL SYSTEMS INC S3130 04/20/2022 20220520 1,087.03 TOTAL MECHANICAL SYSTEMS INC S3143 04/21/2022 20220520 488.25 CHECK 472222 TOTAL: 1,575.28 472223 05/20/2022 PRTD 103982 TRAFFIC CONTROL CORPORATION 135456 04/19/2022 22200027 20220520 370.00 CHECK 472223 TOTAL: 370.00 472224 05/20/2022 PRTD 136342 TRAVISMATHEW LLC 90726360 04/25/2022 20220520 849.81 CHECK 472224 TOTAL: 849.81 472225 05/20/2022 PRTD 103973 ULINE INC 147818414 04/19/2022 20220520 332.39 CHECK 472225 TOTAL: 332.39 472226 05/20/2022 PRTD 142790 UNDERGROUND UTILITY SPECIALTIES I 468 04/21/2022 20220520 9,750.00 CHECK 472226 TOTAL: 9,750.00 472227 05/20/2022 PRTD 100050 USPS 79474 05/18/2022 20220520 215.92 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 31 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472227 TOTAL: 215.92 472228 05/20/2022 PRTD 103500 VALLEY PAVING INC ENG 21-2 #14 04/13/2022 20220520 234,807.99 CHECK 472228 TOTAL: 234,807.99 472229 05/20/2022 PRTD 144209 VENN BREWING COMPANY LLC 3255 05/04/2022 20220520 264.00 VENN BREWING COMPANY LLC 3254 05/04/2022 20220520 169.50 VENN BREWING COMPANY LLC 3256 05/04/2022 20220520 250.50 CHECK 472229 TOTAL: 684.00 472230 05/20/2022 PRTD 101064 VESSCO INC 087400 04/22/2022 20220520 5,280.00 CHECK 472230 TOTAL: 5,280.00 472231 05/20/2022 PRTD 101066 VIKING ELECTRIC SUPPLY S005734426.001 04/20/2022 20220520 704.68 CHECK 472231 TOTAL: 704.68 472232 05/20/2022 PRTD 119454 VINOCOPIA INC 0303108-IN 04/28/2022 20220520 161.25 VINOCOPIA INC 0303105-IN 04/28/2022 20220520 638.75 VINOCOPIA INC 0303107-IN 04/28/2022 20220520 285.25 VINOCOPIA INC 0303106-IN 04/28/2022 20220520 391.00 VINOCOPIA INC 0303110-IN 04/28/2022 20220520 638.75 VINOCOPIA INC 0303109-IN 04/28/2022 20220520 638.75 VINOCOPIA INC 0303617-IN 05/05/2022 20220520 125.46 VINOCOPIA INC 0303616-IN 05/05/2022 20220520 113.25 VINOCOPIA INC 0303621-IN 05/05/2022 20220520 222.25 VINOCOPIA INC 0303619-IN 05/05/2022 20220520 288.75 VINOCOPIA INC 0303620-IN 05/05/2022 20220520 226.50 VINOCOPIA INC 0303618-IN 05/05/2022 20220520 169.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 32 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472232 TOTAL: 3,898.96 472233 05/20/2022 PRTD 120627 VISTAR 64232473 04/22/2022 20220520 388.71 CHECK 472233 TOTAL: 388.71 472234 05/20/2022 PRTD 143468 PORTAGE BREWING COMPANY 002098 04/26/2022 20220520 324.00 PORTAGE BREWING COMPANY 002136 05/03/2022 20220520 289.50 CHECK 472234 TOTAL: 613.50 472235 05/20/2022 PRTD 151681 WALKER LAWN CARE INC 8829 04/25/2022 20220520 18,631.00 WALKER LAWN CARE INC 8830 04/25/2022 20220520 6,240.00 CHECK 472235 TOTAL: 24,871.00 472236 05/20/2022 PRTD 123616 WATER CONSERVATION SERVICES INC 12270 04/22/2022 20220520 2,096.48 CHECK 472236 TOTAL: 2,096.48 472237 05/20/2022 PRTD 101033 WINE COMPANY 203314 05/04/2022 20220520 1,708.00 WINE COMPANY 203315 05/04/2022 20220520 340.00 WINE COMPANY 203316 05/04/2022 20220520 2,241.60 WINE COMPANY 203318 05/04/2022 20220520 170.00 WINE COMPANY 203319 05/04/2022 20220520 4,492.00 CHECK 472237 TOTAL: 8,951.60 472238 05/20/2022 PRTD 124503 WINSUPPLY EDEN PRAIRIE MN CO 226488 01 04/22/2022 20220520 63.26 WINSUPPLY EDEN PRAIRIE MN CO 226489 01 04/22/2022 20220520 18.78 CHECK 472238 TOTAL: 82.04 472239 05/20/2022 PRTD 142162 WOODEN HILL BREWING COMPANY LLC 3369 04/28/2022 20220520 355.50 WOODEN HILL BREWING COMPANY LLC 3370 04/28/2022 20220520 119.40 WOODEN HILL BREWING COMPANY LLC 3371 04/28/2022 20220520 102.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/19/2022 13:56User: STanGeilProgram ID: apcshdsb Page 33 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET WOODEN HILL BREWING COMPANY LLC 3385 05/05/2022 20220520 275.10 WOODEN HILL BREWING COMPANY LLC 3384 05/05/2022 20220520 328.80 WOODEN HILL BREWING COMPANY LLC 3386 05/05/2022 20220520 221.40 CHECK 472239 TOTAL: 1,402.20 472240 05/20/2022 PRTD 160299 WOODEN SHIP BREWING COMPANY 00154 04/21/2022 20220520 159.60 WOODEN SHIP BREWING COMPANY 000156 04/21/2022 20220520 246.60 WOODEN SHIP BREWING COMPANY 000155 04/21/2022 20220520 345.00 CHECK 472240 TOTAL: 751.20 472241 05/20/2022 PRTD 105740 WSB & ASSOCIATES R-018610-000-9 04/20/2022 20220520 155.25 WSB & ASSOCIATES R-019788-000-3 04/20/2022 20220520 737.00 WSB & ASSOCIATES R-018642-000-7 04/20/2022 20220520 380.00 CHECK 472241 TOTAL: 1,272.25 472242 05/20/2022 PRTD 136192 ZOLL MEDICAL CORPORATION 3489845 04/20/2022 20220520 220.82 CHECK 472242 TOTAL: 220.82 NUMBER OF CHECKS 175 *** CASH ACCOUNT TOTAL *** 1,379,678.53 COUNT AMOUNT TOTAL PRINTED CHECKS 175 1,379,678.53 *** GRAND TOTAL *** 1,379,678.53 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 47 JOURNAL ENTRIES TO BE CREATED FUND SUB FUND DUE TO DUE FR 1000 General 244,836.682100 Police Special Revenue 190.002100 Police Special Revenue 9,051.802100 Police Special Revenue 3,825.002300 Pedestrian and Cyclist Safety 1,793.502500 Conservation & Sustainability 13,101.502600 Housing & Redvlpmt Authority 154.002600 Housing & Redvlpmt Authority 31,917.914000 Capital Projects 18,413.794200 Equipment Replacement 12,933.734400 PIR Capital Projects 64,754.455100 Art Center 3,279.315200 Braemar Golf Course 67,858.765200 Braemar Golf Course 911.085300 Aquatic Center 2,931.235400 Edinborough Park 15,217.545500 Braemar Arena 11,915.695600 Braemar Field 5,162.965700 Centennial Lakes 6,298.655800 Liquor 141,872.785900 Utility Fund 113,548.645900 Utility Fund 18,612.655900 Utility Fund 16,206.135900 Utility Fund 47,218.456000 Risk Management 169,767.736100 Equipment Operations 6,109.836200 Information Technology 19,426.396300 Facilities Management 21,484.007100 PS Training Facility 7,583.467200 MN Task Force 1 49,729.349000 Payroll 397,289.039999 Pooled Cash Fund 1,523,396.01 TOTAL 1,523,396.01 1,523,396.01 ** END OF REPORT - Generated by Shirleng Tan Geil ** City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 1 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472243 05/27/2022 PRTD 101971 ABLE HOSE AND RUBBER 227225-002 04/26/2022 20220527 70.63 CHECK 472243 TOTAL: 70.63 472244 05/27/2022 PRTD 143143 TORRES, ARMANDO CHAVEZ 2002 05/01/2022 20220527 1,000.00 TORRES, ARMANDO CHAVEZ 2003 05/01/2022 20220527 3,506.00 TORRES, ARMANDO CHAVEZ 1992 05/01/2022 20220527 1,462.34 CHECK 472244 TOTAL: 5,968.34 472245 05/27/2022 PRTD 135922 ACUSHNET COMPANY 913266994 05/12/2022 20220527 175.44 CHECK 472245 TOTAL: 175.44 472246 05/27/2022 PRTD 123708 ADVANCED IRRIGATION INC 50527042122 04/21/2022 20220527 474.45 CHECK 472246 TOTAL: 474.45 472247 05/27/2022 PRTD 133504 AID ELECTRIC CORPORATION 69539 04/27/2022 20220527 1,594.03 AID ELECTRIC CORPORATION 69540 04/27/2022 20220527 1,634.57 AID ELECTRIC CORPORATION 69541 04/27/2022 20220527 1,244.56 AID ELECTRIC CORPORATION 69542 04/27/2022 20220527 2,010.18 CHECK 472247 TOTAL: 6,483.34 472248 05/27/2022 PRTD 120984 ALL GOALS INC 22684 04/26/2022 20220527 417.00 CHECK 472248 TOTAL: 417.00 472249 05/27/2022 PRTD 102715 WIENS GRAPHICS INC 152171 04/29/2022 20220527 1,875.00 CHECK 472249 TOTAL: 1,875.00 472250 05/27/2022 PRTD 160095 AM CRAFT SPIRITS SALES & MARKETIN 14555 05/11/2022 20220527 259.60 CHECK 472250 TOTAL: 259.60 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 2 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472251 05/27/2022 PRTD 141960 AMAZON CAPITAL SERVICES 1WYX-1K44-XJWG 04/19/2022 20220527 31.96 AMAZON CAPITAL SERVICES 1XK4-NYJ9-7KG1 04/24/2022 20220527 197.74 AMAZON CAPITAL SERVICES 14DT-RMRY-KLFP 04/26/2022 20220527 29.70 AMAZON CAPITAL SERVICES 14DT-RMRY-WCYX 04/26/2022 20220527 59.97 AMAZON CAPITAL SERVICES 1KVG-NL1F-FNCJ 04/26/2022 20220527 51.37 AMAZON CAPITAL SERVICES 1NLV-9CVH-J6R3 04/27/2022 20220527 55.05 AMAZON CAPITAL SERVICES 1JCH-4111-NL99 04/27/2022 20220527 27.96 AMAZON CAPITAL SERVICES 1PT7-MYMV-1CPQ 04/27/2022 20220527 22.47 AMAZON CAPITAL SERVICES 1HN7-XLR4-17TD 04/27/2022 20220527 214.35 AMAZON CAPITAL SERVICES 19NK-9QWC-641K 04/27/2022 20220527 15.58 AMAZON CAPITAL SERVICES 1H3T-MCRF-NT9W 04/28/2022 20220527 55.78 AMAZON CAPITAL SERVICES 1MV1-XX3P-RLJ7 04/28/2022 20220527 211.90 AMAZON CAPITAL SERVICES 1L6L-W3MK-RDPX 04/28/2022 20220527 13.99 AMAZON CAPITAL SERVICES 1RWY-3VDF-17KJ 04/28/2022 20220527 25.24 AMAZON CAPITAL SERVICES 1LML-J6HG-1H4W 04/28/2022 20220527 53.00 AMAZON CAPITAL SERVICES 116N-LG43-6CFC 04/28/2022 20220527 8.59 AMAZON CAPITAL SERVICES 1RHG-H46M-11HJ 04/28/2022 20220527 197.90 AMAZON CAPITAL SERVICES 1HLT-9KVH-F4LR 04/29/2022 20220527 214.98 AMAZON CAPITAL SERVICES 1HLT-9KVH-FPFN 04/29/2022 20220527 117.00 AMAZON CAPITAL SERVICES 11C4-LGQY-K41G 04/29/2022 20220527 6.79 AMAZON CAPITAL SERVICES 1XL1-YFTL-TKWM 04/29/2022 20220527 177.97 AMAZON CAPITAL SERVICES 16W6-JXKT-VRG4 05/01/2022 20220527 35.55 AMAZON CAPITAL SERVICES 167J-66PT-DFD3 05/01/2022 20220527 4,198.16 AMAZON CAPITAL SERVICES 1P16-PTDF-LC7H 05/01/2022 20220527 69.62 AMAZON CAPITAL SERVICES 13LY-F16N-9D3L 05/02/2022 20220527 521.72 AMAZON CAPITAL SERVICES 1CYV-9FR6-7R93 05/02/2022 20220527 348.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 3 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET AMAZON CAPITAL SERVICES 1DNC-1G74-DRVF 05/02/2022 20220527 71.33 AMAZON CAPITAL SERVICES 1G93-K76X-3JHH 05/02/2022 20220527 19.14 AMAZON CAPITAL SERVICES 1XQ9-1CN1-6KTK 05/02/2022 20220527 74.10 AMAZON CAPITAL SERVICES 16RN-9KDF-63JP 05/02/2022 20220527 21.60 CHECK 472251 TOTAL: 7,148.51 472252 05/27/2022 PRTD 118171 AMERICAN PRESSURE IN 126774 04/28/2022 20220527 1,595.74 CHECK 472252 TOTAL: 1,595.74 472253 05/27/2022 PRTD 101874 ANCOM TECHNICAL CENTER 107788 04/27/2022 20220527 190.00 CHECK 472253 TOTAL: 190.00 472254 05/27/2022 PRTD 100632 AQUA ENGINEERING INC 106334 04/27/2022 20220527 524.85 CHECK 472254 TOTAL: 524.85 472255 05/27/2022 PRTD 151441 ARAMARK UNIFORM AND CAREER APPEAL 250000142603 04/27/2022 20220527 341.21 ARAMARK UNIFORM AND CAREER APPEAL 1005116558 08/09/2021 20220527 177.70 ARAMARK UNIFORM AND CAREER APPEAL 1005137045 09/06/2021 20220527 177.70 ARAMARK UNIFORM AND CAREER APPEAL 1005157627 10/04/2021 20220527 177.70 CHECK 472255 TOTAL: 874.31 472256 05/27/2022 PRTD 106304 ASPEN MILLS INC 293211 04/29/2022 20220527 316.14 ASPEN MILLS INC 293210 04/29/2022 20220527 82.85 ASPEN MILLS INC 293310 05/02/2022 20220527 24.99 ASPEN MILLS INC 293209 04/29/2022 20220527 162.87 CHECK 472256 TOTAL: 586.85 472257 05/27/2022 PRTD 130264 BLOOMINGTON LOCK AND SAFE COMPANY C108161 04/26/2022 20220527 26.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 4 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472257 TOTAL: 26.00 472258 05/27/2022 PRTD 151126 DANIEL Q MCDOWELL JR AND JENNIFER APR 2022 05/01/2022 20220527 315.00 CHECK 472258 TOTAL: 315.00 472259 05/27/2022 PRTD 103241 BALDINGER, WENDY 22CLP0014 05/19/2022 20220527 250.00 CHECK 472259 TOTAL: 250.00 472260 05/27/2022 PRTD 129624 BARNA GUZY & STEFFEN LTD 246385 04/30/2022 20220527 280.00 BARNA GUZY & STEFFEN LTD 241381 01/31/2022 20220527 2,240.00 BARNA GUZY & STEFFEN LTD 242723 02/28/2022 20220527 4,818.75 BARNA GUZY & STEFFEN LTD 244524 03/31/2022 20220527 1,285.00 BARNA GUZY & STEFFEN LTD 246107 04/30/2022 20220527 323.00 CHECK 472260 TOTAL: 8,946.75 472261 05/27/2022 PRTD 117379 BENIEK PROPERTY SERVICES INC 158163 05/01/2022 20220527 799.52 CHECK 472261 TOTAL: 799.52 472262 05/27/2022 PRTD 131191 BERNATELLO'S PIZZA INC 5061070 04/27/2022 20220527 234.00 CHECK 472262 TOTAL: 234.00 472263 05/27/2022 PRTD 125268 BLUE COMPACTOR SERVICES LLC EDINAMAY22 05/02/2022 20220527 386.00 CHECK 472263 TOTAL: 386.00 472264 05/27/2022 PRTD 138592 BLUEBIRD NURSERY INC 245855 05/01/2022 20220527 151.70 CHECK 472264 TOTAL: 151.70 472265 05/27/2022 PRTD 132444 BOLTON & MENK INC 0288723 04/29/2022 20220527 5,561.00 CHECK 472265 TOTAL: 5,561.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 5 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472266 05/27/2022 PRTD 105367 BOUND TREE MEDICAL LLC 84501381 04/27/2022 20220527 472.56 BOUND TREE MEDICAL LLC 84506901 05/02/2022 20220527 41.64 BOUND TREE MEDICAL LLC 84506902 05/02/2022 20220527 503.76 CHECK 472266 TOTAL: 1,017.96 472267 05/27/2022 PRTD 119351 BOURGET IMPORTS 186776 05/10/2022 20220527 1,084.25 BOURGET IMPORTS 186773 05/10/2022 20220527 1,150.00 CHECK 472267 TOTAL: 2,234.25 472268 05/27/2022 PRTD 117040 BOYER FORD TRUCKS INC 008P9938 04/29/2022 20220527 13.52 CHECK 472268 TOTAL: 13.52 472269 05/27/2022 PRTD 117040 ALLIANCE PARTS TRUCK AND TRAILER 007P32094 04/28/2022 20220527 270.33 CHECK 472269 TOTAL: 270.33 472270 05/27/2022 PRTD 124291 BREAKTHRU BEVERAGE MINNESOTA WINE 343978304 05/04/2022 20220527 5,009.05 BREAKTHRU BEVERAGE MINNESOTA WINE 343978287 05/04/2022 20220527 7,125.58 BREAKTHRU BEVERAGE MINNESOTA WINE 344022247 05/06/2022 20220527 1,599.40 BREAKTHRU BEVERAGE MINNESOTA WINE 343978307 05/04/2022 20220527 2,022.29 BREAKTHRU BEVERAGE MINNESOTA WINE 344068504 05/11/2022 20220527 1,718.90 BREAKTHRU BEVERAGE MINNESOTA WINE 344068505 05/11/2022 20220527 321.75 BREAKTHRU BEVERAGE MINNESOTA WINE 344068503 05/11/2022 20220527 54.48 BREAKTHRU BEVERAGE MINNESOTA WINE 344068506 05/11/2022 20220527 2,080.73 BREAKTHRU BEVERAGE MINNESOTA WINE 344068508 05/11/2022 20220527 817.75 BREAKTHRU BEVERAGE MINNESOTA WINE 344068507 05/11/2022 20220527 1,297.20 BREAKTHRU BEVERAGE MINNESOTA WINE 344068509 05/11/2022 20220527 2,060.15 BREAKTHRU BEVERAGE MINNESOTA WINE 344068510 05/11/2022 20220527 321.75 BREAKTHRU BEVERAGE MINNESOTA WINE 344068490 05/11/2022 20220527 4,416.25 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 6 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET BREAKTHRU BEVERAGE MINNESOTA WINE 344068488 05/11/2022 20220527 178.10 BREAKTHRU BEVERAGE MINNESOTA WINE 344068487 05/11/2022 20220527 321.75 BREAKTHRU BEVERAGE MINNESOTA WINE 344068486 05/11/2022 20220527 27.24 BREAKTHRU BEVERAGE MINNESOTA WINE 344068489 05/11/2022 20220527 4,211.73 BREAKTHRU BEVERAGE MINNESOTA WINE 344068491 05/11/2022 20220527 2,935.60 CHECK 472270 TOTAL: 36,519.70 472271 05/27/2022 PRTD 124529 BREAKTHRU BEVERAGE MINNESOTA BEER 343953896 05/03/2022 20220527 8,115.60 BREAKTHRU BEVERAGE MINNESOTA BEER 344045416 05/10/2022 20220527 3,085.70 BREAKTHRU BEVERAGE MINNESOTA BEER 344045426 05/10/2022 20220527 119.60 BREAKTHRU BEVERAGE MINNESOTA BEER 344045427 05/10/2022 20220527 6,560.10 BREAKTHRU BEVERAGE MINNESOTA BEER 344045428 05/10/2022 20220527 1,339.20 CHECK 472271 TOTAL: 19,220.20 472272 05/27/2022 PRTD 100667 CONSTRUCTION SUPPLY HOLDINGS II, 15400383-00 04/29/2022 20220527 6,486.00 CHECK 472272 TOTAL: 6,486.00 472273 05/27/2022 PRTD 130485 BRUESKE, TARA 22CLP0005 05/19/2022 20220527 200.00 CHECK 472273 TOTAL: 200.00 472274 05/27/2022 PRTD 130485 BRUESKE, TARA 22CLP0011 05/19/2022 20220527 200.00 CHECK 472274 TOTAL: 200.00 472275 05/27/2022 PRTD 160388 BUFFALOHEAD, ERIC 22CLP0001 05/19/2022 20220527 150.00 CHECK 472275 TOTAL: 150.00 472276 05/27/2022 PRTD 100648 BERTELSON BROTHERS INC WO-1183088-2 04/26/2022 20220527 39.69 BERTELSON BROTHERS INC WO-1183425-1 04/26/2022 20220527 325.48 BERTELSON BROTHERS INC WO-1183961-1 04/29/2022 20220527 74.46 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 7 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472276 TOTAL: 439.63 472277 05/27/2022 PRTD 102149 CALLAWAY GOLF 934612862 04/07/2022 20220527 225.00 CALLAWAY GOLF 934756945 04/29/2022 20220527 789.96 CHECK 472277 TOTAL: 1,014.96 472278 05/27/2022 PRTD 120935 CAMPBELL KNUTSON PA 04-2022-2851 04/30/2022 20220527 16,195.51 CHECK 472278 TOTAL: 16,195.51 472279 05/27/2022 PRTD 119455 CAPITOL BEVERAGE SALES LP 2685247 05/10/2022 20220527 73.75 CAPITOL BEVERAGE SALES LP 2685248 05/10/2022 20220527 1,787.00 CAPITOL BEVERAGE SALES LP 2685175 05/13/2022 20220527 2,642.25 CHECK 472279 TOTAL: 4,503.00 472280 05/27/2022 PRTD 148017 CARBON DAY AUTOMOTIVE 3041 04/14/2022 20220527 8,512.00 CARBON DAY AUTOMOTIVE 3027 03/22/2022 20220527 1,274.50 CHECK 472280 TOTAL: 9,786.50 472281 05/27/2022 PRTD 160207 JASON THOMAS CARDINAL EPD2022-4 04/27/2022 20220527 990.00 CHECK 472281 TOTAL: 990.00 472282 05/27/2022 PRTD 138539 CARLIN, BRADLEY P 22CLP0021 05/19/2022 20220527 150.00 CHECK 472282 TOTAL: 150.00 472283 05/27/2022 PRTD 160390 CASE, NATHAN WILLIAM 22CLP0009 05/19/2022 20220527 150.00 CHECK 472283 TOTAL: 150.00 472284 05/27/2022 PRTD 103300 CENTER FOR ENERGY AND ENVIRONMENT 20955 04/27/2022 20220527 1,440.00 CHECK 472284 TOTAL: 1,440.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 8 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472285 05/27/2022 PRTD 105497 CENTRAL ROOFING COMPANY 30595 04/28/2022 20220527 7,500.00 CHECK 472285 TOTAL: 7,500.00 472286 05/27/2022 PRTD 142533 CADD ENGR SUPPLY INC INV139504 04/29/2022 20220527 98.15 CADD ENGR SUPPLY INC INV139505 04/29/2022 20220527 279.00 CHECK 472286 TOTAL: 377.15 472287 05/27/2022 PRTD 101264 CHESTER LATAWIEC JUNIOR 21591 04/29/2022 20220527 199.99 CHECK 472287 TOTAL: 199.99 472288 05/27/2022 PRTD 142028 CINTAS CORPORATION 4118068304 05/02/2022 20220527 87.50 CINTAS CORPORATION 4118068099 05/02/2022 20220527 33.63 CINTAS CORPORATION 4118068269 05/02/2022 20220527 17.52 CINTAS CORPORATION 4118068185 05/02/2022 20220527 25.49 CINTAS CORPORATION 4118067707 05/02/2022 20220527 11.78 CINTAS CORPORATION 4118068077 05/02/2022 20220527 27.65 CINTAS CORPORATION 4118067759 05/02/2022 20220527 17.87 CINTAS CORPORATION 4118640509 05/06/2022 20220527 98.32 CHECK 472288 TOTAL: 319.76 472289 05/27/2022 PRTD 112542 BROOKLYN COMMUNITY BAND 22CLP0002 05/19/2022 20220527 150.00 CHECK 472289 TOTAL: 150.00 472290 05/27/2022 PRTD 103216 MINNEAPOLIS FINANCE DEPARTMENT 431-0005.300-04/22 05/05/2022 20220527 13,398.89 CHECK 472290 TOTAL: 13,398.89 472291 05/27/2022 PRTD 100687 CITY OF RICHFIELD 7995 05/04/2022 20220527 609.25 CHECK 472291 TOTAL: 609.25 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 9 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472292 05/27/2022 PRTD 139927 CITY OF ROCHESTER MN ROCHESTER-05/2022-1 05/04/2022 20220527 35,253.54 CHECK 472292 TOTAL: 35,253.54 472293 05/27/2022 PRTD 146472 CITY WIDE MAINTENANCE OF MN 42009003845 04/28/2022 20220527 756.00 CITY WIDE MAINTENANCE OF MN 42009003846 04/28/2022 20220527 756.00 CITY WIDE MAINTENANCE OF MN 42009003851 04/28/2022 20220527 2,000.00 CITY WIDE MAINTENANCE OF MN 42009003853 04/28/2022 20220527 3,054.00 CITY WIDE MAINTENANCE OF MN 42009003920 04/28/2022 20220527 550.00 CITY WIDE MAINTENANCE OF MN 32009008582 05/01/2022 20220527 4,039.61 CITY WIDE MAINTENANCE OF MN 32009008648 05/01/2022 20220527 4,032.00 CITY WIDE MAINTENANCE OF MN 32009008752 05/01/2022 20220527 1,464.75 CHECK 472293 TOTAL: 16,652.36 472294 05/27/2022 PRTD 146851 CLIFTON LARSON ALLEN LLP 3271828 04/30/2022 20220527 11,000.00 CHECK 472294 TOTAL: 11,000.00 472295 05/27/2022 PRTD 160351 CNH ARCHITECTS INC 2316 04/30/2022 20220527 750.00 CHECK 472295 TOTAL: 750.00 472296 05/27/2022 PRTD 120433 COMCAST 0373022-05/22 05/17/2022 20220527 33.90 CHECK 472296 TOTAL: 33.90 472297 05/27/2022 PRTD 105981 TILLER CORPORATION 220430 04/30/2022 20220527 891.67 CHECK 472297 TOTAL: 891.67 472298 05/27/2022 PRTD 160002 COMMERCIAL INFRASTRUCTURE CABLING I10232 04/28/2022 20220527 1,475.94 CHECK 472298 TOTAL: 1,475.94 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 10 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472299 05/27/2022 PRTD 144092 CONCENTRA 103560381 04/27/2022 20220527 720.00 CHECK 472299 TOTAL: 720.00 472300 05/27/2022 PRTD 160290 CONTECH ENGINEERED SOLUTIONS LLC 24617173 03/29/2022 22200012 20220527 39,796.00 CHECK 472300 TOTAL: 39,796.00 472301 05/27/2022 PRTD 160189 COYLE, ANN 1038 04/29/2022 20220527 900.00 CHECK 472301 TOTAL: 900.00 472302 05/27/2022 PRTD 142772 CREATIVE ARCADE 1384 05/01/2022 20220527 950.00 CHECK 472302 TOTAL: 950.00 472303 05/27/2022 PRTD 122095 DAKOTA COUNTY LUMBER CO 2204-839837 04/26/2022 20220527 891.00 CHECK 472303 TOTAL: 891.00 472304 05/27/2022 PRTD 100718 DELEGARD TOOL COMPANY 154218/1 04/26/2022 20220527 18.56 DELEGARD TOOL COMPANY 150835/1 04/28/2022 20220527 154.30 CHECK 472304 TOTAL: 172.86 472305 05/27/2022 PRTD 118189 DEM-CON COMPANIES LLC 10859 04/30/2022 20220527 4,468.43 CHECK 472305 TOTAL: 4,468.43 472306 05/27/2022 PRTD 123995 DICKS SANITATION INC DT0004564479 04/30/2022 20220527 250.00 CHECK 472306 TOTAL: 250.00 472307 05/27/2022 PRTD 100726 STEVEN BECKMAN CORPORATION D000024862 05/02/2022 20220527 260.78 CHECK 472307 TOTAL: 260.78 472308 05/27/2022 PRTD 144705 DILEMMA BREWING COMPANY LLC E-1953 05/10/2022 20220527 132.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 11 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472308 TOTAL: 132.00 472309 05/27/2022 PRTD 129079 DRAIN KING INC 112533 04/27/2022 20220527 187.00 DRAIN KING INC 112557 04/29/2022 20220527 550.00 CHECK 472309 TOTAL: 737.00 472310 05/27/2022 PRTD 132810 ECM PUBLISHERS INC 889603 04/28/2022 20220527 184.45 CHECK 472310 TOTAL: 184.45 472311 05/27/2022 PRTD 144410 ECSI 21110522A 04/27/2022 20220527 584.00 CHECK 472311 TOTAL: 584.00 472312 05/27/2022 PRTD 100744 EDINA CHAMBER OF COMMERCE 43400 04/27/2022 20220527 35.00 CHECK 472312 TOTAL: 35.00 472313 05/27/2022 PRTD 103594 EDINALARM INC 76474 05/01/2022 20220527 364.51 CHECK 472313 TOTAL: 364.51 472314 05/27/2022 PRTD 160062 ELM CREEK BREWING COMPANY E-2358 05/05/2022 20220527 150.00 ELM CREEK BREWING COMPANY E-2357 05/05/2022 20220527 150.00 CHECK 472314 TOTAL: 300.00 472315 05/27/2022 PRTD 122792 EMERGENCY AUTOMOTIVE TECHNOLOGIES MP032522-50 04/28/2022 20220527 825.00 EMERGENCY AUTOMOTIVE TECHNOLOGIES MP030922-51 04/28/2022 20220527 825.00 EMERGENCY AUTOMOTIVE TECHNOLOGIES OAK22058 04/29/2022 20220527 7,085.57 CHECK 472315 TOTAL: 8,735.57 472316 05/27/2022 PRTD 117483 ENGELE, LEE 22CLP0004 05/19/2022 20220527 150.00 CHECK 472316 TOTAL: 150.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 12 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472317 05/27/2022 PRTD 100146 ELLIOTT AUTO SUPPLY CO, INC 69-448852 04/27/2022 20220527 49.72 ELLIOTT AUTO SUPPLY CO, INC 69-448856 04/27/2022 20220527 40.44 ELLIOTT AUTO SUPPLY CO, INC 1-7574828 04/27/2022 20220527 10.56 ELLIOTT AUTO SUPPLY CO, INC 69-448827 04/27/2022 20220527 3.33 ELLIOTT AUTO SUPPLY CO, INC 1-7573931 04/27/2022 20220527 19.20 ELLIOTT AUTO SUPPLY CO, INC 69-448727 04/26/2022 20220527 448.24 ELLIOTT AUTO SUPPLY CO, INC 1-7580178 04/29/2022 20220527 41.44 CHECK 472317 TOTAL: 612.93 472318 05/27/2022 PRTD 147181 FALLING BREWERY - BERGMAN LEDGE L E-6459 05/10/2022 20220527 201.00 FALLING BREWERY - BERGMAN LEDGE L E-6470 05/10/2022 20220527 201.00 CHECK 472318 TOTAL: 402.00 472319 05/27/2022 PRTD 103600 FERGUSON US HOLDINGS INC 0488392 04/27/2022 20220527 17,303.58 CHECK 472319 TOTAL: 17,303.58 472320 05/27/2022 PRTD 116492 BRIDGETOWER OPCO, LLC 745391976 04/29/2022 20220527 217.13 CHECK 472320 TOTAL: 217.13 472321 05/27/2022 PRTD 141099 FIRST STUDENT INC 194506 08/10/2021 20220527 393.00 CHECK 472321 TOTAL: 393.00 472322 05/27/2022 PRTD 142145 FISCHER BROS LLC 1955-477 04/26/2022 20220527 650.00 CHECK 472322 TOTAL: 650.00 472323 05/27/2022 PRTD 160292 FORECAST PUBLIC ARTWORKS 2062 04/30/2022 20220527 1,000.00 CHECK 472323 TOTAL: 1,000.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 13 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472324 05/27/2022 PRTD 160289 GOLF COMPETE INC 52569 05/01/2022 20220527 1,655.00 CHECK 472324 TOTAL: 1,655.00 472325 05/27/2022 PRTD 102456 GALLS PARENT HOLDINGS LLC BC1602261 04/27/2022 20220527 158.00 GALLS PARENT HOLDINGS LLC BC1602946 04/28/2022 20220527 135.26 GALLS PARENT HOLDINGS LLC BC1603377 04/28/2022 20220527 89.94 GALLS PARENT HOLDINGS LLC BC1603296 04/28/2022 20220527 65.93 CHECK 472325 TOTAL: 449.13 472326 05/27/2022 PRTD 117293 PLAYCARE WISCONSIN INC PJI-0183589 04/28/2022 20220527 1,908.37 CHECK 472326 TOTAL: 1,908.37 472327 05/27/2022 PRTD 160159 GARB ALTERNATIVE SPORTSWEAR INC 148081 04/30/2022 20220527 1,507.00 CHECK 472327 TOTAL: 1,507.00 472328 05/27/2022 PRTD 151316 GARDENEER 32000 04/30/2022 20220527 1,414.29 CHECK 472328 TOTAL: 1,414.29 472329 05/27/2022 PRTD 160380 GEN 2 CONSULTING LLC 4-22-22 04/22/2022 20220527 11,028.72 CHECK 472329 TOTAL: 11,028.72 472330 05/27/2022 PRTD 144982 GERTENS GREENHOUSES AND GARDEN CE 141783/D 12/03/2021 20220527 4,120.36 GERTENS GREENHOUSES AND GARDEN CE 141889/D 12/03/2021 20220527 -48.28 CHECK 472330 TOTAL: 4,072.08 472331 05/27/2022 PRTD 100780 GOPHER STATE ONE CALL 2040359 04/30/2022 20220527 1,543.05 CHECK 472331 TOTAL: 1,543.05 472332 05/27/2022 PRTD 101103 WW GRAINGER 9294551321 04/28/2022 20220527 31.25 WW GRAINGER 9296789663 04/29/2022 20220527 43.32 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 14 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET WW GRAINGER 9298303760 05/02/2022 20220527 71.34 CHECK 472332 TOTAL: 145.91 472333 05/27/2022 PRTD 144412 WINEBOW MN00112584 05/10/2022 20220527 858.00 WINEBOW MN00112627 05/10/2022 20220527 912.98 CHECK 472333 TOTAL: 1,770.98 472334 05/27/2022 PRTD 150691 HALLMARK CLEANERS 208160-050122 05/01/2022 20220527 1,824.22 CHECK 472334 TOTAL: 1,824.22 472335 05/27/2022 PRTD 151168 HAMMER SPORTS LLC 2290 05/01/2022 20220527 32.00 CHECK 472335 TOTAL: 32.00 472336 05/27/2022 PRTD 100797 HAWKINS INC 6175943 05/02/2022 20220527 20,033.31 CHECK 472336 TOTAL: 20,033.31 472337 05/27/2022 PRTD 143563 HEADFLYER BREWING E-3608 05/06/2022 20220527 126.00 CHECK 472337 TOTAL: 126.00 472338 05/27/2022 PRTD 122093 GROUP HEALTHPLAN INC 112133069 05/01/2022 20220527 21,228.13 GROUP HEALTHPLAN INC 112158918 05/01/2022 20220527 397,289.03 CHECK 472338 TOTAL: 418,517.16 472339 05/27/2022 PRTD 103085 HENNEPIN COUNTY ACCOUNTING SERVIC 1000184922 04/07/2022 20220527 13,583.22 HENNEPIN COUNTY ACCOUNTING SERVIC 1000185550 04/29/2022 20220527 3,268.98 HENNEPIN COUNTY ACCOUNTING SERVIC 1000186277 05/01/2022 20220527 145.00 HENNEPIN COUNTY ACCOUNTING SERVIC 1000186297 05/01/2022 20220527 174.00 HENNEPIN COUNTY ACCOUNTING SERVIC 1000186124 04/30/2022 20220527 1,724.89 HENNEPIN COUNTY ACCOUNTING SERVIC 1000185549 04/29/2022 20220527 2,316.60 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 15 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472339 TOTAL: 21,212.69 472340 05/27/2022 PRTD 143585 HENNEPIN COUNTY MEDICAL CENTER 72933 04/30/2022 20220527 3,230.22 CHECK 472340 TOTAL: 3,230.22 472341 05/27/2022 PRTD 118765 HENRY SCHEIN INC 19291225 04/11/2022 20220527 209.00 CHECK 472341 TOTAL: 209.00 472342 05/27/2022 PRTD 102079 HIGHVIEW PLUMBING INC 16489 05/02/2022 20220527 11,380.00 HIGHVIEW PLUMBING INC 16487 05/02/2022 20220527 8,485.00 HIGHVIEW PLUMBING INC 16486 05/02/2022 20220527 11,520.00 HIGHVIEW PLUMBING INC 16485 05/02/2022 20220527 6,285.00 CHECK 472342 TOTAL: 37,670.00 472343 05/27/2022 PRTD 144652 HINDING, CHRISTIAN 22CLP0023 05/19/2022 20220527 250.00 CHECK 472343 TOTAL: 250.00 472344 05/27/2022 PRTD 102484 HIRSHFIELDS PAINT MANUFACTURING I 0015003-IN 04/27/2022 20220527 879.36 CHECK 472344 TOTAL: 879.36 472345 05/27/2022 PRTD 104375 HOHENSTEINS INC 503599 05/10/2022 20220527 1,768.10 HOHENSTEINS INC 503600 05/10/2022 20220527 153.00 HOHENSTEINS INC 503591 05/10/2022 20220527 1,923.60 HOHENSTEINS INC 503601 05/10/2022 20220527 495.10 CHECK 472345 TOTAL: 4,339.80 472346 05/27/2022 PRTD 160179 HOLM, CHRISTOPHER 22CLP0013 05/19/2022 20220527 150.00 CHECK 472346 TOTAL: 150.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 16 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472347 05/27/2022 PRTD 138777 HUNKERD DOWN LLC 22CLP0015 05/19/2022 20220527 150.00 CHECK 472347 TOTAL: 150.00 472348 05/27/2022 PRTD 101714 IDENTISYS INCORPORATED 568023 04/27/2022 20220527 862.71 CHECK 472348 TOTAL: 862.71 472349 05/27/2022 PRTD 129508 IMPACT MAILING OF MINNESOTA INC 158204 04/27/2022 20220527 1,982.37 CHECK 472349 TOTAL: 1,982.37 472350 05/27/2022 PRTD 100814 INDELCO PLASTICS CORPORATION INV324083 04/27/2022 20220527 301.72 CHECK 472350 TOTAL: 301.72 472351 05/27/2022 PRTD 146407 INGCO INTERNATIONAL 601869 05/06/2022 20220527 1,000.00 CHECK 472351 TOTAL: 1,000.00 472352 05/27/2022 PRTD 129619 INGERSOLL-RAND COMPANY 30977806 05/01/2022 20220527 900.91 CHECK 472352 TOTAL: 900.91 472353 05/27/2022 PRTD 160035 INTEGRATED PROCESS SOLUTIONS INC #7 PWK 20-003 04/29/2022 20220527 45,695.00 CHECK 472353 TOTAL: 45,695.00 472354 05/27/2022 PRTD 102146 JESSEN PRESS INC 688847 04/29/2022 20220527 3,233.30 CHECK 472354 TOTAL: 3,233.30 472355 05/27/2022 PRTD 100741 JJ TAYLOR DISTRIBUTING CO OF MINN UNDER PAYMENT 05/06/2022 20220527 12.00 JJ TAYLOR DISTRIBUTING CO OF MINN 3293585 05/11/2022 20220527 2,852.50 JJ TAYLOR DISTRIBUTING CO OF MINN 3293584 05/11/2022 20220527 354.45 JJ TAYLOR DISTRIBUTING CO OF MINN 3293581 05/11/2022 20220527 1,554.40 JJ TAYLOR DISTRIBUTING CO OF MINN 3293580 05/11/2022 20220527 185.20 JJ TAYLOR DISTRIBUTING CO OF MINN 32935482 05/11/2022 20220527 235.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 17 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET JJ TAYLOR DISTRIBUTING CO OF MINN 3293583 05/11/2022 20220527 6,449.39 CHECK 472355 TOTAL: 11,642.94 472356 05/27/2022 PRTD 150045 JOHNNIE-0 INC 0921170 05/02/2022 20220527 117.00 CHECK 472356 TOTAL: 117.00 472357 05/27/2022 PRTD 100835 PHILLIPS WINE & SPIRITS 6391691 05/05/2022 20220527 5,083.41 PHILLIPS WINE & SPIRITS 6391696 05/05/2022 20220527 5,041.00 PHILLIPS WINE & SPIRITS 665224 05/11/2022 20220527 -20.34 PHILLIPS WINE & SPIRITS 660088 03/04/2022 20220527 -23.99 CHECK 472357 TOTAL: 10,080.08 472358 05/27/2022 PRTD 100835 JOHNSON BROTHERS LIQUOR CO 2046198 05/07/2022 20220527 1,017.45 JOHNSON BROTHERS LIQUOR CO 2046222 05/10/2022 20220527 612.18 CHECK 472358 TOTAL: 1,629.63 472359 05/27/2022 PRTD 142504 JOHNSON CONTROLS FIRE PROTECTION 22906059 05/02/2022 20220527 327.95 JOHNSON CONTROLS FIRE PROTECTION 22899725 05/02/2022 20220527 492.40 CHECK 472359 TOTAL: 820.35 472360 05/27/2022 PRTD 102113 AUDRANN INC 1365590 04/26/2022 20220527 157.18 CHECK 472360 TOTAL: 157.18 472361 05/27/2022 PRTD 145396 JUNKYARD BREWING COMPANY LLC 004028 05/10/2022 20220527 182.00 JUNKYARD BREWING COMPANY LLC 004009 05/05/2022 20220527 217.00 CHECK 472361 TOTAL: 399.00 472362 05/27/2022 PRTD 103409 KELBRO COMPANY 2754486 05/06/2022 20220527 50.35 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 18 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472362 TOTAL: 50.35 472363 05/27/2022 PRTD 137525 KERNS, JOHN 22CLP0010 05/19/2022 20220527 250.00 CHECK 472363 TOTAL: 250.00 472364 05/27/2022 PRTD 101696 KEY ENTERPRISES LLC 2022ci-12629 04/27/2022 20220527 3,400.00 CHECK 472364 TOTAL: 3,400.00 472365 05/27/2022 PRTD 136686 LARA SCHINKE-OLSON INCE 13773749 04/29/2022 20220527 320.00 CHECK 472365 TOTAL: 320.00 472366 05/27/2022 PRTD 142207 KIESLER POLICE SUPPLY INC IN188418 04/06/2022 20220527 14,051.80 CHECK 472366 TOTAL: 14,051.80 472367 05/27/2022 PRTD 124002 KIMLEY-HORN AND ASSOCIATES INC 21253113 04/30/2022 20220527 2,400.00 CHECK 472367 TOTAL: 2,400.00 472368 05/27/2022 PRTD 100944 KIWI KAI IMPORTS INC 164738 05/11/2022 20220527 323.50 KIWI KAI IMPORTS INC 164746 05/11/2022 20220527 808.75 KIWI KAI IMPORTS INC 164745 05/10/2022 20220527 808.75 KIWI KAI IMPORTS INC 164737 05/11/2022 20220527 644.00 CHECK 472368 TOTAL: 2,585.00 472369 05/27/2022 PRTD 116776 JASPERSEN ENTERPRISES INC 86269 12/12/2020 20220527 190.00 JASPERSEN ENTERPRISES INC 86492 09/17/2020 20220527 190.00 JASPERSEN ENTERPRISES INC 87054 05/06/2021 20220527 190.00 CHECK 472369 TOTAL: 570.00 472370 05/27/2022 PRTD 160025 L-TRON CORPORATION 677578 05/02/2022 20220527 1,036.35 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 19 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472370 TOTAL: 1,036.35 472371 05/27/2022 PRTD 151024 LA DONA SBC 5505 05/11/2022 20220527 78.00 LA DONA SBC 5504 05/11/2022 20220527 76.00 CHECK 472371 TOTAL: 154.00 472372 05/27/2022 PRTD 143544 LADY A LITERARY 63 04/27/2022 20220527 248.75 CHECK 472372 TOTAL: 248.75 472373 05/27/2022 PRTD 139451 LANDBRIDGE ECOLOGICAL INC 1049 04/30/2022 20220527 400.00 CHECK 472373 TOTAL: 400.00 472374 05/27/2022 PRTD 100852 LAWSON PRODUCTS INC 9309521029 04/29/2022 20220527 904.08 CHECK 472374 TOTAL: 904.08 472375 05/27/2022 PRTD 134957 LEACH LAW OFFICE LLC 04-2022 04/30/2022 20220527 22,076.30 CHECK 472375 TOTAL: 22,076.30 472376 05/27/2022 PRTD 101552 LEAGUE OF MINNESOTA CITIES H00109858 05/02/2022 20220527 6,938.82 CHECK 472376 TOTAL: 6,938.82 472377 05/27/2022 PRTD 101552 LEAGUE OF MINNESOTA CITIES H00116093 05/02/2022 20220527 36,255.58 CHECK 472377 TOTAL: 36,255.58 472378 05/27/2022 PRTD 101552 LEAGUE OF MINNESOTA CITIES 40002968-04/22 04/21/2022 20220527 56,462.00 CHECK 472378 TOTAL: 56,462.00 472379 05/27/2022 PRTD 101552 LEAGUE OF MINNESOTA CITIES 18888 05/01/2022 20220527 883.20 CHECK 472379 TOTAL: 883.20 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 20 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472380 05/27/2022 PRTD 103217 LHB INC 220235.00-1 04/26/2022 20220527 1,400.90 CHECK 472380 TOTAL: 1,400.90 472381 05/27/2022 PRTD 135867 LIBATION PROJECT 45445 05/10/2022 20220527 130.00 CHECK 472381 TOTAL: 130.00 472382 05/27/2022 PRTD 144426 LIFE LINE BILLING SYSTEMS LLC 61094 04/30/2022 20220527 6,398.07 CHECK 472382 TOTAL: 6,398.07 472383 05/27/2022 PRTD 160043 LIFE SAFETY SYSTEMS INC. 89918 04/27/2022 20220527 492.42 CHECK 472383 TOTAL: 492.42 472384 05/27/2022 PRTD 100839 KAMAN INDUSTRIAL TECHNOLOGIES D942369 05/02/2022 20220527 491.96 CHECK 472384 TOTAL: 491.96 472385 05/27/2022 PRTD 100858 LOGIS 52035 05/01/2022 20220527 31,174.00 LOGIS 52097 04/30/2022 20220527 6,110.00 CHECK 472385 TOTAL: 37,284.00 472386 05/27/2022 PRTD 101078 LUBE-TECH ESI 2904860 04/29/2022 20220527 813.47 CHECK 472386 TOTAL: 813.47 472387 05/27/2022 PRTD 146427 LUCID BREWING LLC 13598 05/11/2022 20220527 142.00 CHECK 472387 TOTAL: 142.00 472388 05/27/2022 PRTD 141916 LUPULIN BREWING COMPANY 44902 05/11/2022 20220527 147.50 LUPULIN BREWING COMPANY 44901 05/11/2022 20220527 147.50 LUPULIN BREWING COMPANY 44904 05/11/2022 20220527 198.00 CHECK 472388 TOTAL: 493.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 21 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472389 05/27/2022 PRTD 160320 PESCHONG, MATTHEW 173 05/18/2022 20220527 1,165.00 CHECK 472389 TOTAL: 1,165.00 472390 05/27/2022 PRTD 160378 MARIAN, JEFFREY 100 04/19/2022 20220527 400.00 CHECK 472390 TOTAL: 400.00 472391 05/27/2022 PRTD 160297 MARIE RIDGEWAY 1717 04/30/2022 20220527 115.00 CHECK 472391 TOTAL: 115.00 472392 05/27/2022 PRTD 100869 MARTIN-MCALLISTER CONSULTING PSYC 14580 04/30/2022 20220527 350.00 MARTIN-MCALLISTER CONSULTING PSYC 14579 04/30/2022 20220527 3,000.00 MARTIN-MCALLISTER CONSULTING PSYC 14578 04/30/2022 20220527 525.00 CHECK 472392 TOTAL: 3,875.00 472393 05/27/2022 PRTD 122554 MATHESON TRI-GAS INC 0025380597 03/31/2022 20220527 114.80 MATHESON TRI-GAS INC 0025510388 04/26/2022 20220527 2,877.45 MATHESON TRI-GAS INC 0025556030 04/30/2022 20220527 111.21 CHECK 472393 TOTAL: 3,103.46 472394 05/27/2022 PRTD 141215 MAVERICK WINE LLC INV772977 05/10/2022 20220527 347.52 MAVERICK WINE LLC INV772970 05/10/2022 20220527 133.50 MAVERICK WINE LLC INV772963 05/10/2022 20220527 245.52 CHECK 472394 TOTAL: 726.54 472395 05/27/2022 PRTD 160372 MAVO SYSTEMS INC 83702 05/02/2022 20220527 2,850.00 CHECK 472395 TOTAL: 2,850.00 472396 05/27/2022 PRTD 130477 MCDONALD DISTRIBUTING COMPANY 630734 05/11/2022 20220527 1,115.00 MCDONALD DISTRIBUTING COMPANY 630735 05/11/2022 20220527 392.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 22 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET MCDONALD DISTRIBUTING COMPANY 630725 05/11/2022 20220527 184.00 MCDONALD DISTRIBUTING COMPANY 630726 05/11/2022 20220527 446.00 MCDONALD DISTRIBUTING COMPANY 630723 05/11/2022 20220527 1,941.44 CHECK 472396 TOTAL: 4,078.44 472397 05/27/2022 PRTD 103944 MOBILE HEALTH SERVICES LLC 41023 03/29/2022 20220527 195.00 CHECK 472397 TOTAL: 195.00 472398 05/27/2022 PRTD 100903 MINNESOTA ELEVATOR INC 962843 05/01/2022 20220527 2,529.71 CHECK 472398 TOTAL: 2,529.71 472399 05/27/2022 PRTD 101483 MENARDS 38974 04/07/2022 20220527 1,083.33 CHECK 472399 TOTAL: 1,083.33 472400 05/27/2022 PRTD 101483 MENARDS 60076 04/26/2022 20220527 172.23 MENARDS 60158 04/27/2022 20220527 63.82 MENARDS 60181 04/27/2022 20220527 14.87 MENARDS 60290 04/29/2022 20220527 74.42 CHECK 472400 TOTAL: 325.34 472401 05/27/2022 PRTD 138732 TRADITION WINE & SPIRITS LLC 31666 05/10/2022 20220527 341.00 TRADITION WINE & SPIRITS LLC 31664 05/10/2022 20220527 669.00 TRADITION WINE & SPIRITS LLC 31665 05/10/2022 20220527 653.00 CHECK 472401 TOTAL: 1,663.00 472402 05/27/2022 PRTD 101161 MIDWEST CHEMICAL SUPPLY INC 44315 04/29/2022 20220527 488.50 CHECK 472402 TOTAL: 488.50 472403 05/27/2022 PRTD 160394 MILLER, MIA 108ART 05/12/2022 20220527 500.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 23 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472403 TOTAL: 500.00 472404 05/27/2022 PRTD 102174 MINNEAPOLIS OXYGEN COMPANY 00092528 04/30/2022 20220527 103.62 CHECK 472404 TOTAL: 103.62 472405 05/27/2022 PRTD 101746 MINNESOTA COUNTY ATTORNEYS ASSOCI 200008703 02/11/2022 20220527 55.00 CHECK 472405 TOTAL: 55.00 472406 05/27/2022 PRTD 118129 MINNESOTA SOCIETY OF CPAS 308528 01/18/2022 20220527 340.00 CHECK 472406 TOTAL: 340.00 472407 05/27/2022 PRTD 100252 MINNESOTA STATE COLLEGES AND UNIV 1002332 04/13/2022 20220527 500.00 MINNESOTA STATE COLLEGES AND UNIV 998939 04/07/2022 20220527 500.00 MINNESOTA STATE COLLEGES AND UNIV 1000565 04/11/2022 20220527 1,200.00 CHECK 472407 TOTAL: 2,200.00 472408 05/27/2022 PRTD 100252 MINNESOTA HIGHWAY SAFETY AND RESE 337900-9208 04/27/2022 20220527 600.00 MINNESOTA HIGHWAY SAFETY AND RESE 337900-9255 05/17/2022 20220527 455.00 CHECK 472408 TOTAL: 1,055.00 472409 05/27/2022 PRTD 138171 MOBOTREX INC 257708 04/28/2022 20220527 216.00 CHECK 472409 TOTAL: 216.00 472410 05/27/2022 PRTD 140955 MODIST BREWING LLC E-31134 05/10/2022 20220527 268.00 MODIST BREWING LLC E-31133 05/10/2022 20220527 235.00 MODIST BREWING LLC E-31132 05/10/2022 20220527 116.00 CHECK 472410 TOTAL: 619.00 472411 05/27/2022 PRTD 143339 MR CUTTING EDGE 4510 04/30/2022 20220527 206.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 24 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472411 TOTAL: 206.00 472412 05/27/2022 PRTD 160383 MSP AIRPORT FIRE DEPARTMENT MSPFD-04/2022-1 04/30/2022 20220527 1,266.40 CHECK 472412 TOTAL: 1,266.40 472413 05/27/2022 PRTD 100906 MTI DISTRIBUTING INC 1340109-00 04/27/2022 20220527 51.33 MTI DISTRIBUTING INC 1341583-00 04/28/2022 20220527 452.52 MTI DISTRIBUTING INC 1341766-00 04/28/2022 20220527 -153.28 CHECK 472413 TOTAL: 350.57 472414 05/27/2022 PRTD 160178 MICHAEL TIMOTHY LEUTGEB MUNSON 22CLP0018 05/19/2022 20220527 150.00 CHECK 472414 TOTAL: 150.00 472415 05/27/2022 PRTD 130461 GOVERNMENTJOBS.COM, INC INV-27661 05/02/2022 20220527 7,980.00 CHECK 472415 TOTAL: 7,980.00 472416 05/27/2022 PRTD 100076 NEW FRANCE WINE CO 187296 05/11/2022 20220527 948.50 NEW FRANCE WINE CO 187310 05/11/2022 20220527 1,466.00 NEW FRANCE WINE CO 187303 05/11/2022 20220527 893.50 CHECK 472416 TOTAL: 3,308.00 472417 05/27/2022 PRTD 142201 NLSC PRODUCTS INC 124973 05/02/2022 20220527 288.00 CHECK 472417 TOTAL: 288.00 472418 05/27/2022 PRTD 151528 NO WAIT INSIDE LLC 2159 04/30/2022 20220527 54.40 CHECK 472418 TOTAL: 54.40 472419 05/27/2022 PRTD 142880 NORDIC SOLAR HOLDCO LLC INV-NSH002793 04/30/2022 20220527 7,705.39 CHECK 472419 TOTAL: 7,705.39 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 25 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472420 05/27/2022 PRTD 100926 BLUETARP FINANCIAL INC 0035108655 04/07/2022 20220527 77.98 BLUETARP FINANCIAL INC 0033112955 04/07/2022 20220527 172.98 CHECK 472420 TOTAL: 250.96 472421 05/27/2022 PRTD 160385 ODP BUSINESS SOLUTIONS LLC 242356949001 05/05/2022 20220527 70.98 ODP BUSINESS SOLUTIONS LLC 216738674001 01/10/2022 20220527 227.39 ODP BUSINESS SOLUTIONS LLC 239532202001 04/13/2022 20220527 52.26 CHECK 472421 TOTAL: 350.63 472422 05/27/2022 PRTD 138155 OIL AIR PRODUCTS LLC 702604-003 04/26/2022 20220527 243.89 CHECK 472422 TOTAL: 243.89 472423 05/27/2022 PRTD 100936 OLSEN CHAIN & CABLE CO INC 685420 04/29/2022 20220527 352.62 CHECK 472423 TOTAL: 352.62 472424 05/27/2022 PRTD 999995 2 Swan LLC ED194776-REFUND 05/18/2022 20220527 2,500.00 CHECK 472424 TOTAL: 2,500.00 472425 05/27/2022 PRTD 999995 Adriatic Construction ED187535-REFUND 05/18/2022 20220527 10,000.00 CHECK 472425 TOTAL: 10,000.00 472426 05/27/2022 PRTD 999995 NR Properties ED187585-REFUND 05/18/2022 20220527 2,500.00 CHECK 472426 TOTAL: 2,500.00 472427 05/27/2022 PRTD 999995 NR Properties ED189507-REFUND 05/18/2022 20220527 2,500.00 CHECK 472427 TOTAL: 2,500.00 472428 05/27/2022 PRTD 999995 NR Properties ED189871-REFUND-2 05/18/2022 20220527 10,000.00 CHECK 472428 TOTAL: 10,000.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 26 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472429 05/27/2022 PRTD 999995 The New Old House Co. ED194943-REFUND 05/18/2022 20220527 2,500.00 CHECK 472429 TOTAL: 2,500.00 472430 05/27/2022 PRTD 999994 Culligan Water Conditioning ED197430-REFUND 05/24/2022 20220527 84.81 CHECK 472430 TOTAL: 84.81 472431 05/27/2022 PRTD 999994 Flannery Construction Inc 16061132-6512251105 05/25/2022 20220527 640.00 CHECK 472431 TOTAL: 640.00 472432 05/27/2022 PRTD 999994 Midland HVAC ED194953-REFUND 05/18/2022 20220527 93.92 CHECK 472432 TOTAL: 93.92 472433 05/27/2022 PRTD 999994 Spring Plumbing ED197488-REFUND 05/18/2022 20220527 824.70 CHECK 472433 TOTAL: 824.70 472434 05/27/2022 PRTD 999996 Blake, Patricia 1824963 05/20/2022 20220527 30.00 Blake, Patricia 1816661 05/20/2022 20220527 360.00 CHECK 472434 TOTAL: 390.00 472435 05/27/2022 PRTD 999996 Nord, Tim POS59587-REFUND 05/18/2022 20220527 65.45 CHECK 472435 TOTAL: 65.45 472436 05/27/2022 PRTD 999996 Rasmusson, DeWayne 38584595-REFUND 05/13/2022 20220527 24.00 CHECK 472436 TOTAL: 24.00 472437 05/27/2022 PRTD 999993 McGrath, Patty AC-05/12/22 05/12/2022 20220527 1,900.00 CHECK 472437 TOTAL: 1,900.00 472438 05/27/2022 PRTD 129214 OUVERSON SEWER AND WATER INC 6767 04/29/2022 20220527 12,280.00 OUVERSON SEWER AND WATER INC 6768 04/29/2022 20220527 14,330.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 27 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472438 TOTAL: 26,610.00 472439 05/27/2022 PRTD 100940 OWENS TECHNOLOGY COMPANIES INC 98226 04/30/2022 20220527 790.09 CHECK 472439 TOTAL: 790.09 472440 05/27/2022 PRTD 151973 PAINTING BY NAKASONE INC 6272 04/26/2022 20220527 5,010.00 CHECK 472440 TOTAL: 5,010.00 472441 05/27/2022 PRTD 100945 PEPSI-COLA COMPANY 32135015 05/09/2022 20220527 392.45 PEPSI-COLA COMPANY 33423860 05/06/2022 20220527 611.32 CHECK 472441 TOTAL: 1,003.77 472442 05/27/2022 PRTD 120831 1ST SCRIBE INC 257250 05/01/2022 20220527 425.00 CHECK 472442 TOTAL: 425.00 472443 05/27/2022 PRTD 160261 PETERSON, RACHAEL APR 2022 04/29/2022 20220527 645.00 CHECK 472443 TOTAL: 645.00 472444 05/27/2022 PRTD 102423 PLAISTED COMPANIES INC 50940 04/30/2022 20220527 1,575.50 PLAISTED COMPANIES INC 51032 04/30/2022 20220527 1,868.03 CHECK 472444 TOTAL: 3,443.53 472445 05/27/2022 PRTD 100958 PLUNKETT'S PEST CONTROL 7512881 04/29/2022 20220527 62.40 PLUNKETT'S PEST CONTROL 7508954 04/26/2022 20220527 108.00 CHECK 472445 TOTAL: 170.40 472446 05/27/2022 PRTD 129706 PREMIUM WATERS INC 318758456 04/30/2022 20220527 14.00 CHECK 472446 TOTAL: 14.00 472447 05/27/2022 PRTD 108875 PRESCRIPTION LANDSCAPE 91108 05/01/2022 20220527 1,222.17 PRESCRIPTION LANDSCAPE 91107 05/01/2022 20220527 872.16 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 28 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET PRESCRIPTION LANDSCAPE 91116 05/01/2022 20220527 471.43 PRESCRIPTION LANDSCAPE 91113 05/01/2022 20220527 1,154.21 PRESCRIPTION LANDSCAPE 91112 05/01/2022 20220527 880.32 PRESCRIPTION LANDSCAPE 91115 05/01/2022 20220527 471.43 PRESCRIPTION LANDSCAPE 91114 05/01/2022 20220527 567.27 PRESCRIPTION LANDSCAPE 91111 05/01/2022 20220527 906.54 CHECK 472447 TOTAL: 6,545.53 472448 05/27/2022 PRTD 105690 PRO-TEC DESIGN INC 105067 04/27/2022 20220527 1,460.75 PRO-TEC DESIGN INC 105069 04/27/2022 20220527 3,735.57 PRO-TEC DESIGN INC 105131 04/29/2022 20220527 136.40 CHECK 472448 TOTAL: 5,332.72 472449 05/27/2022 PRTD 105887 PROFESSIONAL AQUARIUM MAINTENANCE MAY & JUNE 2022 05/01/2022 20220527 314.00 CHECK 472449 TOTAL: 314.00 472450 05/27/2022 PRTD 106322 SCHENCK, DAVID 159446 04/29/2022 20220527 2,096.95 SCHENCK, DAVID 159441 04/29/2022 20220527 878.11 SCHENCK, DAVID 159496 04/29/2022 20220527 278.21 SCHENCK, DAVID 159465 04/29/2022 20220527 1,045.57 CHECK 472450 TOTAL: 4,298.84 472451 05/27/2022 PRTD 143618 PRYES BREWING COMPANY LLC W-36734 05/10/2022 20220527 454.00 PRYES BREWING COMPANY LLC W-36750 05/10/2022 20220527 392.00 PRYES BREWING COMPANY LLC W-36751 05/10/2022 20220527 354.00 CHECK 472451 TOTAL: 1,200.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 29 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472452 05/27/2022 PRTD 160392 JAMIE PASTIKA AND MELISSA PASTIKA 22CLP0020 05/19/2022 20220527 250.00 CHECK 472452 TOTAL: 250.00 472453 05/27/2022 PRTD 133091 RANGE SERVANT AMERICA INC 115372 05/05/2022 20220527 470.54 CHECK 472453 TOTAL: 470.54 472454 05/27/2022 PRTD 160318 RAPP STRATEGIES INC 1294 04/30/2022 20220527 1,960.00 CHECK 472454 TOTAL: 1,960.00 472455 05/27/2022 PRTD 133627 REPUBLIC SERVICES #894 0894-005717550 04/30/2022 20220527 46,493.75 CHECK 472455 TOTAL: 46,493.75 472456 05/27/2022 PRTD 132051 RICHARD ALAN PRODUCTIONS 22CLP0003 05/19/2022 20220527 300.00 CHECK 472456 TOTAL: 300.00 472457 05/27/2022 PRTD 100977 RICHFIELD PLUMBING COMPANY 84510 04/26/2022 20220527 2,179.61 RICHFIELD PLUMBING COMPANY 84525 04/29/2022 20220527 240.00 CHECK 472457 TOTAL: 2,419.61 472458 05/27/2022 PRTD 102011 RIVER CITY JAZZ ORCHESTRA 22CLP0019 05/19/2022 20220527 150.00 CHECK 472458 TOTAL: 150.00 472459 05/27/2022 PRTD 101659 ORKIN 225167892 04/26/2022 20220527 45.00 ORKIN 225169006 04/26/2022 20220527 30.00 ORKIN 225168870 04/26/2022 20220527 30.00 ORKIN 225169234 04/26/2022 20220527 30.00 ORKIN 225167612 04/26/2022 20220527 32.10 ORKIN 225168009 04/26/2022 20220527 45.00 ORKIN 225168063 04/26/2022 20220527 30.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 30 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET ORKIN 225169004 04/26/2022 20220527 30.00 ORKIN 225169007 04/26/2022 20220527 60.00 ORKIN 225167891 04/26/2022 20220527 30.00 ORKIN 225168010 04/26/2022 20220527 45.00 ORKIN 225169236 04/26/2022 20220527 30.00 ORKIN 225168008 04/26/2022 20220527 30.00 ORKIN 225169005 04/26/2022 20220527 30.00 ORKIN 225169235 04/26/2022 20220527 30.00 ORKIN 230617658 05/02/2022 20220527 90.00 ORKIN 225168021 04/26/2022 20220527 30.00 CHECK 472459 TOTAL: 647.10 472460 05/27/2022 PRTD 129282 ROSENBAUER MINNESOTA LLC 0000051337 02/02/2022 20220527 137.39 ROSENBAUER MINNESOTA LLC 0000052405 03/30/2022 20220527 160.38 ROSENBAUER MINNESOTA LLC 0000052406 03/30/2022 20220527 149.60 CHECK 472460 TOTAL: 447.37 472461 05/27/2022 PRTD 100988 SAFETY KLEEN SYSTEMS INC R002837931 04/27/2022 20220527 124.21 CHECK 472461 TOTAL: 124.21 472462 05/27/2022 PRTD 144553 SALTCO LLC 85224 04/30/2022 20220527 384.55 CHECK 472462 TOTAL: 384.55 472463 05/27/2022 PRTD 160055 SANDSTROM LAND MANAGEMENT 050122 05/01/2022 20220527 3,344.25 CHECK 472463 TOTAL: 3,344.25 472464 05/27/2022 PRTD 104151 SCHINDLER ELEVATOR CORP 8105936681 04/26/2022 20220527 830.49 SCHINDLER ELEVATOR CORP 7153485750 04/29/2022 20220527 352.87 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 31 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472464 TOTAL: 1,183.36 472465 05/27/2022 PRTD 104689 SERIGRAPHICS SIGN SYSTEMS INC 64085-Final 04/14/2022 20220527 413.00 CHECK 472465 TOTAL: 413.00 472466 05/27/2022 PRTD 132210 RUSCIANO GROUP INC 68042 04/27/2022 20220527 755.00 CHECK 472466 TOTAL: 755.00 472467 05/27/2022 PRTD 100995 SHORT-ELLIOT-HENDRICKSON INCORPOR 424779 04/30/2022 20220527 30,917.91 CHECK 472467 TOTAL: 30,917.91 472468 05/27/2022 PRTD 120784 WALSH GRAPHICS INC 17153 04/29/2022 20220527 56.86 CHECK 472468 TOTAL: 56.86 472469 05/27/2022 PRTD 120292 SIGNATURE CONCEPTS INC 341158 04/26/2022 20220527 786.93 CHECK 472469 TOTAL: 786.93 472470 05/27/2022 PRTD 137482 SITEONE LANDSCAPE SUPPLY LLC 118449214-001 04/27/2022 20220527 60.36 SITEONE LANDSCAPE SUPPLY LLC 118479855-001 04/28/2022 20220527 53.00 CHECK 472470 TOTAL: 113.36 472471 05/27/2022 PRTD 132195 SMALL LOT MN MN52644 05/10/2022 20220527 164.96 SMALL LOT MN MN52634 05/10/2022 20220527 324.92 CHECK 472471 TOTAL: 489.88 472472 05/27/2022 PRTD 100430 SNAP-ON INDUSTRIAL ARV/52662294 04/26/2022 20220527 20.98 SNAP-ON INDUSTRIAL ARV/52651136 04/26/2022 20220527 15.98 CHECK 472472 TOTAL: 36.96 472473 05/27/2022 PRTD 140502 SOUTH METRO FIRE DEPARTMENT SMFD-04/2022-1 04/27/2022 20220527 1,289.68 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 32 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472473 TOTAL: 1,289.68 472474 05/27/2022 PRTD 127878 SOUTHERN GLAZERS WINE & SPIRITS L 2208858 05/06/2022 20220527 248.25 SOUTHERN GLAZERS WINE & SPIRITS L 2208857 05/06/2022 20220527 248.25 SOUTHERN GLAZERS WINE & SPIRITS L 2210125 05/11/2022 20220527 1,068.00 SOUTHERN GLAZERS WINE & SPIRITS L 2210129 05/11/2022 20220527 678.40 SOUTHERN GLAZERS WINE & SPIRITS L 2210130 05/11/2022 20220527 1,690.40 SOUTHERN GLAZERS WINE & SPIRITS L 2210124 05/11/2022 20220527 1,379.70 SOUTHERN GLAZERS WINE & SPIRITS L 2210126 05/11/2022 20220527 2,181.20 SOUTHERN GLAZERS WINE & SPIRITS L 2210128 05/11/2022 20220527 1,313.77 SOUTHERN GLAZERS WINE & SPIRITS L 2210127 05/11/2022 20220527 440.93 SOUTHERN GLAZERS WINE & SPIRITS L 2210117 05/11/2022 20220527 678.40 SOUTHERN GLAZERS WINE & SPIRITS L 2210116 05/11/2022 20220527 716.30 SOUTHERN GLAZERS WINE & SPIRITS L 2210115 05/11/2022 20220527 80.80 SOUTHERN GLAZERS WINE & SPIRITS L 2210114 05/11/2022 20220527 1,246.40 SOUTHERN GLAZERS WINE & SPIRITS L 2210123 05/11/2022 20220527 1,520.00 SOUTHERN GLAZERS WINE & SPIRITS L 2210122 05/11/2022 20220527 678.40 SOUTHERN GLAZERS WINE & SPIRITS L 2210120 05/11/2022 20220527 1,319.20 SOUTHERN GLAZERS WINE & SPIRITS L 2210119 05/11/2022 20220527 242.40 SOUTHERN GLAZERS WINE & SPIRITS L 2210118 05/11/2022 20220527 373.70 SOUTHERN GLAZERS WINE & SPIRITS L 2210121 05/11/2022 20220527 1,829.25 CHECK 472474 TOTAL: 17,933.75 472475 05/27/2022 PRTD 160274 SOUTHWEST LAWN, SNOW & LANDSCAPE 3227 05/01/2022 20220527 1,620.00 CHECK 472475 TOTAL: 1,620.00 472476 05/27/2022 PRTD 160395 SPANJERS, PHILLIP Spanjers-05/04/22 05/13/2022 20220527 48,000.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 33 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472476 TOTAL: 48,000.00 472477 05/27/2022 PRTD 101004 SPS COMPANIES INC S4639160.001 05/10/2022 20220527 107.74 CHECK 472477 TOTAL: 107.74 472478 05/27/2022 PRTD 101007 STAR TRIBUNE MEDIA INTERMEDIATE H I00423544-04262022 04/30/2022 20220527 2,000.00 CHECK 472478 TOTAL: 2,000.00 472479 05/27/2022 PRTD 139006 OFFICE OF MNIT SERVICES W21110634 12/14/2021 20220527 245.70 CHECK 472479 TOTAL: 245.70 472480 05/27/2022 PRTD 139006 OFFICE OF MNIT SERVICES W21100631 11/16/2021 20220527 148.05 CHECK 472480 TOTAL: 148.05 472481 05/27/2022 PRTD 133068 STEEL TOE BREWING LLC 45564 05/11/2022 20220527 198.00 STEEL TOE BREWING LLC 45551 05/11/2022 20220527 252.00 STEEL TOE BREWING LLC 45563 05/11/2022 20220527 111.00 CHECK 472481 TOTAL: 561.00 472482 05/27/2022 PRTD 124029 STERICYCLE 8001221038 03/25/2022 20220527 64.90 STERICYCLE 8001427339 04/25/2022 20220527 68.34 CHECK 472482 TOTAL: 133.24 472483 05/27/2022 PRTD 143698 STORM COMBATIVES TRAINING AND CON 0000769 04/30/2022 20220527 899.00 STORM COMBATIVES TRAINING AND CON 0000772 05/02/2022 20220527 899.00 CHECK 472483 TOTAL: 1,798.00 472484 05/27/2022 PRTD 102639 STROHMYER, TOM 22CLP0006 05/19/2022 20220527 250.00 CHECK 472484 TOTAL: 250.00 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 34 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472485 05/27/2022 PRTD 105874 SUBURBAN TIRE WHOLESALE INC 10186295 04/26/2022 20220527 395.20 CHECK 472485 TOTAL: 395.20 472486 05/27/2022 PRTD 113841 SUMMIT 130045035 04/27/2022 20220527 280.00 CHECK 472486 TOTAL: 280.00 472487 05/27/2022 PRTD 104932 TAYLOR MADE 35870838 04/28/2022 20220527 894.61 TAYLOR MADE 35877973 04/29/2022 20220527 27.56 TAYLOR MADE 35888889 04/30/2022 20220527 363.39 TAYLOR MADE 35784871 04/07/2022 20220527 521.12 TAYLOR MADE 35800631 04/12/2022 20220527 247.04 TAYLOR MADE 465255.18246976 10/04/2021 20220527 -380.11 TAYLOR MADE 35923939 05/12/2022 20220527 52.77 CHECK 472487 TOTAL: 1,726.38 472488 05/27/2022 PRTD 141353 HARTONG, WILLEM 22CLP0017 05/19/2022 20220527 250.00 CHECK 472488 TOTAL: 250.00 472489 05/27/2022 PRTD 102798 THOMSON REUTERS - WEST 846306743 05/01/2022 20220527 765.05 CHECK 472489 TOTAL: 765.05 472490 05/27/2022 PRTD 123129 TIMESAVER OFF SITE SECRETARIAL IN M27281 04/29/2022 20220527 1,054.00 CHECK 472490 TOTAL: 1,054.00 472491 05/27/2022 PRTD 101826 TK ELEVATOR CORPORATION 5001798401 04/08/2022 20220527 694.51 CHECK 472491 TOTAL: 694.51 472492 05/27/2022 PRTD 101038 TOLL COMPANY 10457585 04/27/2022 20220527 136.32 TOLL COMPANY 10457733 04/28/2022 20220527 196.35 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 35 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET TOLL COMPANY 40154722 04/30/2022 20220527 32.98 CHECK 472492 TOTAL: 365.65 472493 05/27/2022 PRTD 103982 TRAFFIC CONTROL CORPORATION 135654 04/28/2022 22200027 20220527 25,680.00 TRAFFIC CONTROL CORPORATION 135768 04/29/2022 20220527 1,340.00 TRAFFIC CONTROL CORPORATION 135767 04/29/2022 20220527 335.00 CHECK 472493 TOTAL: 27,355.00 472494 05/27/2022 PRTD 136342 TRAVISMATHEW LLC 90736724 04/29/2022 20220527 131.34 CHECK 472494 TOTAL: 131.34 472495 05/27/2022 PRTD 101046 TWIN CITY FILTER SERVICE INC 0721783-IN 05/02/2022 20220527 970.14 CHECK 472495 TOTAL: 970.14 472496 05/27/2022 PRTD 146436 TYLER TECHNOLOGIES INC 045-376386 04/27/2022 20220527 2,520.00 CHECK 472496 TOTAL: 2,520.00 472497 05/27/2022 PRTD 100689 ULTIMATE SAFETY CONCEPTS INC 199634 04/26/2022 20220527 351.44 CHECK 472497 TOTAL: 351.44 472498 05/27/2022 PRTD 130874 UNITED RENTALS (NORTH AMERICA) IN 205481878-001 04/28/2022 20220527 3,737.62 UNITED RENTALS (NORTH AMERICA) IN 205694581-001 05/02/2022 20220527 1,061.74 UNITED RENTALS (NORTH AMERICA) IN 205481878-002 05/10/2022 20220527 -1,606.50 CHECK 472498 TOTAL: 3,192.86 472499 05/27/2022 PRTD 140009 US KIDS GOLF LLC IN2044449 04/20/2022 20220527 553.04 CHECK 472499 TOTAL: 553.04 472500 05/27/2022 PRTD 103590 VALLEY-RICH COMPANY INC 30714 04/27/2022 20220527 10,934.06 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 36 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472500 TOTAL: 10,934.06 472501 05/27/2022 PRTD 101058 VAN PAPER COMPANY 609942-00 04/27/2022 20220527 51.85 VAN PAPER COMPANY 609948-00 04/27/2022 20220527 449.59 VAN PAPER COMPANY 609949-00 04/27/2022 20220527 60.79 VAN PAPER COMPANY 609950-00 04/27/2022 20220527 890.06 VAN PAPER COMPANY 609951-00 04/27/2022 20220527 489.82 VAN PAPER COMPANY 609940-00 04/28/2022 20220527 44.04 VAN PAPER COMPANY 609951-01 05/02/2022 20220527 135.06 VAN PAPER COMPANY 610837-00 05/05/2022 20220527 575.27 CHECK 472501 TOTAL: 2,696.48 472502 05/27/2022 PRTD 101064 VESSCO INC 087491 04/29/2022 20220527 1,900.00 VESSCO INC 087263 04/04/2022 20220527 6,080.31 CHECK 472502 TOTAL: 7,980.31 472503 05/27/2022 PRTD 101066 VIKING ELECTRIC SUPPLY S005748936.001 04/26/2022 20220527 96.88 VIKING ELECTRIC SUPPLY S005748143.001 04/26/2022 20220527 230.50 VIKING ELECTRIC SUPPLY S005749006.001 04/26/2022 20220527 439.89 VIKING ELECTRIC SUPPLY S005761419.001 05/02/2022 20220527 263.16 CHECK 472503 TOTAL: 1,030.43 472504 05/27/2022 PRTD 160301 VISION INC 114934 04/26/2022 20220527 1,075.40 CHECK 472504 TOTAL: 1,075.40 472505 05/27/2022 PRTD 120627 VISTAR 64303631 04/29/2022 20220527 486.56 VISTAR 64380132 05/06/2022 20220527 1,043.21 CHECK 472505 TOTAL: 1,529.77 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 37 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET 472506 05/27/2022 PRTD 103088 WASTE MANAGEMENT OF WI-MN 0092107-2808-6 05/03/2022 20220527 6,201.87 CHECK 472506 TOTAL: 6,201.87 472507 05/27/2022 PRTD 160389 WILLIAMS, NICOLE 22CLP0007 05/19/2022 20220527 150.00 CHECK 472507 TOTAL: 150.00 472508 05/27/2022 PRTD 101033 WINE COMPANY 203925 05/11/2022 20220527 4,048.80 WINE COMPANY 203926 05/11/2022 20220527 519.00 WINE COMPANY 203920 05/11/2022 20220527 1,308.00 WINE COMPANY 203922 05/11/2022 20220527 179.00 WINE COMPANY 203924 05/11/2022 20220527 468.00 WINE COMPANY 203923 05/11/2022 20220527 1,646.00 CHECK 472508 TOTAL: 8,168.80 472509 05/27/2022 PRTD 130471 WINFIELD SOLUTIONS LLC 64765235 11/10/2021 20220527 6,040.00 WINFIELD SOLUTIONS LLC 64865966 02/14/2022 20220527 -442.28 WINFIELD SOLUTIONS LLC 65007930 05/02/2022 20220527 358.86 CHECK 472509 TOTAL: 5,956.58 472510 05/27/2022 PRTD 124503 WINSUPPLY EDEN PRAIRIE MN CO 226635 01 04/26/2022 20220527 109.89 WINSUPPLY EDEN PRAIRIE MN CO 226652 01 04/27/2022 20220527 40.08 WINSUPPLY EDEN PRAIRIE MN CO 226767 01 04/29/2022 20220527 27.02 CHECK 472510 TOTAL: 176.99 472511 05/27/2022 PRTD 148067 WITLINGO INC INV-COE-052022 05/01/2022 20220527 250.00 CHECK 472511 TOTAL: 250.00 472512 05/27/2022 PRTD 118395 WITMER PUBLIC SAFETY GROUP INC E2080874 07/06/2021 20220527 95.97 WITMER PUBLIC SAFETY GROUP INC E2081000 05/27/2021 20220527 486.93 City of Edina, MN A/P CASH DISBURSEMENTS JOURNAL Report generated: 05/26/2022 12:34User: STanGeilProgram ID: apcshdsb Page 38 CASH ACCOUNT: 9999 1012 Control BS - CashAP CHECK NO CHK DATE TYPE VENDOR NAME INVOICE INV DATE PO CHECK RUN NET CHECK 472512 TOTAL: 582.90 472513 05/27/2022 PRTD 124959 W.L. HALL COMPANY 9774 01/31/2022 20220527 4,804.00 CHECK 472513 TOTAL: 4,804.00 472514 05/27/2022 PRTD 160299 WOODEN SHIP BREWING COMPANY 000162 04/28/2022 20220527 159.60 CHECK 472514 TOTAL: 159.60 472515 05/27/2022 PRTD 127774 WORLDWIDE CELLARS INC R22-57514 05/11/2022 20220527 120.04 CHECK 472515 TOTAL: 120.04 472516 05/27/2022 PRTD 105740 WSB & ASSOCIATES R-020157-000-1 04/29/2022 20220527 438.50 WSB & ASSOCIATES R-018471-000-9 04/29/2022 20220527 1,793.50 CHECK 472516 TOTAL: 2,232.00 472517 05/27/2022 PRTD 144890 ZIMMERMAN, CAROL 22CLP0016 05/19/2022 20220527 200.00 CHECK 472517 TOTAL: 200.00 NUMBER OF CHECKS 275 *** CASH ACCOUNT TOTAL *** 1,523,396.01 COUNT AMOUNT TOTAL PRINTED CHECKS 275 1,523,396.01 *** GRAND TOTAL *** 1,523,396.01 Date: June 2, 2022 Agenda Item #: V.C. To:Mayor and City Council Item Type: Report / Recommendation From:Alisha McAndrews, Finance Director Item Activity: Subject:Request for Purchase: Investment Advisor Services Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Authorize Mayor and City Manager to sign attached Investment Advisor Agreement with PFM Asset Management. Staff is seeking City Council approval because the annual contract is likely to exceed $20,000. INTRODUCTION: The City of Edina has used an external investment advisor since 1991. Securian currently serves as the City’s investment advisor and manages about $45 million or about half of the City’s total investment portfolio. Staff initiated an RFP process on April 7, 2022. The City received 10 proposals from companies including several regional firms. A selection committee, made up of Finance department staff, evaluated the proposals based on the following: 1. Experience of the firm in providing similar Investment Management Services. 2. Experience and expertise of Investment Management Professionals. 3. Client service and client management philosophy. 4. Investment and risk philosophy and investment process. 5. Fees. 6. Quality of references. Five firms were selected to go through the interview process. There were: · Ehlers · Dana · PMA · PFM · Galliard The committee agreed that all the firms were highly qualified. However, P FM stood out as the best value and selected for the following reasons: 1. Depth of investment expertise and experience; 2. Portfolio performance; 3. Understanding of MN investment statutes (PFM is locally based); and 4. Customer service. PFM will be paid monthly according to the agreed upon tiered fee schedule applied to the daily net assets managed by P FM with a minimum annual fee of $25,000 and estimated annual fee between the minimum and $50,000. ATTACHMENTS: Description Investment Advisor Agreement with PFM 1 INVESTMENT ADVISORY AGREEMENT THIS AGREEMENT, entered into as of the 2nd day of June, 2022, by and between the CITY OF EDINA, a Minnesota public agency (hereinafter the "Client"), and PFM ASSET MANAGEMENT LLC, a Delaware limited liability company with an office in Minneapolis, Minnesota (hereinafter the "Advisor"). W I T N E S S E T H WHEREAS, the Client has funds available for investment purposes (the “Initial Funds”) for which it intends to conduct an investment program; and WHEREAS, the Client desires to avail itself of the experience, sources of information, advice, assistance and facilities available to the Advisor; to have the Advisor undertake certain duties and responsibilities; and to perform certain services as investment advisor on behalf of the Client, as provided herein; and WHEREAS, the Advisor is willing to provide such services on the terms and conditions hereinafter set forth; NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto, intending to be legally bound, agreed as follows: 1. SERVICES OF ADVISOR. The Client hereby engages the Advisor to serve as investment advisor under the terms of this Agreement with respect to the Initial Funds and such other funds as the Client may from time to time assign by written notice to the Advisor (collectively the "Managed Funds"), and the Advisor accepts such engagement. In connection therewith, the Advisor will provide investment research and supervision of the Managed Funds investments and conduct a continuous program of investment, evaluation and, when appropriate, sale and reinvestment of the Managed Funds assets. The Advisor shall continuously monitor investment opportunities and evaluate investments of the Managed Funds. The Advisor shall furnish the Client with statistical information and reports with respect to investments of the Managed Funds. The Advisor shall place all orders for the purchase, sale, loan or exchange of portfolio securities for the Client’s account with brokers or dealers recommended by the Advisor and/or the Client, and to that end the Advisor is authorized as agent 2 of the Client to give instructions to the custodian designated by the Client (the “Custodian”) as to deliveries of securities and payments of cash for the account of the Client. In connection with the selection of such brokers and dealers and the placing of such orders, the Advisor is directed to seek for the Client the most favorable execution and price, the determination of which may take into account, subject to any applicable laws, rules and regulations, whether statistical, research and other information or services have been or will be furnished to the Advisor by such brokers and dealers. The Custodian shall have custody of cash, securities and other assets of the Client. The Advisor shall not take possession of or act as custodian for the cash, securities or other assets of the Client and shall have no responsibility in connection therewith. Authorized investments shall include only those investments which are currently authorized by the state investment statutes and applicable covenants and as supplemented by such other written instructions as may from time to time be provided by the Client to the Advisor. The Advisor shall be entitled to rely upon the Client’s written advice with respect to anticipated drawdowns of Managed Funds. The Advisor will observe the instructions of the Client with respect to broker/dealers who are approved to execute transactions involving the Managed Funds and in the absence of such instructions will engage broker/dealers which the Advisor reasonably believes to be reputable, qualified and financially sound. 2. COMPENSATION. (a) For services provided by the Advisor pursuant to this Agreement, the Client shall pay the Advisor an annual fee, in monthly installments, based on the daily net assets under management according to the schedule below: Average Assets Under Management Fees Initial $25 million 10 basis points (0.10%) Next $25 million 8 basis points (0.08%) Next $50 million 7 basis points (0.07%) Above $100 million 6 basis points (0.06%) “Daily net assets” is defined to include the amortized value of securities, accrued interest and cash or any money market fund balance. The minimum annual fee is $25,000, to be applied in equal monthly installments. (b) The Advisor will bill the Client monthly for service performed under this Agreement, said bill to include a statement indicating the basis upon which the fee was calculated. The Client 3 shall pay to the Advisor the amount payable pursuant to this Agreement not later than on the 15th day of the month following the month during which the Advisor's statement was rendered. (c) Assets invested by the Advisor under the terms of this Agreement may from time to time be invested in (i) a money market mutual fund managed by an affiliate of the Advisor or (ii) a local government investment pool managed by the Advisor (either, a “Pool”), or in individual securities. Average daily net assets subject to the fees described in this section shall not take into account any funds invested in the Pool. Expenses of the Pool, including compensation for the Advisor or the affiliate of the Advisor, as applicable, and the Pool custodian, are described in the relevant prospectus or information statement and are paid from the Pool. (d) If and to the extent that the Client shall request the Advisor to render services other than those to be rendered by the Advisor hereunder, such additional services shall be compensated separately on terms to be agreed upon between the Advisor and the Client. 3. EXPENSES. (a) The Advisor shall furnish at its own expense all necessary administrative services, office space, equipment, clerical personnel, telephone and other communication facilities, investment advisory facilities, and executive and supervisory personnel for managing the Managed Funds. (b) Except as expressly provided otherwise herein, the Client shall pay all of its own expenses including, without limitation, taxes, commissions, fees and expenses of the Client’s independent auditors and legal counsel, if any, brokerage and other expenses connected with the execution of portfolio security transactions, insurance premiums, and fees and expenses of the Custodian. 4. REGISTERED ADVISOR; DUTY OF CARE. The Advisor hereby represents it is a registered investment advisor under the Investment Advisers Act of 1940, as amended. The Advisor shall immediately notify the Client if at any time during the term of this Agreement it is not so registered or if its registration is suspended. The Advisor agrees to perform its duties and responsibilities under this Agreement with reasonable care. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith. Nothing herein shall in any way constitute a waiver or limitation of any rights which the Client may have under any federal securities laws. The Client hereby authorizes the Advisor to sign I.R.S. Form W-9 on behalf of the Client and to deliver such form to broker-dealers or others from time to time as required in connection with securities transactions pursuant to this Agreement. 4 5. ADVISOR’S OTHER CLIENTS. The Client understands that the Advisor performs investment advisory services for various other clients which may include investment companies, commingled trust funds and/or individual portfolios. The Client agrees that the Advisor, in the exercise of its professional judgment, may give advice or take action with respect to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the Managed Funds. The Advisor shall not have any obligation to purchase, sell or exchange any security for the Managed Funds solely by reason of the fact that the Advisor, its principals, affiliates, or employees may purchase, sell or exchange such security for the account of any other client or for itself or its own accounts. 6. TERM. This Agreement may be terminated by the Client in the event of any material breach of its terms immediately upon notice to the Advisor by certified mail, return receipt requested. This Agreement may be terminated by the Client at any time, on not less than thirty (30) days’ written notice to the Advisor. The Advisor may terminate this Agreement immediately upon any material breach of its terms by the Client, or at any time after one year upon thirty (30) days’ written notice to the Client. 7. FORCE MAJEURE. The Advisor shall have no liability for any losses arising out of the delays in performing or inability to perform the services which it renders under this Agreement which result from events beyond its control, including interruption of the business activities of the Advisor or other financial institutions due to acts of God, acts of governmental authority, acts of war, terrorism, civil insurrection, riots, labor difficulties, or any action or inaction of any carrier or utility, or mechanical or other malfunction. 8. DISCIPLINARY ACTIONS. The Advisor shall promptly give notice to the Client if the Advisor shall have been found to have violated any state or federal securities law or regulation in any final and unappealable judgment in any criminal action or civil suit in any state or federal court or in any disciplinary proceeding before the Securities and Exchange Commission (“SEC”) or any other agency or department of the United States, any registered securities exchange, the Financial Industry Regulatory Authority, or any regulatory authority of any State based upon the performance of services as an investment advisor. 5 9. INDEPENDENT CONTRACTOR. The Advisor, its employees, officers and representatives shall not be deemed to be employees, agents (except as to the purchase or sale of securities described in Section 1), partners, servants, and/or joint ventures of the Client by virtue of this Agreement or any actions or services rendered under this Agreement. 10. BOOKS. The Advisor shall maintain records of all transactions in the Managed Funds. The Advisor shall provide the Client with a monthly statement showing deposits, withdrawals, purchases and sales (or maturities) of investments, earnings received, and the value of assets held on the last business day of the month. The statement shall be in the format and manner that is mutually agreed upon by the Advisor and the Client. 11. THE ADVISOR’S BROCHURE AND BROCHURE SUPPLEMENT. The Advisor warrants that it has delivered to the Client prior to the execution of this Agreement the Advisor's current SEC Form ADV, Part 2A (brochure) and Part 2B (brochure supplement). The Client acknowledges receipt of such brochure and brochure supplement prior to the execution of this Agreement. 12. MODIFICATION. This Agreement shall not be changed, modified, terminated or discharged in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assigns. 13. SUCCESSORS AND ASSIGNS. The provisions of this Agreement shall be binding on the Advisor and its successors and assigns, provided, however, that the rights and obligations of the Advisor may not be assigned without the consent of the Client. 14. NOTICE. Written notices required under this Agreement shall be sent by regular mail, certified mail, overnight delivery or courier, and shall be deemed given when received at the parties’ respective addresses shown below. Either party must notify the other party in writing of a change in address. 6 Client’s Address City of Edina 4801 West 50th Street Edina, MN 55424 Attn: Alisha McAndrews, Finance Director Advisor’s Address With copy to: PFM Asset Management LLC PFM Asset Management LLC 800 Nicollet Mall 213 Market Street Minneapolis, MN 55402 Harrisburg, PA 17101 Attn: Brian Johnson Attn: Chief Administrative Officer 15. APPLICABLE LAW. This Agreement shall be construed, enforced, and administered according to the laws of the State of Minnesota. The Advisor and the Client agree that, should a disagreement arise as to the terms or enforcement of any provision of this Agreement, each party will in good faith attempt to resolve said disagreement prior to filing a lawsuit. 16. EXECUTION AND SEVERABILITY. Each party to this Agreement represents and warrants that the person or persons signing this Agreement on behalf of such party is authorized and empowered to sign and deliver this Agreement for such party. The invalidity in whole or in part of any provision of this Agreement shall not void or affect the validity of any other provision. [Page Intentionally Left Blank; Signature Page Follows] 7 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their authorized representatives as of the date set forth in the first paragraph of this Agreement. PFM ASSET MANAGEMENT LLC CITY OF EDINA (CLIENT) By: By: Timothy Sullivan (printed or typed name) (printed or typed name) Title: Managing Director Title: City Manager By: (printed or typed name) Title: Mayor Date: June 2, 2022 Agenda Item #: V.D. To:Mayor and City Council Item Type: Report / Recommendation From:Chad A. Millner, P.E., Director of Engineering Item Activity: Subject:Resolution No. 2022-52: Cooperative Construction Agreement with State of Minnesota Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Resolution No. 2022-52 Cooperative Construction Agreement with State of Minnesota. INTRODUCTION: The City requests the State allow the realignment of south bound ramp from Eden Avenue to Trunk Highway No. 100. This is a temporary realignment until 2025 when the ramp is permanently closed for safety purposes. The City will perform grading, bituminous paving, roundabout, concrete curb and gutter, sidewalk, storm sewer, watermain, sanitary sewer lining, lighting and retaining wall construction, and other associated construction along Eden Avenue from Sherwood Road to Trunk Highway No. 100 according to City-prepared plans, specifications, and special provisions designated by the City as ENG21004 ("Project"). ATTACHMENTS: Description Resolution No. 2022-52: Cooperative Construction Agreement with State of Minnesota Cooperative Construction Agreement No. 1050722 RESOLUTION NO. 2022-52 APPROVING COOPERATIVE CONSTRUCTION AGREEMENT BETWEEN STATE OF MINNESOTA AND CITY OF EDINA WHEREAS, The City of Edina wishes to modify the realign south bound ramp from Eden Avenue to Trunk Highway No. 100 within the corporate City limits under City Project No. ENG21004; and WHEREAS, Edina and MnDOT have jointly approved the design, construction, maintenance and operation of the realignment; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Edina, Hennepin County, Minnesota: 1. That the City of Edina enter into MnDOT Agreement No 1050722 with the Minnesota Department of Transportation to provide permission by the State to the City to realign south bound ramp from Eden Avenue to Trunk Highway No. 100 within the corporate City limits under City Project No. ENG21004. 2. That the City Engineer is authorized to execute the Agreement and any amendments to the Agreement on behalf of the City of Edina without further approval by this Council. Adopted this 2nd day of June, 2022. Attest: Sharon Allison, City Clerk James B. Hovland, Mayor STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS CITY OF EDINA CERTIFICATE OF CITY CLERK I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of June 2, 2022, and as recorded in the Minutes of said Regular Meeting. WITNESS my hand and seal of said City this _____ day of __________, 2022. _______________________________ City Clerk MnDOT Contract No.: 1050722 -1- Construction within State R/W & Maintenance (Cooperative Agreements) STATE OF MINNESOTA DEPARTMENT OF TRANSPORTATION And CITY OF EDINA COOPERATIVE CONSTRUCTION AGREEMENT Control Section (C.S.): 2734 Trunk Highway Number (T.H.): 100=130 This Agreement is between the State of Minnesota, acting through its Commissioner of Transportation ("State") and the City of Edina acting through its City Council (“City”). Recitals 1. The City will perform grading, bituminous paving, roundabout, concrete curb and gutter, sidewalk, storm sewer, watermain, sanitary sewer lining, lighting and retaining wall construction, and other associated construction along Eden Avenue from Sherwood Road to Trunk Highway No. 100 according to City‑prepared plans, specifications, and special provisions designated by the City as ENG21004 ("Project"); and 2. The City requests the State allow the realignment of south bound ramp from Eden Avenue to Trunk Highway No. 100 and the State is willing to allow said construction; and 3. Minnesota Statutes § 161.20, subdivision 2 authorizes the Commissioner of Transportation to make arrangements with and cooperate with any governmental authority for the purposes of constructing, maintaining, and improving the trunk highway system. Agreement 1. Term of Agreement; Survival of Terms; Plans; Incorporation of Exhibits 1.1. Effective Date. This Agreement will be effective on the date the State obtains all signatures required by Minnesota Statutes § 16C.05, subdivision 2. 1.2. Expiration Date. This Agreement will expire when all obligations have been satisfactorily fulfilled. 1.3. Survival of Terms. All clauses which impose obligations continuing in their nature and which must survive in order to give effect to their meaning will survive the expiration or termination of this Agreement, including, without limitation, the following clauses: 2.4. State Ownership of Improvements; 5. Maintenance by the City; 8. Liability; Worker Compensation Claims; Insurance; 11. State Audits; 12. Government Data Practices; 13. Governing Law; Jurisdiction; Venue; and 15. Force Majeure. 1.4. Plans, Specifications, and Special Provisions. State-approved City plans, specifications, and special provisions designated by the City as ENG21004 are on file in the office of the City's Engineer and incorporated into this Agreement by reference ("Project Plans") 2. Right-of-Way Use 2.1. Limited Right to Occupy. The State grants to the City (and its contractors and consultants) the right to occupy Trunk Highway Right-of-Way as necessary to perform the work described in the Project Plans. This right is limited to the purpose of constructing the project, and administering such construction, and may be revoked by the State at any time, with or without cause. Cause for revoking this right of occupancy MnDOT Contract No.: 1050722 -2- Construction within State R/W & Maintenance (Cooperative Agreements) includes, but is not limited to, breaching the terms of this or any other agreement (relevant to this project) with the State, failing to provide adequate traffic control or other safety measures, failing to perform the construction properly and in a timely manner, and failing to observe applicable environmental laws or terms of applicable permits. The State will have no liability to the City (or its contractors or consultants) for revoking this right of occupancy. 2.2. State Access; Suspension of Work; Remedial Measures. The State's District Engineer or assigned representative retains the right to enter and inspect the Trunk Highway Right-of-Way (including the construction being performed on such right-of-way) at any time and without notice to the City or its contractor. If the State determines (in its sole discretion) that the construction is not being performed in a proper or timely manner, or that environmental laws (or the terms of permits) are not being complied with, or that traffic control or other necessary safety measures are not being properly implemented, then the State may notify and require the City (and its contractors and consultants) to suspend their operations until the City (and its contractors and consultants) take all necessary actions to rectify the situation to the satisfaction of the State. The State will have no liability to the City (or its contractors or consultants) for exercising or failing to exercise its rights under this provision. 2.3. Traffic Control; Worker Safety. While the City (and its contractors and consultants) are occupying the State's Trunk Highway Right-of-Way, they must comply with the approved traffic control plan, and with applicable provisions of the Work Zone Field Handbook (http://www.dot.state.mn.us/trafficeng/workzone/index.html). All City, contractor, and consultant personnel occupying the State's Trunk Highway Right-of-Way must be provided with required reflective clothing and hats. 2.4. State Ownership of Improvements. The State will retain ownership of its Trunk Highway Right-of-Way, including any improvements made to such right-of-way under this Agreement, unless otherwise noted. The warranties and guarantees made by the City's contractor with respect to such improvements (if any) will flow to the State. The City will assist the State, as necessary, to enforce such warranties and guarantees, and to obtain recovery from the City's consultants, and contractor (including its sureties) for non-performance of contract work, for design errors and omissions, and for defects in materials and workmanship. Upon request of the State, the City will undertake such actions as are reasonably necessary to transfer or assign contract rights to the State and to permit subrogation by the State with respect to claims against the City's consultants and contractors. 3. Contract Award and Construction 3.1. Direction, Supervision, and Inspection of Construction. A. The contract construction will be under the direction of the City and under the supervision of a registered professional engineer; however, the State participation construction covered under this Agreement will be open to inspection by the State District Engineer's authorized representatives. The City will give the State Aid Agreements Engineer at Roseville five days notice of its intention to start the contract construction. B. Responsibility for the control of materials for the contract construction will be on the City and its contractor and will be carried out according to Specifications No. 1601 through and including No. 1609 in the State's current "Standard Specifications for Construction". 3.2. Completion of Construction. The City will cause the contract construction to be started and completed according to the time schedule in the construction contract special provisions. The completion date for the contract construction may be extended, by an exchange of letters between the appropriate City official MnDOT Contract No.: 1050722 -3- Construction within State R/W & Maintenance (Cooperative Agreements) and the State District Engineer's authorized representative, for unavoidable delays encountered in the performance of the contract construction. 3.3. Compliance with Laws, Ordinances, and Regulations. The City will comply and cause its contractor to comply with all Federal, State, and Local laws, and all applicable ordinances and regulations. With respect only to that portion of work performed on the State's Trunk Highway Right-of-Way, the City will not require the contractor to follow local ordinances or to obtain local permits. 4. Right-of-Way; Easements; Permits 4.1. The City will, without cost or expense to the State, obtain all rights-of-way, easements, construction permits, and any other permits and sanctions that may be required in connection with the local and trunk highway portions of the contract construction. 4.2. The City will convey to the State by quit claim deed, all newly acquired rights needed for the continuing operation and maintenance of the Trunk Highway, if any, upon completion of the Project, at no cost or expense to the State. 4.3. The City will comply with Minnesota Statutes § 216D.04, subdivision 1(a), for identification, notification, design meetings, and depiction of utilities affected by the contract construction. 5. Maintenance by the City Upon completion of the project, the City will provide the following without cost or expense to the State: 5.1. Storm Sewers. Routine maintenance of any storm sewer facilities construction. Routine maintenance includes, but is not limited to, removal of sediment, debris, vegetation and ice from grates and catch basins, and any other maintenance activities necessary to preserve the facilities and to prevent conditions such as flooding, erosion, or sedimentation, this also includes informing the District Maintenance Engineer of any needed repairs. 5.2. Municipal Utilities. Maintenance of any municipal-owned utilities construction, without cost or expense to the State. 5.3. Additional Drainage. No party to this Agreement will drain any additional drainage volume into the storm sewer facilities constructed under the construction contract that was not included in the drainage for which the storm sewer facilities were designed, without first obtaining written permission to do so from the other party. 6. Authorized Representatives Each party's Authorized Representative is responsible for administering this Agreement and is authorized to give and receive any notice or demand required or permitted by this Agreement. 6.1. The State's Authorized Representative will be: Name, Title: Malaki Ruranika, Cooperative Agreements Engineer (or successor) Address: 395 John Ireland Boulevard, Mailstop 682, St. Paul, Mn 55155 Telephone: (651) 366-4634 E-Mail: Malaki.ruranika@state.mn.us MnDOT Contract No.: 1050722 -4- Construction within State R/W & Maintenance (Cooperative Agreements) 6.2. The City's Authorized Representative will be: Name, Title: Chad Millner, Director of Engineering (or successor) Address: 7450 Metro Boulevard, Edina, MN 55439 Telephone: (952) 826-0318 E-Mail: cmillner@edinaMN.gov 7. Assignment; Amendments; Waiver; Contract Complete 7.1. Assignment. No party may assign or transfer any rights or obligations under this Agreement without the prior consent of the other party and a written assignment agreement, executed and approved by the same parties who executed and approved this Agreement, or their successors in office. 7.2. Amendments. Any amendment to this Agreement must be in writing and will not be effective until it has been executed and approved by the same parties who executed and approved the original Agreement, or their successors in office. 7.3. Waiver. If a party fails to enforce any provision of this Agreement, that failure does not waive the provision or the party's right to subsequently enforce it. 7.4. Contract Complete. This Agreement contains all prior negotiations and agreements between the State and the City. No other understanding regarding this Agreement, whether written or oral, may be used to bind either party. 8. Liability; Worker Compensation Claims; Insurance 8.1. Each party is responsible for its own acts, omissions, and the results thereof to the extent authorized by law and will not be responsible for the acts, omissions of others, and the results thereof. Minnesota Statutes § 3.736 and other applicable law govern liability of the State. Minnesota Statutes Chapter 466 and other applicable law govern liability of the City. Notwithstanding the foregoing, the City will indemnify, hold harmless, and defend (to the extent permitted by the Minnesota Attorney General) the State against any claims, causes of actions, damages, costs (including reasonable attorneys fees), and expenses arising in connection with the project covered by this Agreement, regardless of whether such claims are asserted by the City's contractor(s) or consultant(s) or by a third party because of an act or omission by the City or its contractor(s) or consultant(s). 8.2. Each party is responsible for its own employees for any claims arising under the Workers Compensation Act. 8.3. The City may require its contractor to carry insurance to cover claims for damages asserted against the City's contractor. 9. Nondiscrimination Provisions of Minnesota Statutes § 181.59 and of any applicable law relating to civil rights and discrimination are considered part of this Agreement. 10. Title VI/Non-discrimination Assurances The City agrees to comply with all applicable US DOT Standard Title VI/Non-Discrimination Assurances contained in DOT Order No. 1050.2A, and in particular Appendices A and E, which can be found at: https://edocs- public.dot.state.mn.us/edocs_public/DMResultSet/download?docId=11149035. The City will ensure the appendices and solicitation language within the assurances are inserted into contracts as required. The State may conduct a review of the City’s compliance with this provision. The City must cooperate with the State throughout the review process by supplying all requested information and documentation to the State, making MnDOT Contract No.: 1050722 -5- Construction within State R/W & Maintenance (Cooperative Agreements) City staff and officials available for meetings as requested, and correcting any areas of non-compliance as determined by the State. 11. State Audits Under Minnesota Statutes § 16C.05, subdivision 5, the City's books, records, documents, accounting procedures, and practices relevant to this Agreement are subject to examination by the State and the State Auditor or Legislative Auditor, as appropriate, for a minimum of six years from the end of this Agreement. 12. Government Data Practices The City and State must comply with the Minnesota Government Data Practices Act, Minnesota Statutes Chapter 13, as it applies to all data provided under this Agreement, and as it applies to all data created, collected, received, stored, used, maintained, or disseminated by the City under this Agreement. The civil remedies of Minnesota Statutes §13.08 apply to the release of the data referred to in this clause by either the City or the State. 13. Governing Law; Jurisdiction; Venue Minnesota law governs the validity, interpretation, and enforcement of this Agreement. Venue for all legal proceedings arising out of this Agreement, or its breach, must be in the appropriate state or federal court with competent jurisdiction in Ramsey County, Minnesota. 14. Termination; Suspension 14.1. By Mutual Agreement. This Agreement may be terminated by mutual agreement of the parties or by the State for insufficient funding as described below. 14.2. Termination for Insufficient Funding. The State may immediately terminate this Agreement if it does not obtain funding from the Minnesota Legislature, or other funding source; or if funding cannot be continued at a level sufficient to allow for the payment or the provision of the services covered here. Termination must be by written or fax notice to the City. The State will not be assessed any penalty if this Agreement is terminated because of the decision of the Minnesota Legislature, or other funding source, not to appropriate funds. 14.3. Suspension. In the event of a total or partial government shutdown, the State may suspend this Agreement and all work, activities, performance, and payments authorized through this Agreement. 15. Force Majeure No party will be responsible to the other for a failure to perform under this Agreement (or a delay in performance), if such failure or delay is due to a force majeure event. A force majeure event is an event beyond a party's reasonable control, including but not limited to, unusually severe weather, fire, floods, other acts of God, labor disputes, acts of war or terrorism, or public health emergencies. [The remainder of this page has been intentionally left blank] MnDOT Contract No.: 1050722 -6- Construction within State R/W & Maintenance (Cooperative Agreements) CITY OF EDINA The undersigned certify that they have lawfully executed this contract on behalf of the Governmental Unit as required by applicable charter provisions, resolutions, or ordinances. By: Title: Engineering Director Date: By: Title: Date: DEPARTMENT OF TRANSPORTATION Recommended for Approval: By: (District Engineer) Date: Approved: By: (State Design Engineer) Date: COMMISSIONER OF ADMINISTRATION By: (With Delegated Authority) Date: INCLUDE COPY OF RESOLUTION APPROVING THE AGREEMENT AND AUTHORIZING ITS EXECUTION. Date: June 2, 2022 Agenda Item #: V.E. To:Mayor and City Council Item Type: Report / Recommendation From:Chad A. Millner, P.E., Director of Engineering Item Activity: Subject:Approve Grant of Permanent and Temporary Easements at 6228 Interlachen Boulevard Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Grant of Permanent and Temporary Easements at 6228 Interlachen Boulevard for the Blake Road Street Reconstruction P roject. INTRODUCTION: The property owner at 6228 Interlachen has granted the City a permanent easement to assist with the construction of the Blake Road Street Reconstruction Project specifically the new roundabout. In exchange for the easements, the City is completing in-kind improvements on the property adjacent to Interlachen Blvd such as landscaping, driveway paving, and retaining wall construction. ATTACHMENTS: Description Grant of Permanent and Temporary Easements 1 GRANT OF PERMANENT AND TEMPORARY EASEMENTS DAVID C. HAMM, a single person,hereinafter referred to as “Grantor”, in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, does hereby grant unto the CITY OF EDINA,a municipal corporation organized under the laws of the State of Minnesota, hereinafter referred to as the “Grantee” or the “City”, its successors and assigns, 1.A permanent easement for public streets and utility purposes over, across, on, under, and through land situated within the County of Hennepin, State of Minnesota, as described on the attached Exhibit "A" and depicted on the attached Exhibit “B”(the “Easement Area”), including the rights of the City, its contractors, agents, servants, and assigns, to enter upon the easement premises at all reasonable times to: a)construct, reconstruct, inspect, repair, and maintain public streets and utilities over, across, on, under, and through the Easement Area; b)grade, level, fill, drain,and excavate the Easement Area; c) remove trees, bushes, undergrowth, and other obstructions interfering with the location, construction, and maintenance of said public streets and utilities within the Easement Area; and d) install a sheet pile wall along the shoreline and within the Easement Area using a pile driving process. 2 The public street, utilities, sidewalks, sheet pile wall, and any landscaping or other improvements incidental thereto within the Easement Area shall hereinafter be referred to as the “Improvements.” 2.A temporary construction easement over, across, on, under, and through land situated within the County of Hennepin, State of Minnesota, as described on the attached Exhibit "A" and depicted on the attached Exhibit “B”. This temporary construction easement shall begin immediately and continue until the City, including its contractors, agents, servants, and assigns, completes its construction project or until June 31, 2023, whichever occurs first. This temporary construction easement includes the right of ingress to and egress from the temporary easement premise, for purposes of constructing, reconstructing, inspecting, repairing, and maintaining the property of the City, at will of the City, it successors and assigns. Grantor hereby grants the uses herein specific without divesting himself to the right to use and enjoy the above-described temporary easement premises, subject only to the right of the City to use the same for purposes herein expressed. 3.Grantor, for himself, his successors and assigns, does covenant with the City, its successors and assigns, that, subject to the exceptions set forth on Exhibit “C” attached,he is well seized in fee title of the above described easement premises; that he has the sole right to grant and convey the easement to the City; that there are no unrecorded interests in the easement premises; and that he will indemnify and hold the City harmless for any breach of the foregoing covenants. 4.Grantee shall be solely responsible for maintenance, repair, replacement, and removal of the Improvements, including keeping the Improvements in a safe condition and in good order, condition, and repair, including all costs and expenses related thereto. Grantee shall, upon completion of any construction, maintenance, repair, replacement, or removal, restore the 3 ground surface of the Easement Area and Grantor’s property to its original condition so far as is reasonably practicable. Grantee shall be responsible for the repair and restoration of any damage done to Grantor’s Property by Grantee, its employees, agents, or contractors. Grantee covenants and shall indemnify, defend and hold Grantor harmless from and against any and all claims, demands, suits, actions, fines, penalties, levies, executions, damages, or liabilities for damage, injury or death, and all expenses and cost incident thereto, including attorneys’ fees and costs, caused by or in any manner arising out of: (i) the exercise by Grantee, its officers, employees, agents, or contractors of any of the rights and privileges granted hereunder by Grantee, its officers, employees, agents, or contractors, except to the extent caused by the willful misconduct or negligence of Grantor; (ii) any failure of Grantee or its officers, employees, agents, or contractors to satisfy, abide by, or comply with any of the terms and provisions of this Agreement; or (iii) the violation by Grantee or its officers, employees, agents, or contractors of any applicable law, standard, regulation, ordinance or permit requirement. 5.This easement may at any time, and from time to time, be amended, but only upon the filing for record in the office of the Hennepin County Recorder, of a written agreement amending this easement, executed in the manner required by law for recording of a conveyance of real property by the then owners, both legal and equitable, of Grantor’s Property and Grantee. 6.Grantor does not warrant that the Easement Area is suitable for the purpose for which it is permitted to be used under this easement. Grantee assumes all risk with respect to its activities within the Easement Area. 7.Grantee covenants, represents,and warrants to the Grantor: (i) that Grantee will not use or permit the Easement Area to be used, whether directly or through contractors, agents, or tenants, for the generating, transporting, treating, storage, manufacture, emission of, or 4 disposal of any Hazardous Materials as hereafter defined in violation of any federal, state or local law, regulations, ordinance or requirements governing Hazardous Materials: (ii) that Grantee’s use of the Easement Area will not violate any federal, state or local law, regulation, ordinance or requirement governing Hazardous Materials. Hazardous Materials are defined as any dangerous, toxic or hazardous pollutants, chemicals, waste, polychlorinated biphenyls, asbestos, formaldehyde, petroleum, including crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, synthetic gas usable for fuel or mixtures thereof or substances as defined in the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, 42 U.S.C. 9601, et seq., or the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. 6901, et seq., or the Hazardous Materials Transportation Act, as amended, 49 U.S.C. 1801, et seq., or the Minnesota Environmental Response and Liability Act, as amended, Minn. Stat. Ch. 115B, or any other federal, state, or local environmental laws, statutes, regulations, requirements or ordinances. 8.Grantee shall not commit or permit any act to be performed on the Easement Area or omission to occur which will be in violation of any statute, regulation or ordinance or any governmental body or which will be in violation of any insurance policy carried on the Easement Area. 9.This easement is appurtenant to Grantor’s Property and runs with the land. 10.This instrument shall be construed and governed by the laws of the State of Minnesota. IN TESTIMONY WHEREOF,the Grantor and Grantee hereto have signed this agreement this _______ day of _______________, 2022. GRANTOR: David C. Hamm 5 STATE OF MINNESOTA ) )ss. COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this ________ day of ______________, 2022, by David C. Hamm, a single person. ______________________________________ Notary Public GRANTEE: City of Edina By: Its: STATE OF MINNESOTA ) )ss. COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this ________ day of ______________, 2022, by _____________________________ the __________________ of the City of Edina, a Minnesota municipal corporation, on behalf of the corporation. ______________________________________ Notary Public DRAFTED BY: KALLAS LAW OFFICE,LTD. 4601 Excelsior Blvd, Suite 500 St. Louis Park, MN 55416 952-832-9352 6 EXHIBIT “A” TO GRANT OF TEMPORARY AND PERMANENT EASEMENT Permanent Easement Legal Description Property lying in Hennepin County, Minnesota, legally described as follows: That part of the Southeast Quarter of the Northeast Quarter of Section 30, Township 117, Range 21, described as commencing at a point on the South line of the Northeast Quarter of said Section 30 distant 322 feet West from the Southeast corner of said Northeast Quarter; thence on an assumed bearing of North 0 degrees 14 minutes 12 seconds East, parallel with the East line of said Northeast Quarter, a distance of 230.70 feet; thence North 74 degrees 00 minutes 48 seconds West, a distance of 216.11 feet to an intersection with the West line of the East 530 feet of said Southeast Quarter of the Northeast Quarter, said intersection being the actual point of beginning; thence North 74 degrees 00 minutes 48 seconds West a distance of 9.46 feet; thence North 0 degrees 13 minutes 30 seconds East a distance of 60 feet; thence North 88 degrees 52 minutes 45 seconds West a distance of 122.4 feet to the East line of “Mirror Lake View”; thence Southerly along said East line and its extension to the South line of said Southeast Quarter of the Northeast Quarter; thence East to the West line of the East 530 feet of said Southeast Quarter of the Northeast Quarter; thence North 0 degrees 14 minutes 12 seconds East along said West line a distance of 290.22 feet to the actual point of beginning, Hennepin County, Minnesota. Said permanent easement lies southerly of Interlachen Boulevard and northerly of the following described line: Commencing at the southeast corner of said Southeast Quarter of the Northeast Quarter of Section 30; thence South 89 degrees 15 minutes 42 seconds West, assumed bearing along the south line thereof, a distance of 530.00 feet to said West line of the East 530 feet of said Southeast Quarter of the Northeast Quarter; thence North 00 degrees 30 minutes 47 seconds West, along said West line a distance of 46.51 feet to the point of beginning of the line to be described; thence North 72 degrees 46 minutes 23 seconds West a distance of 106.15 feet; thence North 84 degrees 43 minutes 33 seconds West a distance of 25.01 feet;thence North 78 degrees 40 minutes 25 seconds West a distance of 6.31 feet to said southerly extension of said East line of “Mirror Lake View”, and said line there terminating. Temporary Easement Legal Description: Property lying in Hennepin County, Minnesota, legally described as follows: That part of the Southeast Quarter of the Northeast Quarter of Section 30, Township 117, Range 21, described as commencing at a point on the South line of the Northeast Quarter of said Section 30 distant 322 feet West from the Southeast corner of said Northeast Quarter; thence on an assumed bearing of North 0 degrees 14 minutes 12 seconds East, parallel with the East line of said Northeast Quarter, a distance of 230.70 feet; thence North 74 degrees 00 7 minutes 48 seconds West, a distance of 216.11 feet to an intersection with the West line of the East 530 feet of said Southeast Quarter of the Northeast Quarter, said intersection being the actual point of beginning; thence North 74 degrees 00 minutes 48 seconds West a distance of 9.46 feet; thence North 0 degrees 13 minutes 30 seconds East a distance of 60 feet; thence North 88 degrees 52 minutes 45 seconds West a distance of 122.4 feet to the East line of “Mirror Lake View”; thence Southerly along said East line and its extension to the South line of said Southeast Quarter of the Northeast Quarter; thence East to the West line of the East 530 feet of said Southeast Quarter of the Northeast Quarter; thence North 0 degrees 14 minutes 12 seconds East along said West line a distance of 290.22 feet to the actual point of beginning, Hennepin County, Minnesota. Said temporary easement lies northerly of Interlachen Boulevard and southerly of the following described line: Commencing at the southeast corner of said Southeast Quarter of the Northeast Quarter of Section 30; thence South 89 degrees 15 minutes 42 seconds West, assumed bearing along the south line thereof, a distance of 530.00 feet to said West line of the East 530 feet of said Southeast Quarter of the Northeast Quarter; thence North 00 degrees 30 minutes 47 seconds West, along said West line a distance of 125.74 feet to the point of beginning of the line to be described; thence North 72 degrees 28 minutes 16 seconds West a distance of 108.92 feet;thence North 03 degrees 25 minutes 54 seconds West a distance of 56.66 feet;thence North 90 degrees 00 minutes 00 seconds West a distance of 25.49 feet to said East line of “Mirror Lake View”, and said line there terminating. 8 EXHIBIT “B” TO GRANT OF TEMPORARY AND PERMANENT EASEMENT 9 EXHIBIT “C” TO GRANT OF TEMPORARY AND PERMANENT EASEMENT Liens and encumbrances: 1.An easement for underground drainage purposes running in favor of Interlachen Country Club, a Minnesota corporation, dated February 2, 1926, and filed with the office of the Hennepin County Register of Deeds on February 19, 1926, as document number 1337019. 2.A public street or highway easement in favor of the City of Edina dated October 10, 1914, and filed with the office of the Hennepin County Register of Deeds on January 2, 1915, as document number 741227. 3.A mortgage running in favor of WELLS FARGO BANK NA, dated January 13, 2022, and filed with the office of the Hennepin County Registrar of Titles on January 20, 2022, as document number 5916079. DRAFTED BY: KALLAS LAW OFFICE,LTD. 4601 Excelsior Blvd, Suite 500 St. Louis Park, MN 55416 952-832-9352 Date: June 2, 2022 Agenda Item #: V.F. To:Mayor and City Council Item Type: Request For Purchase From:Andrew Scipioni, Transportation Planner Item Activity: Subject:Request for Purchase: CloverRide Circulator Bus Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Request for Purchase to renew the CloverRide circulator bus service with DARTS for $25,000. INTRODUCTION: Since June 2018, the City has been engaged in a service contract with DARTS to provide a fixed-route circulator bus in the (CloverRide). A primary goal of this service was to provide mobility and access for residents and visitors to the City who can’t or chose not to drive. CloverRide operates Fridays from 10:00 a.m. to 3:00 p.m. on a one-hour loop, traveling to fixed stops that include senior residential properties, grocers and retailers in the Southdale District. Riders can also request additional stops within two blocks of the regular route. Since 2018, CloverRide has given over 3,500 rides. Although ridership was significantly impacted by the COVID-19 pandemic (518 total rides taken in 2020 compared to 1,030 in 2019), the most recent data indicates that more riders than ever are utilizing the service. 1,140 rides were taken in 2021 (11% more than 2019), and more rides have been taken in the first four months of 2022 than at the same time last year. Safety measures including masking requirements, limited seating capacity and regular surface disinfection will continue to be implemented in accordance with CDC and FTA guidelines. The Transportation Commission reviewed and commented on staff’s recommendation at their May 19 regular meeting. Comments from Commissioners included: The ability to accommodate mobility-impaired riders makes CloverRide more accessible than other ride- sharing services. Riders continue to enjoy the social interaction provided by the service. Commissioners are supportive of continuing the service contract. Staff recommends renewing the service contract with DARTS for another year to continue this essential service for residents. The compensation for continuing service of one bus is the same as the previous year. See attached supporting documents. ATTACHMENTS: Description Request for Purchase: CloverRide Circulator Bus DARTS Service Contract Request for Purchase Requisition Number 1 CITY OF EDINA 4801 W 50th St., Edina, MN 55424 www.EdinaMN.gov | 952-927-8861 12200137 Department:Engineering Buyer:Andrew Scipioni Date: 05/25/2022 Requisition Description:CloverRide Circulator Bus Service Vendor:DARTS Cost:$25,000.00 REPLACEMENT or NEW:NEW - NEW PURCHASE SOURCE:SERVIC K - SERVICE CONTRACT DESCRIPTION: Since June 2018, the City has been engaged in a service contract with DARTS to provide a fixed-route circulator bus in the (CloverRide). A primary goal of this service was to provide mobility and access for residents and visitors to the City who can’t or chose not to drive. CloverRide operates Fridays from 10:00 a.m. to 3:00 p.m. on a one-hour loop, traveling to fixed stops that include senior residential properties, grocers and retailers in the Southdale District. Riders can also request additional stops within two blocks of the regular route. Since 2018, CloverRide has given over 3,500 rides. Although ridership was significantly impacted by the COVID-19 pandemic (518 total rides taken in 2020 compared to 1,030 in 2019), the most recent data indicates that more riders than ever are utilizing the service. 1,140 rides were taken in 2021 (11% more than 2019), and more rides have been taken in the first four months of 2022 than at the same time last year. Safety measures including masking requirements, limited seating capacity and regular surface disinfection will continue to be implemented in accordance with CDC and FTA guidelines. BUDGET IMPACT: This service will be funded through the City’s general tax levy and has an approved budget. The circulator bus service was recommended in the 2008 Comprehensive Plan; this contract is a continuation of service introduced in 2018. 2 COMMUNITY IMPACT: A primary goal of this service is to provide increased mobility and access for residents and visitors to the City who cannot or choose not to drive personal vehicles. Some segments of the City’s population are either unable or choose not to own a personal vehicle (the elderly, those with disabilities, etc.). These members of the community will particularly benefit from the improved mobility and convenience provide by the circulator bus service. The growing and increasinglyactive senior population in Edina also benefits from this service. The Transportation Commission reviewed and commented on staff’s recommendation at their May 19 regular meeting. Comments from Commissioners included: 1. The ability to accommodate mobility-impaired riders makes CloverRidemore accessible than other ride-sharing services. 2. Riders continue to enjoy the social interaction provided by the service. 3. Commissioners are supportive of continuing the service contract. ENVIRONMENTAL IMPACT: Transportation is currently the largest contributor to greenhouse gas emissions, with the largest subcomponent being light-duty vehicles (i.e. single or low-occupancy vehicles). CloverRide replaces many light-duty vehicles trips, resulting in a reduction in energy use and carbon emissions. AGREEMENT Agreement entered into this 2nd day of June, and covering the period from June 17, 2022 through June 16, 2023, by and between the DARTS and the City of Edina. Whereas, the City of Edina desires to provide a transportation method in their City, DARTS will provide a fixed-route bus circulator that will run at least one weekday per week. The bus will not run-on DARTS holidays, or in certain inclement weather conditions. The parties agree as follows: City of Edina: 1. The City of Edina will lead the communications and marketing of the bus circulator. 2. The City of Edina will identify Task Force members and actively participate in the planning and design of the route. 3. The City of Edina will regularly (not less than twice per year) convene the CloverRide Advisory Committee to discuss measures of success, adjustments to the route, schedule, fares, sponsorships, etc. DARTS: 1. DARTS will provide bus, qualified drivers and all necessary documentation of bus insurance, driver licenses and training certification. 2. DARTS will provide quarterly reporting on ridership. Compensation DARTS compensation for this 12-month program, effective June 17, 2022 through June 16, 2023, will be $25,000. Method of Payment The City of Edina will send the compensation amount of $6,250 quarterly to DARTS by the 15th of the month following the start of the quarter, beginning July 15, 2022. Remit Payment to: DARTS 414 South 8th Street Minneapolis, MN 55404 City of Edina: By: ______________________________ Mayor By: ______________________________ City Manager DARTS: By: ______________________________ President Date: June 2, 2022 Agenda Item #: V.G. To:Mayor and City Council Item Type: Request For Purchase From:Chad A. Millner, P.E., Director of Engineering Item Activity: Subject:Request for Purchase: 50th and France Paver Improvements Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Request for Purchase for 50th and France Paver Improvements with Walker Landscape for $144,050. INTRODUCTION: This project will focus on pavers replacements near Walgreens and the Edina T heater. The contract is awarding Areas A, C and D shown on the attached map. Work will also include pedestrian ramp installations to meet ADA requirements. ATTACHMENTS: Description Request for Purchase: 50th and France Paver Improvements 50th and France Paver Improvements Project Map Contract FC22-09 Request for Purchase Requisition Number 1 CITY OF EDINA 4801 W 50th St., Edina, MN 55424 www.EdinaMN.gov | 952-927-8861 12200139 Department: Engineering Buyer: Jon Darsow Date: 05/27/2022 Requisition Description: 50th and France Paver Improvements Vendor: Walker Landscape Cost: $144,050.60 REPLACEMENT or NEW:REPLACEM - REPLACEMENT PURCHASE SOURCE:QUOTE/BD - QUOTE/BID DESCRIPTION: This project will focus on pavers replacements in Areas A, C & D of the attached project map. Work will also include pedestrian ramp installations to meet ADA requirements. BUDGET IMPACT: This project will be funded by Special Assessments to the 50th and France Association, a SPARK Grant, the storm sewer fund, and the PACS fund. 2 COMMUNITY IMPACT: The 50th and France District is a destination shopping and dining district. Keeping the paver sidewalks in good aesthetic condition is required to keep the district vibrant. New pavers reduce staff time managing repairs of failed pavers and reduces operations related to winter maintenance. ENVIRONMENTAL IMPACT: Staff is requiring face-mix pavers that require less maintenance and tolerate the harsh salt conditions better. Old pavers will be removed and disposed of by the contractor. 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 FORM OF AGREEMENT BETWEEN CITY OF EDINA AND CONTRACTOR FOR CONTRACT ENG FC 22-09 50th & FRANCE PAVER IMPROVEMENTS THIS AGREEMENT made this 2nd day of June, 2022, by and between the CITY OF EDINA, a Minnesota municipal corporation (“Owner” or “City”) and Walker Landscape (“Contractor”). Owner and Contractor, in consideration of the mutual covenants set forth herein, agree as follows: 1. CONTRACT DOCUMENTS. The following documents shall be referred to as the “Contract Documents”, all of which shall be taken together as a whole as the contract between the parties as if they were set verbatim and in full herein: A. This Agreement B. City of Edina General Contract Conditions C. Specifications prepared by City of Edina D. Drawing (1 sheet), prepared by City of Edina E. Responsible Contractor Verification of Compliance F. Contractor’s Quote date May 27, 2022 In the event of a conflict among the provisions of the Contract Documents, the order in which they are listed above shall control in resolving any such conflicts with Contract Document “A” having the first priority and Contract Document “F” having the last priority. 2. OBLIGATIONS OF THE CONTRACTOR. The Contractor shall provide the goods, services, and perform the work in accordance with the Contract Documents for Areas A, C, and D. 3. CONTRACT PRICE. Owner shall pay Contractor for completion of the Work, in accordance with the Contract $144,050.60 inclusive of taxes, if any. 4. PAYMENT PROCEDURES. A. Contractor shall submit Applications for Payment. Applications for Payment will be processed by the City Engineer. B. Progress Payments; Retainage. Owner shall make 95% progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment during performance of the Work. C. Payments to Subcontractors. (1) Prompt Payment to Subcontractors. Pursuant to Minn. Stat. § 471.25, Subd. 4a, the Contractor must pay any subcontractor within ten (10) days of the Contractor’s receipt of payment from the City for undisputed services provided by the subcontractor. The Contractor must pay interest of 1 ½ percent per month or any 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 part of a month to the subcontractor on any undisputed amount not paid on time to the subcontractor. The minimum monthly interest penalty payment for an unpaid balance of $100.00 or more is $10.00. For an unpaid balance of less than $100.00, the Contractor shall pay the actual penalty due to the subcontractor. (2) Form IC-134 (attached) required from general contractor. Minn. Stat. § 290.92 requires that the City of Edina obtain a Withholding Affidavit for Contractors, Form IC-134, before making final payments to Contractors. This form needs to be submitted by the Contractor to the Minnesota Department of Revenue for approval. The form is used to receive certification from the state that the vendor has complied with the requirement to withhold and remit state withholding taxes for employee salaries paid. D. Final Payment. Final payment will not be made until the Contractor has filed with the Owner a fully and duly executed Affidavit, General Waiver and Indemnity Agreement, in the form attached hereto as Exhibit B and hereby made a part hereof, together with such other and additional evidence as Owner may request, in form and substance satisfactory to the Owner, that all labor, materials and services expended or used in the Work have been paid for in full and that no liens or other claims for such labor, materials or services can be made or claimed against Contractor, Owner or any other person or any property. In case such evidence is not furnished, the Owner may retain out of any amount due said Contractor a sum sufficient, in the reasonable discretion of Owner, but in any event not less than one and one-half times the sum determined by Owner to be necessary, to pay for all labor, material, services or other claims which are then unpaid or which are then believed by Owner, in its reasonable discretion, to be unpaid. Upon final completion of the Work, Owner shall pay the remainder of the Contract Price as recommended by the City Engineer. 5. COMPLETION DATE. The Work must be completed by September 30, 2022. 6. CONTRACTOR’S REPRESENTATIONS. A. Contractor has examined and carefully studied the Contract Documents and other related data identified in the Contract Documents. B. Contractor has visited the Site and become familiar with and is satisfied as to the general, local, and Site conditions that may affect cost, progress, and performance of the Work. C. Contractor is familiar with and is satisfied as to all federal, state, and local laws and regulations that may affect cost, progress, and performance of the Work. 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 D. Contractor has carefully studied all: (1) reports of explorations and tests of subsurface conditions at or contiguous to the Site and all drawings of physical conditions in or relating to existing surface or subsurface structures at or contiguous to the Site (except Underground Facilities) which have been identified in the General Conditions and (2) reports and drawings of a Hazardous Environmental Condition, if any, at the Site. E. Contractor has obtained and carefully studied (or assumes responsibility for doing so) all additional or supplementary examinations, investigations, explorations, tests, studies, and data concerning conditions (surface, subsurface, and Underground Facilities) at or contiguous to the Site which may affect cost, progress, or performance of the Work or which relate to any aspect of the means, methods, techniques, sequences, and procedures of construction to be employed by Contractor, including any specific means, methods, techniques, sequences, and procedures of construction expressly required by the Bidding Documents, and safety precautions and programs incident thereto. F. Contractor does not consider that any further examinations, investigations, explorations, tests, studies, or data are necessary for the performance of the Work at the Contract Price, within the Contract Times, and in accordance with the other terms and conditions of the Contract Documents. G. Contractor is aware of the general nature of work to be performed by Owner and others at the Site that relates to the Work as indicated in the Contract Documents. H. Contractor has correlated the information known to Contractor, information and observations obtained from visits to the Site, reports and drawings identified in the Contract Documents, and all additional examinations, investigations, explorations, tests, studies, and data with the Contract Documents. I. The Contract Documents are generally sufficient to indicate and convey understanding of all terms and conditions for performance and furnishing of the Work. J. Responsible Contractor. This contract may be terminated by the City at any time upon discovery by the City that the prime contractor or subcontractor has submitted a false statement under oath verifying compliance with any of the minimum criteria set forth in Minn Stat. § 16C.285, subd. 3. K. Subcontracts: (1) Unless otherwise specified in the Contract Documents, the Contractor shall, upon receipt of the executed Contract Documents, submit in writing to the Owner the names of the Subcontractors proposed for the work. Subcontractors may not be changed except at the request or with the consent of the Owner. 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 (2) The Contractor is responsible to the Owner for the acts and omissions of the Contractor's subcontractors, and of their direct and indirect employees, to the same extent as the Contractor is responsible for the acts and omissions of the Contractor's employees. (3) The Contract Documents shall not be construed as creating any contractual relation between the Owner and any subcontractor. (4) The Contractor shall bind every subcontractor by the terms of the Contract Documents. 7. WORKER’S COMPENSATION. The Contractor shall obtain and maintain for the duration of this Contract, statutory Worker’s Compensation Insurance and Employer’s Liability Insurance as required under the laws of the State of Minnesota. 8. COMPREHENSIVE GENERAL LIABILITY. Contractor shall obtain the following minimum insurance coverage and maintain it at all times throughout the life of the Contract, with the City included as an additional name insured on the general liability insurance on a primary and noncontributory basis. The Contractor shall furnish the City a certificate of insurance satisfactory to the City evidencing the required coverage: Bodily Injury: $1,000,000 each occurrence $1,000,000 aggregate products and completed operations Property Damage: $1,000,000 each occurrence $1,000,000 aggregate Contractual Liability (identifying the contract): Bodily Injury: $1,000,000 each occurrence Property Damage: $1,000,000 each occurrence $1,000,000 aggregate Comprehensive Automobile Liability (owned, non-owned, hired): Bodily Injury: $1,000,000 each occurrence $1,000,000 each accident Property Damage: $1,000,000 each occurrence 9. WARRANTY. The Contractor guarantees that all new equipment warranties as specified within the quote shall be in full force and transferred to the City upon payment by the City. The Contractor shall be held responsible for any and all defects in workmanship, materials, and equipment which may develop in any part of the contracted service, and upon proper notification by the City shall immediately replace, without cost to the City, any such faulty part or parts and damage done by reason of the same in accordance with the bid specifications. 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 10. INDEMNITY. The Contractor agrees to indemnify and hold the City harmless from any claim made by third parties as a result of the services performed by it. In addition, the Contractor shall reimburse the City for any cost of reasonable attorney’s fees it may incur as a result of any such claims. 11. PERFORMANCE AND PAYMENT BONDS. Performance and payment bonds are not required for the doing of any public work if the contract price is $175,000 or less. On projects of more than $175,000 for the doing of public work a payment bond and a performance bond each in the amount of the contract price must be furnished to the City prior to commencement of work. The form of the bonds must satisfy statutory requirements for such bonds. 12. MISCELLANEOUS. A. Terms used in this Agreement have the meanings stated in the General Conditions. B. Owner and Contractor each binds itself, its partners, successors, assigns and legal representatives to the other party hereto, its partners, successors, assigns and legal representatives in respect to all covenants, agreements, and obligations contained in the Contract Documents. C. Any provision or part of the Contract Documents held to be void or unenforceable under any law or regulation shall be deemed stricken, and all remaining provisions shall continue to be valid and binding upon Owner and Contractor, who agree that the Contract Documents shall be reformed to replace such stricken provision or part thereof with a valid and enforceable provision that comes as close as possible to expressing the intention of the stricken provisions. D. Data Practices/Records. (1) All data created, collected, received, maintained or disseminated for any purpose in the course of this Contract is governed by the Minnesota Government Data Practices Act, Minn. Stat. Ch. 13, any other applicable state statute, or any state rules adopted to implement the act, as well as federal regulations on data privacy. (2) All books, records, documents and accounting procedures and practices to the Contractor and its subcontractors, if any, relative to this Contract are subject to examination by the City. E. Software License. If the equipment provided by the Contractor pursuant to this Contract contains software, including that which the manufacturer may have embedded into the hardware as an integral part of the equipment, the Contractor shall pay all software licensing fees. The Contractor shall also pay for all software updating fees for a period of one year following cutover. The Contractor shall have no obligation to pay for such fees thereafter. Nothing in the software license or licensing agreement shall obligate the City to pay any additional fees as a condition for continuing to use the software. 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 F. Patented devices, materials and processes. If the Contract requires, or the Contractor desires, the use of any design, device, material or process covered by letters, patent or copyright, trademark or trade name, the Contractor shall provide for such use by suitable legal agreement with the patentee or owner and a copy of said agreement shall be filed with the Owner. If no such agreement is made or filed as noted, the Contractor shall indemnify and hold harmless the Owner from any and all claims for infringement by reason of the use of any such patented designed, device, material or process, or any trademark or trade name or copyright in connection with the Project agreed to be performed under the Contract, and shall indemnify and defend the Owner for any costs, liability, expenses and attorney's fees that result from any such infringement. G. Assignment. Neither party may assign, sublet, or transfer any interest or obligation in this Contract without the prior written consent of the other party, and then only upon such terms and conditions as both parties may agree to and set forth in writing. H. Waiver. In the particular event that either party shall at any time or times waive any breach of this Contract by the other, such waiver shall not constitute a waiver of any other or any succeeding breach of this Contract by either party, whether of the same or any other covenant, condition or obligation. I. Governing Law/Venue. The laws of the State of Minnesota govern the interpretation of this Contract. In the event of litigation, the exclusive venue shall be in the District Court of the State of Minnesota for Hennepin County. J. Severability. If any provision, term or condition of this Contract is found to be or become unenforceable or invalid, it shall not effect the remaining provisions, terms and conditions of this Contract, unless such invalid or unenforceable provision, term or condition renders this Contract impossible to perform. Such remaining terms and conditions of the Contract shall continue in full force and effect and shall continue to operate as the parties’ entire contract. K. Entire Agreement. This Contract represents the entire agreement of the parties and is a final, complete and all inclusive statement of the terms thereof, and supersedes and terminates any prior agreement(s), understandings or written or verbal representations made between the parties with respect thereto. L. Permits and Licenses; Rights-of-Way and Easements. The Contractor shall give all notices necessary and incidental to the construction and completion of the Project. The City will obtain all necessary rights-of- way and easements. The Contractor shall not be entitled to any additional compensation for any construction delay resulting from the City’s not timely obtaining rights-of-way or easements. 140400v01 FC 22-09 RNK:08/06/2010 Engineering 1/2015 M. If the work is delayed or the sequencing of work is altered because of the action or inaction of the Owner, the Contractor shall be allowed a time extension to complete the work but shall not be entitled to any other compensation. CITY OF EDINA CONTRACTOR BY: ____________________________ BY: ___________________________ Its Mayor Its AND ___________________________ AND ___________________________ Its City Manager Its Date: June 2, 2022 Agenda Item #: V.H. To:Mayor and City Council Item Type: Request For Purchase From:Aaron T. Ditzler, PE, Assistant City Engineer Item Activity: Subject:Request for Purchase: West 58th Street Reconstruction Turf Establishment Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Request for Purchase for West 58th Street Reconstruction Turf Establishment with to Walker Land and Landscape for $65,000. INTRODUCTION: Due to the lack of progress on establishing turf free of significant weeds in 2021, the City ended the turf restoration portion of the West 58th Street contract with Park Construction and their subcontractor. The City hired Walker Land and Landscape in 2022 to complete the turf establishment. ATTACHMENTS: Description Request for Purchase: West 58th Street Reconstruction Turf Establishment Request for Purchase Requisition Number 1 CITY OF EDINA 4801 W 50th St., Edina, MN 55424 www.EdinaMN.gov | 952-927-8861 12200138 Department: Engineering Buyer: Aaron Ditzler Date: 05/25/2022 Requisition Description: ENG 20-2 West 58th Street Reconstruction Turf Establishment Vendor: WALKER LAWN CARE INC Cost: $65,000.00 REPLACEMENT or NEW:REPLACEM - REPLACEMENT PURCHASE SOURCE:SERVIC K - SERVICE CONTRACT DESCRIPTION: Due to the lack of progress on establishing turf free of significant weeds in 2021, the City ended the turf restoration portion of the West 58th Street contract with Park Construction and their subcontractor. The City hired Walker Land and Landscape in 2022 to complete the turf establishment. BUDGET IMPACT: This portion of the project is funded by the storm water utility. 2 COMMUNITY IMPACT: This service contract will get the project restoration closer to the contract and resident expectations. ENVIRONMENTAL IMPACT: Continues the establishment of grass that limits the ability of weed growth. Date: June 2, 2022 Agenda Item #: V.I. To:Mayor and City Council Item Type: Report / Recommendation From:Nick Bauler, Traffic Safety Coordinator Item Activity: Subject:Approve Traffic Safety Report of April 26, 2022 Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve the Traffic Safety Report of April 26, 2022. INTRODUCTION: The Transportation Commission reviewed the report at their May 19 regular meeting; comments are included in the attached staff report. ATTACHMENTS: Description Traffic Safety Report of April 26, 2022 June 2, 2022 Transportation Commission Nick Bauler, Traffic Safety Coordinator Traffic Safety Report of April 26, 2022 Information / Background: The Traffic Safety Committee (TSC) review of traffic safety matters occurred on April 26. The Traffic Safety Coordinator, Transportation Planner, Streets Public Service Worker, Public Works Director, Police Sergeant and Assistant City Planner was in attendance for this meeting. The City Engineer was not able to attend but was informed of the decisions and had no objections to the recommendations. On each of the items, persons involved have been contacted and the staff recommendation has been discussed with them. They were informed that if they disagree with the recommendation or have additional facts to present, they can submit correspondence to the Transportation Commission and/or to City Council prior to the June 2 regular meeting. Section A: Items on which the Traffic Safety Committee recommends action A1. Request for special needs child sign on the 5900 block of Kellogg Avenue • Resident at 5904 Kellogg has a child with special needs. • Kellogg ADT ranges from 200-350. • Two crashes have been reported at Kellogg and 59th since 2019. • Kellogg and 59th is an uncontrolled intersection. • No sidewalks are present on Kellogg. • Kellogg was reconstructed in 2010. Staff recommends installing warning signage with language agreeable to both the requestor and the City. 5904 Kellogg Avenue STAFF REPORT Page 2 Section B: Items on which the Traffic Safety Committee recommends no action B1. Review stop controls on W 60th Street at Chowen Avenue and Beard Avenue • Following crosswalk approval at 60th and Beard, the Transportation Commission recommended further study of stop controls at Chowen and Beard. • 60th and Chowen is all-way stop controlled; Beard is two-way stop controlled. • ADT and 85% speeds: i. 60th – 2,700; 32.9 mph (2016) ii. Chowen – 300; 27.3 mph (2015) iii. Beard – 320; 28.7 mph (2015) • Two reported crashes at 60th and Chowen in last 10 years; no reported crashes at 60th & Beard in last 10 years. • Sight lines are impacted for northbound Chowen at 60th. • Beard has sidewalks north and south of 60th; sidewalk on 60th is scheduled for construction in 2026. Staff recommends no action. Neither intersection warrants all-way stop controls due to traffic volumes or crash history, but staff believes sight lines impacts at Chowen justify the existing all-way stop. B2. Request for signage to prevent delivery vehicles from parking on Market Street • Local business reported that delivery vehicles on occasion park in travel lane of Market Street north of Halifax Avenue. • Market Street has two travel lanes with a center turn lane. • On-street parking is not allowed on Market. • A shared street (or woonerf) exists at 3925 Market for short-term building access, including delivery vehicles. • 2017 AADT on Market was 5,600. Staff recommends no action. Edina Police Department should be contacted when existing parking restrictions are violated. B3. Request for an outwalk curb cut at 5040 Windsor Avenue • Resident who is an amputee has difficulties accessing outwalk from street due to curb and step. • Prior to 2012 street reconstruction, no curb cut existed but outwalk sloped to back of curb (step was added in 2012). • The Transportation Commission recommended that staff research private funding sources to assist the homeowner in pursuing private modifications to their property. Staff recommends no action. The resident can apply for a residential curb cut permit. W 60th Street Market Street, facing north 5040 Windsor Avenue STAFF REPORT Page 3 Section D: Other traffic safety items handled D1. Two submissions were made regarding a downed tree blocking the sidewalk on Valley View Road west of Gleason Road. Another submission was made about repairing the sidewalk following the removal of the tree. Public Works removed the tree and repaired the sidewalk. D2. Temporary crosswalk markings were requested at the intersection of Eden Avenue/Grange Road/Willson Road during construction at 4917 Eden Avenue. Crosswalk marking are not warranted based on pedestrian volumes; the intersection is anticipated to be reconstructed in 2023. D3. A resident requested to move a No Outlet sign on Meadow Road further south towards W 47th Street. Staff determined that moving the sign would impact visibility for the traveling public and does not recommend further action. D4. A speed limit sign was taken down at the entrance of the alley between Zenith Avenue and Abbott Avenue south of W 59th Street. Public Works reinstalled the sign. D5. A resident requested moving yield signs for the southbound Highway 100 entrance from Eden Avenue stating the current signs cause confusion when merging with vehicles entering from Vernon Avenue. This request was sent to MnDOT as the ramp is outside of City jurisdiction; the entrance ramp from Eden Avenue is anticipated to be removed in 2025. Date: June 2, 2022 Agenda Item #: V.J. To:Mayor and City Council Item Type: Report / Recommendation From:Josh Furbish, Edina Liquor General Manager Item Activity: Subject:Request for Purchase: Edina Liquor Point of Sale Software Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Approve Request for Purchase for new point of sale software and hardware for Edina Liquor stores with Revel Systems for a three-year contract totaling $76,019. INTRODUCTION: This purchase is for point of sale hardware replacement for all payment terminals, monitors, cash drawers and scanners for all Edina Liquor locations for $17,411.90 with an expected life of 6 years. Hardware will be under warranty and maintained by Revel Systems for duration of use. This will also provide our stores with a more modern look and feel that will enhance the customer experience. Point of sale software installed, configured and managed by Revel Systems with a contract period of three-years totaling $58,608 ($1,628 x 12 mths x 3 yrs). Revel systems software will assist in providing a better overall customer experience and additional flexibility and stability to Edina Liquor staff. Revels point of sale software meets all PCI & security requirements to protect customer data. ATTACHMENTS: Description Request for Purchase: Edina Liquor Point of Sale Hardware Request for Purchase: Edina Liquor Point of Sale Software Request for Purchase Requisition Number 1 CITY OF EDINA 4801 W 50th St., Edina, MN 55424 www.EdinaMN.gov | 952-927-8861 12200135 Department: Edina Liquor - Southdale Buyer: Josh Furbish Date: 05/24/2022 Requisition Description: New POS Hardware Edina Liquor Vendor: Revel Systems Cost: $17,411.90 REPLACEMENT or NEW:REPLACEM - REPLACEMENT PURCHASE SOURCE:QUOTE/BD - QUOTE/BID DESCRIPTION:Point of sale hardware equipment BUDGET IMPACT: Edina Liquor operational budget Environmental Impact - item specific: 2 COMMUNITY IMPACT:Anticipated improved end user experience for transactions ENVIRONMENTAL IMPACT:NA Vehicle - Make/Model/Year requested vehicle: Vehicle - Make/Model/Year current vehicle (if replacement): Vehicle - Does purchase meet Green Fleet Recommendations? - Vehicle - If does not meet Green Fleet Recommendations, justification: - MPG: Carbon Emissions: Request for Purchase Requisition Number 1 CITY OF EDINA 4801 W 50th St., Edina, MN 55424 www.EdinaMN.gov | 952-927-8861 12200136 Department: Edina Liquor - Southdale Buyer: Josh Furbish Date: 05/24/2022 Requisition Description: Point of Sale Software Contract Edina Liquor Vendor: Revel Systems Cost: $1,628.00 Monthly REPLACEMENT or NEW:REPLACEM - REPLACEMENT PURCHASE SOURCE:QUOTE/BD - QUOTE/BID DESCRIPTION:Point of sale software for Edina Liquor BUDGET IMPACT: Edina Liquor operational budget - monthly cost Environmental Impact - item specific: 2 COMMUNITY IMPACT:Anticipated improved end user experience for transactions ENVIRONMENTAL IMPACT:NA Vehicle - Make/Model/Year requested vehicle: Vehicle - Make/Model/Year current vehicle (if replacement): Vehicle - Does purchase meet Green Fleet Recommendations? - Vehicle - If does not meet Green Fleet Recommendations, justification: - MPG: Carbon Emissions: Date: June 2, 2022 Agenda Item #: VI.A. To:Mayor and City Council Item Type: Report / Recommendation From:Alisha McAndrews, Finance Director Item Activity: Subject:Annual Comprehensive Financial Report for Year Ended December 31, 2021 Action CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Receive the 2021 Annual Comprehensive Financial Report (ACFR). INTRODUCTION: CliftonLarsonAllen LLP (CLA), audited the financial statements of the City and issued an unqualified opinion, meaning in their judgement the City's financial records and statements are fairly presented, and in accordance with Generally Accepted Accounting Principles (GAAP). Michelle Hoffman, CPA, from CLA, the Principal in charge of the audit will present the audit results. ATTACHMENTS: Description 2021 Single Audit Report 2021 Annual Comprehensive Financial Report CLA Presentation Governance Communication Staff Presentation Staff Presentation 1 CITY OF EDINA EDINA, MINNESOTA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND OTHER REQUIRED REPORTS DECEMBER 31, 2021 CITY OF EDINA TABLE OF CONTENTS DECEMBER 31, 2021 SINGLE AUDIT AND OTHER REQUIRED REPORTS INDEPENDENT AUDITORS’ 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 1 INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM, REPORT ON INTERNAL CONTROL OVER COMPLIANCE, AND REPORT ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE UNIFORM GUIDANCE 3 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 6 NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 7 INDEPENDENT AUDITORS’ REPORT ON MINNESOTA LEGAL COMPLIANCE 8 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 9 SINGLE AUDIT AND OTHER REQUIRED REPORTS CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. CliftonLarsonAllen LLP CLAconnect.com (1) INDEPENDENT AUDITORS’ 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 Honorable Mayor and Members of the City Council City of Edina Edina, 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 City of Edina (the City), as of and for the year ended December 31, 2021, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated May 25, 2022. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City'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 City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’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. 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. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. Honorable Mayor and Members of the City Council City of Edina (2) Compliance and Other Matters As part of obtaining reasonable assurance about whether the City of Edina’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. 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 City’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 City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Minneapolis, Minnesota May 25, 2022 CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. CliftonLarsonAllen LLP CLAconnect.com (3) INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM, REPORT ON INTERNAL CONTROL OVER COMPLIANCE, AND REPORT ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE UNIFORM GUIDANCE Honorable Mayor and Members of the City Council City of Edina Edina, Minnesota Report on Compliance for Each Major Federal Program Opinion on Each Major Federal Program We have audited the City of Edina’s (the City) 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 City of Edina’s major federal programs for the year ended December 31, 2021. The City of Edina’s major federal programs are identified in the summary of auditors’ results section of the accompanying schedule of findings and questioned costs. In our opinion, the City of Edina complied, in all material respects, with the 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, 2021. 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 (GAAS); 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 Auditors’ Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the City of Edina 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 City of Edina’s compliance with the compliance requirements referred to above. 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 City of Edina’s federal programs. Honorable Mayor and Members of the City Council City of Edina (4) Auditors’ 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 City of Edina’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 GAAS, 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 City of Edina’s compliance with the requirements of each major federal program as a whole. In performing an audit in accordance with GAAS, 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 City of Edina’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 City of Edina’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 City of Edina’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. 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. Honorable Mayor and Members of the City Council City of Edina (5) Our consideration of internal control over compliance was for the limited purpose described in the Auditors’ 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. Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance We have audited the financial statements of the City of Edina as of and for the year ended December 31, 2021, and have issued our report thereon dated May 25, 2022, which contained unmodified opinions on those financial statements. Our audit was performed for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole. CliftonLarsonAllen LLP Minneapolis, Minnesota May 25, 2022 CITY OF EDINA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Schedule of Expenditures of Federal Awards. (6) Federal Assistance Pass-Through Passed Listing Entity Identifying Federal Through to Number Number Expenditures Subrecipients U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Passed Throgh Hennepin County: Community Development Block Grants 14.218 N/A 150,000$ -$ U.S. DEPARTMENT OF TRANSPORTATION Passed Through Minnesota Department of Transportation: Minimum Penalties for Repeat Offenders for Driving While Intoxicated 20.608 P079221AL164 16,342 - National Priority Safety Programs 20.616 P079221405D 22,358 - Total Passed Through Minnesota Department of Transportation:38,700 - U.S. DEPARTMENT OF THE TREASURY COVID 19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 N/A 200,000 - U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES Passed Through Minnesota Health and Human Services: Public Health Emergency Preparedness 93.069 H12H675J 50,367 - Immunization Cooperative Agreements 93.268 H12H715J 24,979 - Epidemiology and Laboratory Capacity for Infectious Disease (ELC)93.323 H12H717H 2,823 - Medical Assistance Program 93.778 H55215028 69,904 - Total Passed Through Minnesota Health and Human Services:148,073 - U.S. DEPARTMENT OF HOMELAND SECURITY Passed Through State of Minnesota: Staffing for Adequate Fire and Emergency Response (SAFER)97.083 EMW-2018-FH-00497 457,768 - Total Federal Awards 994,541$ -$ Federal Grantor/Pass-Through Grantor/ Program or Cluster Title CITY OF EDINA NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS DECEMBER 31, 2021 (7) NOTE 1 BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Edina (the City) under programs of the federal government for the year ended December 31, 2021. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NOTE 3 INDIRECT COST RATE The City of Edina has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. CliftonLarsonAllen LLP CLAconnect.com (8) INDEPENDENT AUDITORS’ REPORT ON MINNESOTA LEGAL COMPLIANCE Honorable Mayor and Members of the City Council City of Edina Edina, Minnesota We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to the 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 City of Edina (the City) as of and for the year ended December 31, 2021, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated May 25, 2022. In connection with our audit, nothing came to our attention that caused us to believe that the City failed to comply with the provisions of the contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, claims and disbursements, miscellaneous provisions, and tax increment financing sections of the Minnesota Legal Compliance Audit Guide for Cities, 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 City'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 relating to the provisions of the Minnesota Legal Compliance Audit Guide for Cities and the results of that testing, and not to provide an opinion on compliance. Accordingly, this report is not suitable for any other purpose. CliftonLarsonAllen LLP Minneapolis, Minnesota May 25, 2022 CITY OF EDINA SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED DECEMBER 31, 2021 (9) Section I – Summary of Auditors’ Results Financial Statements Type of auditors’ report issued: Unmodified 1. Internal control over financial reporting: • Material weakness(es) identified? yes x no • Significant deficiency(ies) identified? yes x none reported 2. Noncompliance material to financial statements noted? yes x no Federal Awards Internal control over major federal programs: • Material weakness(es) identified? yes x no • Significant deficiency(ies) identified? yes x none reported 1. Type of auditors’ report issued on compliance for major federal programs: Unmodified 2. Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? yes x no Identification of Major Federal Programs Assistance Listing Number(s) Name of Federal Program or Cluster 97.083 Staffing for Adequate Fire and Emergency Response (SAFER) Dollar threshold used to distinguish between Type A and Type B programs: $ $750,000 Auditee qualified as low-risk auditee? yes x no CITY OF EDINA SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 (10) Section II – Financial Statement Findings Our audit did not disclose any matters required to be reported in accordance with Government Auditing Standards. Section III – Findings and Questioned Costs – Major Federal Programs Our audit did not disclose any matters required to be reported in accordance with 2 CFR 200.516(a). Section IV – MN Legal Compliance Findings None noted. CITY GOALS: 2021 Annual Comprehensive Financial Report City Of Edina, Minnesota For The Fiscal Year Ended December 31, 2021 Strong Foundation Better TogetherReliable ServiceLivable City CITY OF EDINA, MINNESOTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2021 Prepared by: Department of Finance Alisha McAndrews – Finance Director Andrea Rich – Assistant Finance Director Pa Thao – Accounting and Auditing Coordinator CITY OF EDINA, MINNESOTA TABLE OF CONTENTS YEAR ENDED DECEMBER 31, 2021 INTRODUCTORY SECTION Letter of Transmittal 1 GFOA Certificate of Achievement 4 Organization 5 Organization Chart 6 FINANCIAL SECTION Independent Auditors’ Report 7 Management’s Discussion and Analysis 11 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 23 Statement of Activities 24 Fund Financial Statements Balance Sheet – Governmental Funds 25 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 26 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 27 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 28 Statement of Net Position – Proprietary Funds 29 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds 30 Statement of Cash Flows – Proprietary Funds 31 Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position – Custodial Funds 33 Notes to Financial Statements 34 Required Supplementary Information Budgetary Comparison Schedules Budgetary Comparison Schedule – General Fund 73 Budgetary Comparison Schedule – Housing and Redevelopment Authority (HRA) Fund 77 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 Other Postemployment Benefits Plan Schedule of Changes in the City’s Total OPEB Liability and Related Ratios 78 Defined Benefit Pension Plans GERF/PEPFF Retirement Funds 79 GERF Schedule of City’s and Nonemployer Proportionate Share of Net Pension Liability and Schedule of City Contributions 79 PEPFF Schedule of City’s Proportionate Share of Net Pension Liability and Schedule of City Contributions 80 Notes to Required Supplementary Information 81 Combining and Individual Fund Financial Statements and Schedules Combining Balance Sheet – Nonmajor Governmental Funds 89 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds 90 Special Revenue Fund – Community Development Block Grant Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 91 Special Revenue Fund – Police Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 92 Special Revenue Fund – Braemar Memorial Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 93 Special Revenue Fund – Pedestrian and Cyclist Safety Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 94 Special Revenue Fund – Arts and Culture Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 95 Special Revenue Fund – Conservation and Sustainability Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 96 Major Governmental Fund – Debt Service Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 97 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 Major Governmental Fund – Construction Capital Projects Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 98 Combining Statement of Net Position – Nonmajor Proprietary Funds 99 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position – Nonmajor Proprietary Funds 100 Combining Statement of Cash Flows – Nonmajor Proprietary Funds 101 Combining Balance Sheet and Statement of Changes in Assets and Liabilities – Custodial Funds 102 Supplementary Financial Information 103 Tax Capacity, Tax Levies, and Tax Capacity Rates 103 Combining Schedule of Bonded Indebtedness 104 Schedule of Balance Sheet Accounts – Tax Increment Financing Districts 106 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Tax Increment Financing Districts 107 STATISTICAL SECTION (UNAUDITED) Financial Trends Net Position by Component 108 Changes in Net Position 110 Fund Balances of Governmental Funds 112 Changes in Fund Balances of Governmental Funds 114 Revenue Capacity 116 Assessed Value, Actual Value, and Tax Capacity of Taxable Property 116 Direct and Overlapping Tax Capacity Rates 117 Principal Property Taxpayers 118 Property Tax Levies and Collections 119 Debt Capacity 120 Ratios of Outstanding Debt by Type 120 Ratios of General Bonded Debt Outstanding 121 Direct and Overlapping Governmental Activities Debt 122 Legal Debt Margin Information 123 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 Pledged Revenue Coverage 124 Demographic and Economic Information 125 Demographic and Economic Statistics 125 Principal Employers 126 Operating Information Full-Time Equivalent City Government Employees by Function 127 Operating Indicators by Function 128 Capital Asset Statistics by Function 129 (1) May 25, 2022 To the Honorable Mayor, City Council, and Citizens of the City of Edina (City): Minnesota statutes require that every city publish within six months of the close of each fiscal year a complete set of audited financial statements. This report is published to fulfill that requirement for the fiscal year ended December 31, 2021. Management assumes full responsibility for the completeness and reliability of all of the information presented in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable rather than absolute assurance that the financial statements are free from material misstatement. CliftonLarsonAllen, LLP, a firm of licensed certified public accountants, has issued an unmodified (clean) opinion on the City’s financial statements for the year ended December 31, 2021. The independent auditors’ report is located at the front of the financial section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditors’ report and provides a narrative introduction, overview, and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the City The City, incorporated in 1888, is a fully developed first-ring suburb of Minneapolis. The City currently occupies a land area of 16 square miles and serves a population of 53,494. Currently, 98% of the City is developed with 55.5% of the land attributed to residential uses, 13.1% to roadways, and 11.8% supporting the park and open spaces. The remainder of the land is used for commercial, industrial, and public/semi-public uses. The City is empowered to levy a property tax on both real and personal property located within its boundaries. The City has operated under the Council-Manager form of government since 1955. Policy-making and legislative authority are vested in a City Council (Council) consisting of the Mayor and four other members, all elected on a nonpartisan basis. The Council is responsible, among other things, for passing ordinances, adopting the budget, appointing committees, and hiring the City Manager. The City Manager is responsible for carrying out the policies and ordinances of the Council, for overseeing the day-to-day operations of the city government, and for appointing the heads of the various departments. Council members serve four-year terms, with two Council members elected every two years. The Mayor also serves a four-year term. The Council and Mayor are elected at large. The City provides a full range of services, including police, fire and emergency medical services; the construction and maintenance of highways, streets, and other infrastructure; water and sewer services and recreational and cultural activities and events. The Council is required to adopt a final budget by no later than the close of the previous fiscal year. The annual budget serves as the foundation for the City’s financial planning and control. The budget is prepared by fund, function (e.g., public safety), and department (e.g., police). Department heads may use resources within a department as they see fit. The City Manager may authorize transfers of budgeted amounts between departments. (2) Local Economy The City currently enjoys a favorable economic environment and local indicators point to continued stability. The region, while noted for a strong retail sector, enjoyed considerable re-development in recent years. The re- development consisted of varied manufacturing, medical and high-tech base that adds to the relative stability of the unemployment rate. Major industries with headquarters or divisions within the government’s boundaries or in close proximity include medical services, retail operations and banking services. Edina is home to over 50,000 jobs that are expected to remain stable over the coming years. The City has become known for its quality residential housing stock and attractive neighborhoods. To date, approximately 98% of the available housing stock is in place. Although the emphasis has changed over the years from exclusively single-family housing to a more balanced mix of housing types, the City’s concern for overall quality in residential development remains a top priority. The City enjoys a AAA bond rating and a Aaa bond rating from Standard and Poor’s and Moody’s, respectively. Long-Term Financial Planning The Metropolitan Council requires all cities in the seven-county metropolitan area to have a Comprehensive Plan and state law requires cities to update their plans every 10 years. The last plan was adopted in 2020. The Comprehensive Plan guides development and redevelopment and addresses changes likely to occur due to various social and market forces. The City continues to focus on quality-of-life improvements throughout Edina. These efforts cover a broad array of areas including protecting and improving the environment, revitalization of parks and public areas, expanding recreational opportunities, addressing race and equity disparities, and increasing communication between City representatives and the public. The City is working closely with state government, federal government and neighboring communities to improve the area’s state and county transportation network, which includes upgraded highways and well-placed pathways. Funding for most of the transportation improvements will need to come from state, county, and federal sources, with some minor portion supported by the local taxpayers. Relevant Financial Policies The City has adopted a set of financial management policies that focus on long-term financial planning. Policies cover areas such as cash and investments, the operating budget, revenue, fund balance, capital outlay, and debt management. Assignments for fund balances and compensated absences are all calculated as specified in the policies. In addition, the City has $18,003,259 unassigned fund balance in the general fund. This amount is $2,485,884 above the goal range identified in the policy. Major Initiatives The City is continually working to update our aging infrastructure. Our annually adopted six-year Capital Improvement Plan includes spending and financing projections for these projects. (3) Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Edina for its annual comprehensive financial report for the fiscal year ended December 31, 2021. This was the eleventh consecutive year that the government has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report would not have been possible without the dedicated services of the Finance Department staff. We would like to express our appreciation to all members of the department who assisted and contributed to the preparation of this report. Credit also must be given to the Mayor and the City Council for their unfailing support for maintaining the highest standards of professionalism in the management of the City’s finances. Respectfully submitted, Alisha McAndrews, Finance Director Andrea Rich Assistant Finance Director Pa Thao Accounting and Auditing Coordinator (4) CITY OF EDINA, MINNESOTA ORGANIZATION DECEMBER 31, 2021 (5) Term Expires Mayor: James Hovland December 31, 2024 Council Members: Carolyn Jackson December 31, 2024 James Pierce December 31, 2024 Kevin Staunton December 31, 2022 Ron Anderson December 31, 2022 City Manager: Scott Neal Appointed Finance Director/Treasurer: Alisha McAndrews Appointed City Clerk: Sharon Allison Appointed (6) CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. CliftonLarsonAllen LLP CLAconnect.com (7) INDEPENDENT AUDITORS’ REPORT City Council and Management City of Edina, Minnesota Report on 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 the City of Edina, as of and for the year ended December 31, 2021, and the related notes to the financial statements, which collectively comprise the City of Edina‘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 the City of Edina, as of December 31, 2021, 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 (GAAS) 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 Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City of Edina 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. 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 the City of Edina‘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. City Council and Management City of Edina, Minnesota (8) Auditors’ 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 auditors’ 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 GAAS 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 GAAS and Government 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 the City of Edina‘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 the City of Edina‘s ability to continue as a going concern for a reasonable period of time. 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. City Council and Management City of Edina, Minnesota (9) Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison information, Other Postemployment Benefits Plan Schedule of Changes in the City’s Total OPEB Liability and Related Rations, and Defined Benefit Pension Plans Schedules 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 GAAS, 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 the City of Edina‘s basic financial statements. The combining and individual fund financial statements and schedules, Tax Capacity, Tax Levies, and Tax Capacity Rates information, Combining Schedule of Bonded Indebtedness, and Tax Increment Financing District Schedules 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 GAAS. In our opinion, the combining and individual fund financial statements and schedules, Tax Capacity, Tax Levies, and Tax Capacity Rates information, Combining Schedule of Bonded Indebtedness, and Tax Increment Financing District Schedules, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ 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. City Council and Management City of Edina, Minnesota (10) Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated May 25, 2022, on our consideration of the City of Edina’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 the City of Edina’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 City of Edina’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Minneapolis, Minnesota May 25, 2022 (This page left blank intentionally.) CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (11) As management of the City of Edina (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2021. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which precedes this report. FINANCIAL HIGHLIGHTS • The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $328,779,614 (net position). Of this amount, $47,562,839 (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors in accordance with the City’s fund designations and fiscal policies. • The City’s total net position increased by $19,697,950 from the prior year. Of that total, $14,734,012 is the increase in Governmental Activities net position and $4,963,938 is the increase in Business-Type Activities net position. • At the close of the 2021 fiscal year, the City’s governmental funds reported combined ending fund balances of $103,341,648, an increase of $19,924,967 from the prior year. The increase can be attributed to increases in the Debt Service, Construction, and Housing and Redevelopment Authority (HRA) funds. o General obligation bonds, series 2021A was issued in 2021 in the amount of $13,025,000. o $3,795,000 General Obligation Bonds, Series 2021B, was issued to refund general obligations series 2013A, with the refunding not occurring until 2022. o $2,210,000 General Obligation Recreational Revenue Bonds, Series 2021C, was issued to refund series 2012C bonds, with the refunding not occurring until 2022. o The HRA Fund balance increased $14,751,365 from tax increment collections, affordable housing fees collected, the 2021A bond issuance for public improvement projects in the Grandview 2 TIF district, and the sale of the 4100 West 76th Street property. • At the end of the current fiscal year, unassigned fund balance for the general fund was $18,003,259, or 37% of total general fund expenditures. • The City’s total bonded debt increased by $2,875,000 during the current fiscal year, from $107,433,000 at the end of 2020 due to the debt issuance mentioned above. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference between them 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 City is improving or deteriorating. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (12) The statement of activities presents information showing how the City’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 only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (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 City include general government, public safety, public works, and parks. The business-type activities of the City include water, sewer, stormwater, recycling, liquor, aquatic center, golf course, arena, and community activity centers. 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 City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. All the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary 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 statement. By doing so, readers may better understand the long-term impact of the City’s near-term financial decisions. Both the governmental fund balance sheet and governmental fund statement of revenues, expenditures, and change in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains four individual major governmental funds. 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, Housing and Redevelopment Authority fund, debt service fund, and the construction fund. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds are provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for all governmental and proprietary funds. A budgetary comparison statement has been provided for all governmental funds to demonstrate compliance with these budgets. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (13) Proprietary funds. The City maintains five major enterprise funds and four internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the governmental-wide financial statements. The City’s major enterprise funds are used to account for its utility, liquor, aquatic center, golf, and arena operations. Data from the other enterprise funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor enterprise funds are provided in the form of combining statements elsewhere in this report. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Internal service funds. Internal service funds are used as an accounting device to accumulate and allocate costs internally among the City’s various functions. The City utilizes four internal service funds to account for insurance and risk management activities, equipment operations, IT services, and facilities management. These services have been allocated proportionately to governmental and business-type activities in the government-wide financial statements. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. 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. Other information. The combining and individual fund financial statements and schedules referred to earlier in connection with nonmajor governmental and enterprise funds, as well as internal service funds, are presented immediately following the required supplementary information. Supplementary financial information and the statistical section are the final two items presented. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $328,779,614 at the close of the most recent fiscal year. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (14) The largest portion of the City’s net position ($203,729,416 or 62%) reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. City of Edina’s Net Position 2021 2020 2021 2020 2021 2020 Assets: Current and Other Assets 141,851,857$ 117,350,841$ 45,767,891$ 46,835,488$ 187,619,748$ 164,186,329$ Capital Assets 177,099,202 175,520,050 130,894,190 129,507,070 307,993,392 305,027,120 Total Assets 318,951,059$ 292,870,891$ 176,662,081$ 176,342,558$ 495,613,140$ 469,213,449$ Deferred Outflows of Resources: OPEB Plan Deferments $ 436,242 $ 366,225 $ 40,254 $ 32,475 $ 476,496 $ 398,700 Pension Plan Deferments 19,205,795 7,629,878 2,855,311 458,037 22,061,106 8,087,915 Total Deferred Outflows of Resources $ 19,642,037 $ 7,996,103 $ 2,895,565 $ 490,512 $ 22,537,602 $ 8,486,615 Liabilities: Long-Term Liabilities Outstanding 82,895,114$ 82,251,250$ 41,449,445$ 50,204,303$ 124,344,558$ 132,455,553$ Other Liabilities 21,461,665 14,969,188 14,023,300 10,722,053 35,484,966 25,691,241 Total Liabilities 104,356,779$ 97,220,438$ 55,472,745$ 60,926,356$ 159,829,524$ 158,146,794$ Deferred Inflows of Resources: OPEB Plan Deferments 1,491,449$ 1,681,591$ 155,666$ 176,792$ 1,647,115$ 1,858,383$ Pension Plan Deferments 24,419,341 8,373,450 3,475,148 239,773 27,894,489 8,613,223 Total Deferred Inflows of Resources 25,910,790$ 10,055,041$ 3,630,814$ 416,565$ 29,541,604$ 10,471,606$ Net Position: Net Investment in Capital Assets 116,754,295$ 117,052,475$ 86,975,121$ 81,135,647$ 203,729,416$ 198,188,122$ Restricted 76,262,266 60,063,244 1,225,093 1,268,479 77,487,359 61,331,723 Unrestricted 15,308,966 16,475,796 32,253,873 33,086,023 47,562,839 49,561,819 Total Net Position 208,325,527$ 193,591,515$ 120,454,087$ 115,490,149$ 328,779,614$ 309,081,664$ Governmental Activities Business-Type Activities Total A portion of the City’s net position ($77,487,359) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($47,562,839) may be used to meet the City’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, the City is able to report positive balances in all of the categories of net position reported, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior fiscal year. There was a decrease of $1,998,980 in unrestricted net position. This was mainly due a transfer of unrestricted general fund balance to the construction fund. The increases in deferred outflows of resources and deferred inflows of resources relate to the changes in the City’s share of state pension plan amounts while the decrease in long-term liabilities is primarily attributable to regular scheduled payments on the City’s outstanding bonds, partially offset by newly issued debt. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (15) As shown below, the City’s net position increased by $19,697,950 during the current fiscal year. Factors contributing to this change are discussed in the next two sections. City of Edina’s Changes in Net Position 2021 2020 2021 2020 2021 2020 Revenues: Program Revenues: Charges for Services 13,529,378$ 15,333,404$ 52,785,310$ 45,003,860$ 66,314,688$ 60,337,264$ Operating Grants and Contributions 2,721,724 7,626,236 404,419 47,780 3,126,143 7,674,016 Capital Grants and Contributions 4,030,108 7,318,687 - 396,103 4,030,108 7,714,790 General Revenues: Property Taxes 41,826,967 39,545,279 - - 41,826,967 39,545,279 Other Taxes 11,403,292 9,532,524 - - 11,403,292 9,532,524 Gain on Disposal of Assets 101,404 - - 7,359 101,404 7,359 Unrestricted Investment Earnings (372,080) 1,835,870 (141,650) 945,580 (513,730) 2,781,450 Total Revenues 73,240,793 81,192,000 53,048,079 46,400,682 126,288,872 127,592,682 Expenses: General Government 14,844,785 11,698,533 - - 14,844,785 11,698,533 Public Safety 24,288,956 27,058,719 - - 24,288,956 27,058,719 Public Works 11,497,445 16,117,060 - - 11,497,445 16,117,060 Parks 7,365,756 6,798,866 - - 7,365,756 6,798,866 Interest on Long-Term Debt 1,282,299 1,561,462 - - 1,282,299 1,561,462 Water - - 9,094,274 9,592,913 9,094,274 9,592,913 Sewer - - 7,690,708 7,641,660 7,690,708 7,641,660 Stormwater - - 3,146,475 3,424,049 3,146,475 3,424,049 Recycling - - 1,956,546 1,392,003 1,956,546 1,392,003 Liquor - - 13,435,305 11,500,971 13,435,305 11,500,971 Aquatic Center - - 1,052,346 386,026 1,052,346 386,026 Golf Course - - 4,822,338 4,257,484 4,822,338 4,257,484 Arena - - 2,882,067 2,876,897 2,882,067 2,876,897 Community Activity Centers - - 3,231,622 3,412,784 3,231,622 3,412,784 Total Expenses 59,279,241 63,234,640 47,311,681 44,484,787 106,590,922 107,719,427 Increase in Net Position Before Transfers 13,961,552 17,957,360 5,736,398 1,915,895 19,697,950 19,873,255 Transfers 772,460 283,836 (772,460) (283,836) - - Change in Net Position 14,734,012 18,241,196 4,963,938 1,632,059 19,697,950 19,873,255 Net Position - January 1 193,591,515 175,350,319 115,490,149 113,858,090 309,081,664 289,208,409 Net Position - December 31 208,325,527$ 193,591,515$ 120,454,087$ 115,490,149$ 328,779,614$ 309,081,664$ Governmental Activities Business-Type Activities Total GOVERNMENTAL ACTIVITIES Governmental activities increased the City’s net position by $14,734,012, accounting for 75% of the total growth in net position. Key elements of the increase are as follows. • Property taxes increased by $2,281,688 as the result of an increased general operating levy that provides funding to continue existing service levels. • Other taxes increased by $1,870,768 due to an increase in tax increment collections from the Southdale 2, Pentagon Park, and Grandview 2 tax increment financing districts. • Investment earnings decreased by $2,207,950, or -120%, in 2021 due to unrealized losses. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (16) Below are specific graphs which provide comparisons of the governmental activities revenues and expenses: Charges for services 22% Operating grants and contributions 4% Capital grants and contributions 2%Property taxes57% Other taxes15% Other0% Revenues by Source -Governmental Activities - 5 10 15 20 25 General government Public safety Public works Parks Interest on long-term debt Millions Expenses and Program Revenues -Governmental Activities expenses program revenue CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (17) BUSINESS-TYPE ACTIVITIES Business-type activities increased net position by $4,963,938, accounting for 25% of the City’s growth in net position. Key elements of the current year increase are as follows: • The utility fund had income before contributions and transfers of $5,938,870 for 2021. This additional equity is used to maintain and invest in the utility infrastructure according to the City’s CIP and utility rate study. • The liquor fund had income before contributions and transfers of $780,499 for 2021. This income is used to subsidize operations at other enterprise facilities. • The golf course had an income before contributions and transfers of $429,146. • The other enterprise funds had a loss before contributions and transfers of $1,723,897 in total. These enterprises had operating expenses that exceeded revenues. Charges for services 99% Capital grants and contributions 1% Unrestricted investment earnings 0% Revenues by Source -Business-type Activities - 2 4 6 8 10 12 14 16 Water Sewer Storm Recycling Liquor Aquatic Golf Arena Community Millions Expenses and Program Revenues -Business-type Activities expenses program revenue CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (18) FINANCIAL ANALYSIS OF THE CITY’S FUNDS As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental funds. The focus of the City’s governmental funds is to provide information on near- term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’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 City’s governmental funds reported combined ending fund balances of $103,341,648, an increase of $19,924,967 in comparison with the prior year. Approximately 17% of this total amount ($18,003,259) constitutes unassigned fund balance. The remainder of the fund balance is 1) restricted by external creditors, grantors, laws, or regulations ($53,775,730), or 2) assigned by internal constraints ($31,405,792), or 3) nonspendable in the form of prepaid items ($156,867). The general fund is the chief operating fund of the City. At the end of the current fiscal year, unassigned fund balance of the general fund was $18,003,259. As a measure of the general fund’s liquidity, unassigned fund balance represents 37% of total general fund expenditures. The fund balance of the City’s general fund decreased by $3,469,572 during the current fiscal year. Key factors related to this increase include: • Total general fund expenditures exceeded budget by $288,632, but revenues were $957,695 over budget. This is due to an increase in licenses and permits as well as intergovernmental revenue related to federal response and recovery funding for COVID-19. • The general fund transferred $4,503,106 of 2020 surplus primarily to the construction fund for capital projects. The Housing and Redevelopment Authority fund balance increased by $14,751,365 in the current fiscal year due to higher than anticipated tax increment collections, less spent on capital outlay than anticipated, and bonds issued. The debt service fund has a total fund balance of $11,178,492, all of which is restricted for the payment of debt service. The net increase in fund balance during the current year in the debt service fund was $1,451,186. Fund balance increased as the result of a $2,955,444 transfer in from the construction fund to pay debt service. This transfer is made annually with the amount varying slightly depending on available resources. The construction fund balance increased by $6,202,184 in 2021 due to transfers in of $4,710,306 primarily from the general fund as well as bonds issued. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (19) Proprietary funds. The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Unrestricted net position of the utility fund at the end of the year amounted to $28,521,154. The total growth in net position from current year operations was $5,188,539. Operating revenues in the utilities fund increased by 7.5% while expenses increased by 2.6% in 2021. The revenue increase was due to an increase in the water, sewer, and storm rates as well as connection fees in 2021. Expenses increased because of higher depreciation expenses related to infrastructure projects completed in recent years and higher personal services expenses for operating the utility system. The City invested $9,819,247 in utility fund capital assets during 2021, a 117% increase from 2020. Unrestricted net position of the liquor fund at the end of the year amounted to $1,850,907. Total net position decreased by $65,345. The liquor fund continues to transfer profits back into other City funds, including the general fund, construction, arena, and art center funds. The liquor fund made transfers totaling $850,000 to these other funds in 2021. The transfers out were greater than operating income of $793,453 in 2021, leading to the reduction in net position in the liquor fund in 2021. Unrestricted net position of the aquatic center fund at the end of the year amounted to $1,005,283, which is a 31% increase over 2020. The Aquatic Center was closed for all of 2020 due to COVID-19, resulting in no revenue and minimal expenses. Unrestricted net position of the golf course fund at the end of the year amounted to a deficit of ($1,020,894), an improvement of $27,527 from the prior year. Operating income for the golf course fund was $549,017 in 2021, compared to a loss of ($81,394) in 2020, a sign of improving profitability. Unrestricted net position of the arena fund at the end of the year amounted to a deficit of ($1,813,801), an increase in the deficit by $1,622,882 from the prior year. Revenues increased by $710,932 over 2020 while expenses increased by $37,094. The operating loss for the arena was ($499,008) for 2021 compared to ($1,172,846) for 2020, during which the arena was largely impacted by COVID-19. GENERAL FUND BUDGETARY HIGHLIGHTS During the year, revenues were $957,695 more than budget, as the continued commercial and residential redevelopment of the City increased our licenses and permits, which exceeded budget by $828,711, and surpluses in state and federal aid of $811,179 over budget. These increases offset deficits in fines and forfeits and tax revenues, which together came in ($683,614) under budget. During the year, expenditures were over budget by $288,632. Public safety and general government were over budget by $663,596, which was offset by Public Works and Parks coming in under budget by $401,640. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (20) CAPITAL ASSET AND DEBT ADMINISTRATION Capital assets. The City’s investment in capital assets for its governmental and business-type activities as of December 31, 2021, amounted to $307,993,392 (net of accumulated depreciation). This investment in capital assets included land, land improvements, intangible assets such as easements, infrastructure assets (roads, bridges, sidewalks, and similar items), buildings, vehicles, equipment, parks, and construction in progress. The total increase in the City’s investment in capital assets for the current fiscal year was 1%. Major capital asset events during the current fiscal year included the following: A variety of utility infrastructure improvements, including water main, sanitary and storm sewer, construction in progress as of the close of the fiscal year reached $12,562,430 in the utility fund. The City spent $358,167 on a dehumidifier for the South Rink at Braemar Arena. A variety of street construction, sidewalk and park projects; construction in progress as of the close of the fiscal year reached $9,042,909 (PIR + PACS). The City has a number of public improvements underway in the Grandview district including rehabilitation of the Wooddale Ave Bridge and the Grandview Pedestrian Bridge, and parking and road improvements in the district. The construction in process cost was $2,730,354. City of Edina’s Capital Assets (Net of Depreciation) 2021 2020 2021 2020 2021 2020 Land and Land Improvements 27,965,567$ 30,114,062$ 10,295,102$ 10,552,207$ 38,260,669$ 40,666,269$ Easements 253,000 253,000 35,600 35,600 288,600 288,600 Buildings and Structures 34,130,177 35,375,635 15,516,491 17,449,027 49,646,668 52,824,662 Machinery and Equipment 10,364,447 10,429,312.00 5,914,574 5,676,069 16,279,021 16,105,381 Infrastructure 81,127,850 83,180,690 86,425,752 89,475,819 167,553,602 172,656,509 Parks 10,767,120 9,475,486 - - 10,767,120 9,475,486 Construction in Progress 12,491,041 6,691,865 12,706,671 6,318,348 25,197,712 13,010,213 Total 177,099,202$ 175,520,050$ 130,894,190$ 129,507,070$ 307,993,392$ 305,027,120$ Governmental Activities Business-Type Activities Total Additional information on the City’s capital assets can be found in Note 3. Long-term debt. At the end of the current fiscal year, the City had total bonded long-term debt outstanding of $110,308,000, an increase of $2,875,000 from 2020. $17,735,000 is for general obligation improvement debt that is supported by property tax levies and special assessments. $27,740,000 is for permanent improvement revolving (PIR) bonds, which finance the City’s street reconstruction program. This amount increased from 2020 due to newly issued debt. Also outstanding is $13,970,000 HRA public project revenue bonds which financed two gymnasiums, the new public works facility, sports dome, outdoor rink at the arena, and improvements to Pamela Park. This amount decreased from 2020 due to regularly scheduled principal payments. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (21) There is a total of $43,318,000 in revenue bonds for improvements to the enterprise funds. This amount decreased $5,619,000 during the year due to regularly debt service payments. City of Edina’s Outstanding Debt 2021 2020 2021 2020 2021 2020 General Obligation Bonds 17,735,000$ 17,725,000$ -$ -$ 17,735,000$ 17,725,000$ Public Improvement Bonds 27,740,000 24,526,000 - - 27,740,000 24,526,000 Public Project Revenue Bonds 13,970,000 16,245,000 - - 13,970,000 16,245,000 Tax Increment Financing Bonds 7,545,000 - - - 7,545,000 - Revenue Bonds - - 43,318,000 48,937,000 43,318,000 48,937,000 Total 66,990,000$ 58,496,000$ 43,318,000$ 48,937,000$ 110,308,000$ 107,433,000$ Governmental Activities Business-Type Activities Total The City maintains an Aaa rating from Moody’s and an AAA rating from Standard & Poor’s. State statutes limit the amount of general obligation debt a Minnesota city may issue up to 3% of total Estimated Market Value. The current debt limitation for the City is $400,330,728. Only $31,705,000 of the City’s outstanding debt is counted within the statutory limitation. Additional information on the City’s long-term debt can be found in Note 4. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET The City strives to provide an uncommonly high quality of life for our residents and businesses and the relatively healthy local economy helps to make this goal a reality. The unemployment rate in Edina has remained under 4% (not seasonally adjusted) since mid-2013, which is below the state and national levels. The City is home to Southdale Center, the nation’s first fully enclosed climate-controlled regional shopping mall, Fairview Southdale hospital, as well as several corporate headquarters. In addition to its healthy economy, Edina is known for excellent public schools, as the Edina school system has been consistently selected as one of the best in the country. Ninety-eight percent of students graduate, with eighty-nine percent pursuing some sort of post-secondary education. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (22) Property values in Edina decreased for several years from 2009-2012 and have risen each year since. Estimated market value of real estate increased 3.6% for taxes payable in 2021 (market value in 2020). -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Market Value and Tax Capacity Annual Changes Tax Capacity Market Value The City collects property taxes based on tax capacity, which roughly equals estimated market value multiplied by class rates for different types of parcels (commercial, residential, etc.). Class rates are set by state statute. Tax capacity for real estate increased 4.3% in 2020 for taxes payable in 2021 and remained positive for the eighth consecutive year. All these factors above were considered in preparing the City’s budget for the 2022 fiscal year. The City’s adopted 2022 budget includes a property tax levy of $45,367,336 for all funds, an increase of 7.97% from the 2021 levy, with the increase being attributed to the introduction of the street reconstruction levy, which will eventually replace special assessments for road reconstruction. The increased levies are also for the City’s equipment replacement expenditures, HRA operating expenditures, and general operating levy. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the Finance Director, 4801 West 50th Street, Edina, Minnesota 55424. The City’s Annual Comprehensive Financial Report can also be found on the internet at www.edinamn.gov. (This page left blank intentionally.) CITY OF EDINA, MINNESOTA STATEMENT OF NET POSITION DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (23) Governmental Business-Type Activities Activities Total ASSETS Current Assets: Cash and Investments 100,089,655$ 33,460,157$ 133,549,812$ Restricted Cash and Investments 4,956,194 2,356,943 7,313,137 Accrued Interest 298,010 145,272 443,282 Accounts Receivable, Net 1,726,992 6,964,546 8,691,538 Special Assessments Receivable 20,434,060 340,519 20,774,579 Internal balances (441,302) 441,302 - Due from Other Governments 3,901,726 3,070 3,904,796 Prepaid Items 786,343 10,251 796,594 Inventory - 2,045,831 2,045,831 Total Current Assets 131,751,678 45,767,891 177,519,569 Noncurrent Assets: Investment in Joint Powers Agreement 1,770,353 - 1,770,353 Loans Receivable 8,329,826 - 8,329,826 Nondepreciable Capital Assets 34,149,124 13,481,042 47,630,166 Depreciable Capital Assets (Net)142,950,078 117,413,148 260,363,226 Total Noncurrent Assets 187,199,381 130,894,190 318,093,571 Total Assets 318,951,059 176,662,081 495,613,140 DEFERRED OUTFLOWS OF RESOURCES OPEB Plan Deferments 436,242 40,254 476,496 Defined Benefit Pension Plans 19,205,795 2,855,311 22,061,106 Total Deferred Outflows of Resources 19,642,037 2,895,565 22,537,602 LIABILITIES Current Liabilities: Accounts Payable 3,277,740 2,696,568 5,974,308 Salaries Payable 1,741,535 361,937 2,103,472 Accrued Interest Payable 866,740 580,636 1,447,376 Contracts Payable 287,676 302,145 589,821 Due to Other Governments 23,684 211,819 235,503 Deposits Payable 1,328,565 - 1,328,565 Unearned Revenue 2,773,489 479,123 3,252,612 Compensated Absences Payable 1,917,236 353,072 2,270,309 Bonds Payable 9,245,000 9,038,000 18,283,000 Total Current Liabilities 21,461,665 14,023,300 35,484,966 Noncurrent Liabilities: Total OPEB Liability 2,316,690 201,561 2,518,251 Net Pension Liability 15,244,614 3,782,408 19,027,022 Compensated Absences Payable 2,875,855 529,609 3,405,463 Bonds and Loans Payable, Net 62,457,955 36,935,867 99,393,822 Total Noncurrent Liabilities 82,895,114 41,449,445 124,344,558 Total Liabilities 104,356,779 55,472,745 159,829,524 DEFERRED INFLOWS OF RESOURCES OPEB Plan Deferments 1,491,449 155,666 1,647,115 Defined Benefit Pension Plans 24,419,341 3,475,148 27,894,489 Total Deferred Inflows of Resources 25,910,790 3,630,814 29,541,604 NET POSITION Net Investment in Capital Assets 116,754,295 86,975,121 203,729,416 Restricted for Tax Increments 35,195,113 - 35,195,113 Restricted for Affordable Housing 3,741,466 - 3,741,466 Restricted for Debt Service 12,302,516 1,225,093 13,527,609 Restricted for Highway Construction 2,857,594 - 2,857,594 Restricted for Capital Projects 18,491,384 - 18,491,384 Restricted for Parkland Dedication 58,086 - 58,086 Restricted for Police 762,008 - 762,008 Restricted for Braemar Golf Donations 131,145 - 131,145 Restricted for Pedestrian and Cyclist Improvements 423,591 - 423,591 Restricted for Conservation and Sustainability Initiatives 2,299,363 - 2,299,363 Unrestricted 15,308,966 32,253,873 47,562,839 Total Net Position 208,325,527$ 120,454,087$ 328,779,614$ Primary Government CITY OF EDINA, MINNESOTA STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (24) Operating Capital Charges for Grants and Grants and Governmental Business-Type Expenses Services Contributions Contributions Activities Activities Total Functions/Programs Primary Government: Governmental Activities: General Government 14,844,785$ 2,207,889$ 414,927$ -$ (12,221,969)$ -$ (12,221,969)$ Public Safety 24,288,956 9,970,031 2,248,479 - (12,070,446) - (12,070,446) Public Works 11,497,445 566,143 5,738 4,030,108 (6,895,456) - (6,895,456) Parks 7,365,756 785,315 52,580 - (6,527,861) - (6,527,861) Interest on Long-Term Debt 1,282,299 - - - (1,282,299) - (1,282,299) Total Government Activities 59,279,241 13,529,378 2,721,724 4,030,108 (38,998,031) - (38,998,031) Business-Type Activities: Water 9,094,274 10,302,974 - - - 1,208,700 1,208,700 Sewer 7,690,708 10,732,193 - - - 3,041,485 3,041,485 Stormwater 3,146,475 5,207,295 - - - 2,060,820 2,060,820 Recycling 1,956,546 1,447,226 384,268 - - (125,052) (125,052) Liquor 13,435,305 14,280,055 - - - 844,750 844,750 Aquatic Center 1,052,346 1,071,692 - - - 19,346 19,346 Golf Course 4,822,338 5,290,109 - - - 467,771 467,771 Arena 2,882,067 2,347,678 - - - (534,389) (534,389) Community Activity Centers 3,231,622 2,106,088 20,151 - - (1,105,383) (1,105,383) Total Business-Type Activities 47,311,681 52,785,310 404,419 - - 5,878,048 5,878,048 Total Primary Government 106,590,922$ 66,314,688$ 3,126,143$ 4,030,108$ (38,998,031) 5,878,048 (33,119,983) General Revenues: Property Taxes 41,826,967 - 41,826,967 Tax Increment Collections 8,295,756 - 8,295,756 Franchise Taxes 3,090,322 - 3,090,322 Lodging Taxes 17,214 - 17,214 Unrestricted Investment Earnings (372,080) (141,650) (513,730) Gain on Disposal of Capital Assets 101,404 - 101,404 Transfers - Internal Activities 772,460 (772,460) - Total General Revenues and Transfers 53,732,043 (914,110) 52,817,933 Change in Net Position 14,734,012 4,963,938 19,697,950 Net Position - Beginning 193,591,515 115,490,149 309,081,664 Net Position - Ending 208,325,527$ 120,454,087$ 328,779,614$ Net (Expense) Revenue and Changes in Net PositionProgram Revenues CITY OF EDINA, MINNESOTA BALANCE SHEET GOVERNMENTAL FUNDS DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (25) Housing and Nonmajor Total Redevelopment Debt Governmental Governmental General Authority Service Construction Funds Funds ASSETS Cash and Investments 28,584,240$ 31,739,553$ 6,194,280$ 26,584,091$ 3,139,323$ 96,241,487$ Restricted Cash and Investments - - 4,956,194 - - 4,956,194 Accrued Interest 94,811 81,229 - 114,038 7,932 298,010 Accounts Receivable 669,689 98,597 - 65,313 545,257 1,378,856 Taxes Receivable 267,435 - 25,667 28,747 - 321,849 Special Assessments Receivable - - 1,965,575 18,468,485 - 20,434,060 Due from Other Governments 952,414 12,284 27,990 2,890,078 18,860 3,901,626 Prepaid items 85,083 - - 58,250 13,534 156,867 Loans Receivable - 8,329,826 - - - 8,329,826 Total Assets 30,653,672$ 40,261,489$ 13,169,706$ 48,209,002$ 3,724,906$ 136,018,775$ LIABILITIES Accounts Payable 862,532$ 1,249,331$ 450$ 799,263$ 83,593$ 2,995,169$ Salaries Payable 1,646,107 6,618 - 5,631 4,462 1,662,818 Contracts Payable - 52,201 - 214,731 20,744 287,676 Due to Other Governments 18,762 - - 3,470 - 22,232 Deposits Payable 1,324,805 3,760 - - - 1,328,565 Unearned Revenue 2,760,489 13,000 - - - 2,773,489 Total Liabilities 6,612,695 1,324,910 450 1,023,095 108,799 9,069,949 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Taxes 267,436 - 25,667 28,747 - 321,850 Unavailable Revenue - Special Assessments - - 1,965,097 18,462,637 - 20,427,734 Unavailable Revenue - Other - - - 2,857,594 - 2,857,594 Total Deferred Inflows of Resources 267,436 - 1,990,764 21,348,978 - 23,607,178 FUND BALANCE Nonspendable 85,083 - - 58,250 13,534 156,867 Restricted 58,086 38,936,579 11,178,492 - 3,602,573 53,775,730 Assigned 5,627,113 - - 25,778,679 - 31,405,792 Unassigned 18,003,259 - - - - 18,003,259 Total Fund Balance 23,773,541 38,936,579 11,178,492 25,836,929 3,616,107 103,341,648 Total Liabilities, Deferred Inflows of Resources, and Fund Balances 30,653,672$ 40,261,489$ 13,169,706$ 48,209,002$ 3,724,906$ 136,018,775$ CITY OF EDINA, MINNESOTA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (26) Total Fund Balances - Governmental Funds 103,341,648$ Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets are included in net position, but are excluded from fund balances because they do not represent financial resources. Cost of Capital Assets 335,035,671 Accumulated Depreciation (157,936,469) Long-term liabilities are included in net position, but are excluded from fund balances until due and payable. Debt issuance premiums and discounts are excluded from net position until amortized, but are included in fund balances upon issuance as other financing sources and uses. Bonds Payable (66,990,000) Loans Payable (750,000) Premium on Bonds (3,962,955) Compensated Absences Payable (4,793,091) Total OPEB Liability (2,316,690) Net Pension Liability (15,244,614) Accrued interest payable on long-term debt is included in net position, but is excluded from fund balances until due and payable.(866,740) Investment in joint powers agreement are not available to pay for current period expenditures, and therefore, are not reported in the funds.1,770,353 The recognition of certain revenues and expenditures differ between the full accrual governmental activities financial statements and the modified accrual governmental fund financial statements. Deferred Outflows - OPEB 436,242 Deferred Outflows - Pension 19,205,795 Deferred Inflows - OPEB (1,491,449) Deferred Inflows - Pension (24,419,341) Deferred Inflows - Property Taxes 321,850 Deferred Inflows - Special Assessments 20,427,734 Deferred Inflows - Other 2,857,594 Internal service funds are used by management to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service fund are included in the governmental activities in the statement of net position.3,699,989 Total Net Position - Governmental Activities 208,325,527$ CITY OF EDINA, MINNESOTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (27) Housing and Nonmajor Total Redevelopment Debt Governmental Governmental General Authority Service Construction Funds Funds REVENUES General Property Taxes 33,827,443$ 230,166$ 3,632,895$ 4,105,959$ -$ 41,796,463$ Tax Increment Collections - 8,295,756 - - - 8,295,756 Franchise Taxes 824,286 - - 86,100 2,179,936 3,090,322 Lodging Tax 17,214 - - - - 17,214 Special Assessments - - 191,646 3,939,057 - 4,130,703 License and Permits 6,008,225 - - 69,221 - 6,077,446 Intergovernmental 2,564,397 - - 606,825 150,000 3,321,222 Charges for Services 5,536,786 228,216 - 215,256 - 5,980,258 Fines and Forfeitures 460,914 - - - - 460,914 Investment Income (Loss)(151,907) (98,804) - (110,770) (10,599) (372,080) Rental of Property 491,579 - - - - 491,579 Other Revenues 186,591 300,000 - 12,425 205,542 704,558 Total Revenues 49,765,528 8,955,334 3,824,541 8,924,073 2,524,879 73,994,355 EXPENDITURES Current: General Government 8,825,723 2,872,302 - 388,796 150,000 12,236,821 Public Safety 25,527,556 - - 52,884 113,815 25,694,255 Public Works 8,878,567 - - 1,379,305 460,206 10,718,078 Parks 5,916,078 - - 1,034 450 5,917,562 Capital Outlay: General Government - 2,672,078 - 144,659 - 2,816,737 Public Safety - - - 519,458 - 519,458 Public Works - - - 7,510,434 741,709 8,252,143 Parks 26,676 - - 435,761 - 462,437 Community Development - 152,717 - - - 152,717 Debt Service: Bond Principal - - 8,326,000 - - 8,326,000 Interest and Fiscal Charges - - 1,892,346 - - 1,892,346 Total Expenditures 49,174,600 5,697,097 10,218,346 10,432,331 1,466,180 76,988,554 REVENUES OVER (UNDER) EXPENDITURES 590,928 3,258,237 (6,393,805) (1,508,258) 1,058,699 (2,994,199) OTHER FINANCING SOURCES (USES) Transfers In 442,606 300,000 2,955,444 4,710,306 - 8,408,356 Transfers Out (4,503,106) - - (3,067,655) (68,895) (7,639,656) Sale of Capital Assets - 2,900,000 - 100,821 - 3,000,821 Bonds Issued - 7,545,000 4,085,343 5,189,657 - 16,820,000 Premium on Bonds Issued - 748,128 804,204 777,313 - 2,329,645 Total Other Financing Sources (Uses)(4,060,500) 11,493,128 7,844,991 7,710,442 (68,895) 22,919,166 NET INCREASE (DECREASE) IN FUND BALANCE (3,469,572) 14,751,365 1,451,186 6,202,184 989,804 19,924,967 Fund Balance - January 1 27,243,113 24,185,214 9,727,306 19,634,745 2,626,303 83,416,681 FUND BALANCE - DECEMBER 31 23,773,541$ 38,936,579$ 11,178,492$ 25,836,929$ 3,616,107$ 103,341,648$ CITY OF EDINA, MINNESOTA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (28) Total Net Change in Fund Balances - Governmental Funds 19,924,967$ Amounts reported for governmental activities in the Statement of Activities are different because: Capital assets are recorded in net position and the cost is allocated over their estimated useful lives as depreciation expense. However, fund balances are reduced for the full cost of capital outlays at the time of purchase. Capital Outlays 11,670,235 Depreciation Expense (7,191,666) A gain or loss on the disposal of capital assets, including the difference between the carrying value and any related sale proceeds, is included in the change in net position. However, only the sale proceeds and insurance recoveries are included in the change in fund balances. Proceeds from the Sale of Capital Assets (3,000,821) Gain (Loss) on the Sale of Capital Assets 101,404 Revenues in the statement of activities that do not provide current financial resources (property tax special assessment, and other unavailable receivables) are not reported as revenues in the funds.(808,224) The amount of debt issued, principal as well as any issuance premiums or discounts, are reported in the governmental funds as a source of financing. Debt obligations are not revenues in the Statement of Activities, but rather constitute long-term liabilities.(19,149,645) Repayment of long-term debt does not affect the change in net position. However, it reduces fund balances.8,326,000 Interest on long-term debt is included in the change in net position as it accrues, regardless of when payment is due. However, they are only included in the change in fund balances when due.(100,325) Debt issuance premiums and discounts are included in the change in net position as they are amortized over the life of the debt. Amortization for the current year is included in interest expense on the Statement of Activities. 710,372 Pension and Other Postemployment Benefit (OPEB) expenditures in the governmental funds are measured by current year employer contributions. Pension and OPEB expenses on the Statement of Activities are measured by the change in the net pension liability/total OPEB liability and the related deferred inflows and outflows of resources. Pension 3,358,226 OPEB (36,381) In the governmental funds, compensated absences expenditures are measured by the amount of financial resources used (amounts actually paid). In the Statement of Activities, however, compensated absences expenses are measured by the amounts earned during the year. Compensated Absences (185,418) Internal service funds are used by management to charge the costs of certain activities to individual funds. The change in net position of the internal service funds is included in the governmental activities in the Statement of Activities.1,115,288 Change in Net Position - Governmental Activities 14,734,012$ CITY OF EDINA, MINNESOTA STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (29) Governmental Activities Nonmajor Total Internal Aquatic Golf Enterprise Enterprise Service Utilities Liquor Center Course Arena Funds Funds Funds ASSETS Current Assets: Cash and Investments 24,913,241$ 2,512,175$ 2,239,912$ 1,026,830$ 558,186$ 2,209,813$ 33,460,157$ 3,848,168$ Restricted Cash and Investments - - - 590,491 1,766,452 - 2,356,943 - Interest Receivable 103,230 9,590 10,065 4,257 1,572 16,558 145,272 - Accounts Receivable, Net 6,721,714 442 - 15,891 177,516 48,983 6,964,546 26,287 Special Assessments Receivable 340,519 - - - - - 340,519 - Due from Other Governments - - - - - 3,070 3,070 100 Prepaid Expenses - 8,548 - 1,703 - - 10,251 629,476 Inventory 20,087 1,947,020 - 78,724 - - 2,045,831 - Total Current Assets 32,098,791 4,477,775 2,249,977 1,717,896 2,503,726 2,278,424 45,326,589 4,504,031 Noncurrent Assets: Net Capital Assets 103,226,545 1,609,048 1,412,332 10,419,977 6,802,429 7,423,859 130,894,190 - Total Assets 135,325,336 6,086,823 3,662,309 12,137,873 9,306,155 9,702,283 176,220,779 4,504,031 DEFERRED OUTFLOWS OF RESOURCES OPEB Deferred Outflows 9,909 10,189 - 6,605 5,551 8,000 40,254 - Pension Deferred Outflows 851,801 663,716 4,282 489,334 297,255 548,923 2,855,311 - Total Deferred Outflows of Resources 861,710 673,905 4,282 495,939 302,806 556,923 2,895,565 - LIABILITIES Current Liabilities: Accounts Payable 1,381,498 863,575 1,340 78,609 122,441 249,105 2,696,568 282,571 Salaries Payable 103,841 87,475 2,742 61,425 41,886 64,568 361,937 78,717 Accrued Interest Payable 429,997 - 8,917 111,712 30,010 - 580,636 - Contracts Payable 302,145 - - - - - 302,145 - Due to Other Governments 11,133 171,290 - 15,597 6,260 7,539 211,819 1,452 Unearned Revenue - 181,770 - 266,661 10,851 19,841 479,123 - Compensated Absences Payable 104,579 92,002 - 80,051 31,680 44,760 353,072 - Bonds Payable - Current 5,757,000 - 80,000 1,165,000 2,036,000 - 9,038,000 - Total Current Liabilities 8,090,193 1,396,112 92,999 1,779,055 2,279,128 385,813 14,023,300 362,740 Noncurrent Liabilities: Total OPEB Liability 43,446 42,980 - 51,131 17,722 46,282 201,561 - Net Pension Liability 1,128,376 879,220 5,672 648,217 393,771 727,152 3,782,408 - Compensated Absences Payable 156,868 138,004 - 120,077 47,519 67,141 529,609 - Bonds Payable, Net of Unamortized Discounts and Premiums 25,976,032 - 494,281 7,579,097 2,886,457 - 36,935,867 - Total Noncurrent Liabilities 27,304,722 1,060,204 499,953 8,398,522 3,345,469 840,575 41,449,445 - Total Liabilities 35,394,915 2,456,316 592,952 10,177,577 5,624,597 1,226,388 55,472,745 362,740 DEFERRED INFLOWS OF RESOURCES OPEB Deferred Inflows 42,896 36,661 - 24,706 23,506 27,897 155,666 - Pension Deferred Inflows 1,036,713 807,796 5,212 595,561 361,783 668,083 3,475,148 - Total Deferred Inflows of Resources 1,079,609 844,457 5,212 620,267 385,289 695,980 3,630,814 - Total Liabilities and Deferred Inflows of Resources 36,474,524 3,300,773 598,164 10,797,844 6,009,886 1,922,368 59,103,559 362,740 NET POSITION Net Investment in Capital Assets 71,191,368 1,609,048 838,051 2,266,371 3,646,424 7,423,859 86,975,121 - Restricted for Edina Law Debt - - 1,225,093 - - - 1,225,093 - Unrestricted 28,521,154 1,850,907 1,005,283 (430,403) (47,349) 912,979 31,812,571 4,141,291 Total Net Position 99,712,522$ 3,459,955$ 3,068,427$ 1,835,968$ 3,599,075$ 8,336,838$ 120,012,785$ 4,141,291$ 441,302 Net position of business-type activities 120,454,087$ Business-Type Activities - Enterprise Funds Explanation of different between Proprietary Funds Statement of Revenue, Expenses, and Changes in Fund Net Position and the Statement of Activities: The City uses internal service funds to charge the cost of its risk management, equipment operations, IT, and facilities management to individual funds. This amount represents the total income that has been allocated back to the business-type activities in the government- wide Statement of Activities that is attributable to the City's business-type activities each year: CITY OF EDINA, MINNESOTA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (30) Governmental Activities Nonmajor Total Internal Aquatic Golf Enterprise Enterprise Service Utilities Liquor Center Course Arena Funds Funds Funds OPERATING REVENUES Sales - Liquor -$ 14,116,427$ -$ 98$ -$ -$ 14,116,525$ -$ Sales - Retail - 196,805 6,736 309,799 26,101 6,845 546,286 - Sales - Utilities 26,335,795 - - - - - 26,335,795 - Sales - Concessions - - 155,701 52 175,297 24,551 355,601 - Memberships - - 371,891 201,499 - 77,902 651,292 - Admissions - - 468,839 1,170,367 23,500 262,290 1,924,996 - Lodging Tax - - - - - 3,090 3,090 - Building Rental - - 66,651 155,334 1,934,360 664,956 2,821,301 - Rental of Equipment - - - 381,616 2,144 108,923 492,683 - Greens Fees - - - 2,109,267 - 269,667 2,378,934 - Other Fees 1,327,798 - (94) 1,056,652 185,668 673,215 3,243,239 7,421,090 Total Operating Revenues 27,663,593 14,313,232 1,069,724 5,384,684 2,347,070 2,091,439 52,869,742 7,421,090 OPERATING EXPENSES Cost of Sales and Services - 10,353,194 60,370 235,073 67,517 10,704 10,726,858 - Personal Services 2,812,860 1,988,809 382,375 2,271,801 990,205 1,228,326 9,674,376 2,153,814 Contractual Services 10,671,011 686,621 232,907 694,017 843,938 842,903 13,971,397 2,706,930 Commodities 1,148,518 57,600 75,914 497,948 73,955 212,558 2,066,493 1,137,038 Internal Services 1,387,265 312,725 44,281 242,329 212,718 369,447 2,568,765 - Depreciation 5,931,178 120,830 283,470 894,499 657,745 667,524 8,555,246 - Total Operating Expenses 21,950,832 13,519,779 1,079,317 4,835,667 2,846,078 3,331,462 47,563,135 5,997,782 OPERATING INCOME (LOSS)5,712,761 793,453 (9,593) 549,017 (499,008) (1,240,023) 5,306,607 1,423,308 NONOPERATING REVENUES (EXPENSES) Intergovernmental 384,268 - - - - - 384,268 - Investment Income (100,528) (13,299) (10,212) (6,229) (1,186) (10,196) (141,650) - Donations - - - - - 3,602 3,602 - Interest and Fiscal Charges (1,048,696) - (21,667) (269,713) (73,226) - (1,413,302) - Amortization of Bond Premiums (Discounts)964,536 - 27,803 156,071 12,623 - 1,161,033 - Gain (Loss) on Sale of Capital Assets 17,437 - - - - - 17,437 - Miscellaneous 9,092 345 15,164 - 608 81,414 106,623 - Total Nonoperating Revenues (Expenses)226,109 (12,954) 11,088 (119,871) (61,181) 74,820 118,011 - INCOME (LOSS) BEFORE TRANSFERS 5,938,870 780,499 1,495 429,146 (560,189) (1,165,203) 5,424,618 1,423,308 TRANSFERS Transfers In - 4,156 17,269 53,364 340,605 412,477 827,871 3,760 Transfers Out (750,331) (850,000) - - - - (1,600,331) - Total Transfers (750,331) (845,844) 17,269 53,364 340,605 412,477 (772,460) 3,760 CHANGE IN NET POSITION 5,188,539 (65,345) 18,764 482,510 (219,584) (752,726) 4,652,158 1,427,068 Net Position - January 1 94,523,983 3,525,300 3,049,663 1,353,458 3,818,659 9,089,564 115,360,627 2,714,223 NET POSITION - DECEMBER 31 99,712,522$ 3,459,955$ 3,068,427$ 1,835,968$ 3,599,075$ 8,336,838$ 120,012,785$ 4,141,291$ 311,780 Change in net position of business-type activities 4,963,938$ Business-Type Activities - Enterprise Funds Explanation of different between Proprietary Funds Statement of Revenue, Expenses, and Changes in Fund Net Position and the Statement of Activities: The City uses internal service funds to charge the cost of its risk management, equipment operations, IT, and facilities management to individual funds. This amount represents the income that has been allocated back to the business-type activities in the government-wide Statement of Activities that is attributable to the City's business-type activities: CITY OF EDINA, MINNESOTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (31) Governmental Activities Nonmajor Total Internal Aquatic Golf Enterprise Enterprise Service Utilities Liquor Center Course Arena Funds Funds Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Customers and Users 26,903,783$ 14,391,252$ 1,084,888$ 5,445,033$ 2,337,468$ 2,148,491$ 52,310,915$ -$ Receipts from City Funds - - - - - - - 7,430,013 Payment to Suppliers (11,719,872) (11,054,066) (412,631) (1,589,371) (1,110,101) (1,218,012) (27,104,053) (3,546,320) Payment to Employees (2,517,122) (2,062,603) (374,617) (2,118,260) (973,104) (1,692,729) (9,738,435) (2,152,905) Net Cash Provided (Used) by Operating Activities 12,666,789 1,274,583 297,640 1,737,402 254,263 (762,250) 15,468,427 1,730,788 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfer from Other Funds - 4,156 17,269 53,364 340,605 412,477 827,871 3,760 Transfer to Other Funds (750,331) (850,000) - - - - (1,600,331) - Net Cash Provided (Used) by Noncapital Financing Activities (750,331) (845,844) 17,269 53,364 340,605 412,477 (772,460) 3,760 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Grant 405,642 - - - - - 405,642 - Proceeds from Capital Debt - - - 601,624 1,800,054 - 2,401,678 - Acquisition of Capital Assets (9,819,247) (64,684) (346) (49,053) (51,570) (167,138) (10,152,038) - Proceeds from Disposals of Capital Assets 17,436 - - - - - 17,436 - Principal Paid on Bonds (6,920,000) - (80,000) (565,000) (264,000) - (7,829,000) - Interest and Fiscal Charges Paid on Bonds (1,143,996) - (23,000) (277,734) (75,988) - (1,520,718) - Net Cash Provided (Used) by Capital and Related Financing Activities (17,460,165) (64,684) (103,346) (290,163) 1,408,496 (167,138) (16,677,000) - CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 65,648 30,652 23,536 14,374 2,781 23,500 160,491 - Purchase of Investments - - - (590,489) (1,766,446) - (2,356,935) - Sale of Investments 1,730,384 - - - - - 1,730,384 - Net Cash Flows Provided (Used) by Investing Activities 1,796,032 30,652 23,536 (576,115) (1,763,665) 23,500 (466,060) - NET INCREASE (DECREASE) IN CASH (3,747,675) 394,707 235,099 924,488 239,699 (493,411) (2,447,093) 1,734,548 Cash - January 1 25,508,981 2,127,298 2,001,603 107,925 316,644 2,674,111 32,736,562 2,113,620 CASH - DECEMBER 31 21,761,306$ 2,522,005$ 2,236,702$ 1,032,413$ 556,343$ 2,180,700$ 30,289,469$ 3,848,168$ CASH AND INVESTMENTS PRESENTED IN THE STATEMENT OF NET POSITION Cash 21,761,306$ 2,522,005$ 2,236,702$ 1,032,413$ 556,343$ 2,180,700$ 30,289,469$ 3,848,168$ Investments 3,151,935 (9,830) 3,210 (5,583) 1,843 29,113 3,170,688 - Total Cash and Investments 24,913,241$ 2,512,175$ 2,239,912$ 1,026,830$ 558,186$ 2,209,813$ 33,460,157$ 3,848,168$ Business-Type Activities - Enterprise Funds CITY OF EDINA, MINNESOTA STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (32) Governmental Activities Risk Nonmajor Total Management Aquatic Golf Enterprise Enterprise Internal Utilities Liquor Center Course Arena Funds Funds Service Fund RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating Income (Loss) 5,712,761$ 793,453$ (9,593)$ 549,017$ (499,008)$ (1,240,023)$ 5,306,607$ 1,423,308$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Depreciation 5,931,178 120,830 283,470 894,499 657,745 667,524 8,555,246 - Miscellaneous Income 9,092 345 15,164 - 608 85,016 110,225 - (Increase) Decrease in: Accounts Receivable (735,383) 219 - (13,122) (16,515) (14,090) (778,891) (7,303) Special Assessments Receivable (33,519) - - - - - (33,519) - Due from Other Governments - - - - - (3,070) (3,070) 16,226 Inventory (3,801) (481,066) - 24,353 - 3,447 (457,067) - Prepaid Expenses 1,598 14,903 - (816) - - 15,685 172,914 Deferred Outflows of Resources (743,379) (554,905) (4,282) (427,323) (251,039) (424,125) (2,405,053) - Increase (Decrease) in: Accounts Payable 1,486,233 817,242 841 44,957 84,124 206,723 2,640,120 124,606 Salaries Payable 5,402 10,462 1,156 7,596 9,183 4,659 38,458 909 Due to Other Governments 2,892 4,995 - 11,502 3,903 7,430 30,722 128 Unearned Revenue - 77,456 - 73,471 6,305 (10,804) 146,428 - Total OPEB Liability 9,061 7,413 - 4,942 4,942 6,590 32,948 - Net Pension Liability (31,625) (280,781) 5,672 (14,640) (103,372) (598,563) (1,023,309) - Compensated Absences 83,252 (1,150) - 23,646 23,577 (50,677) 78,648 - Deferred Inflows of Resources 973,027 745,167 5,212 559,320 333,810 597,713 3,214,249 - Total Adjustments 6,954,028 481,130 307,233 1,188,385 753,271 477,773 10,161,820 307,480 Net Cash Provided (Used) by Operating Activities 12,666,789$ 1,274,583$ 297,640$ 1,737,402$ 254,263$ (762,250)$ 15,468,427$ 1,730,788$ NONCASH INVESTING ACTIVITIES Increase in Fair Value of Investments (240,630)$ (44,766)$ (34,374)$ (20,992)$ (4,062)$ (34,321)$ (379,145)$ -$ NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of Capital Assets with Contracts Payable 302,145$ -$ -$ -$ -$ -$ 302,145$ -$ Capital Assets Contributed (to) from Other Funds -$ -$ -$ -$ -$ -$ -$ -$ Business-Type Activities - Enterprise Funds CITY OF EDINA, MINNESOTA STATEMENT OF FIDUCIARY NET POSITION AND STATEMENT OF CHANGES IN FIDICUARIY NET POSITION CUSTODIAL FUNDS DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (33) Custodial Funds Cash and Investments 342,719$ Accounts Receivable 17,585 Total Assets 360,304 Accounts Payable 124,406 Salaries Payable 17,913 Due to Other Governmental Units 12,037 Unearned Revenue 5,163 Total Liabilities 159,519 Restricted for Organizations and Other Governments 200,785$ Collections on Behalf of Others 1,662,677$ Payments on Behalf of Others 2,074,559 Net Increase (Decrease) in Fiduciary Net Position (411,882) Net Position - Beginning 612,667 Net Position - Ending 200,785$ ASSETS LIABILITIES ADDITIONS DEDUCTIONS NET POSITION CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (34) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Edina (the City) was incorporated in 1888 and operates under the state of Minnesota Statutory Plan B form of government. The governing body consists of a five- member City Council elected by voters of the City. The financial statements of the City have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governmental units by the Governmental Accounting Standards Board (GASB). The following is a summary of significant accounting policies. A. Financial Reporting Entity The City’s financial reporting entity consists of (a) the primary government, (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. The primary government is financially accountable for the component unit if it appoints a voting majority of the component unit’s governing body and is able to impose its will on the component unit or there is a potential for the component unit to provide specific financial benefits to, or impose specific financial burdens on, the primary government. As required by accounting principles generally accepted in the United States of America, the financial statements of the reporting entity include those of the City of Edina (the primary government) and its component units. The component unit discussed below is included in the City’s reporting entity because of the significance of its operational or financial relationships with the City. Component Unit In conformity with accounting principles generally accepted in the United States of America, the financial statements of the component unit have been included in the financial reporting entity as a blended component unit. The Housing and Redevelopment Authority (HRA) is an entity legally separate from the City. However, for financial reporting purposes, the HRA is reported as if it were part of the City’s operations for two reasons. First, the HRA’s governing body is substantively the same as the governing body of the City. Specifically, the HRA board consists of five members, all of which are City Council members. Second, management of the City has operational responsibility for the HRA. Specifically, sales of bonds or other obligations of the HRA are approved by the City Council; the HRA follows the budget process for City departments in accordance with City policy; the annual HRA budget is approved by City Council; the HRA submits its plan for development and redevelopment to the City Council for approval; lastly, the administrative structure and management practices and policies of the HRA are approved by the City Council. The activity of the HRA is reported in the Special Revenue Funds. Separate financial statements are not prepared for the HRA. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (35) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 nonfiduciary activities of the City. 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 business-type activity are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or business-type activity. 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 business-type activity and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or business type activity. Taxes and other items not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Aggregated information for the remaining nonmajor governmental and enterprise funds is reported in a single column in the fund financial statements. 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 and fiduciary fund financial statements. The City’s only fiduciary fund type, custodial funds, are custodial in nature and do not have a measurement focus. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. 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 City considers all revenues, except reimbursement grants, to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, other postemployment benefits (OPEB), net pension liabilities, and claims and judgments are recorded only when payment is due. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (36) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Property taxes, special assessments, intergovernmental revenues, charges for services and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the City. The City reports the following major governmental funds: The general fund is the government’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The special revenue Housing and Redevelopment Authority fund is used to account for revenues from several sources (property taxes, bond proceeds, investment earnings, etc.) that are restricted for housing and redevelopment. The debt service fund accounts for the payment of principal and interest on General Obligation, Permanent Improvement Revolving, Public Project Revenue Bonds, and Edina Emerald Energy Program Bonds. The capital projects construction fund accounts for the various special assessment and state aid projects throughout the City. This fund also provides financing for capital improvements as restricted in the City’s capital improvement budget. The City reports the following major proprietary funds: The utilities fund accounts for the provision of water, sewer, storm, and recycling services to the City’s residents. The liquor fund accounts for the operation of the City’s three liquor stores. The aquatic center fund accounts for the operation of the City’s aquatic center. The golf course fund accounts for the operation of the City’s two golf courses and a golf dome. The arena fund accounts for the operation of the City’s ice arena. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (37) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Additionally, the City reports the following fund types: Internal service funds – the risk management, equipment operations, information technology, and facilities management internal service funds account for costs of insurance and risk management programs, equipment operations, IT services, and facilities management across all municipal departments. Internal service funds operate in a manner similar to enterprise funds; however, it provides services primarily to other departments within the City. Custodial funds – the police seizure, Public Safety Training Facility, and Minnesota Task Force 1 funds account for fees collected for other government agencies. As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are transactions that would be treated as revenues, expenditures or expenses if they involved external organizations, such as buying goods and services or payments in lieu of taxes, are similarly treated when they involve other funds of the City of Edina. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 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 City’s enterprise funds and internal service fund are charges to customers for sales and services. Operating expenses for the enterprise funds and internal service fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Aggregated information for the internal service funds is reported in a single column in the proprietary fund financial statements. These services have been allocated proportionately to governmental and business-type activities in the government-wide financial statements. The cost of these services is reported in the appropriate functional activity. Depreciation expense is included in the direct expenses of each function. Interest on long-term debt is considered an indirect expense and is reported separately on the statement of activities. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (38) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Cash and Investments Cash and Investments The cash balances of the City and its component unit are pooled and invested for the purpose of increasing earnings through investment activities. The pool’s investments are reported at fair value at year-end, except for investments in external investment pools, which are stated at amortized cost. The City has the ability and intent to hold its investments to maturity. The individual funds’ portions of the pool’s fair value are presented as “Cash and investments.” Earnings from such investments are allocated to the respective funds on the basis of applicable cash balance participation by each fund. The City provides temporary advances to funds that have insufficient cash and investment balances by means of an advance from another fund shown as interfund receivables in the advancing fund, and an interfund payable in the fund with the deficit, until adequate resources are received. These interfund balances are eliminated on the government-wide financial statements. The City categorizes its fair value measurements within the fair value hierarchy established by accounting principles generally accepted in the United States of America. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Debt securities classified in Level 2 of the fair value hierarchy are valued using evaluations based on various market and industry inputs. See Note 2 for the City’s recurring fair value measurements as of the current year-end. Restricted Cash and Investments Restricted cash and investments represent bond proceeds held for specific purposes. Earnings on these investments are allocated directly to these funds. Cash Equivalents For the purposes of the statement of cash flows, the City considers all highly liquid debt instruments with an original maturity from the time of purchase by the City of three months or less to be cash equivalents. The proprietary funds’ portion in the government- wide cash and investment management pool is considered to be cash equivalent. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (39) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. Receivables and Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. Short-term interfund loans are classified as “due to/from other funds.” All short-term interfund receivables and payables at December 31, 2021 are planned to be eliminated in 2022. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government- wide financial statements as “internal balances.” Property taxes and special assessments receivables have been reported net of estimated uncollectible accounts. Because utility bills are considered liens on property, no estimated uncollectible amounts are established. Uncollectible amounts are not material for other receivables and have not been reported. F. Revenue Recognition 1. Property Tax Revenue Recognition The City Council annually adopts a tax levy and certifies it to the County in December (levy/assessment date) of each year for collection in the following year. The County is responsible for billing and collecting all property taxes for itself, the City, the local School District, and other taxing authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that date. Real property taxes are payable (by property owners) on May 15 and October 15 of each calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each year. These taxes are collected by the County and remitted to the City on or before July 7 and December 2 of the same year. Delinquent collections for November and December are received the following January. The City has no ability to enforce payment of property taxes by property owners. The County possesses this authority. Government-Wide Financial Statements The City recognizes property tax revenue in the period for which the taxes were levied. Uncollectible property taxes are not material and have not been reported. Governmental Fund Financial Statements The City recognizes property tax revenue when it becomes both measurable and available to finance expenditures of the current period. In practice, current and delinquent taxes and state credits received by the City in July, December, and January are recognized as revenue for the current year. Taxes collected by the County by December 31 (remitted to the City the following January) and taxes and credits not received at the year-end are classified as delinquent and due from County taxes receivable. The portion of delinquent taxes not collected by the City in January are fully offset by deferred inflows of resources because they are not available to finance current expenditures. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (40) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F. Revenue Recognition (Continued) 2. Special Assessment Revenue Recognition Special assessments are levied against benefited properties for the cost or a portion of the cost of special assessment improvement projects in accordance with state statutes. These assessments are collectible by the City over a term of years usually consistent with the term of the related bond issue. Collection of annual installments (including interest) is handled by the County Auditor in the same manner as property taxes. Property owners are allowed to (and often do) prepay future installments without interest or prepayment penalties. Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that property until full payment is made or the amount is determined to be excessive by the City Council or court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit sale. Pursuant to state statutes, a property shall be subject to a tax forfeit sale after three years unless it is homesteaded, agricultural, or seasonal recreational land in which event the property is subject to such sale after five years. Government-Wide Financial Statements The City recognizes special assessment revenue in the period that the assessment roll was adopted by the City Council. Uncollectible special assessments are not material and have not been reported. Governmental Fund Financial Statements Revenue from special assessments is recognized by the City when it becomes measurable and available to finance expenditures of the current fiscal period. In practice, current and delinquent special assessments received by the City are recognized as revenue for the current year. Special assessments that are collected by the County by December 31 (remitted to the City the following January) are also recognized as revenue for the current year. All remaining delinquent, deferred, and special deferred assessments receivable in governmental funds are completely offset by deferred inflows of resources. The following is a breakdown of special assessments receivable at December 31, 2021: Enterprise Funds Debt Service Construction Utilities Special Assessments Receivable: Delinquent 478$ 40,457$ 29,424$ Deferred 1,965,097 18,428,028 311,095 Total 1,965,575$ 18,468,485$ 340,519$ Governmental Funds CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (41) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) G. Inventories and Prepaid Items Inventories of the proprietary funds are stated at cost and are recorded as expenses when consumed rather than when purchased. All inventories use the first-in/first-out (FIFO) method. 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 and are recorded as expenditures or expenses when consumed. H. Capital Assets Capital assets, which include property, buildings, improvements, equipment, parks, infrastructure assets (roads, bridges, sidewalks, and similar items), and intangible assets such as easements, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are also reported in the proprietary fund financial statements but not in the governmental fund financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $10,000 (amount not rounded) and an estimated useful life in excess of three years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition 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. Infrastructure assets include all of the City’s assets since inception. Property, plant, and equipment of the primary government are depreciated using the straight-line method over the following estimated useful lives: Assets Life Golf Course 10 to 35 Years Land Improvements 15 to 50 Years Building and Structures 15 to 40 Years Furniture and Office Equipment 5 to 10 Years Vehicles and Equipment 3 to 20 Years Parks 5 to 100 Years Utility Infrastructure 20 to 50 Years Capital assets that are not depreciated include land, easements, and construction in progress. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (42) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) I. Compensated Absences It is the City’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements. In accordance with the provisions of accounting principles generally accepted in the United States of America no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized in the government-wide and proprietary fund financial statements for that portion of accumulating sick leave benefits that is vested as severance pay. According to City policy, vested sick leave benefits are liquidated into a health care savings plan upon separation. J. State-Wide Pension Plans For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Public Employees Retirement Association (PERA) and additions to/deductions from the PERA’s fiduciary net position have been determined on the same basis as they are reported by the PERA except that the PERA’s fiscal year-end is June 30. For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments and refunds are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Pension liabilities are liquidated by various governmental funds based on where the corresponding employees’ salaries are allocated. K. Long-Term Obligations In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bond using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued plus any premium received is reported as other financing sources. Discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (43) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) L. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City has two items which qualifies for reporting in this category. Deferred outflows of resources related to pensions and OPEB are reported in the government-wide and enterprise funds statement of net position. These deferred outflows result from differences between expected and actual experience, changes of assumptions, differences between projected and actual investment earnings, changes in proportion, and contributions to the plan subsequent to the measurement date and before the end of the reporting period. These amounts are deferred and amortized as required under pension and OPEB standards. In addition to liabilities, statements of financial position or balance sheets will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The City has three items which qualify for reporting in this category. Unavailable revenue is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenue from two sources: property taxes and special assessments. These amounts are deferred and recognized as an inflow of resources in the period the amounts become available. Deferred inflows of resources related to pensions and OPEB are reported in the government-wide and enterprise fund statement of net position. These deferred inflows result from differences between expected and actual experience, changes of assumptions, and the difference between projected and actual investment earnings. These amounts are deferred and amortized as required under pension and OPEB standards. M. Interfund Transactions Interfund services provided and used are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/ expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. Interfund loans are reported as an interfund loan receivable or payable which offsets the movement of cash between funds. All other interfund transactions are reported as transfers and are eliminated to the extent possible on the government-wide statements. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (44) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) N. Fund Balance Classification 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 – Consists of amounts that are not in spendable form, such as prepaid items, inventory, and other long-term assets. • Restricted – Consists of amounts related to externally imposed constraints established by creditors, grantors, or contributors; or constraints imposed by state statutory provisions. • Committed – Consists of internally imposed constraints that are established by resolution of the City Council. Those committed amounts cannot be used for any other purpose unless the City Council removes or changes the specified use by taking the same type of action it employed to previously commit those amounts. • Assigned – Consists of internally imposed constraints. These constraints consist of amounts intended to be used by the City for specific purposes but do not meet the criteria to be classified as restricted or committed. In the general fund, assigned amounts represent intended uses established by the City Council. In the fund balance policy, authority to assign amounts for specific purposes is limited to the City Council. • Unassigned – The residual classification for the general fund which also reflects negative residual amounts in other funds. When both restricted and unrestricted resources are available for use, it is the City’s policy to first use restricted resources, and then use unrestricted resources as they are needed. When committed, assigned, or unassigned resources are available for use, it is the City’s policy to use resources in the following order: 1) committed, 2) assigned, and 3) unassigned. O. Net Position In the government-wide and proprietary fund financial statements, net position represents the difference between assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Net position is displayed in three components: • 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. • Restricted Net Position – Consists of net position restricted when there are limitations imposed on their use through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (45) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) O. Net Position (Continued) • Unrestricted Net Position – All other net position that do not meet the definition of “restricted” or “net investment in capital assets.” When both restricted and unrestricted resources are available for use, it is the City’s policy to first use restricted resources, and then use unrestricted resources as they are needed. P. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect amounts reported in the financial statements during the reporting period. Actual results could differ from such estimates. NOTE 2 CASH AND INVESTMENTS A. Components of Cash and Investments Cash and investments at year-end consist of the following: Deposits (1,838,594)$ Cash on hand 36,050 Investments 143,008,212 Total 141,205,668$ Cash and investments are presented in the financial statements as follows: Cash and Investments - Statement of Net Position 133,549,812$ Restricted Cash and Investments - Statement of Net Position 7,313,137 Cash and Investments - Statement of Fiduciary Net Position 342,719 Total 141,205,668$ The City had restricted investments of $7,313,137 as of December 31, 2021 that represents unspent bond proceeds to be used for bond refunding payments in 2022. B. Deposits In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks authorized by the City Council, including checking accounts, savings accounts, and certificates of deposit. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (46) NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED) B. Deposits (Continued) The following is considered the most significant risk associated with deposits: Custodial Credit Risk – In the case of deposits, this is the risk that in the event of a bank failure, the City’s deposits may be lost. Minnesota Statutes require that all deposits be protected by federal deposit insurance, corporate surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by federal deposit insurance or corporate surety bonds. Authorized collateral includes treasury bills, notes, and bonds; issues of U.S. government agencies; general obligations rated “A” or better; revenue obligations rated “AA” or better; irrevocable standard letters of credit issued by the Federal Home Loan Bank; and certificates of deposit. Minnesota Statutes require that securities pledged as collateral be held in safekeeping in a restricted account at the Federal Reserve Bank or in an account at a trust department of a commercial bank or other financial institution that is not owned or controlled by the financial institution furnishing the collateral. The City’s investment policy does not contain further restrictions on the types of collateral required. At year-end, the carrying amount of the City’s deposits was ($1,838,594) while the balance on the bank records was $657,623. At December 31, 2021, all of the City’s deposits were properly collateralized in accordance with state statutes. C. Investments The City has the following investments at year-end: Fair Value Measurements Investment Rating Agency Using < 1 1 to 5 6 to 10 > 10 Total U.S. Treasuries N/A N/A Level 1 -$ 16,904,363$ 7,495,384$ -$ 24,399,747$ Negotiable CDs N/R N/R Level 2 2,732,073 3,802,216 - - 6,534,289 SBA Notes AA+S&P Level 1 - 81,813 363,578 - 445,391 FHLB AA+S&P Level 2 76,019 467,069 - - 543,088 FHLMC AA+S&P Level 2 - 18,983 182,678 1,498,496 1,700,157 FNMA AA+S&P Level 2 - 1,822,974 869,067 8,171,656 10,863,697 FFCB AA+S&P Level 2 - 17,857 - - 17,857 Municipal Bonds AA- to AAA S&P Level 2 22,439,081 20,368,500 881,770 - 43,689,351 Corporate Bonds AA+S&P Level 2 - 986,210 - - 986,210 Subtotal 25,247,173$ 44,469,985$ 9,792,477$ 9,670,152$ Money Market*53,065,274 4M Fund*763,151 Total investments 143,008,212$ N/A - Not Applicable N/R - Not Rated * - The City's money market investments do not have maturities Interest Risk - Credit Risk Maturity Duration in Years CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (47) NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED) C. Investments (Continued) The Minnesota Municipal Money Market Fund (4M Fund) is regulated by Minnesota Statutes and the board of directors of the League of Minnesota Cities. The 4M Fund is an external investment pool not registered with the Securities Exchange Commission (SEC) that follows the same regulatory rules of the SEC. The City’s investment in the 4M Fund is measured at amortized cost which approximates fair value. The fair value of its position in the pool is the same as the value of the pool shares. The fund does not have any limitations or restrictions on participant withdrawals. Investments are subject to various risks, the following of which are considered the most significant: Custodial Credit Risk – For investments, this is the risk that in the event of a failure of the counterparty to an investment transaction (typically a broker-dealer) the City would not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The City’s investment policy specifically addresses custodial credit risk, requiring the City to limit its exposure by purchasing insured or registered investments, or by the control of who holds the securities. Credit Risk – This is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Minnesota Statutes limit the City’s investments to direct obligations or obligations guaranteed by the United States or its agencies; shares of investment companies registered under the Federal Investment Company Act of 1940 that receive the highest credit rating, are rated in one of the two highest rating categories by a statistical rating agency, and all of the investments have a final maturity of thirteen months or less; general obligations rated “AA” or better; general obligations of the Minnesota Housing Finance Agency rated “A” or better; bankers’ acceptances of United States banks eligible for purchase by the Federal Reserve System; commercial paper issued by United States corporations or their Canadian subsidiaries, rated of the highest quality category by at least two nationally recognized rating agencies, and maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a United States commercial bank, domestic branch of a foreign bank, or a United States insurance company, and with a credit quality in one of the top two highest categories; repurchase or reverse repurchase agreements and securities lending agreements with financial institutions qualified as a “depository” by the government entity, with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, that are a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. The City’s investment policies specifically address credit risk, further limiting the City’s exposure to credit risk by requiring that all state and local government obligations to be rated “AA” or better by a national rating agency. Concentration Risk – This is the risk associated with investing a significant portion of the City’s investment (considered 5% or more) in the securities of a single issuer, excluding U.S. guaranteed investments (such as Treasuries), investment pools, and mutual funds. The City’s investment policies specifically address the City’s desire to limit concentration risk, but do not set specific guidelines for measurement of this risk. At year-end, the City’s investments include 12.18% in securities issued by FNMA. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (48) NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED) C. Investments (Continued) Interest Rate Risk – This is the risk of potential variability in the fair value of fixed rate investment resulting in changes in interest rates (the longer the period for which an interest rate is fixed, the greater the risk). The City’s investment policies specifically address the City’s desire to limit interest rate risk, but do not set specific guidelines for measurement of this risk. NOTE 3 CAPITAL ASSETS Capital asset activity for the year ended December 31, 2021 is as follows: Beginning Ending Balance Increases Decreases Balance Governmental Activities: Capital Assets Not Being Depreciated: Land 24,298,526$ -$ (2,893,443)$ 21,405,083$ Easements 253,000 - - 253,000 Construction in Progress 6,691,865 9,803,421 (4,004,245) 12,491,041 Total Capital Assets Not Being Depreciated 31,243,391 9,803,421 (6,897,688) 34,149,124 Capital Assets Being Depreciated: Land Improvements 26,121,978 1,267,588 - 27,389,566 Buildings and Structures 64,210,041 453,471 - 64,663,512 Furniture and Office Equipment 3,937,521 136,831 (23,385) 4,050,967 Vehicles and Equipment 21,429,509 1,718,422 (791,417) 22,356,514 Infrastructure 156,222,111 - - 156,222,111 Parks 23,909,130 2,294,747 - 26,203,877 Total Capital Assets Being Depreciated 295,830,290 5,871,059 (814,802) 300,886,547 Less Accumulated Depreciation for: Land Improvements (20,306,442) (522,640) - (20,829,082) Buildings and Structures (29,112,739) (1,746,052) - (30,858,791) Furniture and Office Equipment (3,659,188) (89,708) 23,385 (3,725,511) Vehicles and Equipment (11,000,197) (1,777,313) 785,443 (11,992,067) Infrastructure (73,041,421) (2,052,840) - (75,094,261) Parks (14,433,644) (1,003,113) - (15,436,757) Total Accumulated Depreciation (151,553,631) (7,191,666) 808,828 (157,936,469) Total Capital Assets Being Depreciated, Net 144,276,659 (1,320,607) (5,974) 142,950,078 Governmental Activities Capital Assets, Net 175,520,050$ 8,482,814$ (6,903,662)$ 177,099,202$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (49) NOTE 3 CAPITAL ASSETS (CONTINUED) Beginning Ending Balance Increases Decreases Balance Business-Type Activities: Capital Assets Not Being Depreciated: Land 285,341$ -$ -$ 285,341$ Easements 35,600 - - 35,600 Construction in Progress 6,318,348 9,407,009 (2,565,256) 13,160,101 Total Capital Assets Not Being Depreciated 6,639,289 9,407,009 (2,565,256) 13,481,042 Capital Assets Being Depreciated: Land Improvements and Golf Course 15,689,326 33,389 - 15,722,715 Buildings and Structures 39,120,897 108,457 - 39,229,354 Furniture and Office Equipment 140,448 - - 140,448 Vehicles and Equipment 14,006,550 579,038 (19,890) 14,565,698 Utility Infrastructure 156,666,203 2,379,729 - 159,045,932 Lease Property Capital Lease 430,614 - - 430,614 Total Capital Assets Being Depreciated 226,054,038 3,100,613 (19,890) 229,134,761 Less Accumulated Depreciation for: Land Improvements and Golf Course (5,422,460) (706,954) - (6,129,414) Buildings and Structures (21,671,870) (1,624,533) - (23,296,403) Furniture and Office Equipment (140,448) - - (140,448) Vehicles and Equipment (8,330,481) (793,963) 19,890 (9,104,554) Utility infrastructure (67,190,384) (5,429,796) - (72,620,180) Lease Property Capital Lease (430,614) - - (430,614) Total Accumulated Depreciation (103,186,257) (8,555,246) 19,890 (111,721,613) Total Capital Assets Being Depreciated, Net 122,867,781 (5,454,633) - 117,413,148 Business-Type Activities Capital Assets, Net 129,507,070$ 3,952,376$ (2,565,256)$ 130,894,190$ Depreciation expense was charged to functions/programs of the primary government as follows: Governmental Activities: General Government 190,093$ Public Safety 1,591,894 Public Works 3,728,298 Parks 1,681,381 Total Depreciation Expense - Governmental Activities 7,191,666$ Business-Type Activities: Utilities 5,931,178$ Liquor 120,830 Aquatic Center 283,470 Golf Course 894,499 Arena 657,745 Art Center 5,892 Edinborough Park 100,562 Centennial Lakes 37,144 Sports Dome 523,926 Total Depreciation Expense - Business-Type Activities 8,555,246$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (50) NOTE 3 CAPITAL ASSETS (CONTINUED) Construction Commitments At December 31, 2021, the City had construction project contracts in progress. The commitments related to the remaining contract balances are summarized as follows: Contract Remaining Project #Project Description Amount Commitment ENG21-1 Creek Knoll A&B 2,904,014$ 99,330$ ENG21-2 Melody Lake A/B, Grandview A, Birchcrest C 10,536,643 1,164,632 ENG21-6 Eden Ave & Brookside 4,204,575 3,387,276 ENG21-12 Highlands Park Trail Improvements 124,196 8,300 ENG21-13 Townes Road Sump Drain 41,159 41,159 ENG21026 GV Pedestrian Bridge 1,857,023 1,630,295 Total 6,330,992$ Commitments above that are significant to the applicable fund include the Eden Ave & Brookside Project in the HRA fund, the Grandview Pedestrian Bridge in the HRA fund, and the Melody Lake A/B, Grandview A, and Birchcrest C project in the PIR Construction fund and the Utilities fund. NOTE 4 LONG-TERM DEBT The City has five types of bonded debt outstanding at December 31, 2021: general obligation bonds, permanent improvement revolving bonds, tax increment financing bonds, public project revenue bonds, and G.O. revenue bonds. The first type is payable from general property taxes. The second type is payable primarily from special assessments with any deficiency to be provided for by general property taxes. The third type is payable from future tax increment payments received. The fourth type is payable solely from annual appropriation lease payments received from the City of Edina pursuant to a lease between the Edina Housing and Redevelopment Authority and the City. The fifth type is payable primarily from enterprise revenue with any deficiency to be provided for by general property taxes. The reporting entity’s long-term debt is segregated between the amounts to be repaid from governmental activities and amounts to be repaid from business-type activities. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (51) NOTE 4 LONG-TERM DEBT (CONTINUED) Governmental Activities As of December 31, 2021, the governmental long-term bonded debt of the financial reporting entity consisted of the following: Final Interest Issue Maturity Original Payable Rates Date Date Issue 12/31/2021 General Obligation Bonds: General Obligation - Capital Improvement Plan, 2013A - Refunding 3.00-3.50%10/10/2013 2/1/2030 5,710,000$ 3,330,000$ General Obligation, 2016A - Refunding 2.00-3.00%7/6/2016 2/1/2028 3,635,000 2,440,000 General Obligation, 2017C - Refunding 2.05-400%12/14/2017 2/1/2029 8,955,000 6,900,000 General Obligation Equipment Certificate, 2019A 3.00-5.00%6/13/2019 2/1/2036 2,805,000 2,550,000 General Obligation, 2021B - Refunding 5.00%12/16/2021 2/1/2030 2,515,000 2,515,000 Total General Obligation Bonds 23,620,000 17,735,000 Permanent Improvement Revolving (PIR) Bonds: Permanent Improvement Revolving, 2010B 2.00-3.00%11/18/2010 2/1/2022 2,305,000 255,000 Permanent Improvement Revolving, 2011A 2.00-3.00%10/27/2011 2/1/2023 3,320,000 730,000 Permanent Improvement Revolving, 2013A 3.00-3.50%10/10/2013 2/1/2030 2,555,000 1,665,000 Permanent Improvement Revolving, 2015A 2.00-4.00%7/9/2015 2/1/2032 6,545,000 5,075,000 Permanent Improvement Revolving, 2015A - Parking 2.00-4.00%7/9/2015 2/1/2036 2,495,000 2,005,000 Permanent Improvement Revolving, 2016A 2.00-3.00%7/6/2016 2/1/2033 3,940,000 3,275,000 Permanent Improvement Revolving, 2017A 3.00-4.00%6/29/2017 2/1/2034 1,995,000 1,790,000 Permanent Improvement Revolving, 2018A 3.00-4.00%6/27/2018 2/1/2035 2,210,000 2,095,000 Permanent Improvement Revolving, 2019A 3.00-4.00%6/13/2019 2/1/2036 2,195,000 2,195,000 Permanent Improvement Revolving, 2020A 2.00-4.00%6/25/2020 2/1/2037 390,000 390,000 Permanent Improvement Revolving, 2020B 1.09%12/30/2020 2/1/2029 1,601,000 1,505,000 Permanent Improvement Revolving, 2021A 2.00-4.00%6/24/2021 2/1/2043 5,480,000 5,480,000 Permanent Improvement Revolving, 2021B 5.00%12/16/2021 2/1/2030 1,280,000 1,280,000 Total PIR Bonds 38,301,000 27,740,000 Tax Increment Financing Bonds Tax Increment Financing, 2021A 2.00-4.00%6/24/2021 2/1/2043 7,545,000 7,545,000 Public Project Revenue Bonds: Public Project Revenue, 2014A 2.00-3.625%7/15/2014 2/1/2035 16,155,000 12,240,000 Public Project Revenue, 2015A - Refunding 2.50-3.00%7/9/2015 5/1/2026 3,490,000 1,730,000 Total Public Project Revenue Bonds 19,645,000 13,970,000 Total Bonded Indebtedness - Governmental Activities 89,111,000$ 66,990,000$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (52) NOTE 4 LONG-TERM DEBT (CONTINUED) Business-Type Activities Final Interest Issue Maturity Original Payable Rates Date Date Issue 12/31/2021 Revenue Bonds: Recreational Facility Bonds, Series 2012C 2.00-3.00%11/15/2012 2/1/2033 2,100,000$ 1,905,000$ Recreational Facility Bonds, Series 2013B 3.00-3.45%10/10/2013 2/1/2029 1,125,000 665,000 Recreational Facility Bonds, Series 2015B 2.00-325%7/9/2015 2/1/2031 2,140,000 1,520,000 Recreational Facility Bonds, Series 2017B 3.00-4.00%6/29/2017 2/1/2033 7,425,000 6,085,000 Recreational Facility Bonds, Series 2017D - Refunding 2.00%12/20/2017 2/1/2030 1,640,000 1,204,000 Recreational Facility Bonds, Series 2021C - Refunding 2.00-3.00%12/16/2021 2/1/2033 2,210,000 2,210,000 Utility Revenue Bonds, Series 2011A 2.00-3.00%10/27/2011 2/1/2022 11,230,000 1,255,000 Utility Revenue Bonds, Series 2014A 2.00-3.00%7/15/2014 2/1/2024 5,680,000 1,830,000 Utility Revenue Bonds, Series 2015A 2.00-4.00%7/9/2015 2/1/2025 5,235,000 2,230,000 Utility Revenue Bonds, Series 2016A 2.00-3.00%7/6/2016 2/1/2027 8,775,000 5,560,000 Utility Revenue Bonds, Series 2017A 3.00-4.00%6/29/2017 2/1/2028 6,595,000 4,880,000 Utility Revenue Bonds, Series 2018A 3.00-4.00%6/27/2018 2/1/2029 3,305,000 2,730,000 Utility Revenue Bonds, Series 2019A 3.00-4.00%6/13/2019 2/1/2036 5,815,000 5,350,000 Utility Revenue Bonds, Series 2020A 2.00-4.00%6/25/2020 2/1/2031 4,830,000 4,830,000 Utility Revenue Bonds, Series 2020B - Refunding 1.09%12/30/2020 2/1/2023 1,414,000 1,064,000 Total Bonded Indebtedness - Business- Type Activities 75,229,000$ 43,318,000$ Annual debt service requirements to maturity for the City’s bonds are as follows: Year Ending December 31,Principal Interest Principal Interest Principal Interest 2022 4,670,000$ 950,081$ 3,535,000$ 1,056,763$ 1,040,000$ 428,269$ 2023 1,480,000 457,775 1,817,000 759,789 1,070,000 400,194 2024 1,560,000 396,475 1,794,000 696,461 1,100,000 367,644 2025 1,850,000 328,200 1,840,000 634,136 1,135,000 335,006 2026 1,930,000 252,575 1,898,000 572,901 1,170,000 302,244 2027-2031 6,245,000 361,302 9,766,000 1,874,337 4,390,000 1,092,761 2032-2036 - - 6,170,000 491,516 4,065,000 298,488 2037-2041 - - 920,000 18,200 - - 2042-2043 - - - - - - Total 17,735,000$ 2,746,408$ 27,740,000$ 6,104,103$ 13,970,000$ 3,224,606$ General Public Improvement Public Project Governmental Activities Obligation Bonds Revolving Bonds Revenue Bonds Year Ending December 31,Principal Interest Principal Interest 2022 -$ 245,092$ 9,038,000$ 1,665,280$ 2023 250,000 217,250 5,231,000 1,088,467 2024 260,000 207,050 5,042,000 907,581 2025 270,000 196,450 4,584,000 737,581 2026 280,000 185,450 4,147,000 584,475 2027-2031 1,570,000 747,250 13,846,000 1,102,452 2032-2036 1,875,000 447,625 1,430,000 39,825 2037-2041 2,130,000 199,300 - - 2042-2043 910,000 18,300 - - Total 7,545,000$ 2,463,767$ 43,318,000$ 6,125,661$ Governmental Activities Tax Increment Financing Bonds Business-Type Activities Revenue Bonds CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (53) NOTE 4 LONG-TERM DEBT (CONTINUED) Change in Long-Term Liabilities Long-term liability activity for the year ended December 31, 2021 was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year Governmental Activities: Bonds Payable: General Obligation 17,725,000$ 2,515,000$ (2,505,000)$ 17,735,000$ 4,670,000$ PIR 24,526,000 6,760,000 (3,546,000) 27,740,000 3,535,000 Public Project Revenue 16,245,000 - (2,275,000) 13,970,000 1,040,000 Tax Increment Financing - 7,545,000 - 7,545,000 - Less Deferred Amounts: Premiums on Bonds 2,343,682 2,329,645 (710,372) 3,962,955 - Total Bonds Payable 60,839,682 19,149,645 (9,036,372) 70,952,955 9,245,000 Loans Payable 750,000 - - 750,000 - Compensated Absences 4,607,673 2,011,381 1,825,963 4,793,091 1,917,237 Governmental Activity Long-Term Liabilities 66,197,355$ 21,161,026$ (7,210,409)$ 76,496,046$ 11,162,237$ Business-Type Activities: Bonds Payable: General Obligation Revenue Bonds 48,937,000$ 2,210,000$ (7,829,000)$ 43,318,000$ 9,038,000$ Less Deferred Amounts: Premiums on Bonds 3,625,222 191,678 (1,161,033) 2,655,867 - Total Bonds Payable 52,562,222 2,401,678 (8,990,033) 45,973,867 9,038,000 Compensated Absences 804,033 360,644 281,996 882,681 353,072 Business-Type Activity Long-Term Liabilities 53,366,255$ 2,762,322$ (8,708,037)$ 46,856,548$ 9,391,072$ For governmental activities, compensated absences are generally liquidated by the general fund. On June 24, 2021, the City issued $5,480,000 of General Obligation PIR Bonds and $7,545,000 of General Obligation TIF Bonds, Series 2021A. The proceeds of these bonds are being used to finance various assessable public improvements and the construction of public improvements within the Grandview 2 Tax Increment Financing District in the City. The bonds include coupon rates of 2.00-4.00%, with a final maturity date of February 1, 2038 for the PIR portion of the bonds and February 1, 2043 for the TIF portion of the bonds. On December 14, 2021, the City issued $2,515,000 of General Obligation Refunding Bonds and $1,280,000 of General Obligation PIR Refunding Bonds, Series 2021B, to advance refund, in 2022, the 2023 through 2030 maturities of the City’s outstanding 2013A bonds. The bonds include coupon rates of 5.0%, with a final maturity date of February 1, 2030. On December 14, 2021, the City issued $2,210,000 of General Obligation Recreational Revenue Refunding Bonds, Series 2021C, to advance refund, in 2022, the 2023 through 2033 maturities of the City’s outstanding 2012C bonds. The bonds include coupon rates of 2.00-4.00%, with a final maturity date of February 1, 2029 for the golf course portion and February 1, 2033 for the ice arena portion. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (54) NOTE 4 LONG-TERM DEBT (CONTINUED) On February 1, 2021, the City used proceeds from the 2020B General Obligation Refunding Bonds to call the 2012A General Obligation PIR and Utility Revenue bonds. The refunding resulted in a cash flow savings of $156,914 and a net present value savings of $138,558. Revenue Pledged Future revenue pledged for the payment of long-term debt is as follows: Percent of Remaining Principal Pledged Total Debt Terms of Principal and Interest Revenue Bond Issue Use of Proceeds Type Service Pledge and Interest Paid Received 2012C Recreational Facility Bonds Arena Improvements Arena 100 %2013-2033 1,928,972$ 184,969$ 2,347,070$ 2013B Recreational Facility Bonds Golf Dome Improvements Golf 100 2014-2029 675,583 97,290 5,384,684 2015B Recreational Facility Bonds Golf Course Improvements Golf 100 2016-2031 1,765,759 177,544 5,384,684 2017B Recreational Facility Bonds Golf Course Improvements Golf 100 2018-2033 6,767,050 567,900 5,384,684 2017B Recreational Facility Bonds Pool Improvements Pool 100 2018-2027 601,900 103,000 1,069,724 2017D Recreational Facility Bonds Arena Improvements Arena 100 2018-2030 1,315,280 155,020 2,347,070 2021C Recreational Facility Bonds Arena Improvements Arena 100 2023-2033 1,927,400 - 2,347,070 2021C Recreational Facility Bonds Golf Dome Improvements Golf 100 2023-2033 620,163 - 5,384,684 2011A Utility Revenue Bonds Utility Infrastructure Utility 100 2012-2022 1,273,825 1,270,875 27,663,593 2014A Utility Revenue Bonds Utility Infrastructure Utility 100 2014-2024 1,910,425 637,650 27,663,593 2015A Utility Revenue Bonds Utility Infrastructure Utility 100 2016-2025 2,391,950 603,450 27,663,593 2016A Utility Revenue Bonds Utility Infrastructure Utility 100 2017-2027 5,980,131 997,683 27,663,593 2017A Utility Revenue Bonds Utility Infrastructure Utility 100 2018-2028 5,501,250 786,800 27,663,593 2018A Utility Revenue Bonds Utility Infrastructure Utility 100 2019-2029 3,119,325 386,600 27,663,593 2019A Utility Revenue Bonds Utility Infrastructure Utility 100 2020-2036 6,634,375 744,125 27,663,593 2020A Utility Revenue Bonds Utility Infrastructure Utility 100 2021-2031 5,576,050 176,550 27,663,593 2020B Utility Revenue Bonds Utility Infrastructure Utility 100 2021-2023 1,075,624 359,034 27,663,593 Revenue Pledged Current Year NOTE 5 LEGAL DEBT MARGIN The City is subject to a statutory limitation by the state of Minnesota for bonded indebtedness payable principally from property taxes. The City of Edina’s legal debt margin for 2021 is computed as follows: December 31, 2021 Market Value (After Fiscal Disparities)13,344,357,600$ Debt Limit (3% of Market Value)400,330,728$ Amount of Debt Applicable to Debt Limit: Total Bonded Debt 110,308,000$ Less: Public Improvement Revolving Bonds (27,740,000) Tax Increment Financing Bonds (7,545,000) Revenue Bonds (43,318,000) Total Debt Applicable to Debt Limit 31,705,000$ Legal Debt Margin 368,625,728$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (55) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE The City participates in various pension plans, with total pension expense for the year ended December 31, 2021 of $125,177. The components of pension expense are noted in the following plan summaries: A. Plan Description The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA’s defined benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERA’s defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code (IRC). 1. General Employees Retirement Plan All full-time and certain part-time employees of the City are covered by the General Employees Plan. General Employees Plan members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security. 2. Public Employees Police and Fire Plan The Police and Fire Plan, originally established for police officers and firefighters not covered by a local relief association, now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, the Police and Fire Plan also covers police officers and firefighters belonging to local relief associations that elected to merge with and transfer assets and administration to PERA. B. Benefits Provided PERA provides retirement, disability, and death benefits. Benefit provisions are established by state statute and can only be modified by the state legislature. Vested, terminated employees who are entitled to benefits but are not receiving them yet, are bound by the provisions in effect at the time they last terminated their public service. 1. General Employees Plan Benefits General Employees Plan benefits are based on a member’s highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for PERA’s Coordinated Plan members. Members hired prior to July 1, 1989, receive the higher of Method 1 or Method 2 formulas. Only Method 2 is used for members hired after June 30, 1989. Under Method 1, the accrual rate for Coordinated members is 1.2% for each of the first 10 years of service and 1.7% for each additional year. Under Method 2, the accrual rate for Coordinated members is 1.7% for all years of service. For members hired prior to July 1, 1989 a full annuity is available when age plus years of service equal 90 and normal retirement age is 65. For members hired on or after July 1, 1989, normal retirement age is the age for unreduced Social Security benefits capped at 66. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (56) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) B. Benefits Provided (Continued) 1. General Employees Plan Benefits (Continued) Benefit increases are provided to benefit recipients each January. The postretirement increase is equal to 50% of the cost-of-living adjustment (COLA) announced by the SSA, with a minimum increase of at least 1% and a maximum of 1.5%. Recipients that have been receiving the annuity or benefit for at least a full year as of the June 30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least one month but less than a full year as of the June 30 before the effective date of the increase will receive a reduced prorated increase. For members retiring on January 1, 2024, or later, the increase will be delayed until normal retirement age (age 65 if hired prior to July 1, 1989, or age 66 for individuals hired on or after July 1, 1989). Members retiring under Rule of 90 are exempt from the delay to normal retirement. 2. Police and Fire Plan Benefits Benefits for Police and Fire Plan members first hired after June 30, 2010, but before July 1, 2014, vest on a prorated basis from 50% after five years up to 100% after ten years of credited service. Benefits for Police and Fire Plan members first hired after June 30, 2014, vest on a prorated basis from 50% after ten years up to 100% after twenty years of credited service. The annuity accrual rate is 3% of average salary for each year of service. For Police and Fire Plan members who were first hired prior to July 1, 1989, a full annuity is available when age plus years of service equal at least 90. Benefit increases are provided to benefit recipients each January. The postretirement increase is fixed at 1%. Recipients that have been receiving the annuity or benefit for at least 36 months as of the June 30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least 25 months but less than 36 months as of the June 30 before the effective date of the increase will receive a reduced prorated increase. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (57) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) C. Contributions Minnesota Statutes, Chapter 353 sets the rates for employer and employee contributions. Contribution rates can only be modified by the state legislature. 1. General Employees Fund Contributions Coordinated Plan members were required to contribute 6.50% of their annual covered salary in fiscal year 2021 and the City was required to contribute 7.50% for Coordinated Plan members. The City’s contributions to the General Employees Fund for the year ended December 31, 2021, were $1,607,199. The City’s contributions were equal to the required contributions as set by state statute. 2. Police and Fire Fund Contributions Police and Fire Plan members were required to contribute 11.80% of their annual covered salary in fiscal year 2021 and the City was required to contribute 17.70% for Police and Fire Plan members. The City’s contributions to the Police and Fire Fund for the year ended December 31, 2021, were $1,850,353. The City’s contributions were equal to the required contributions as set by state statute. D. Pension Costs 1. General Employees Fund Pension Costs At December 31, 2021, the City reported a liability of $12,320,807 for its proportionate share of the General Employees Fund’s net pension liability. The City’s net pension liability reflected a reduction due to the state of Minnesota’s contribution of $16 million. The state of Minnesota is considered a non-employer contributing entity and the state’s contribution meets the definition of a special funding situation. The state of Minnesota’s proportionate share of the net pension liability associated with the City totaled $379,625. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2020 through June 30, 2021, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was 0.2911% at the end of the measurement period and 0.2764% for the beginning of the period. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (58) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) D. Pension Costs (Continued) 1. General Employees Fund Pension Costs (Continued) City's Proportionate Share of the Net Pension Liability 12,320,807$ State of Minnesota's Proportionate Share of the Net Pension Liability Associated with the City 379,625 Total 12,700,432$ For the year ended December 31, 2021, the City recognized pension expense of $263,367 for its proportionate share of the General Employees Plan’s pension expense. In addition, the City recognized an additional $30,631 as pension expense (and grant revenue) for its proportionate share of the state of Minnesota’s contribution of $16 million to the General Employees Fund. At December 31, 2021, the City reported its proportionate share of the General Employees Plan’s deferred outflows of resources and deferred inflows of resources, related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences Between Expected and Actual Economic Experience 75,690$ 377,051$ Changes in Actuarial Assumptions 7,522,829 272,544 Differences Between Projected and Actual Investment Earnings - 10,670,339 Changes in Proportion 908,716 - Contributions Paid to the PERA Subsequent to the Measurement Date 793,641 - Total 9,300,876$ 11,319,934$ $793,641 reported as deferred outflows of resources related to pensions resulting from city contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the year ended December 31, 2022. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Expense Year Ending December 31,Amount 2021 (176,470)$ 2022 148,326 2023 126,687 2024 (2,911,242) CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (59) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) D. Pension Costs (Continued) 2. Police and Fire Fund Pension Costs At December 31, 2021, the City reported a liability of $6,706,215 for its proportionate share of the Police and Fire Fund’s net pension liability. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2020 through June 30, 2021, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was 0.8688% at the end of the measurement period and 0.8704% for the beginning of the period. The state of Minnesota contributed $18 million to the Police and Fire Fund in the plan fiscal year ended June 30, 2021. The contribution consisted of $9 million in direct state aid that does meet the definition of a special funding situation and $9 million in supplemental state aid that does not meet the definition of a special funding situation. The $9 million direct state was paid on October 1, 2020. Thereafter, by October 1 of each year, the state will pay $9 million to the Police and Fire Fund until full funding is reached or July 1, 2048, whichever is earlier. The $9 million in supplemental state aid will continue until the fund is 90% funded, or until the State Patrol Plan (administered by the Minnesota State Retirement System) is 90% funded, whichever occurs later. Strong asset returns for the fiscal year ended 2021 will accelerate the phasing out of these state contributions, although we do not anticipate them to be phased out during the fiscal year ending 2022. The state of Minnesota is included as a non-employer contributing entity in the Police and Fire Retirement Plan Schedule of Employer Allocations and Schedule of Pension Amounts by Employer, Current Reporting Period Only (pension allocation schedules) for the $9 million in direct state aid. Police and Fire Plan employers need to recognize their proportionate share of the state of Minnesota’s pension expense (and grant revenue) under GASB 68 special funding situation accounting and financial reporting requirements. For the year ended June 30, 2021, the City recognized pension expense of ($301,922) for its proportionate share of the Police and Fire Plan’s pension expense. The City recognized $78,192 as grant revenue for its proportionate share of the state of Minnesota’s pension expense for the contribution of $9 million to the Police and Fire Fund. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (60) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) D. Pension Costs (Continued) 2. Police and Fire Plan Pension Costs (Continued) The state of Minnesota is not included as a non-employer contributing entity in the Police and Fire Pension Plan pension allocation schedules for the $9 million in supplemental state aid. The City recognized $54,909 for the year ended December 31, 2021 as revenue and an offsetting reduction of net pension liability for its proportionate share of the state of Minnesota’s on-behalf contributions to the Police and Fire Fund. City's Proportionate Share of the Net Pension Liability 6,706,215$ State of Minnesota's Proportionate Share of the Net Pension Liability Associated with the City 301,506 Total 7,007,721$ At December 31, 2021, the City reported its proportionate share of the Police and Fire Plan’s deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences Between Expected and Actual Economic Experience 1,288,006$ -$ Changes in Actuarial Assumptions 9,856,384 3,684,650 Differences Between Projected and Actual Investment Earnings - 12,813,878 Changes in Proportion 680,209 76,027 Contributions Paid to the PERA Subsequent to the Measurement Date 935,631 - Total 12,760,230$ 16,574,555$ $935,631 reported as deferred outflows of resources related to pensions resulting from city contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2022. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Expense Year Ending December 31,Amount 2021 (4,314,923)$ 2022 (674,968) 2023 (648,020) 2024 (1,265,367) 2025 2,153,322 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (61) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) E. Long-Term Expected Return on Investment The State Board of Investment, which manages the investments of PERA, prepares an analysis of the reasonableness on a regular basis of the long-term expected rate of return using a building-block method in which best-estimate ranges of expected future rates of return are developed for each major asset class. These ranges are combined to produce an expected long-term rate of return by weighting the expected future rates of return by the target asset allocation percentages. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: Long-Term Target Expected Real Asset Class Allocation Rate of Return Domestic Equity 33.5 %5.10 % International Equity 16.5 %5.30 Fixed Income 25.0 %0.75 Private Markets 25.0 %5.90 F. Actuarial Assumptions The total pension liability in the June 30, 2021, actuarial valuation was determined using an individual entry-age normal actuarial cost method. The long-term rate of return on pension plan investments used in the determination of the total liability is 6.5%. This assumption is based on a review of inflation and investments return assumptions from a number of national investment consulting firms. The review provided a range of return investment return rates deemed to be reasonable by the actuary. An investment return of 6.5% was deemed to be within that range of reasonableness for financial reporting purposes. Inflation is assumed to be 2.25% for the General Employees Plan and 2.25% for the Police and Fire Plan. Benefit increases after retirement are assumed to be 1.25% for the General Employees Plan. The Police and Fire Plan benefit increase is fixed at 1% per year and that increase was used in the valuation. Salary growth assumptions in the General Employees Plan range in annual increments from 10.25% after one year of service to 3.0% after 29 years of service and 6.0% per year thereafter. In the Police and Fire Plan, salary growth assumptions range from 11.75% after one year of service to 3.0% after 24 years of service. Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee Mortality Table. Mortality rates for the Police and Fire Plan are based on the Pub-2010 Public Safety Employee Mortality tables. The tables are adjusted slightly to fit PERA’s experience. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (62) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) F. Actuarial Assumptions (Continued) Actuarial assumptions for the General Employees Plan are reviewed every four years. The most recent four-year experience study for the General Employees Plan was completed in 2019. The assumption changes were adopted by the Board and became effective with the July 1, 2020 actuarial valuation. The most recent four-year experience studies for the Police and Fire were completed in 2020 were adopted by the Board and became effective with the July 1, 2021 actuarial valuation. The following changes in actuarial assumptions and plan provisions occurred in 2021: General Employees Fund Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. Police and Fire Fund Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The inflation assumption was changed from 2.50% to 2.25%. • The payroll growth assumption was changed from 3.25% to 3.00%. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement scale was changed from MP-2019 to MN-2020. • The base mortality table for disabled annuitants was changed from the RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020). • Assumed rates of salary increase were modified as recommended in the July 14, 2020 experience study. The overall impact is a decrease in gross salary increase rates. • Assumed rates of retirement were changed as recommended in the July 14, 2020 experience study. The changes result in slightly more unreduced retirements and fewer assumed early retirements. • Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The changes result in more assumed terminations. • Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. • Assumed percent married for active female members was changed from 60% to 70%. Minor changes to form of payment assumptions were applied. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (63) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) G. Discount Rate The discount rate used to measure the total pension liability in 2021 was 6.5%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members and employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary net positions of the General Employees Fund, the Police and Fire Fund, and the Correctional Fund were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. H. Pension Liability Sensitivity The following presents the City’s proportionate share of the net pension liability for all plans it participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate 1.0 percentage point lower or 1.0 percentage point higher than the current discount rate: 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate (5.5%)(6.5%)(7.5%) The City’s Proportionate Share of the GERF Net Pension Liability 25,242,986$ 12,320,807$ 1,717,370$ The City’s Proportionate Share of the PEPFF Net Pension Liability 21,291,100$ 6,706,215$ (5,249,776)$ I. Pension Plan Fiduciary Net Position Detailed information about each pension plan’s fiduciary net position is available in a separately-issued PERA financial report that includes financial statements and required supplementary information. That report may be obtained on the PERA website at www.mnpera.org. J. Public Employees Defined Contribution Plan (DCP) Board members of the City are covered by the DCP, a multiemployer deferred compensation plan administered by PERA. The DCP is a tax qualified plan under Section 401(a) of the IRC and all contributions by or on behalf of employees are tax deferred until time of withdrawal. Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and employer contribution rates for those qualified personnel who elect to participate. An eligible elected official who decides to participate contributes 5.0% of salary which is matched by the elected official’s employer. For ambulance service personnel, employer contributions are determined by the employer, and for salaried employees must be a fixed percentage of salary. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (64) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) J. Public Employees Defined Contribution Plan (DCP) (Continued) Employer contributions for volunteer personnel may be a unit value for each call or period of alert duty. Employees who are paid for their services may elect to make member contributions in an amount not to exceed the employer share. Employer and employee contributions are combined and used to purchase shares in one or more of the seven accounts of the Minnesota Supplemental Investment Fund. For administering the plan, PERA receives 2.0% of employer contributions and twenty-five hundredths of 1.0% (0.0025) of the assets in each member’s account annually. Total contributions made by the City during fiscal year 2021 were: Required Employee Employer Employee Employer Rate 2,523$ 2,523$ 5 %5 %5 % Contribution Amount Percentage of Covered Payroll NOTE 7 MULTIEMPLOYER DEFINED BENEFIT PENSION PLAN City employees belonging to International Union of Operating Engineers (IUOE) are participants in a multiemployer defined benefit pension plan Central Pension Fund of the International Union of Operating Engineers and Participating Employers (CRF) administered by the board of trustees of the Central Pension Fund. The plan is a cost-sharing pension plan that is not a state or local governmental pension plan, is used to provide defined benefit pensions both to employers that are not state or local governmental employers, and has no predominant state or local government employer. The plan issues a publicly available financial report located on their website at www.cpfiuoe.org. The City has 56 employees who are covered by the pension plan. The plan provides benefits such as monthly retirement income, special and early retirement benefits, postretirement surviving spouse benefits, and disability benefits. The CPF is a supplemental Pension Fund authorized by Minnesota Statutes, 356.24, subdivision 1(9). The CPF Plan of Benefits and the Agreement and Declaration of Trust will serve as the governing documents. The City’s contributions to the plan are pursuant to a collective bargaining agreement with the IUOE which expired December 31, 2021. The required contribution rate is $0.75 per hour, which is applied to all compensated hours, and capped at $5,000 per year. Total employer contributions for the year ended December 31, 2021 were $115,544. With regard to withdrawal from the pension plan, the parties agree that the amount that would otherwise be paid in salary or wages will be contributed instead to the CPF as pretax employer contributions. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (65) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN A. Plan Description The City provides postemployment insurance benefits to certain eligible employees through its OPEB Plan, a single-employer defined benefit plan administered by the City. All postemployment benefits are based on contractual agreements with employee groups. Eligibility for these benefits is based on years of service and/or minimum age requirements. These contractual agreements do not include any specific contribution or funding requirements. The plan does not issue a publicly available financial report. No plan assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. B. Benefits Provided All retirees of the City upon retirement have the option under state law to continue their medical insurance coverage through the City from the time of retirement until the employee reaches the age of eligibility for Medicare. For members of all employee groups, the retiree must pay the full premium to continue coverage for medical and dental insurance. The City is legally required to include any retirees for whom it provides health insurance coverage in the same insurance pool as its active employees, whether the premiums are paid by the City or the retiree. Consequently, participating retirees are considered to receive a secondary benefit known as an “implicit rate subsidy.” This benefit relates to the assumption that the retiree is receiving a more favorable premium rate than they would otherwise be able to obtain if purchasing insurance on their own, due to being included in the same pool with the City’s younger and statistically healthier active employees. For police officers and firefighters disabled in the line-of-duty, Minnesota Statutes require the City to continue payment of the employer’s contribution toward health coverage for the police officer or firefighter and their spouse, if the spouse was covered at the time of disability, until age 65. C. Contributions The required contribution is based on projected pay-as-you-go financing requirements, with additional amounts to prefund benefits as determined periodically by the City. The City’s current year required pay-as-you-go contributions to finance the benefits described in the previous section totaled $148,000. Total OPEB liability will be paid by the general fund and enterprise funds. D. Membership Membership in the plan consisted of the following as of the latest actuarial valuation: Retirees and Beneficiaries Receiving Benefits 22 Active Plan Members 301 Total Members 323 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (66) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) E. Total OPEB Liability of the City The City’s total OPEB liability was determined by an actuarial valuation with a valuation date of January 1, 2020. Liabilities in this report were rolled forward to the measurement date of December 31, 2021. F. Actuarial Assumptions The total OPEB liability was determined by an actuarial valuation as of January 1, 2020, using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified. Discount Rate 2.74% 20-Year Municipal Bond Yield 2.74% Salary Increases 3.25% Medical Trend Rate 7.33% grading to 5.00% by 2028 The actuarial assumptions used in the latest valuation were based on those used to value pension liabilities for Minnesota city employees. The state pension plans base their assumptions on periodic experience studies. Economic assumptions are based on input from a variety of published sources of historical and projected future financial data. Each assumption was reviewed for reasonableness with the source information as well as for consistency with the other economic assumptions. Since the plan is not funded by an irrevocable trust, the discount rate is equal to the 20- year municipal bond yield rate of 2.74%, which was set by considering published rate information for 20-year high quality, tax exempt, general obligation municipal bonds as of the measurement date. The City discount rate used in the prior measurement date was 4.09%. Mortality rates were based on the RP-2014 mortality tables adjusted for white collar and mortality improvements using projection scale MP-2018, from a base year of 2014 for GERF members and MP-2018, from a base year of 2006 for PEPFF members. Future retirees electing coverage is assumed to 55%. Married future retirees electing spouse coverage is assumed to range from 40% to 60% based on classification of employee. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (67) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) G. Changes in the Total OPEB Liability Total OPEB Liability Beginning Balance 2,188,763$ Changes for the Year: Service Cost 239,792 Interest 65,302 Difference between expected and actual experience 9,714 Changes of Assumptions 105,246 Benefit Payments (90,566) Total Net Changes 329,488 Ending Balance 2,518,251$ Assumption changes since the prior measurement date include the following: • The discount rate was changed from 4.09% to 2.47%. • The payroll growth rate changed from 3.50% to 3.25% H. Total OPEB Liability Sensitivity to Discount and Health Care Cost Trend Rate Changes The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower or 1 percentage point higher than the current discount rate: 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate OPEB Discount Rate 1.74 %2.74 %3.74 % Total OPEB Liability 2,708,547$ 2,518,251$ 2,334,374$ The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower or 1 percentage point higher than the current healthcare cost trend rates: 1% Decrease in 1% Increase in Medical Trend Medical Trend Medical Trend Rate Rate Rate OPEB Medical Trend Rate 6.67% decreasing to 4.00% over 10 years 7.67% decreasing to 5.00% over 10 years 8.67% decreasing to 6.00% over 10 years Total OPEB Liability 2,179,298$ 2,518,251$ 2,929,082$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (68) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) I. OPEB Expense and Related Deferred Outflows of Resources and Deferred Inflows of Resources For the current year ended, the City recognized OPEB expense of $135,989. As of year- end, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Difference between expected 8,735$ 1,524,688$ and actual experience Changes of Assumptions 314,761 122,427 City Contributions Subsequent to the Measurement Date 153,000 - Total 476,496$ 1,647,115$ A total of $153,000 reported as deferred outflows of resources related to OPEB resulting from city contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB liability in the year ending December 31, 2022. Other amounts reported as deferred outflows and inflows of resources related to the plan will be recognized in pension expense as follows: OPEB Expense Year Ended December 31,Amount 2022 (169,105)$ 2023 (169,105) 2024 (169,105) 2025 (169,105) 2026 (169,105) Thereafter (478,094) CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (69) NOTE 9 RECEIVABLES, PAYABLES, AND TRANSFERS Housing and Internal Redevelopment Debt Aquatic Nonmajor Service General Authority Service Construction Liquor Center Golf Course Arena Enterprise Funds Total Transfer Out: General Fund: -$ 300,000$ -$ 4,203,106$ -$ -$ -$ -$ -$ -$ 4,503,106$ Construction Fund 112,211 - 2,955,444 - - - - - - - 3,067,655 Nonmajor Governmental 68,895 - - - - - - - - - 68,895 Utilities Fund 211,500 - - 357,200 4,156 17,269 53,364 40,605 62,477 3,760 750,331 Liquor Fund 50,000 - - 150,000 - - - 300,000 350,000 850,000 Total 442,606$ 300,000$ 2,955,444$ 4,710,306$ 4,156$ 17,269$ 53,364$ 340,605$ 412,477$ 3,760$ 9,239,987$ Transfers In Interfund transfers allow the City to allocate financial resources to the funds that receive benefit from services provided by another fund. Some of the City’s interfund transfers fall under that category. Nonroutine transfers include the following: 1. The liquor fund transferred $300,000, $250,000, $100,000, and $50,000 to the arena fund, art center fund, Centennial Lakes fund, and general fund, respectively. 2. The utilities fund and liquor fund transferred $357,200 and $150,000 to the construction fund to fund the capital improvement program, as planned in the 2021 budget. 3. The construction fund transferred $2,955,444 of PIR assessment revenue to the debt service fund for related debt payments. 4. The general fund transferred $300,000 and $4,203,106 to the HRA fund (rental assistance) and construction fund (capital funding). 5. The utilities fund transferred a total of $393,131 to the general fund, other enterprise funds, and internal service funds to offset the cost of internal utilities. 6. Nonmajor governmental funds and the construction fund transferred $68,895 to close the arts & culture fund and $112,211 to assist with various costs. NOTE 10 TAX INCREMENT DISTRICTS The Housing Redevelopment Authority and City of Edina are the administering authorities for the following Tax Increment Districts: District number 1211 (Pentagon Park Increment Financing District) is an economic development district established in 2014 pursuant to Minnesota Statutes with a termination date of 2043. District number 1212 (Grandview 2 Increment Financing District) is an economic development district established in 2016 pursuant to Minnesota Statutes with a termination date of 2045. District number 1214 (66 West Increment Financing District) is an economic development district established in 2016 pursuant to Minnesota Statutes with a termination date of 2045. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (70) NOTE 10 TAX INCREMENT DISTRICTS (CONTINUED) District number 1215 (50th and France 2) is an economic development district established in 2017 pursuant to Minnesota Statutes with a termination date of 2045. District number 1216 (44th and France 2) is a renewal and renovation development district established in 2019 pursuant to Minnesota Statutes with a termination date of 2036. District number 1217 (West 76th Street) is a housing district established in 2019 pursuant to Minnesota Statutes with a termination date of 2042. District number 1218 (72nd and France) is a housing district established in 2019 pursuant to Minnesota Statutes with a termination date of 2043. District number 1219 (Amundson Ave) is an affordable housing district established in 2019 pursuant to Minnesota Statutes with a termination date of 2042. The following table reflects values as of December 31, 2021: TIF #1211 TIF #1212 TIF #1214 TIF #1215 TIF #1216 TIF #1217 TIF #1218 TIF #1219 Total Original Tax Capacity 691,608$ 39,890$ 15,315$ 57,986$ 29,735$ 42,886$ 217,506$ 16,948$ 1,111,874$ Current Tax Capacity 1,495,764 597,528 30,494 497,500 237,130 38,100 217,506 38,275 3,152,297 Fiscal Disparities 558,089 28,460 - 78,013 10,793 - 81,154 - 756,509 Tax Capacity Change 246,067 529,178 15,179 361,501 196,602 (4,786) (81,154) 21,327 1,283,914 Retained Captured Tax Capacity 246,067$ 529,178$ 15,179$ 361,501$ 196,602$ (4,786)$ (81,154)$ 21,327$ 1,283,914$ NOTE 11 CONTINGENCIES A. Risk Management The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Workers’ compensation insurance was provided through the League of Minnesota Cities Insurance Trust. There is a $50,000 deductible per occurrence and $150,000 in aggregate. The City has an annual deposit premium that is subject to adjustment based on the actual audited payroll. A package policy; including property, general liability, and automobile coverage, is provided through the League of Minnesota Cities Insurance Trust. Under this policy, the City pays an annual premium and had a $75,000 per occurrence deductible and is subject to an annual aggregate deductible of $150,000, with a $1,000,000 per occurrence maximum. Liquor liability coverage is provided through the League of Minnesota Cities Insurance Trust. The City pays an annual premium for this coverage and has a $1,000,000 annual maximum. Settlement claims have not exceeded insurance coverage for each of the past three years. There were no significant decreases in insurance coverage during 2021. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (71) NOTE 11 CONTINGENCIES (CONTINUED) B. Litigation The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attorney, remotely recoverable by plaintiffs. C. Federal and State Funds The City receives financial assistance from federal and state governmental agencies in the form of grants. The disbursement of funds received under these programs generally requires compliance with the terms and conditions specified in the grant agreements and is subject to audit by the grantor agencies. Any disallowed claims resulting from such audits could become a liability of the applicable fund. However, in the opinion of management, any such disallowed claims will not have a material effect on any of the financial statements of the individual fund types included herein or on the overall financial position of the City at December 31, 2021. D. Tax Increment Districts The City’s tax increment districts are subject to review by the state of Minnesota Office of the State Auditor (OSA). Any disallowed claims or misuse of tax increments could become a liability of the applicable fund. Management is not aware of any instances of noncompliance which would have a material effect on the financial statements. NOTE 12 CONDUIT DEBT OBLIGATION As of December 31, 2021, the City of Edina had four series of Housing and Health Care Revenue Bonds, with an aggregate principal amount payable of $27,340,000. The bonds are payable solely from revenues of the respective organizations and do not constitute an indebtedness of the City and are not a charge against its general credit or taxing power. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. NOTE 13 JOINT VENTURE The City is a participant with the City of Bloomington, the City of Eden Prairie, and the Metropolitan Airport Commission in a joint venture to construct and operate a facility to be used for the training of law enforcement officers and firefighters. The South Metro Public Safety Training Facility Association (PSTF) is governed by a board consisting of one representative from each Member. On dissolution of the Association, the Facility shall revert to the City of Edina, and all remaining assets shall be divided among the members based on the Cost Sharing Formula. In accordance with the joint venture agreement, each member of the association will share in the cost of the construction and operation based on the Cost Sharing Formula. The City’s equity interest in the capital assets of the PSTF was $1,770,353. Complete financial statements for PSTF can be obtained from the City of Edina, 4801 West 50th Street, Edina, Minnesota 55424. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (72) NOTE 14 RELATED PARTY TRANSACTIONS The City pays an annual membership fee to the South Metro Public Safety Training Facility as part of the joint venture agreement. The membership fee is paid by the Police and Fire departments and is based on a Cost Sharing Formula. For the year ended December 31, 2021, the City paid a total of $71,104 in membership fees to the PSTF, equal to 19.0% of membership fees collected for the year. NOTE 15 FUND BALANCES A. Classifications At December 31, 2021, a summary of the City’s governmental fund balance classifications are as follows: General HRA Debt Service Construction Nonmajor Fund Fund Fund Fund Funds Total Nonspendable:85,083$ -$ -$ 58,250$ 13,534$ 156,867$ Restricted: Park Dedication 58,086 - - - - 58,086 Tax Increments - 35,195,113 - - - 35,195,113 Affordable Housing - 3,741,466 - - - 3,741,466 Debt Service - - 11,178,492 - - 11,178,492 Pedestrian and Cyclist Improvements - - - - 423,591 423,591 Forfeitures - - - - 748,474 748,474 Donations - - - - 131,145 131,145 Conservation and Sustainability Initiatives - - - - 2,299,363 2,299,363 Total Restricted 58,086 38,936,579 11,178,492 - 3,602,573 53,775,730 Assigned Compensated Absences 1,853,100 - - - - 1,853,100 Budget Stabilization 3,589,331 - - - - 3,589,331 Building Security 184,383 - - - - 184,383 Public Health Grant 299 - - - - 299 Special Projects - - - 1,645,118 - 1,645,118 Equipment - - - 3,383,712 - 3,383,712 PIR - - - 6,712,739 - 6,712,739 Construction - - - 14,037,110 - 14,037,110 Total Assigned 5,627,113 - - 25,778,679 - 31,405,792 Unassigned 18,003,259 - - - - 18,003,259 Total Fund Balance 23,773,541$ 38,936,579$ 11,178,492$ 25,836,929$ 3,616,107$ 103,341,648$ B. Unassigned Fund Balance Policy The City Council has formally adopted a fund balance policy regarding the desired range for unassigned fund balance for the general fund. The policy establishes a goal for unassigned general fund balance of 42% – 47% of the subsequent year’s budgeted property tax revenue. As of December 31, 2021, the City has $18,003,259 of unassigned fund balance in the general fund, or 48.77% of 2022 budgeted property tax revenue. This amount is $2,485,884 above the minimum goal identified in the policy. C. Deficit Fund Equity The following funds had a deficit fund balance/net position at December 31, 2021: Nonmajor Proprietary Funds: Art Center (46,431)$ CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (73) 2021 Actual Variance with Original Final Amounts Final Budget REVENUES Taxes: General Property Taxes 33,986,471$ 33,986,471$ 33,827,443$ (159,028)$ Franchise Taxes 850,000 850,000 824,286 (25,714) Lodging Tax 27,000 27,000 17,214 (9,786) Total Taxes 34,863,471 34,863,471 34,668,943 (194,528) Licenses and Permits 5,179,514 5,179,514 6,008,225 828,711 Intergovernmental: Federal 416,657 416,657 735,937 319,280 State: Municipal State Aid 195,000 195,000 195,000 - Other 142,500 142,500 436,436 293,936 State Aid - Police 430,000 430,000 491,802 61,802 State Aid - Fire 450,000 450,000 504,511 54,511 Health Programs 119,061 119,061 200,711 81,650 Total Intergovernmental 1,753,218 1,753,218 2,564,397 811,179 Charges for Services: Administration 19,750 19,750 228,652 208,902 Communications and Technology 101,827 101,827 75,421 (26,406) Finance 1,203,839 1,203,839 1,204,237 398 Engineering 230,400 230,400 145,012 (85,388) Police 680,150 680,150 729,076 48,926 Fire 2,491,800 2,491,800 2,376,583 (115,217) Parks and Recreation 555,637 555,637 642,713 87,076 Community Development 151,527 151,527 135,092 (16,435) Total Charges for Services 5,434,930 5,434,930 5,536,786 101,856 Fines and Forfeits 950,000 950,000 460,914 (489,086) Miscellaneous: Investment Income 150,000 150,000 (151,907) (301,907) Rental of Property 458,800 458,800 491,579 32,779 Other 17,900 17,900 186,591 168,691 Total Miscellaneous 626,700 626,700 526,263 (100,437) Total Revenues 48,807,833 48,807,833 49,765,528 957,695 Budgeted Amounts CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED) YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (74) 2021 Actual Variance with Original Final Amounts Final Budget EXPENDITURES Current: General Government: Administration: Personal Services 1,214,062$ 1,214,062$ 1,272,871$ 58,809$ Contractual Services 900,559 900,559 871,022 (29,537) Commodities 90,300 90,300 85,277 (5,023) Internal Services 151,020 151,020 151,020 - Total Administration 2,355,941 2,355,941 2,380,190 24,249 Communications: Personal Services 937,637 937,637 932,752 (4,885) Contractual Services 232,700 232,700 282,618 49,918 Commodities 124,500 124,500 22,015 (102,485) Internal Services 109,572 109,572 109,572 - Total Communications 1,404,409 1,404,409 1,346,957 (57,452) Human Resources: Personal Services 940,985 940,985 1,462,653 521,668 Contractual Services 290,900 290,900 208,521 (82,379) Commodities 27,800 27,800 10,344 (17,456) Internal Services 57,600 57,600 57,600 - Total Human Resources 1,317,285 1,317,285 1,739,118 421,833 Finance: Personal Services 799,711 799,711 867,746 68,035 Contractual Services 340,250 340,250 508,599 168,349 Commodities 15,500 15,500 7,288 (8,212) Internal Services 65,076 65,076 65,076 - Total Finance 1,220,537 1,220,537 1,448,709 228,172 Community Development: Personal Services 1,566,246 1,566,246 1,561,800 (4,446) Contractual Services 318,600 318,600 204,238 (114,362) Commodities 8,500 8,500 1,167 (7,333) Internal Services 143,544 143,544 143,544 - Total Community Development 2,036,890 2,036,890 1,910,749 (126,141) Total General Government 8,335,062 8,335,062 8,825,723 490,661 Public Safety: Police: Personal Services 10,967,916 10,967,916 10,995,161 27,245 Contractual Services 955,070 955,070 919,300 (35,770) Commodities 112,040 112,040 240,608 128,568 Internal Services 1,504,296 1,504,296 1,504,296 - Total Police 13,539,322 13,539,322 13,659,365 120,043 Fire: Personal Services 8,666,732 8,666,732 8,917,737 251,005 Contractual Services 851,210 851,210 823,485 (27,725) Commodities 405,993 405,993 271,581 (134,412) Internal Services 718,908 718,908 718,908 - Total Fire 10,642,843 10,642,843 10,731,711 88,868 Budgeted Amounts CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED) YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (75) 2021 Actual Variance with Original Final Amounts Final Budget Budgeted Amounts EXPENDITURES (CONTINUED) Current (Continued): Public Safety (Continued): Public Health: Personal Services 659,191$ 659,191$ 665,391$ 6,200$ Contractual Services 452,533 452,533 413,002 (39,531) Commodities 9,000 9,000 6,355 (2,645) Internal Services 51,732 51,732 51,732 - Total Public Health 1,172,456 1,172,456 1,136,480 (35,976) Total Public Safety 25,354,621 25,354,621 25,527,556 172,935 Public Works: Public Works: Personal Services 3,188,240 3,188,240 2,934,040 (254,200) Contractual Services 666,200 666,200 493,470 (172,730) Commodities 1,263,500 1,263,500 1,048,123 (215,377) Internal Services 1,219,032 1,219,032 1,219,233 201 Total Public Works 6,336,972 6,336,972 5,694,866 (642,106) Engineering: Personal Services 1,595,127 1,595,127 2,032,474 437,347 Contractual Services 783,350 783,350 826,654 43,304 Commodities 126,400 126,400 105,105 (21,295) Internal Services 219,468 219,468 219,468 - Total Engineering 2,724,345 2,724,345 3,183,701 459,356 Total Public Works 9,061,317 9,061,317 8,878,567 (182,750) Parks: Parks and Recreation: Personal Services 3,763,500 3,763,500 3,479,462 (284,038) Contractual Services 1,356,245 1,356,245 1,508,250 152,005 Commodities 404,975 404,975 317,990 (86,985) Internal Services 610,248 610,248 610,376 128 Total Parks and Recreation 6,134,968 6,134,968 5,916,078 (218,890) Total Parks 6,134,968 6,134,968 5,916,078 (218,890) Capital Outlay: Parks - - 26,676 26,676 Total Expenditures 48,885,968 48,885,968 49,174,600 288,632 CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED) YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (76) 2021 Actual Variance with Original Final Amounts Final Budget Budgeted Amounts REVENUES OVER (UNDER) EXPENDITURES (78,135)$ (78,135)$ 590,928$ 669,063$ OTHER FINANCING SOURCES (USES) Transfers In 50,000 50,000 442,606 392,606 Transfers Out - - (4,503,106) (4,503,106) Total Financing Sources (Uses)50,000 50,000 (4,060,500) (4,110,500) NET INCREASE (DECREASE) IN FUND BALANCE (28,135)$ (28,135)$ (3,469,572) (3,441,437)$ Fund Balance - January 1 27,243,113 FUND BALANCE - DECEMBER 31 23,773,541$ CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) FUND YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (77) 2021 Actual Variance with Original Final Amounts Final Budget REVENUES General Property Taxes 230,400$ 230,400$ 230,166$ (234)$ Tax increment Collections 7,969,700 7,969,700 8,295,756 326,056 Investment Income 227,058 227,058 (98,804) (325,862) Charges for Services 2,000 2,000 228,216 226,216 Other Revenues 16,000 16,000 300,000 284,000 Total Revenues 8,445,158 8,445,158 8,955,334 510,176 EXPENDITURES Current: Personal Services 220,353 220,353 169,215 (51,138) Contractual Services 1,333,000 1,333,000 2,702,469 1,369,469 Commodities 2,500 2,500 618 (1,882) Capital Outlay 4,710,000 4,710,000 2,824,795 (1,885,205) Debt Service: Interest and Fiscal Charges 8,000 8,000 - (8,000) Total Expenditures 6,273,853 6,273,853 5,697,097 (576,756) REVENUES OVER (UNDER) EXPENDITURES 2,171,305 2,171,305 3,258,237 1,086,932 OTHER FINANCING SOURCES (USES) Transfers In - - 300,000 300,000 Bonds Issued - - 7,545,000 7,545,000 Premium on Bonds Issued - - 748,128 748,128 Total Other Financing Sources (Uses)- - 11,493,128 11,493,128 NET INCREASE (DECREASE) IN FUND BALANCE 2,171,305$ 2,171,305$ 14,751,365 12,580,060$ Fund Balance - January 1 24,185,214 FUND BALANCE - DECEMBER 31 38,936,579$ Budgeted Amounts CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION OTHER POSTEMPLOYMENT BENEFITS PLAN SCHEDULE OF CHANGES IN THE CITY’S TOTAL OPEB LIABILITY AND RELATED RATIOS YEAR ENDED DECEMBER 31, 2021 Notes: The City implemented GASB Statement No. 75 in fiscal 2018. This schedule is intended to present 10-year trend information. Additional years will be added as they become available. No plan assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. (78) December 31,December 31,December 31,December 31, 2020 2019 2018 2017 Total OPEB Liability: Service Cost 239,792$ 192,093$ 296,634$ 270,435$ Interest 65,302 154,222 128,559 127,096 Difference Between Expected and Actual Experience 9,714 (1,909,627) - - Changes of Assumptions 105,246 212,364 (178,824) 87,259 Benefit Payments (90,566) (77,801) (138,732) (133,679) Net Changes in Total OPEB Liability 329,488 (1,428,749) 107,637 351,111 Total OPEB Liability - Beginning of Year 2,188,763 3,617,512 3,509,875 3,158,764 Total OPEB Liability - End of Year 2,518,251$ 2,188,763$ 3,617,512$ 3,509,875$ Covered-Employee Payroll 26,700,000$ 25,800,000$ 24,800,000$ 23,900,000$ Total OPEB Liability as a Percentage of Covered-Employee Payroll 9.43%8.48%14.59%14.69% Measurement Date CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION GERF SCHEDULE OF CITY’S AND NONEMPLOYER PROPORTIONATE SHARE OF NET PENSION LIABILITY AND SCHEDULE OF CITY CONTRIBUTIONS YEAR ENDED DECEMBER 31, 2021 Note: The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30, 2015 measurement date). This schedule is intended to present 10-year trend information. Additional years will be added as they become available. (79) City's Proportionate Share of the Net State's Pension Liability City's Plan Proportionate and the State's Proportionate Fiduciary Net City's City's Share of the Proportionate Share of the Position as a PERA Fiscal Proportion Proportionate Net Pension Share of the Net Net Pension Percentage City Fiscal Year-End Date of the Net Share of the Liability Pension Liability City's Liability as a of the Total Year End (Measurement Pension Net Pension Associated Associated with Covered Percentage of Pension Date Date)Liability Liability with the City the City Payroll Covered Payroll Liability 12/31/2015 6/30/2015 0.2683% 13,765,652$ -$ 13,765,652$ 15,508,173$ 88.76% 78.20% 12/31/2016 6/30/2016 0.2656% 21,349,748 278,868 21,628,616 16,481,973 131.23% 68.91% 12/31/2017 6/30/2017 0.2772% 17,519,302 220,299 17,739,601 17,858,560 99.33% 75.90% 12/31/2018 6/30/2018 0.2679% 14,713,374 482,647 15,196,021 18,007,013 84.39% 79.53% 12/31/2019 6/30/2019 0.2694% 14,745,577 462,813 15,208,390 19,063,827 79.78% 80.00% 12/31/2020 6/30/2020 0.2764% 16,405,731 511,142 16,916,873 19,847,440 85.23% 79.06% 12/31/2021 6/30/2021 0.2911% 12,320,807 379,625 12,700,432 20,898,307 60.77% 87.00% Contributions in Relation to City Fiscal Statutorily the Statutorily Contribution Contributions as a Year-End Required Required Deficiency Covered Percentage of Date Contributions Contributions (Excess)Payroll Covered Payroll 12/31/2015 1,248,845$ 1,248,845$ -$ 16,651,267$ 7.50% 12/31/2016 1,265,817 1,265,817 - 16,877,560 7.50% 12/31/2017 1,317,596 1,317,596 - 17,567,947 7.50% 12/31/2018 1,378,743 1,378,743 - 18,382,627 7.50% 12/31/2019 1,471,059 1,471,059 - 19,614,120 7.50% 12/31/2020 1,518,494 1,518,494 - 20,246,587 7.50% 12/31/2021 1,607,199 1,607,199 - 21,429,320 7.50% Schedule of City's and Nonemployer Proportionate Share of Net Pension Liability Schedule of City Contributions CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION PEPFF SCHEDULE OF CITY’S PROPORTIONTE SHARE OF NET PENSION LIABILITY AND SHEDULE OF CITY CONTRIBUTIONS YEAR ENDED DECEMBER 31, 2021 Note: The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30, 2015 measurement date). This schedule is intended to present 10-year trend information. Additional years will be added as they become available. (80) City's Proportionate Share of the Net State's Pension Liability City's Plan Proportionate and the State's Proportionate Fiduciary Net City's City's Share of the Proportionate Share of the Position as a PERA Fiscal Proportion Proportionate Net Pension Share of the Net Net Pension Percentage City Fiscal Year-End Date of the Net Share of the Liability Pension Liability City's Liability as a of the Total Year-End (Measurement Pension Net Pension Associated Associated with Covered Percentage of Pension Date Date)Liability Liability with the City the City Payroll Covered Payroll Liability 12/31/2015 6/30/2015 0.8070% 9,169,408$ -$ 9,169,408$ 7,797,803$ 117.59% 86.60% 12/31/2016 6/30/2016 0.7990% 32,065,260 - 32,065,260 7,699,821 416.44% 63.88% 12/31/2017 6/30/2017 0.8110% 10,949,465 - 10,949,465 8,322,605 131.56% 85.43% 12/31/2018 6/30/2018 0.8022% 8,550,626 - 8,550,626 8,454,142 101.14% 88.84% 12/31/2019 6/30/2019 0.8479% 9,026,752 - 9,026,752 9,151,062 98.64% 89.30% 12/31/2020 6/30/2020 0.8704% 11,472,803 270,277 11,743,080 9,819,457 119.59% 87.19% 12/31/2021 6/30/2021 0.8688% 6,706,215 301,506 7,007,721 10,268,277 68.25% 93.70% Contributions in Relation to City Fiscal Statutorily the Statutorily Contribution Contributions as a Year-End Required Required Deficiency Covered Percentage of Date Contributions Contributions (Excess)Payroll Covered Payroll 12/31/2015 1,268,476$ 1,268,476$ -$ 7,830,099$ 16.20% 12/31/2016 1,272,485 1,272,485 - 7,854,846 16.20% 12/31/2017 1,335,917 1,335,917 - 8,246,401 16.20% 12/31/2018 1,399,053 1,399,053 - 8,623,704 16.22% 12/31/2019 1,595,304 1,595,304 - 9,847,556 16.20% 12/31/2020 1,784,694 1,784,694 - 10,083,017 17.70% 12/31/2021 1,850,353 1,850,353 - 10,453,972 17.70% Schedule of City's Proportionate Share of Net Pension Liability Schedule of City Contributions CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (81) NOTE 1 LEGAL COMPLIANCE – BUDGETS The City follows these procedures in establishing the budgetary data reflected in the preceding schedules: 1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. 3. The budget is legally enacted by the passage of a resolution by the City Council. 4. Formal budgetary integration is employed as a management control device during the year. 5. Budgets for all governmental funds are adopted on a basis consistent with accounting principles generally accepted in the United States of America. 6. Reported budget amounts are as originally adopted or as amended by Council- approved supplemental appropriations and budget transfers. 7. Expenditures may not legally exceed appropriations by department in the General Fund unless offset by increases in revenues. All unencumbered appropriations lapse at year-end. NOTE 2 EXCESS OF EXPENDITURES OVER APPROPRIATIONS The General Fund is legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. The legal level of budgetary control is at the department level for the General Fund. The following is a listing of General Fund departments whose expenditures exceed budget appropriations. Final Over Budget Actual Budget General Fund: General Government: Administration 2,355,941$ 2,380,190$ 24,249$ Human Resources 1,317,285 1,739,118 421,833 Finance 1,220,537 1,448,712 228,175 Public Safety: Police 13,539,322 13,659,365 120,043 Fire 10,642,843 10,731,711 88,868 Public Works: Engineering 2,724,345 3,183,701 459,356 Capital Outlay - 26,676 26,676 Excess expenditures in the Human Resources are due to severance in the current year. Severance varies from year to year. Excess expenditures in Finance are due to American Rescue Plan Act (ARPA) expenditures incurred in 2021. Excess expenditures in Fire are related to severance benefits associated with the dissolution of the Fire Relief Association. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (82) NOTE 2 EXCESS OF EXPENDITURES OVER APPROPRIATIONS (CONTINUED) Excess expenditures in Engineering are due to changes in the organizational structure. Facilities management was moved from Public Works to Engineering for actual but budgets were not adjusted, resulting in unfavourability in Engineering and favorability in Public Works. Remaining excess expenditures were due to slightly higher than anticipated costs. The remaining governmental funds budgets are legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. The legal level of budgetary control is at the fund level for these funds. The following is a listing of funds whose expenditures exceed budget appropriations. Final Over Budget Actual Budget Debt Service Fund 7,287,877$ 10,218,346$ 2,930,469$ Construction Fund 8,074,690 10,432,331 2,357,641 Braemar Memorial Fund - 450 450 CDBG Fund 125,000 150,000 25,000 Excess expenditures in the debt service fund are the result of higher than anticipated costs related to the issuance of new debt as well as total interest payments. Excess expenditures in the construction fund are the result of the timing of several larger construction projects. Excess expenditures in the remaining funds are due to slightly higher than anticipated costs. NOTE 3 PENSION INFORMATION General Employees Retirement Fund 2021 Changes Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. 2020 Changes Changes in Actuarial Assumptions • The price inflation assumption was decreased from 2.50% to 2.25%. • The payroll growth assumption was decreased from 3.25% to 3.00%. • Assumed salary increase rates were changed as recommended in the June 30, 2019 experience study. The net effect is assumed rates that average 0.25% less than previous rates. • Assumed rates of retirement were changed as recommended in the June 30, 2019 experience study. The changes result in more unreduced (normal) retirements and slightly fewer Rule of 90 and early retirements. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (83) NOTE 3 PENSION INFORMATION (CONTINUED) General Employees Retirement Fund (Continued) 2020 Changes (Continued) Changes in Actuarial Assumptions (Continued) • Assumed rates of termination were changed as recommended in the June 30, 2019 experience study. The new rates are based on service and are generally lower than the previous rates for years two through five and slightly higher thereafter. • Assumed rates of disability were changed as recommended in the June 30, 2019 experience study. The change results in fewer predicted disability retirements for males and females. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 General Mortality table, with adjustments. The base mortality table for disabled annuitants was changed from the RP-2014 disabled annuitant mortality table to the PUB-2010 General/Teacher disabled annuitant mortality table, with adjustments. • The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019. • The assumed spouse age difference was changed from two years older for females to one year older. • The assumed number of married male new retirees electing the 100% Joint & Survivor option changed from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint & Survivor option changed from 15% to 30%. The corresponding number of married new retirees electing the Life annuity option was adjusted accordingly. Changes in Plan Provisions • Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 through December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations occurring after June 30, 2020. 2019 Changes Changes in Actuarial Assumptions • The morality projection scale was changed from MP-2017 to MP-2018. Changes in Plan Provisions • The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to $21.0 million per year. The State’s special funding contribution was changed prospectively, requiring $16.0 million due per year through 2031. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (84) NOTE 3 PENSION INFORMATION (CONTINUED) General Employees Retirement Fund (Continued) 2018 Changes Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2015 to MP-2017. • The assumed benefit increase was changed from 1.00% per year through 2044 and 2.50% per year thereafter to 1.25% per year. Changes in Plan Provisions • The augmentation adjustment in early retirement factors is eliminated over a five- year period starting July 1, 2019, resulting in actuarial equivalence after June 30, 2024. • Interest credited on member contributions decreased from 4.00% to 3.00% , beginning July 1, 2018. • Deferred augmentation was changed to 0.00% , effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. • Contribution stabilizer provisions were repealed. • Postretirement benefit increases were changed from 1.00% per year with a provision to increase to 2.50% upon attainment of 90.00% funding ratio to 50.00% of the Social Security Cost of Living Adjustment, not less than 1.00% and not more than 1.50%, beginning January 1, 2019. • For retirements on or after January 1, 2024, the first benefit increase is delayed until the retiree reaches normal retirement age; does not apply to Rule of 90 retirees, disability benefit recipients, or survivors. • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. 2017 Changes Changes in Actuarial Assumptions: • The Combined Service Annuity (CSA) loads were changed from 0.8% for active members and 60% for vested and nonvested deferred members. The revised CSA loads are now 0.0% for active member liability, 15.0% for vested deferred member liability, and 3.0% for nonvested deferred member liability. • The assumed postretirement benefit increase rate was changed from 1.0% per year for all years to 1.0% per year through 2044 and 2.5% per year thereafter. Changes in Plan Provisions • The State’s contribution for the Minneapolis Employees Retirement Fund equals $16,000,000 in 2017 and 2018, and $6,000,000 thereafter. • The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund changed from $21,000,000 to $31,000,000 in calendar years 2019 to 2031. The state’s contribution changed from $16,000,000 to $6,000,000 in calendar years 2019 to 2031. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (85) NOTE 3 PENSION INFORMATION (CONTINUED) General Employees Fund Retirement Fund (Continued) 2016 Changes Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.0% per year through 2035 and 2.5% per year thereafter to 1.0% per year for all years. • The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was changed from 7.9% to 7.5%. • Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.5% for inflation. Changes in Plan Provisions • There have been no changes since the prior valuation. 2015 Changes Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.0% per year through 2030 and 2.5% per year thereafter to 1.0% per year through 2035 and • 2.5% per year thereafter. Changes in Plan Provisions: • On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the General Employees Fund, which increased the total pension liability by $1.1 billion and increased the fiduciary plan net position by $892 million. Upon consolidation, state and employer contributions were revised. Public Employees Police and Fire Fund 2021 Changes Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The inflation assumption was changed from 2.50% to 2.25%. • The payroll growth assumption was changed from 3.25% to 3.00%. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement scale was changed from MP-2019 to MN-2020. • The base mortality table for disabled annuitants was changed from the RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020). • Assumed rates of salary increase were modified as recommended in the July 14, 2020 experience study. The overall impact is a decrease in gross salary increase rates. • Assumed rates of retirement were changed as recommended in the July 14, 2020 experience study. The changes result in slightly more unreduced retirements and fewer assumed early retirements. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (86) NOTE 3 PENSION INFORMATION (CONTINUED) Public Employees Police and Fire Fund (Continued) 2021 Changes (Continued) • Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The changes result in more assumed terminations. • Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. • Assumed percent married for active female members was changed from 60% to 70%. Minor changes to form of payment assumptions were applied. 2020 Changes Changes in Actuarial Assumptions • The morality projection scale was changed from MP-2018 to MP-2019. Changes in Plan Provisions • There have been no changes since the prior valuation. 2019 Changes Changes in Actuarial Assumptions • The morality projection scale was changed from MP-2017 to MP-2018. Changes in Plan Provisions • There have been no changes since the prior valuation. • 2018 Changes Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2016 to MP-2017. Changes in Plan Provisions • Postretirement benefit increases were changed to 1.00% for all years, with no trigger. • An end date of July 1, 2048 was added to the existing $9.0 million state contribution • New annual state aid will equal $4.5 million in fiscal years 2019 and 2020, and $9.0 million thereafter until the plan reaches 100% funding, or July 1, 2048, if earlier. • Member contributions were changed from 10.80% to 11.30% of pay, effective January 1, 2019 and 11.80% of pay, effective January 1, 2020. • Employer contributions were changed from 16.20% to 16.95% of pay, effective January 1, 2019 and 17.70% of pay, effective January 1, 2020. • Interest credited on member contributions decreased from 4.00% to 3.00%, beginning July 1, 2018. • Deferred augmentation was changed to 0.00%, effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (87) NOTE 3 PENSION INFORMATION (CONTINUED) Public Employees Police and Fire Fund (Continued) 2017 Changes Changes in Actuarial Assumptions (Continued): • Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The net effect is proposed rates that average 0.34% lower than the previous rates. • Assumed rates of retirement were changed, resulting in fewer retirements. • The Combined Service Annuity (CSA) load was 30% for vested and nonvested deferred members. The CSA has been changed to 33% for vested members and 2% for nonvested members. • The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table to the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The base mortality table for disabled annuitants was changed from the RP-2000 disabled mortality table to the mortality tables assumed for healthy retirees. • Assumed termination rates were decreased to 3.0% for the first three years of service. Rates beyond the select period of three years were adjusted, resulting in more expected terminations overall. • Assumed percentage of married female members was decreased from 65% to 60%. • Assumed age difference was changed from separate assumptions for male members (wives assumed to be three years younger) and female members (husbands assumed to be four years older) to the assumption that males are two years older than females. • The assumed percentage of female members electing Joint and Survivor annuities was increased. • The assumed postretirement benefit increase rate was changed from 1.0% for all years to 1.0% per year through 2064 and 2.5% thereafter. • The single discount rate changed from 5.6% to 7.5% per annum. Changes in Plan Provisions • There have been no changes since the prior valuation. 2016 Changes Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.05% per year through 2037 and 2.5% thereafter to 1.0% per year for all future years. • The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed from 7.9% to 5.6%. • The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.5% for inflation. Changes in Plan Provisions • There have been no changes since the prior valuation. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (88) NOTE 3 PENSION INFORMATION (CONTINUED) Public Employees Police and Fire Fund (Continued) 2015 Changes Changes in Plan Provisions: • The postretirement benefit increase to be paid after attainment of the 90% funding threshold was changed, from inflation up to 2.5%, to a fixed rate of 2.5%. Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.0% per year through 2030 and 2.5% per year thereafter to 1.0% per year through 2037 and 2.5% per year thereafter. NOTE 4 OTHER POSTEMPLOYMENT BENEFITS INFORMATION Other Postemployment Benefits Plan 2020 Changes Changes in Actuarial Assumptions: • The discount rate was changed from 4.09% to 2.74%. • The payroll growth rate was changed from 3.50% to 3.25% 2019 Changes Changes in Actuarial Assumptions: • The discount rate was changed from 3.44% to 4.09%. 2018 Changes Changes in Actuarial Assumptions: • The discount rate was changed from 4.50% to 3.44%. (This page left blank intentionally.) NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds A Special Revenue Fund is used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The following are nonmajor special revenue funds: Community Development Block Grant Fund – This fund was established to account for funds received under Title I of the Housing and Community Development Act of 1974. Police Fund – This fund was established to account for funds received for specific purposes within the police department, including E-911 and Forfeiture funds. Braemar Memorial Fund – This fund was established to account for funds donated to the City for the purpose of enhancing the Braemar golf course with equipment and amenities that might not otherwise be affordable or viewed as a necessity to the golf course. Pedestrian and Cyclist Safety Fund – This fund was established to account for funds received from gas and electric franchise fees to be used for pedestrian and cyclist improvements included in future street reconstruction projects. Arts and Culture Fund – This fund was established to account for funds donated to the City for the purpose of enhancing public arts and culture related activities. This fund was closed into the General Fund in 2021. Conservation and Sustainability Fund – This fund was established to account for funds received from gas and electric franchise fees to be used for initiatives focused on conservation and sustainability. CITY OF EDINA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS DECEMBER 31, 2021 (89) Community Pedestrian Conservation Total Nonmajor Development Braemar and Cyclist Arts and and Governmental Block Grant Police Memorial Safety Culture Sustainability Funds Cash and Investments -$ 736,467$ 130,532$ 205,343$ -$ 2,066,981$ 3,139,323$ Accrued Interest - - 613 1,100 - 6,219 7,932 Accounts Receivable - - - 307,139 - 238,118 545,257 Due from Other Governments - 18,860 - - - - 18,860 Prepaid Items - 13,534 - - - - 13,534 Total Assets -$ 768,861$ 131,145$ 513,582$ -$ 2,311,318$ 3,724,906$ Liabilities: Accounts Payable -$ 6,853$ -$ 69,247$ -$ 7,493$ 83,593$ Salaries Payable - - - - - 4,462 4,462 Contracts Payable - - - 20,744 - - 20,744 Total Liabilities - 6,853 - 89,991 - 11,955 108,799 Fund Balance: Nonspendable - 13,534 - - - - 13,534 Restricted - 748,474 131,145 423,591 - 2,299,363 3,602,573 Total fund balance - 762,008 131,145 423,591 - 2,299,363 3,616,107 Total Liabilities, Deferred Inflows of Resources, and Fund Balance -$ 768,861$ 131,145$ 513,582$ -$ 2,311,318$ 3,724,906$ Special Revenue Assets Liabilities, Deferred Inflows of Resources, and Fund Balance CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2021 (90) Community Pedestrian Conservation Total Nonmajor Development Braemar and Cyclist Arts and and Governmental Block Grant Police Memorial Safety Culture Sustainability Funds REVENUES Franchise Taxes -$ -$ -$ 1,229,526$ -$ 950,410$ 2,179,936$ Intergovernmental 150,000 - - - - - 150,000 Investment Income (Loss)- 31 (597) (1,077) - (8,956) (10,599) Other Revenues - 187,853 5,500 - - 12,189 205,542 Total Revenues 150,000 187,884 4,903 1,228,449 - 953,643 2,524,879 EXPENDITURES Current: General Government 150,000 - - - - - 150,000 Public Safety - 113,815 - - - - 113,815 Public Works - - - 43,519 - 416,687 460,206 Parks - - 450 - - - 450 Capital Outlay: Public Works - - - 710,729 - 30,980 741,709 Total Expenditures 150,000 113,815 450 754,248 - 447,667 1,466,180 Revenues Over (Under) Expenditures - 74,069 4,453 474,201 - 505,976 1,058,699 Other Financing Uses: Transfers Out - - - - (68,895) - (68,895) NET INCREASE (DECREASE) IN FUND BALANCE - 74,069 4,453 474,201 (68,895) 505,976 989,804 Fund Balance - January 1 - 687,939 126,692 (50,610) 68,895 1,793,387 2,626,303 FUND BALANCE - DECEMBER 31 -$ 762,008$ 131,145$ 423,591$ -$ 2,299,363$ 3,616,107$ Special Revenue CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – COMMUNITY DEVELOPMENT BLOCK GRANT SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (91) Actual Variance with Original Final Amounts Final budget REVENUES Intergovernmental 125,000$ 125,000$ 150,000$ 25,000$ EXPENDITURES Current: General Government Contractual Services 125,000 125,000 150,000 25,000 NET INCREASE (DECREASE) IN FUND BALANCE -$ -$ - -$ Fund Balance - January 1 - FUND BALANCE - DECEMBER 31 -$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – POLICE SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (92) Actual Variance with Original Final Amounts Final budget REVENUES Investment Income 5$ 5$ 31$ 26$ Other Revenues 172,061 172,061 187,853 15,792 Total Revenues 172,066 172,066 187,884 15,818 EXPENDITURES Current: Public Safety: Contractual Services 92,882 92,882 104,592 11,710 Commodities 7,500 7,500 9,223 1,723 Capital Outlay: Public Safety 47,500 47,500 - (47,500) Total Expenditures 147,882 147,882 113,815 (34,067) NET INCREASE (DECREASE) IN FUND BALANCE 24,184$ 24,184$ 74,069 49,885$ Fund Balance - January 1 687,939 FUND BALANCE - DECEMBER 31 762,008$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – BRAEMAR MEMORIAL SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (93) Actual Variance with Original Final Amounts Final budget REVENUES Investment Income 2,007$ 2,007$ (597)$ (2,604)$ Donations 2,500 2,500 5,500 3,000 Total Revenues 4,507 4,507 4,903 396 EXPENDITURES Current: Parks and Recreation: Contractual Services - - 450 450 NET INCREASE (DECREASE) IN FUND BALANCE 4,507$ 4,507$ 4,453 (54)$ Fund Balance - January 1 126,692 FUND BALANCE - DECEMBER 31 131,145$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – PEDESTRIAN AND CYCLIST SAFETY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (94) Actual Variance with Original Final Amounts Final budget REVENUES Franchise Taxes 1,200,000$ 1,200,000$ 1,229,526$ 29,526$ Investment Income 1,060 1,060 (1,077) (2,137) Total Revenues 1,201,060 1,201,060 1,228,449 27,389 EXPENDITURES Current: Public Works: Personal Services 120,202 120,202 10,651 (109,551) Contractual Services 75,000 75,000 - (75,000) Commodities 15,000 15,000 25,008 10,008 Internal Services 7,860 7,860 7,860 - Capital Outlay: Public Works:924,225 924,225 710,729 (213,496) Total Expenditures 1,142,287 1,142,287 754,248 (388,039) NET INCREASE (DECREASE) IN FUND BALANCE 58,773$ 58,773$ 474,201 415,428$ Fund Balance - January 1 (50,610) FUND BALANCE - DECEMBER 31 423,591$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – ARTS AND CULTURE SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (95) Actual Variance with Original Final Amounts Final budget REVENUES General Property Taxes 20,000$ 20,000$ -$ (20,000)$ Investment Income 485 485 - (485) Other Revenues 2,500 2,500 - (2,500) Total Revenues 22,985 22,985 - (22,985) EXPENDITURES Current: Parks: Contractual Services 14,000 14,000 - (14,000) Commodities 600 600 - (600) Total Expenditures 14,600 14,600 - (14,600) REVENUES OVER (UNDER) EXPENDITURES 8,385 8,385 - (8,385) OTHER FINANCING SOURCES (USES) Transfers Out - - (68,895) (68,895) NET INCREASE (DECREASE) IN FUND BALANCE 8,385$ 8,385$ (68,895) (77,280)$ Fund balance - January 1 68,895 FUND BALANCE - DECEMBER 31 -$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – CONSERVATION AND SUSTAINABILITY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (96) Actual Variance with Original Final Amounts Final budget REVENUES Franchise Taxes 1,000,000$ 1,000,000$ 950,410$ (49,590)$ Investment Income (Loss)5,190 5,190 (8,956) (14,146) Other Revenues 7,000 7,000 12,189 5,189 Total Revenues 1,012,190 1,012,190 953,643 (58,547) EXPENDITURES Current: Public Works: Personal Services 165,109 165,109 116,119 (48,990) Contractual Services 123,100 123,100 253,711 130,611 Commodities - - 38,613 38,613 Internal Services 8,244 8,244 8,244 - Capital Outlay: Public Works 600,000 600,000 30,980 (569,020) Total Expenditures 896,453 896,453 447,667 (448,786) NET INCREASE (DECREASE) IN FUND BALANCE 115,737$ 115,737$ 505,976 390,239$ Fund Balance - January 1 1,793,387 FUND BALANCE - DECEMBER 31 2,299,363$ Budgeted Amounts MAJOR GOVERNMENTAL FUNDS Debt Service Fund – This fund was established to account for the payment of principal and interest on the General Obligation, Permanent Improvement Revolving, Public Project Revenue, and Edina Emerald Energy Program Bonds. Construction Fund – This fund was established to account for various special assessment and state aid projects throughout the City. This fund also provides financing for capital improvements as designated in the City’s capital improvement budget. CITY OF EDINA, MINNESOTA GOVERNMENTAL FUND – DEBT SERVICE SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (97) Actual Variance with Original Final Amounts Final budget REVENUES General Property Taxes 3,651,400$ 3,651,400$ 3,632,895$ (18,505)$ Special Assessments - - 191,646 191,646 Investment Income 8,000 8,000 - (8,000) Total Revenues 3,659,400 3,659,400 3,824,541 165,141 EXPENDITURES Debt Service 7,287,877 7,287,877 10,218,346 2,930,469 REVENUES OVER (UNDER) EXPENDITURES (3,628,477) (3,628,477) (6,393,805) (2,765,328) OTHER FINANCING SOURCES (USES) Transfers In 2,955,444 2,955,444 2,955,444 - Bonds Issued - - 4,085,343 4,085,343 Premium on Bonds Issued - - 804,204 804,204 Total Other Financing Sources (Uses)2,955,444 2,955,444 7,844,991 4,889,547 NET INCREASE (DECREASE) IN FUND BALANCE (673,033)$ (673,033)$ 1,451,186 2,124,219$ Fund Balance - January 1 9,727,306 FUND BALANCE - DECEMBER 31 11,178,492$ Budgeted Amounts CITY OF EDINA, MINNESOTA GOVERNMENTAL FUND – CONSTRUCTION CAPITAL PROJECTS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (98) Actual Variance with Original Final Amounts Final budget REVENUES General Property Taxes 4,130,000$ 4,130,000$ 4,105,959$ (24,041)$ Franchise Taxes 105,000 105,000 86,100 (18,900) Special Assessments 4,281,222 4,281,222 3,939,057 (342,165) License and Permits 79,000 79,000 69,221 (9,779) Intergovernmental 950,000 950,000 606,825 (343,175) Charges for Services 200,000 200,000 215,256 15,256 Investment Income 225,000 225,000 (110,770) (335,770) Other Revenues - - 12,425 12,425 Total Revenues 9,970,222 9,970,222 8,924,073 (1,046,149) EXPENDITURES Current: General Government: Personal Services - - 25,948 25,948 Contractual Services - - 356,998 356,998 Commodities - - 5,850 5,850 Public Safety: Contractual Services - - 58,951 58,951 Commodities - - (6,067) (6,067) Public Works: Personal Services 104,740 104,740 98,139 (6,601) Contractual Services 303,671 303,671 1,270,092 966,421 Commodities 24,151 24,151 9,922 (14,229) Internal Services 1,152 1,152 1,152 - Parks: Personal Services - - 13 13 Contractual Services - - 780 780 Commodities - - 241 241 Capital Outlay: General Government 91,000 91,000 144,659 53,659 Public Safety 1,381,450 1,381,450 519,458 (861,992) Public Works 6,075,526 6,075,526 7,510,434 1,434,908 Parks 93,000 93,000 435,761 342,761 Total Expenditures 8,074,690 8,074,690 10,432,331 2,357,641 REVENUES OVER (UNDER) EXPENDITURES 1,895,532 1,895,532 (1,508,258) (3,403,790) OTHER FINANCING SOURCES (USES) Transfers In 250,000 250,000 4,710,306 4,460,306 Transfers Out (2,955,444) (2,955,444) (3,067,655) (112,211) Sale of Capital Assets - - 100,821 100,821 Bonds Issued 3,144,387 3,144,387 5,189,657 2,045,270 Premium on Bonds Issued - - 777,313 777,313 Total Other Financing Sources (Uses)438,943 438,943 7,710,442 7,271,499 NET INCREASE (DECREASE) IN FUND BALANCE 2,334,475$ 2,334,475$ 6,202,184 3,867,709$ Fund Balance - January 1 19,634,745 FUND BALANCE - DECEMBER 31 25,836,929$ Budgeted Amounts (This page left blank intentionally.) NONMAJOR PROPRIETARY FUNDS Enterprise Funds Enterprise funds account for the financing of self-supporting activities of governmental units which render services to the general public on a user charge basis. The following are nonmajor enterprise funds: Art Center Fund – This fund accounts for activities related to the City’s Art Center. Edinborough Park Fund – This fund accounts for activities related to Edinborough Park. Centennial Lakes Fund – This fund accounts for activities related to Centennial Lakes Park. Braemar Field Fund – This fund accounts for activities related to the Sports Dome. CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF NET POSITION NONMAJOR PROPRIETARY FUNDS DECEMBER 31, 2021 (99) Total Nonmajor Art Edinborough Centennial Braemar Proprietary Center Park Lakes Field Funds ASSETS Current Assets: Cash and Investments 67,727$ 619,394$ 333,120$ 1,189,572$ 2,209,813$ Interest Receivable 223 8,506 2,871 4,958 16,558 Accounts Receivable - 20,856 28,127 - 48,983 Due from Other Governments - - 2,920 150 3,070 Total Current Assets 67,950 648,756 367,038 1,194,680 2,278,424 Noncurrent Assets: Net Capital Assets 36,870 1,129,408 199,806 6,057,775 7,423,859 Total Assets 104,820 1,778,164 566,844 7,252,455 9,702,283 DEFERRED OUTFLOWS OF RESOURCES OPEB Deferred Outflows 532 4,233 3,235 - 8,000 Pension Deferred Outflows 73,162 231,779 209,516 34,466 548,923 Total Deferred Outflows of Resources 73,694 236,012 212,751 34,466 556,923 LIABILITIES Current Liabilities: Accounts Payable 916 220,217 16,440 11,532 249,105 Salaries Payable 2,738 32,460 24,692 4,678 64,568 Due to Other Governments - 5,095 1,254 1,190 7,539 Unearned Revenue 251 4,235 15,355 - 19,841 Compensated Absences Payable 8,765 23,180 12,815 - 44,760 Total Current Liabilities 12,670 285,187 70,556 17,400 385,813 Noncurrent Liabilities: Total OPEB Liability 12,768 17,723 15,791 - 46,282 Net Pension Liability 96,916 307,035 277,544 45,657 727,152 Compensated Absences Payable 13,148 34,770 19,223 - 67,141 Total Noncurrent Liabilities 122,832 359,528 312,558 45,657 840,575 Total Liabilities 135,502 644,715 383,114 63,057 1,226,388 DEFERRED INFLOWS OF RESOURCES OPEB Deferred Inflows 400 16,072 11,425 - 27,897 Pension Deferred Inflows 89,043 282,093 254,999 41,948 668,083 Total Deferred Inflows of Resources 89,443 298,165 266,424 41,948 695,980 NET POSITION Net Investment in Capital Assets 36,870 1,129,408 199,806 6,057,775 7,423,859 Unrestricted (83,301) (58,112) (69,749) 1,124,141 912,979 Total Net Position (46,431)$ 1,071,296$ 130,057$ 7,181,916$ 8,336,838$ CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION NONMAJOR PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 (100) Total Nonmajor Art Edinborough Centennial Braemar Proprietary Center Park Lakes Field Funds OPERATING REVENUES Sales - Retail 28$ 6,817$ -$ -$ 6,845$ Sales - Concessions - 9,396 15,155 - 24,551 Memberships - 77,902 - - 77,902 Admissions - 255,945 - 6,345 262,290 Lodging Tax - 3,090 - - 3,090 Building Rental - 116,444 65,933 482,579 664,956 Rental of Equipment - - 108,923 - 108,923 Greens Fees - - 269,667 - 269,667 Class Registration and Other Fees 62,166 207,658 403,419 (28) 673,215 Total Operating Revenues 62,194 677,252 863,097 488,896 2,091,439 OPERATING EXPENSES Cost of Sales and Services - 1,098 9,606 - 10,704 Personal Services (14,673) 646,729 554,883 41,387 1,228,326 Internal Services 37,784 383,942 289,220 131,957 842,903 Commodities 14,326 103,326 83,958 10,948 212,558 Internal Services 75,838 144,833 113,057 35,719 369,447 Depreciation 5,892 100,562 37,144 523,926 667,524 Total Operating Expenses 119,167 1,380,490 1,087,868 743,937 3,331,462 OPERATING INCOME (LOSS)(56,973) (703,238) (224,771) (255,041) (1,240,023) NONOPERATING REVENUES (EXPENSES) Investment Income - (3,405) (1,513) (5,278) (10,196) Donations 1,402 - 2,200 - 3,602 Miscellaneous 14,215 15,302 1,247 50,650 81,414 Total Nonoperating Revenues (Expenses)15,617 11,897 1,934 45,372 74,820 INCOME (LOSS) BEFORE TRANSFERS (41,356) (691,341) (222,837) (209,669) (1,165,203) TRANSFERS Transfers In 250,000 12,673 149,112 692 412,477 CHANGE IN NET POSITION 208,644 (678,668) (73,725) (208,977) (752,726) Net Position - January 1 (255,075) 1,749,964 203,782 7,390,893 9,089,564 NET POSITION - DECEMBER 31 (46,431)$ 1,071,296$ 130,057$ 7,181,916$ 8,336,838$ CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF CASH FLOWS NONMAJOR PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 (101) Total Nonmajor Art Edinborough Centennial Braemar Proprietary Center Park Lakes Field Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Customers and Users 68,847$ 685,796$ 853,352$ 540,496$ 2,148,491$ Payment to Suppliers (123,841) (440,064) (487,903) (166,204) (1,218,012) Payment to Employees (176,056) (739,877) (628,217) (148,579) (1,692,729) Net Cash Provided (Used) by Operating Activities (231,050) (494,145) (262,768) 225,713 (762,250) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfer from Other Funds 250,000 12,673 149,112 692 412,477 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of Capital Assets - (45,818) (12,863) (108,457) (167,138) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received - 7,847 3,489 12,164 23,500 NET INCREASE (DECREASE) IN CASH AND INVESTMENTS 18,950 (519,443) (123,030) 130,112 (493,411) Cash and Investments - January 1 47,889 1,117,264 450,183 1,058,775 2,674,111 CASH AND INVESTMENTS - DECEMBER 31 66,839$ 597,821$ 327,153$ 1,188,887$ 2,180,700$ CASH AND INVESTMENTS PRESENTED ON THE STATEMENT OF NET POSITION: Cash 66,839$ 597,821$ 327,153$ 1,188,887$ 2,180,700$ Investments 888 21,573 5,967 685 29,113 Total Cash and Investments 67,727$ 619,394$ 333,120$ 1,189,572$ 2,209,813$ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating Income (Loss)(56,973)$ (703,238)$ (224,771)$ (255,041)$ (1,240,023)$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Depreciation 5,892 100,562 37,144 523,926 667,524 Miscellaneous Income 15,617 15,302 3,447 50,650 85,016 (Increase) Decrease in: Receivables - (10,963) (25,627) 22,500 (14,090) Due From Other Governments - - (2,920) (150) (3,070) Inventory 3,447 - - - 3,447 Deferred Outflows of Resources (41,574) (185,174) (178,706) (18,671) (424,125) Increase (Decrease) in: Accounts Payable 663 188,046 6,684 11,330 206,723 Salaries Payable (2,134) 6,471 2,466 (2,144) 4,659 Due to Other Governments (3) 5,089 1,254 1,090 7,430 Unearned Revenue (8,964) 4,205 15,355 (21,400) (10,804) Total OPEB Liability - 3,295 3,295 - 6,590 Net Pension Liability (234,513) (190,108) (53,885) (120,057) (598,563) Compensated Absences 14,985 17,192 (82,854) - (50,677) Deferred Inflows of Resources 72,507 255,176 236,350 33,680 597,713 Total Adjustments (174,077) 209,093 (37,997) 480,754 477,773 Net Cash Provided (Used) by Operating Activities (231,050)$ (494,145)$ (262,768)$ 225,713$ (762,250)$ NONCASH INVESTING ACTIVITIES Increase (Decrease) in Fair Value of Investments -$ (11,461)$ (5,094)$ (17,766)$ (34,321)$ FIDUCIARY FUNDS Custodial Funds Custodial funds are used to report resources held by the City in a purely custodial capacity. The following are agency funds: Police Seizure Fund – This fund accounts for assets seized by the Police Department. Public Safety Training Facility – This fund accounts for assets and liabilities of the South Metro Public Safety Training Facility, which is a joint venture that the City has fiduciary responsibilities for. Minnesota Task Force 1 – This fund accounts for assets and liabilities of the Minnesota Task Force 1, which is comprised of personnel and equipment from public safety and specialist personnel from supporting entities that operates as part of a joint powers agreement that the City has administrative responsibilities for. (This page left blank intentionally.) CITY OF EDINA, MINNESOTA COMBINING BALANCE SHEET AND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES CUSTODIAL FUNDS YEAR ENDED DECEMBER 31, 2021 (102) Public Safety Police Training Minnesota Seizure Facility Task Force 1 Total Cash and Investments 15,288$ 337,337$ (9,906)$ 342,719$ Accounts Receivable - 17,585 - 17,585 Total Assets 15,288 354,922 (9,906) 360,304 Accounts Payable - 9,131 115,275 124,406 Salaries Payable - 11,581 6,332 17,913 Due to Other Governmental Units 11,747 290 - 12,037 Unearned Revenue - 5,163 - 5,163 11,747 26,165 121,607 159,519 Restricted for Organizations and Other Governments 3,541$ 328,757$ (131,513)$ 200,785$ Public Safety Police Training Minnesota Seizure Facility Task Force 1 Total Collections on Behalf of Others 3,560$ 619,910$ 1,039,207$ 1,662,677$ Payments on Behalf of Others - 889,290 1,185,269 2,074,559 Net Increase (Decrease) in Fiduciary Net Position 3,560 (269,380) (146,062) (411,882) Net Position-Beginning (19) 598,137 14,549 612,667 Net Position-Ending 3,541$ 328,757$ (131,513)$ 200,785$ ADDITIONS DEDUCTIONS ASSETS LIABILITIES NET POSITION CITY OF EDINA, MINNESOTA TAX CAPACITY, TAX LEVIES, AND TAX CAPACITY RATES (SHOWN BY YEAR OF TAX COLLECTIBILITY) (103) 2018 2019 2020 2021 2022 Total Tax Capacity 141,934,212$ 151,279,391$ 157,910,360$ 164,716,554$ 169,928,228$ Increment Valuation (4,525,127) (5,229,452) (5,929,603) (8,291,891) (1,861,452) Contribution to Fiscal Disparities Pool (12,166,916) (13,440,625) (14,369,737) (15,151,282) (16,575,905) Tax Capacity Used for Rate Calculation 125,242,169 132,609,314 137,611,020 141,273,381 151,490,871 Fiscal Disparities Distribution 3,210,559 3,473,642 3,700,282 4,049,317 4,507,212 Adjusted Net Tax Capacity 128,452,728$ 136,082,956$ 141,311,302$ 145,322,698$ 155,998,083$ Tax Levies: General Fund 28,493,077$ 30,009,121$ 32,021,243$ 33,986,471$ 36,708,036$ Arts and Culture Fund 20,000 20,000 20,000 20,000 - Equipment 2,567,000 2,630,000 2,830,000 4,130,000 5,190,000 Debt Service 4,579,700 4,611,900 4,596,300 3,651,400 3,232,000 HRA Operating 125,000 160,000 192,000 230,400 237,300 Total Certified Tax Levies 35,784,777 37,431,021 39,659,543 42,018,271 45,367,336 Referendum Market Value Levy - - - - - Total Levy 35,784,777$ 37,431,021$ 39,659,543$ 42,018,271$ 45,367,336$ Tax Capacity Rate: General Fund Revenue 24.187%23.992%24.690%26.264%27.657% Bonds and Interest 3.564%3.388%3.255%2.515%2.133% HRA 0.098%0.119%0.137%0.163%0.157% Total Tax Capacity Rate 27.849%27.499%28.082%28.942%29.947% Market Value Rate 0.00000%0.00000%0.00000%0.00000%0.00000% CITY OF EDINA, MINNESOTA COMBINING SCHEDULE OF BONDED INDEBTEDNESS DECEMBER 31, 2021 (104) Final Interest Maturity Original Rates Date Date Issue Redeemed General Obligation Bonds: GO Capital Improvement Plan, Series 2010A 2.00 - 4.00 11/18/10 02/01/21 8,285,000$ 7,390,000$ GO Capital Improvement Plan, Series 2013A - Refunding 3.00 - 3.50 10/10/13 02/01/30 5,710,000 2,060,000 GO Refunding, Series 2016A 2.00 - 3.00 07/06/16 02/01/28 3,635,000 885,000 GO Refunding, Series 2017C 2.05 - 4.00 12/14/17 02/01/29 8,955,000 1,330,000 GO Equipment Certificate, Series 2019A 5.00 06/13/19 02/01/29 2,805,000 - GO Refunding, Series 2021B 5.00 12/16/21 02/01/30 2,515,000 - Total General Obligation Bonds 31,905,000 11,665,000 Permanent Improvement Revolving (PIR) Bonds: GO Permanent Improvement Revolving Series 2010B 2.00 - 3.00 11/18/10 02/01/22 2,305,000 1,800,000 GO Permanent Improvement Revolving Series 2011A 2.00 - 3.00 10/27/11 02/01/23 3,320,000 2,240,000 GO Permanent Improvement Revolving Series 2012A 3.00 - 4.00 11/15/12 02/01/29 2,675,000 915,000 GO Permanent Improvement Revolving Series 2013A 3.00 - 3.50 10/10/13 02/01/30 2,555,000 730,000 GO Permanent Improvement Revolving Series 2015A 2.00 - 4.00 07/09/15 02/01/32 6,545,000 1,090,000 GO Permanent Improvement Revolving Series 2015A - Parking 2.00 - 4.00 07/09/15 02/01/36 2,495,000 390,000 GO Permanent Improvement Revolving Series 2016A 2.00 - 3.00 07/06/16 02/01/33 3,940,000 435,000 GO Permanent Improvement Revolving Series 2017A 3.00 - 4.00 06/29/17 02/01/34 1,995,000 100,000 GO Permanent Improvement Revolving Series 2018A 3.00 - 3.125 06/27/18 02/01/35 2,210,000 - GO Permanent Improvement Revolving Series 2019A 3.00 - 5.00 06/13/19 02/01/36 2,195,000 - GO Permanent Improvement Revolving Series 2020A 2.00-4.00 06/25/20 02/01/37 390,000 - GO Permanent Improvement Revolving Series 2020B - Refunding 1.09 12/30/20 02/01/29 1,601,000 - GO Permanent Improvement Revolving Series 2021A 2.00 - 4.00 06/24/21 02/01/38 5,480,000 - GO Permanent Improvement Revolving Series 2021B - Refunding 5.00 12/16/21 02/01/30 1,280,000 - Total PIR Bonds 38,986,000 7,700,000 Tax Increment Financing Bonds" TIF, Series 2021A 2.00 - 4.00 06/24/21 02/04/43 7,545,000 - Public Project Revenue Bonds: Taxable Public Project Revenue, Series 2009A 2.10 - 4.55 11/24/09 02/01/30 2,595,000 1,330,000 HRA Public Project Revenue, Series 2014A 2.00 - 3.625 07/15/14 02/01/35 16,155,000 3,220,000 HRA Public Project Revenue, Series 2015A - Refunding 2.50 - 3.00 07/09/15 05/01/26 3,490,000 1,445,000 Total Public Project Revenue Bonds 22,240,000 5,995,000 Revenue Bonds: Recreational Facility Bonds, Series 2012C 2.00 - 3.00 11/15/12 02/01/33 2,100,000 60,000 Recreational Facility Bonds, Series 2013B 3.00 - 3.45 10/10/13 02/01/29 1,125,000 385,000 Recreational Facility Bonds, Series 2015B 2.00 - 3.25 07/09/15 02/01/31 2,140,000 490,000 Recreational Facility Bonds, Series 2017B 3.00 - 4.00 06/29/17 02/01/33 7,425,000 900,000 Recreational Facility Bonds, Series 2017D - Refunding 2.00 12/20/17 02/01/30 1,640,000 307,000 Recreational Facility Bonds, Series 2021C - Refunding 2.00 - 3.00 12/16/21 02/01/33 2,210,000 - Utility Revenue Bonds, Series 2011A 2.00 - 3.00 10/27/11 02/01/22 11,230,000 8,760,000 Utility Revenue Bonds, Series 2012A 3.00 - 4.00 11/15/12 02/01/23 6,100,000 4,030,000 Utility Revenue Bonds, Series 2014A 2.00 - 3.00 07/15/14 02/01/24 5,680,000 3,270,000 Utility Revenue Bonds, Series 2015A 2.00 - 4.00 07/09/15 02/01/25 5,235,000 2,490,000 Utility Revenue Bonds, Series 2016A 2.00 - 3.00 07/06/16 02/01/27 8,775,000 2,375,000 Utility Revenue Bonds, Series 2017A 3.00 - 4.00 06/29/17 02/01/28 6,595,000 1,120,000 Utility Revenue Bonds, Series 2018A 3.00 - 3.125 06/27/18 02/01/29 3,305,000 285,000 Utility Revenue Bonds, Series 2019A 5.00 06/13/19 02/01/30 5,815,000 - Utility Revenue Bonds, Series 2020A 2.00-4.00%06/25/20 02/01/31 4,830,000 - Utility Revenue Bonds, Series 2020B - Refunding 1.09%12/30/20 02/01/23 1,414,000 - Total Public Project Revenue Bonds 75,619,000 24,472,000 Total - Bonded indebtedness 168,750,000$ 49,832,000$ Prior Years CITY OF EDINA, MINNESOTA COMBINING SCHEDULE OF BONDED INDEBTEDNESS (CONTINUED) DECEMBER 31, 2021 (105) Principal Interest Interest Outstanding Payable Due Due Payable12/31/2020 Issued Payments 12/31/2021 In 2022 In 2022 to Maturity 895,000$ -$ 895,000$ -$ -$ -$ -$ 3,650,000 - 320,000 3,330,000 3,330,000 49,313 49,313 2,750,000 - 310,000 2,440,000 320,000 58,500 217,225 7,625,000 - 725,000 6,900,000 755,000 208,950 817,553 2,805,000 - 255,000 2,550,000 265,000 120,875 543,000 - 2,515,000 - 2,515,000 - 78,594 685,469 17,725,000 2,515,000 2,505,000 17,735,000 4,670,000 516,232 2,312,560 505,000 - 250,000 255,000 255,000 3,825 3,825 1,080,000 - 350,000 730,000 360,000 16,500 22,050 1,760,000 - 1,760,000 - - 44,850 197,025 1,825,000 - 160,000 1,665,000 1,665,000 24,650 24,650 5,455,000 - 380,000 5,075,000 385,000 165,575 985,988 2,105,000 - 100,000 2,005,000 105,000 68,150 571,850 3,505,000 - 230,000 3,275,000 235,000 86,075 573,650 1,895,000 - 105,000 1,790,000 110,000 57,500 388,700 2,210,000 - 115,000 2,095,000 120,000 65,594 495,747 2,195,000 - - 2,195,000 105,000 86,225 656,675 390,000 - - 390,000 - 10,500 82,050 1,601,000 - 96,000 1,505,000 195,000 15,876 66,299 - 5,480,000 - 5,480,000 - 199,768 1,702,593 - 1,280,000 - 1,280,000 - 40,000 313,500 24,526,000 6,760,000 3,546,000 27,740,000 3,535,000 885,088 6,084,602 - 7,545,000 - 7,545,000 - 245,092 2,463,767 1,265,000 - 1,265,000 - - - - 12,935,000 - 695,000 12,240,000 715,000 384,869 3,106,091 2,045,000 - 315,000 1,730,000 325,000 43,400 118,513 16,245,000 - 2,275,000 13,970,000 1,040,000 428,269 3,224,604 2,040,000 - 135,000 1,905,000 1,905,000 23,972 23,972 740,000 - 75,000 665,000 665,000 10,583 10,583 1,650,000 - 130,000 1,520,000 130,000 44,294 245,759 6,525,000 - 440,000 6,085,000 450,000 213,100 1,283,950 1,333,000 - 129,000 1,204,000 131,000 23,430 111,280 - 2,210,000 - 2,210,000 - 38,313 337,563 2,470,000 - 1,215,000 1,255,000 1,255,000 18,825 18,825 2,070,000 - 2,070,000 - - - - 2,410,000 - 580,000 1,830,000 595,000 43,000 80,425 2,745,000 - 515,000 2,230,000 525,000 72,800 161,950 6,400,000 - 840,000 5,560,000 865,000 132,288 420,131 5,475,000 - 595,000 4,880,000 620,000 167,500 621,250 3,020,000 - 290,000 2,730,000 300,000 87,750 389,325 5,815,000 - 465,000 5,350,000 485,000 255,375 1,284,375 4,830,000 - - 4,830,000 405,000 152,400 746,050 1,414,000 - 350,000 1,064,000 707,000 9,676 10,044 48,937,000 2,210,000 7,829,000 43,318,000 9,038,000 1,293,306 5,745,482 107,433,000$ 11,485,000$ 16,155,000$ 110,308,000$ 18,283,000$ 3,122,895$ 17,367,248$ 2021 CITY OF EDINA, MINNESOTA SCHEDULE OF BALANCE SHEET ACCOUNTS TAX INCREMENT FINANCING DISTRICTS DECEMBER 31, 2021 (106) Centennial Valley View Southdale 2 Pentagon Park Grandview 2 66th West 50th and France 2 West 76th Street Total District District District District District District District District Tax Increment No. 1203 No. 1207 No. 1208 No. 1211 No. 1212 No. 1214 No. 1215 No. 1217 Financing Districts ASSETS Cash and Investments 2,695,898$ 341,215$ 17,434,547$ 1,201,008$ 7,172,613$ 25,740$ 253,948$ 10$ 29,124,979$ Accrued Interest 2,439 1,677 53,242 2,629 6,299 104 94 - 66,484 Loans Receivable - - 6,470,967 - - - - - 6,470,967 Due from Other Districts 4,650,000 - 265,000 - - - - - 4,915,000 Due from Other Governments - - 10,449 - - - - - 10,449 Total Assets 7,348,337$ 342,892$ 24,234,205$ 1,203,637$ 7,178,912$ 25,844$ 254,042$ 10$ 40,587,879$ LIABILITIES Accounts Payable -$ -$ 17,204$ 1,464$ 616,394$ 554$ 224,858$ 528$ 861,002$ Salaries Payable 840 - 527 1,049 1,049 - 525 - 3,990 Contracts Payable - - - - 52,201 - - - 52,201 Due to Other Districts - - - - 500,000 265,000 4,150,000 - 4,915,000 Unearned Revenue 13,000 - - - - - - - 13,000 Total Liabilities 13,840 - 17,731 2,513 1,169,644 265,554 4,375,383 528 5,845,193 FUND BALANCE Restricted 7,334,497 342,892 24,216,474 1,201,124 6,009,268 (239,710) (4,121,341) (518) 34,742,686 Total Liabilities and Fund Balance 7,348,337$ 342,892$ 24,234,205$ 1,203,637$ 7,178,912$ 25,844$ 254,042$ 10$ 40,587,879$ CITY OF EDINA, MINNESOTA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES TAX INCREMENT FINANCING DISTRICTS YEAR ENDED DECEMBER 31, 2021 (107) Total Tax Centennial Valley View Southdale 2 Pentagon Park Grandview 2 66th West 50th and France West 76th Street Increment District District District District District District France 2 District District Financing No. 1203 No. 1207 No. 1208 No. 1211 No. 1211 No. 1214 No. 1215 No. 1217 Districts REVENUES Tax Increment Collections -$ -$ 6,681,171$ 529,365$ 534,481$ 15,813$ 496,140$ -$ 8,256,970$ Other Fees - - - - - - - 517 517 Investment Income (6,177) (1,587) (68,320) (3,901) (2,898) (127) (403) - (83,413) Other Revenues - - 2,900,000 - - - - - 2,900,000 Total Revenues (6,177) (1,587) 9,512,851 525,464 531,583 15,686 495,737 517 11,074,074 EXPENDITURES Current: General Government 50,503 - 81,758 19,415 123,551 3,165 516,762 1,035 796,189 Capital Outlay: General Government - - - - 2,672,078 - - - 2,672,078 Total Expenditures 50,503 - 81,758 19,415 2,795,629 3,165 516,762 1,035 3,468,267 REVENUES OVER (UNDER) EXPENDITURES (56,680) (1,587) 9,431,093 506,049 (2,264,046) 12,521 (21,025) (518) 7,605,807 OTHER FINANCING SOURCES (USES) Interfund Loan Interest 59,000 - (59,000) - - - - - - Bonds Issued - - - - 7,545,000 - - - 7,545,000 Premium on Bonds Issued - - - - 748,128 - - - 748,128 Total Other Financing Sources (Uses)59,000 - (59,000) - 8,293,128 - - - 8,293,128 NET INCREASE (DECREASE) IN FUND BALANCE 2,320 (1,587) 9,372,093 506,049 6,029,082 12,521 (21,025) (518) 15,898,935 Fund Balance - January 1 7,332,177 344,479 14,844,381 695,075 (19,814) (252,231) (4,100,316) - 18,843,751 FUND BALANCE - DECEMBER 31 7,334,497$ 342,892$ 24,216,474$ 1,201,124$ 6,009,268$ (239,710)$ (4,121,341)$ (518)$ 34,742,686$ STATISTICAL SECTION This part of the City’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. Contents Page Financial Trends 108 These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time. Revenue Capacity 116 These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax. Debt Capacity 120 These schedules contain information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. Demographic and Economic Information 125 These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place. Operating Information 127 These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. (This page left blank intentionally.) CITY OF EDINA, MINNESOTA NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (108) 2012 2013a 2014 2015b GOVERNMENTAL ACTIVITIES Net Investment in Capital Assets 78,644,392$ 83,842,970$ 85,708,114$ 85,838,618$ Restricted 23,215,910 20,289,579 18,268,724 16,925,171 Unrestricted 29,587,700 33,242,317 31,316,605 21,957,830 Total Governmental Activities Net Position 131,448,002$ 137,374,866$ 135,293,443$ 124,721,619$ BUSINESS-TYPE ACTIVITIES Net Investment in Capital Assets 63,766,144$ 66,126,387$ 75,803,672$ 83,395,794$ Restricted 876,909 611,377 619,295 793,664 Unrestricted 14,390,609 16,867,459 21,176,026 16,405,405 Total Business-Type Activities Net Position 79,033,662$ 83,605,223$ 97,598,993$ 100,594,863$ PRIMARY GOVERNMENT Net Investment in Capital Assets 142,410,536$ 149,969,357$ 161,511,786$ 169,234,412$ Restricted 24,092,819 20,900,956 18,888,019 17,718,835 Unrestricted 43,978,309 50,109,776 52,492,631 38,363,235 Total Primary Government Net Position 210,481,664$ 220,980,089$ 232,892,436$ 225,316,482$ a The City implemented GASB 65 in fiscal year 2013. Prior year information has not been restated as a result of this change in accounting principle. b The City implemented GASB 68 in fiscal year 2015. Prior year information has not been restated as a result of this change in accounting principle. c The City implemented GASB 75 in fiscal year 2018. Prior year information has not been restated as a result of this change in accounting principle. Fiscal Year CITY OF EDINA, MINNESOTA NET POSITION BY COMPONENT (CONTINUED) LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (109) 2016 2017 2018c 2019 2020 2021 93,247,973$ 96,149,011$ 107,133,225$ 110,670,335$ 117,052,475$ 116,754,295$ 20,892,680 22,840,869 25,017,586 36,999,647 60,063,244 76,262,266 22,146,168 26,412,441 31,277,308 27,680,337 16,475,796 15,308,966 136,286,821$ 145,402,321$ 163,428,119$ 175,350,319$ 193,591,515$ 208,325,527$ 85,158,869$ 82,338,560$ 81,980,815$ 80,452,583$ 81,135,647$ 86,975,121$ 804,393 1,338,276 1,360,336 1,360,336 1,268,479 1,225,093 17,300,872 22,443,806 27,285,949 32,045,171 33,086,023 32,253,873 103,264,134$ 106,120,642$ 110,627,100$ 113,858,090$ 115,490,149$ 120,454,087$ 178,406,842$ 178,487,571$ 189,114,040$ 191,122,918$ 198,188,122$ 203,729,416$ 21,697,073 24,179,145 26,377,922 38,359,983 61,331,723 77,487,359 39,447,040 48,856,247 58,563,257 59,725,508 49,561,819 47,562,839 239,550,955$ 251,522,963$ 274,055,219$ 289,208,409$ 309,081,664$ 328,779,614$ Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN NET POSITION LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (110) 2012 2013a 2014b 2015c EXPENSES Governmental Activities:General Government 12,598,979$ 8,256,261$ 8,522,319$ 8,518,236$ Public Safety 16,598,423 17,117,693 18,145,498 19,507,770 Public Works 9,437,285 11,502,250 15,553,852 15,284,777 Parks 5,904,724 6,132,709 3,330,781 3,385,367 Interest on Long-Term Debt 2,222,392 2,024,749 1,989,863 2,180,678 Total Governmental Activities Expenses 46,761,803 45,033,662 47,542,313 48,876,828 Business-Type Activities: Water 12,610,875 13,748,186 14,207,197 14,963,304 Sewer - - - - Stormwater - - - - Recycling - - - - Liquor 11,740,744 12,261,413 12,393,218 11,818,602 Aquatic Center 866,944 822,932 827,485 872,960 Golf Course 3,293,192 3,199,815 3,342,544 3,409,343 Arena 2,182,200 2,272,510 2,375,173 2,642,097 Community Activity Centers 2,842,139 2,967,115 2,975,782 3,436,325 Total Business-Type Activities Expenses 33,536,094 35,271,971 36,121,399 37,142,631 Total Primary Government Expenses 80,297,897$ 80,305,633$ 83,663,712$ 86,019,459$ PROGRAM REVENUES Governmental Activities: Charges for Services: General Government 1,142,984$ 1,259,908$ 1,529,555$ 1,322,430$ Public Safety 6,549,929 7,410,755 8,102,352 8,683,465 Other Activities 913,864 846,999 960,261 1,158,207 Operating Grants and Contributions 1,685,026 2,283,007 1,578,538 3,122,178 Capital Grants and Contributions 9,137,011 6,372,735 8,244,695 10,044,077 Total Governmental Activities Program Revenues 19,428,814 18,173,404 20,415,401 24,330,357 Business-Type Activities: Charges for Services: Water 17,729,589 17,831,225 17,550,802 19,335,443 Sewer - - - - Stormwater - - - - Recycling - - - - Liquor 13,230,941 13,711,557 13,515,168 12,462,387 Aquatic Center 1,001,946 928,055 918,412 971,936 Golf Course 3,225,591 2,711,743 3,229,348 2,857,190 Arena 1,452,435 1,942,971 2,092,567 2,316,853 Community Activity Centers 2,399,090 2,625,633 2,583,257 3,119,789 Operating Grants and Contributions 1,042,195 516,242 428,416 595,141 Capital Grants and Contributions - - - - Total Business-Type Activities Program Revenues 40,081,787 40,267,426 40,317,970 41,658,739 Total Primary Government Program Revenues 59,510,601$ 58,440,830$ 60,733,371$ 65,989,096$ NET (EXPENSE) REVENUEGovernmental Activities (27,332,989)$ (26,860,258)$ (27,126,912)$ (24,546,471)$ Business-Type Activities 6,545,693 4,995,455 4,196,571 4,516,108 Total Primary Government Net Expense (20,787,296)$ (21,864,803)$ (22,930,341)$ (20,030,363)$ GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities:Property Taxes 25,884,662$ 26,894,161$ 27,062,224$ 29,632,072$ Tax Increment Collections 3,536,935 3,981,938 5,052,705 1,792,896 Franchise Taxes 815,530 1,891,967 2,055,396 2,089,038 Lodging Taxes - - 11,301 22,716 Unrestricted Investment Earnings 341,986 (96,390) 440,051 195,620 Gain on Disposal of Capital Assets - 16,654 29,037 41,900 Insurance Recovery - 816,654 - - Transfers 696,935 133,907 (9,605,225) (2,230,966) Total Governmental Activities 31,276,048 33,638,891 25,045,489 31,543,276 Business-Type Activities: Unrestricted Investment Earnings 113,177 (77,848) 191,974 91,907 Gain (Loss) on Disposal of Capital Assets 2,644,854 17,587 - 39,427 Transfers (696,935) (133,907) 9,605,225 2,230,966 Total Business-Type Activities 2,061,096 (194,168) 9,797,199 2,362,300 Total Primary Government 33,337,144$ 33,444,723$ 34,842,688$ 33,905,576$ CHANGE IN NET POSITION Governmental Activities 3,943,059$ 6,778,633$ (2,081,423)$ 6,996,805$ Business-Type Activities 8,606,789 4,801,287 13,993,770 6,878,408 Total Primary Government 12,549,848$ 11,579,920$ 11,912,347$ 13,875,213$ a The City implemented GASB 65 in fiscal year 2013. Prior year information has not been restated as a result of this change in accounting principle. b The City completed a major departmental reorganization in 2014, moving parks maintenance activities from parks to public works. Prior year information has not been modified as a result of this change. c The City implemented GASB 68 in fiscal year 2015. Prior year information has not been restated as a result of this change in accounting principle. d The City completed a major departmental reorganization in 2018, moving parks maintenance activities from public works to parks. The City also implemented GASB 75 in fiscal year 2018. Prior year information has not been restated as a result of either change. e The City broke out the various functions within the utilities fund for the first time in 2020. Prior year information has not been restated. Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN NET POSITION (CONTINUED) LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (111) 2016 2017 2018d 2019 2020e 2021 9,587,567$ 9,164,272$ 10,964,266$ 11,252,538$ 11,698,533$ 14,844,785$ 20,243,209 21,815,101 20,971,184 27,496,563 27,058,719 24,288,956 19,444,472 17,750,505 14,170,463 10,979,180 16,117,060 11,497,445 3,822,716 4,222,431 7,235,405 7,554,919 6,798,866 7,365,756 2,133,474 1,996,354 1,726,901 1,999,318 1,561,462 1,282,299 55,231,438 54,948,663 55,068,219 59,282,518 63,234,640 59,279,241 16,780,474 17,361,659 18,045,516 19,303,212 9,592,913 9,094,274 - - - - 7,641,660 7,690,708 - - - - 3,424,049 3,146,475 - - - - 1,392,003 1,956,546 12,130,254 12,007,885 11,995,159 11,970,986 11,500,971 13,435,305 915,560 1,015,328 996,671 979,376 386,026 1,052,346 3,041,169 3,469,121 2,464,563 4,009,097 4,257,484 4,822,338 2,842,660 2,961,787 2,996,844 2,982,674 2,876,897 2,882,067 3,853,091 4,095,309 4,096,452 4,286,773 3,412,784 3,231,622 39,563,208 40,911,089 40,595,205 43,532,118 44,484,787 47,311,681 94,794,646$ 95,859,752$ 95,663,424$ 102,814,636$ 107,719,427$ 106,590,922$ 1,453,009$ 1,142,120$ 2,395,535$ 1,204,947$ 4,172,729$ 2,207,889$ 8,996,046 9,627,122 9,978,816 9,747,031 10,152,772 9,970,031 1,289,770 1,288,452 1,202,732 1,265,918 1,007,903 1,351,458 2,751,495 2,194,336 4,028,247 4,271,243 7,626,236 2,721,724 15,252,861 9,775,184 6,695,172 6,625,040 7,318,687 4,030,108 29,743,181 24,027,214 24,300,502 23,114,179 30,278,327 20,281,210 19,505,905 21,361,972 22,697,468 21,875,655 9,236,665 10,302,974 - - - - 10,622,411 10,732,193 - - - - 4,773,432 5,207,295 - - - - 1,148,338 1,447,226 12,937,092 12,991,764 13,401,754 13,094,407 12,117,414 14,280,055 956,068 962,857 997,727 996,778 - 1,071,692 2,809,702 1,254,412 1,396,173 3,395,815 3,968,529 5,290,109 2,314,892 2,508,192 2,629,945 2,516,629 1,638,011 2,347,678 3,190,775 3,348,628 3,303,278 3,240,000 1,499,060 2,106,088 445,464 179,086 545,682 44,953 47,780 404,419 - 904,201 - 692,281 396,103 - 42,159,898 43,511,112 44,972,027 45,856,518 45,447,743 53,189,729 71,903,079$ 67,538,326$ 69,272,529$ 68,970,697$ 75,726,070$ 73,470,939$ (25,488,257)$ (30,921,449)$ (30,767,717)$ (36,168,339)$ (32,956,313)$ (38,998,031)$ 2,596,690 2,600,023 4,376,822 2,324,400 962,956 5,878,048 (22,891,567)$ (28,321,426)$ (26,390,895)$ (33,843,939)$ (31,993,357)$ (33,119,983)$ 31,396,421$ 33,665,029$ 35,616,432$ 37,133,269$ 39,545,279$ 41,826,967$ 2,779,097 3,422,898 4,997,706 5,447,108 6,452,819 8,295,756 2,346,423 2,408,884 2,559,443 2,881,726 3,071,392 3,090,322 22,624 21,006 25,298 24,119 8,313 17,214 344,277 514,073 901,405 2,037,306 1,835,870 (372,080) 65,044 - 5,032,815 408,659 - 101,404 - - - - - - 99,573 5,059 305,428 158,352 283,836 772,460 37,053,459 40,036,949 49,438,527 48,090,539 51,197,509 53,732,043 136,208 254,990 481,754 1,064,942 945,580 (141,650) 35,946 6,554 - - 7,359 - (99,573) (5,059) (305,428) (158,352) (283,836) (772,460) 72,581 256,485 176,326 906,590 669,103 (914,110) 37,126,040$ 40,293,434$ 49,614,853$ 48,997,129$ 51,866,612$ 52,817,933$ 11,565,202$ 9,115,500$ 18,670,810$ 11,922,200$ 18,241,196$ 14,734,012$ 2,669,271 2,856,508 4,553,148 3,230,990 1,632,059 4,963,938 14,234,473$ 11,972,008$ 23,223,958$ 15,153,190$ 19,873,255$ 19,697,950$ Fiscal Year CITY OF EDINA, MINNESOTA FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (112) 2012 2013 2014a 2015 GENERAL FUND Nonspendable 413,200$ 13,322$ 240,291$ 529,513$ Restricted 880,395 185,395 757,673 417,673 Assigned 1,643,077 1,559,461 1,566,329 1,547,398 Unassigned 11,902,462 12,573,457 11,429,444 11,825,799 Total General Fund 14,839,134$ 14,331,635$ 13,993,737$ 14,320,383$ ALL OTHER GOVERNMENTAL FUNDS Nonspendable -$ -$ -$ -$ Restricted, Reported in: Special Revenue Funds 13,185,962 13,040,516 9,719,309 9,405,757 Debt Service Funds 9,704,408 6,246,769 12,678,291 7,134,575 Construction Funds 2,759,463 3,318,947 6,598,832 551,132 Assigned, Reported in: Capital Projects Funds 7,159,890 8,354,268 7,046,610 13,127,881 Unassigned, Reported in: Special Revenue Funds - - - - Total all Other Governmental Funds 32,809,723$ 30,960,500$ 36,043,042$ 30,219,345$ a The substantial increase in other governmental funds restricted fund balance is due to unspent bond proceeds related to the current refunding that took place on February 1 of the following year. Fiscal Year CITY OF EDINA, MINNESOTA FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED) LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (113) 2016a 2017a 2018 2019 2020 2021 27,643$ 13,124$ -$ 28,403$ 28,403$ 85,083$ 927,673 961,133 961,133 58,086 58,086 58,086 1,612,240 1,739,079 2,105,741 2,093,760 6,679,877 5,627,113 14,624,755 15,656,518 16,812,851 16,411,412 20,476,747 18,003,259 17,192,311$ 18,369,854$ 19,879,725$ 18,591,661$ 27,243,113$ 23,773,541$ -$ -$ -$ -$ -$ 71,784$ 12,673,995 14,453,556 14,755,259 18,653,029 26,862,127 42,539,152 11,187,468 17,000,806 7,871,858 8,341,996 9,727,306 11,178,492 209,510 78,702 30,072 - - 13,109,438 15,710,621 19,726,343 21,927,249 19,634,745 25,778,679 (190,845) - - - (50,610) - 36,989,566$ 47,243,685$ 42,383,532$ 48,922,274$ 56,173,568$ 79,568,107$ Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (114) 2012 2013 2014 2015 REVENUES General Property Taxes 25,838,422$ 26,891,756$ 26,988,493$ 29,535,270$ Tax Increment Collections 3,536,935 3,981,938 5,052,705 1,792,896 Franchise Taxes 815,530 1,891,967 2,055,396 2,089,038 Lodging Fees - - 11,301 22,716 Special Assessments 4,975,641 4,884,510 4,606,010 4,132,128 License and Permits 3,155,351 4,150,512 4,583,183 4,907,364 Intergovernmental 2,032,966 2,509,166 3,961,509 6,093,966 Charges for Services 3,708,482 3,667,612 4,270,720 4,414,991 Fines and Forfeitures 1,195,054 1,109,710 1,163,907 1,195,271 Investment Income 341,986 (96,390) 440,051 195,314 Rental of Property 506,276 518,862 546,874 416,522 Parkland Dedication 702,100 - 757,278 800,000 Other Revenues 240,841 278,607 78,775 361,425 Total Revenues 47,049,584 49,788,250 54,516,202 55,956,901 EXPENDITURES General Government 6,624,573 7,351,556 7,625,826 6,337,944 Public Safety 14,985,068 15,859,622 16,647,821 17,537,528 Public Works 6,277,506 7,018,614 10,201,335 10,578,472 Parks 3,852,260 3,915,568 1,341,884 1,416,858 Capital Outlay 13,622,443 10,690,207 19,883,144 19,912,565 Debt Service: Principal 6,620,000 14,531,375 4,096,375 13,276,375 Interest and Other Charges 2,292,394 2,270,259 1,923,647 2,375,613 Total Expenditures 54,274,244 61,637,201 61,720,032 71,435,355 REVENUES OVER (UNDER) EXPENDITURES (7,224,660) (11,848,951) (7,203,830) (15,478,454) OTHER FINANCING SOURCES (USES) Utility Contributions from Other Funds - - - - Transfers In 4,495,940 3,472,964 1,404,975 3,232,770 Transfers Out (3,799,005) (3,339,057) (11,010,200) (6,472,066) Sale of Capital Assets 94,975 61,642 70,603 78,509 Insurance Recovery - 816,654 - 167,167 Loans Issued - - - - Bonds Issued 2,748,720 2,555,000 16,155,000 9,040,000 Refunding Bonds Issued 1,990,000 5,710,000 5,180,000 3,490,000 Premium on Bonds Issued 436,148 275,360 327,987 492,838 Discount on Bonds Issued - (60,334) (179,891) (47,815) Payment to Refunding Escrow - - - - Total Other Financing Sources (Uses)5,966,778 9,492,229 11,948,474 9,981,403 NET CHANGE IN FUND BALANCES (1,257,882)$ (2,356,722)$ 4,744,644$ (5,497,051)$ Debt Service as a Percentage of Noncapital Expenditures 19.4%32.2%13.7%28.9% Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED) LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (115) 2016 2017 2018 2019 2020 2021 31,354,023$ 33,696,550$ 35,613,883$ 37,093,074$ 39,509,239$ 41,796,463$ 2,779,097 3,422,898 4,997,706 5,447,108 6,452,819 8,295,756 2,346,423 2,408,884 2,559,443 2,881,726 3,071,392 3,090,322 22,624 21,006 25,298 24,119 8,313 17,214 5,276,194 5,330,766 4,747,205 4,741,557 4,629,551 4,130,703 5,268,519 5,403,222 5,912,757 5,183,754 6,454,749 6,077,446 5,775,114 3,687,262 5,124,573 3,687,620 11,218,739 3,321,222 4,689,389 4,917,173 4,898,548 5,431,941 4,968,288 5,980,258 1,016,817 1,135,986 1,122,426 1,097,122 485,472 460,914 344,344 512,448 889,550 1,989,881 1,835,870 (372,080) 514,955 459,099 632,011 487,797 479,148 491,579 1,250,000 33,460 - - - - 2,599,830 761,281 990,277 600,905 3,069,269 704,558 63,237,329 61,790,035 67,513,677 68,666,604 82,182,849 73,994,355 6,815,725 7,065,729 8,630,290 8,973,194 8,577,452 12,236,821 18,554,507 19,233,386 20,323,076 21,701,254 25,612,596 25,694,255 10,474,008 11,524,896 8,682,928 8,998,768 8,843,557 10,718,078 1,529,384 1,695,397 5,202,962 5,453,778 4,878,372 5,917,562 16,787,575 11,053,212 19,752,836 18,558,023 13,056,078 12,203,492 5,246,375 5,496,375 5,523,369 5,778,476 5,865,000 8,326,000 2,360,827 2,359,551 2,099,594 1,923,526 2,007,730 1,892,346 61,768,401 58,428,546 70,215,055 71,387,019 68,840,785 76,988,554 1,468,928 3,361,489 (2,701,378) (2,720,415) 13,342,064 (2,994,199) - - 37,978 115,494 - - 3,504,542 5,130,405 5,464,771 6,738,864 6,260,386 8,408,356 (3,404,969) (5,057,263) (5,139,771) (6,604,736) (5,976,550) (7,639,656) 65,044 84,388 6,201,630 1,172,391 251,670 3,000,821 - - - - - - - - - 750,000 - - 3,940,000 1,995,000 2,210,000 5,000,000 1,991,000 16,820,000 3,635,000 8,955,000 - - - - 450,409 798,791 74,787 799,080 34,176 2,329,645 (16,805) (51,148) (18,299) - - - - (3,785,000) (9,480,000) - - - 8,173,221 8,070,173 (648,904) 7,971,093 2,560,682 22,919,166 9,642,149$ 11,431,662$ (3,350,282)$ 5,250,678$ 15,902,746$ 19,924,967$ 16.2%15.9%14.6%13.8%13.2%15.6% Fiscal Year CITY OF EDINA, MINNESOTA ASSESSED VALUE, ACTUAL VALUE, AND TAX CAPACITY OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (116) City Tax City Used Adjusted Capacity Referendum Estimated Limited Taxable Total for Rate Net Rate Rate 9,179,305$ 9,179,305$ 9,025,565$ 109,013$ 94,811$ 97,879$ 26.247%0.00667%2.799 8,955,431 8,955,431 8,798,601 106,530 93,504 96,120 27.216%0.00690%2.921 9,065,550 9,065,550 8,911,695 108,069 93,607 96,156 27.920%0.00695%2.961 9,837,972 9,837,972 9,701,677 117,907 106,662 109,203 26.605%0.00631%2.953 10,420,339 10,420,339 10,296,342 125,664 112,491 115,128 27.137%0.00550%2.998 10,902,621 10,902,621 10,785,198 132,180 116,854 119,756 28.271%0.00000%3.105 11,655,318 11,655,318 11,547,520 141,934 125,242 128,453 27.849%0.00000%3.069 12,370,205 12,370,205 12,271,673 151,279 132,609 136,083 27.499%0.00000%3.025 12,879,164 12,879,164 12,785,798 157,910 137,611 141,311 28.082%0.00000%3.081 13,344,357 13,344,357 13,255,470 164,716 141,273 145,322 28.942%0.00000%3.152 Source: Hennepin County Taxpayer Services. a Property in the City is assessed annually. Assessed value is equal to market value, although taxable value may be different, as shown. The City receives reports from Hennepin County showing total market value, but not separated by property classification. b This value is estimated by the City Finance Department by taking City taxes as a rate of estimated market value (rate per $1,000 of assessed value). The property tax system in Minnesota uses a tax capacity system whereby each parcel is assigned a tax capacity based on taxable value and class. In Minnesota, local taxes are usually expressed as a percentage of this calculated tax capacity (see column titled "City Tax Capacity Rate"). Therefore, this rate is only theoretical and shown for comparative purposes only. Estimated Rate b Market Value (In Thousands) a Tax Capacity (In Thousands) 2015 Fiscal Direct 2013 2014 2012 2019 2018 2021 Year 2016 2017 2020 CITY OF EDINA, MINNESOTA DIRECT AND OVERLAPPING TAX CAPACITY RATES LAST TEN FISCAL YEARS (117) Total Basic Debt HRA Total Tax Direct and Rate Rate Rate Capacity RMV Hennepin Tax Cap.RMV Other Overlap 23.131%3.116%0.000%26.247%0.007%48.231%27.565%0.215%10.911%112.954% 23.762%3.454%0.000%27.216%0.007%49.461%27.762%0.217%11.483%115.922% 24.458%3.462%0.000%27.920%0.007%49.959%27.556%0.223%12.051%117.486% 22.477%4.128%0.000%26.605%0.006%46.398%27.344%0.215%11.100%111.447% 23.223%3.914%0.000%27.137%0.006%45.356%34.898%0.201%11.254%118.645% 24.348%3.841%0.082%28.271%0.000%44.087%34.798%0.188%11.057%118.213% 24.187%3.564%0.098%27.849%0.000%42.808%30.972%0.222%10.667%112.296% 23.992%3.388%0.119%27.499%0.000%41.861%30.589%0.210%9.714%109.663% 24.690%3.255%0.137%28.082%0.000%41.084%30.589%0.219%9.330%109.085% 26.264%2.515%0.163%28.942%0.000%38.210%31.474%0.211%8.833%107.459% Source: Hennepin County Taxpayer Services. RMV: Referendum Market Value Geographic boundaries for overlapping district are not identical to the City's boundaries. City boundaries contain six different school districts but only ISD #273 is shown here. Other districts include Mosquito Control, Met Council, Metro Transit, Hennepin Parks, Park Museum and Regional Railroad Authority. In addition, there are two watershed districts in the City, Nine Mile Creek and Minnehaha Creek, and rates for Nine Mile are included in Other. Total rates do not include RMV rates. 2017 2021 2020 2019 City Rates Overlapping Rates ISD #273 EdinaFiscal Year 2018 2013 2014 2012 2015 2016 CITY OF EDINA, MINNESOTA PRINCIPAL PROPERTY TAXPAYERS CURRENT YEAR AND NINE YEARS AGO (118) Percentage Percentage of Total of Total Tax Capacity Rank Capacity Tax Capacity Rank Capacity Galleria Shopping Center 2,746,321$ 1 1.62%1,271,050$ 2 1.17% Southdale Shopping Center 2,737,316 2 1.62%2,373,048 1 2.18% Southdale Medical Building 1,602,487 3 0.95%620,285 5 0.57% Southdale Office Center 893,250 4 0.53%686,102 3 0.63% Onyx Apartments 860,663 5 0.51%DNA DNA DNA Loden Apartments 837,969 6 0.50%DNA DNA DNA Centennial Lakes Phase V 797,170 7 0.47%553,770 6 0.51% Centennial Lakes Phase IV 785,224 8 0.46%543,040 7 0.50% One Southdale Place Apartments 749,796 9 0.44%DNA DNA DNA Lifetime Fitness/Lifetime Works 749,558 10 0.44%DNA DNA DNA Centennial Lakes Retail DNA DNA DNA 670,848 4 0.62% National Car DNA DNA DNA 484,530 8 0.44% Target DNA DNA DNA 439,250 9 0.40% Hellmuth & Johnson DNA DNA DNA 358,912 10 0.33% Totals 12,759,754$ 7.54%8,000,835$ 7.35% Source: City of Edina Assessing Office DNA: Data is not available 20122021 Taxpayer CITY OF EDINA, MINNESOTA PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (119) Total Collections in Tax Percentage Subsequent Percentage Levy Amount of Levy Years Amount of Levy 26,248,226$ 25,983,685$ 98.99%(132,633)$ 25,851,052$ 98.49% 26,747,384 26,545,984 99.25%(201,500) 26,344,484 98.49% 27,454,872 27,326,092 99.53%(44,905) 27,281,187 99.37% 29,700,010 29,497,362 99.32%(80,678) 29,416,684 99.05% 31,799,123 31,383,415 98.69%45,132 31,428,547 98.83% 33,822,369 33,645,085 99.48%(56,896) 33,588,189 99.31% 35,784,777 35,551,096 99.35%(33,548) 35,517,548 99.25% 37,431,021 37,104,274 99.13%62,960 37,167,234 99.30% 39,659,543 39,392,703 99.33%(96,138) 39,296,565 99.08% 42,018,271 41,704,258 99.25%(74,324) 41,629,934 99.08% Source: Hennepin County Taxpayer Services. Collected within the Fiscal Year of the Levy 2012 2021 Total Collections to Date Taxes Payable 2013 2014 2020 2019 2018 2016 2015 2017 CITY OF EDINA, MINNESOTA RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS, EXCEPT PER CAPITA) (120) General Public Tax Permanent EEEP Rec.Utility Total Percentage Obligation Project Increment Improvement Revenue Notes Facility Revenue Primary of Personal Per Debt Revenue Bonds Revolving Bonds Payable Bonds Bonds Government Income a Capita a 28,318$ 11,787$ 550$ 22,067$ 74$ -$ 5,952$ 33,160$ 101,908$ 3.21%2,087$ 32,035 5,627 - 18,889 62 - 6,540 29,635 92,788 3.14%1,885 30,806 21,445 - 21,554 51 - 6,249 39,633 119,738 3.84%2,382 27,225 21,300 - 24,776 40 - 8,055 32,575 113,971 3.53%2,245 28,560 20,395 - 26,874 28 - 7,677 36,691 120,225 3.68%2,321 31,748 19,485 - 26,772 17 - 16,946 38,661 133,629 3.75%2,545 20,115 18,434 - 26,415 13 - 14,696 36,768 116,441 3.35%2,216 21,211 17,495 - 26,323 - 750 12,423 39,230 117,432 3.16%2,205 18,917 16,363 - 25,559 - 750 11,631 33,680 106,900 2.61%2,007 16,383 13,869 6,797 25,979 - 750 12,937 27,725 104,440 2.70%1,952 Details regarding the City's outstanding debt may be found in the notes to the financial statements. All figures are presented net of related premiums, discounts, and adjustments if applicable. a Population and personal income data from U.S. Census Bureau/Metropolitan Council found on page 125. 2021 2020 2019 Business-Type Activities Year Fiscal 2018 2012 2015 2016 2013 2014 2017 Governmental Activities CITY OF EDINA, MINNESOTA RATIOS OF GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS, EXCEPT PER CAPITA) (121) General Obligation Less: Amounts Available Percentage of Debt a in Debt Service Fund b Total Property Value c Per Capita d 27,680$ 9,704$ 17,976$ 0.20%368$ 31,390 6,247 25,143 0.28%511 30,200 12,678 17,522 0.19%349 26,710 7,135 19,575 0.20%386 27,935 11,187 16,748 0.16%323 30,630 17,001 13,629 0.13%260 19,155 7,872 11,283 0.10%215 19,905 8,342 11,563 0.09%217 18,917 9,727 9,190 0.07%173 16,383 11,178 5,205 0.04%97 Details regarding the City's outstanding debt may be found in the notes to the financial statements. a Presented net of related premiums, discounts, and adjustments. b This is the amount restricted for debt service principal payments. c See statistical schedule titled "Assessed Value, Actual Value and Tax Capacity of Taxable Property" for estimated property value data. d Population from U.S. Census Bureau/Metropolitan Council found on page 125. 2021 2020 2019 Year Fiscal 2013 2018 2016 2015 2014 2012 2017 CITY OF EDINA, MINNESOTA DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT DECEMBER 31, 2021 (122) Net General Percentage Obligation Bonded Applicable City Share Debt Outstanding in City a of Debt Overlapping Debt: Hennepin County 1,037,033,516$ 7.08%73,421,973$ Hennepin Suburban Park District 45,542,541 10.07%4,586,134 Hennepin Regional Rail Authority 89,332,530 7.08%6,324,743 School Districts: ISD No. 273 (Edina)187,450,040 98.84%185,275,620 ISD No. 270 (Hopkins)155,731,784 8.00%12,458,543 ISD No. 271 (Bloomington)143,141,624 0.02%28,628 ISD No. 272 (Eden Prairie)93,478,941 1.05%981,529 ISD No. 280 (Richfield)129,039,843 32.53%41,976,661 ISD No. 283 (St. Louis Park)124,472,934 0.02%24,895 Metro Council 73,049,600 3.45%2,520,211 Total Overlapping Debt 2,078,273,353 327,598,937 City of Edina 75,746,046 100.00%75,746,046 Total Overlapping and Direct Debt 2,154,019,399$ 403,344,983$ Ratio of Debt Per Capita (53,494 Population)7,540$ Ratio of Debt to Estimated Market Valuation of $13,344,357,600 3.02% Source: Hennepin County Taxpayer Services a The percentage of overlapping debt applicable is estimated using tax capacity. Applicable percentages were estimated by determining the portion of another governmental unit's tax capacity that is within the City's boundaries and dividing it by each unit's total tax capacity. Direct Debt: Debt Ratios: CITY OF EDINA, MINNESOTA LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS) (123) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Debt Limit 270,767$ 263,958$ 267,351$ 291,050$ 308,890$ 323,556$ 346,426$ 368,150$ 383,574$ 400,331$ Total Net Debt Applicable to Limit 39,545 37,030 51,760 48,000 48,325 50,115 37,595 37,265 33,970 31,705 Legal Debt Margin 231,222$ 226,928$ 215,591$ 243,050$ 260,565$ 273,441$ 308,831$ 330,885$ 349,604$ 368,626$ Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 14.60%14.03%19.36%16.49%15.64%15.49%10.85%10.12%8.86%7.92% Market Value (After Fiscal Disparities)13,344,357,600$ Debt Limit (3% of Market Value)400,330,728 Debt Applicable to Limit: General Obligation Bonds 17,735,000 Public Project Revenue Bonds 13,970,000 Total Debt Applicable to Limit 31,705,000 Legal Debt Margin 368,625,728$ Legal Debt Margin Calculation for Fiscal Year 2021 Fiscal Year CITY OF EDINA, MINNESOTA PLEDGED REVENUE COVERAGE LAST TEN FISCAL YEARS (124) Less: Operating Net Available Revenue Expenses Revenue Principal Interest Total Coverage Public Project Revenue Bonds (Annual Appropriation Lease Revenue) 2012 1,362,444$ -$ 1,362,444$ 1,295,000$ 548,691$ 1,843,691$ 0.74 2013 1,346,294 - 1,346,294 6,225,000 589,734 6,814,734 0.20 2014 1,356,844 - 1,356,844 235,000 223,754 458,754 2.96 2015 2,521,840 - 2,521,840 3,760,000 729,879 4,489,879 0.56 2016 2,499,521 - 2,499,521 900,000 654,473 1,554,473 1.61 2017 2,496,500 - 2,496,500 905,000 633,527 1,538,527 1.62 2018 2,507,700 - 2,507,700 1,045,000 607,148 1,652,148 1.52 2019 2,510,900 - 2,510,900 1,080,000 574,566 1,654,566 1.52 2020 2,506,300 - 2,506,300 1,115,000 540,690 1,655,690 1.51 2021 1,554,400 - 1,554,400 1,145,000 521,504 1,666,504 0.93 Tax Increment Bonds 2012 3,536,935 - 3,536,935 1,930,000 48,445 1,978,445 1.79 2013 3,981,939 - 3,981,939 550,000 9,350 559,350 7.12 2014 5,052,705 - 5,052,705 - - - - 2015 1,792,896 - 1,792,896 - - - - 2016 2,779,097 - 2,779,097 - - - - 2017 3,422,898 - 3,422,898 - - - - 2018 4,997,706 - 4,997,706 - - - - 2019 5,447,108 - 5,447,108 - - - - 2020 6,452,819 - 6,452,819 - - - - 2021 8,295,756 - 8,295,756 - - - - Permanent Improvement Revolving Bonds (Special Assessment) 2012 2,520,862 - 2,520,862 1,375,000 557,514 1,932,514 1.30 2013 2,837,227 - 2,837,227 5,745,000 567,551 6,312,551 0.45 2014 2,870,102 - 2,870,102 1,555,000 548,927 2,103,927 1.36 2015 3,732,374 - 3,732,374 6,015,000 503,029 6,518,029 0.57 2016 4,727,881 - 4,727,881 1,925,000 705,628 2,630,628 1.80 2017 4,746,414 - 4,746,414 2,105,000 745,783 2,850,783 1.66 2018 4,121,203 - 4,121,203 2,480,000 746,023 3,226,023 1.28 2019 4,097,625 - 4,097,625 2,630,000 745,697 3,375,697 1.21 2020 4,075,208 - 4,075,208 2,570,000 771,215 3,341,215 1.22 2021 2,338,866 - 2,338,866 1,961,000 699,572 2,660,572 0.88 Utility Bond 2012 17,723,103 11,811,468 5,911,635 2,360,000 811,990 3,171,990 1.86 2013 17,830,425 12,893,159 4,937,266 3,400,000 933,970 4,333,970 1.14 2014 17,548,883 13,443,940 4,104,943 3,670,000 884,075 4,554,075 0.90 2015 19,334,023 14,387,132 4,946,891 12,300,000 882,427 13,182,427 0.38 2016 19,472,645 16,222,211 3,250,434 4,925,000 814,238 5,739,238 0.57 2017 21,360,262 16,718,288 4,641,974 5,040,000 930,123 5,970,123 0.78 2018 22,757,745 17,411,983 5,345,762 4,980,000 1,049,101 6,029,101 0.89 2019 21,846,239 18,457,754 3,388,485 5,685,000 999,754 6,684,754 0.51 2020 25,731,887 21,401,340 4,330,547 4,580,000 1,169,779 5,749,779 0.75 2021 27,663,593 21,984,700 5,678,893 6,920,000 1,143,996 8,063,996 0.70 Recreational Facility Bonds 2012 5,679,972 6,240,222 (560,250) 520,000 105,000 625,000 (0.90) 2013 5,582,769 6,118,195 (535,426) 550,000 138,127 688,127 (0.78) 2014 6,239,445 6,358,030 (118,585) 290,000 176,197 466,197 (0.25) 2015 6,137,111 6,258,138 (121,027) 350,000 176,808 526,808 (0.23) 2016 6,080,529 6,593,312 (512,783) 375,000 231,285 606,285 (0.85) 2017 4,724,288 6,247,649 (1,523,361) 500,000 217,958 717,958 (2.12) 2018 5,019,374 6,069,584 (1,050,210) 2,197,000 494,192 2,691,192 (0.39) 2019 6,908,708 7,516,553 (607,845) 849,000 430,733 1,279,733 (0.47) 2020 5,585,853 7,213,408 (1,627,555) 876,000 404,703 1,280,703 (1.27) 2021 8,801,478 8,759,248 42,230 909,000 376,723 1,285,723 0.03 Debt Service RequirementsFiscal Year CITY OF EDINA, MINNESOTA DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS (125) Estimated Personal Per Capita High School Income Personal Graduation Unemployment Population (In thousands)Income Rate Rate 48,829 3,171,346$ 64,948$ 97.4%4.56% 49,216 2,955,913 60,060 97.7%3.98% 50,261 3,117,991 62,036 97.8%3.10% 50,766 3,231,154 63,648 97.9%2.82% 51,804 3,264,895 63,024 97.7%3.08% 52,497 3,567,906 67,964 97.9%2.83% 52,535 3,480,339 66,248 98.0%2.26% 53,268 3,711,714 69,680 98.2%2.63% 53,268 4,093,965 76,856 98.2%4.70% 53,494 3,867,402 72,296 98.4%2.70% Sources: Population data from U.S. Census Bureau/Metropolitan Council. 2020 is the most recent. Personal income and per capita income estimates based on MN Department of Employment and Economic Development Quarterly Census of Employment and Wages. 2020 is the most recent. High school graduation rate data from U.S. Census Bureau for the City of Edina. Unemployment rate data from State of Minnesota Department of Employment and Economic Development. 2021 Fiscal Year 2014 2013 2012 2020 2019 2018 2015 2016 2017 CITY OF EDINA, MINNESOTA PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO (126) Percentage Percentage of Total City of Total City Employees Rank Employment Employees Rank Employment Edina Realty 2,304 1 DNA DNA DNA DNA Coldwell Banker Realty 1,870 2 DNA DNA DNA DNA Fairview Southdale Hospital 1,624 3 6.54%1,000 1 4.39% Edina Public Schools ISD #273 1,414 4 5.69%600 5 2.64% BI Worldwide 1,000 5 4.02%1,000 3 4.39% City of Edina 795 6 3.20%DNA DNA DNA Children's Minnesota Pediatric Health 700 7 2.82%DNA DNA DNA Dow Water & Process Solutions 600 8 2.41%DNA DNA DNA Lund Food Holdings, Inc 500 9 2.01%DNA DNA DNA Western National Insurance Company 420 10 1.69%DNA DNA DNA Macy's (Marshall Field's or Dayton's)DNA DNA DNA 1,000 2 4.39% Univeral Hospital Services Inc. DNA DNA DNA 1,000 4 4.39% Promenade Salon Concepts DNA DNA DNA 500 6 2.20% Regis Salons Division DNA DNA DNA 500 7 2.20% Regis Franchise Division DNA DNA DNA 500 8 2.20% Master Cuts Division DNA DNA DNA 500 9 2.20% Smart Style Family Hair Care DNA DNA DNA 500 10 2.20% Totals 7,053 28.38%7,100 31.20% Sources: 2021 data from the City, Axle Reference Solutions, written and telephone survey (April 2021) done by Ehlers, and the Minnesota Department of Employment and Economic Development. 2012 data from previous ACFR. DNA: Data is not available 20122021 Employer CITY OF EDINA, MINNESOTA FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION LAST TEN FISCAL YEARS (127) 2012 b 2013 b 2014 b 2015 2016 b 2017 b 2018 2019 2020 2021 Administration General Fund 6.85 5.85 4.85 4.85 5.00 5.00 5.00 5.00 7.00 7.00 Communications General Fund 4.65 5.15 6.15 6.15 6.00 6.00 6.00 6.00 6.80 6.80 Internal Services - - - - - - - - 0.20 0.20 Information Technology Services Internal Services 5.00 5.00 5.00 5.00 5.00 5.00 6.00 6.00 7.00 7.00 Community Development General Fund 10.85 10.85 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 HRA Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Engineering General Fund 10.50 12.00 10.00 11.00 11.00 11.00 12.00 12.00 17.30 17.30 PACS Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Utilities Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.35 1.35 CAS Fund - - - - 1.00 1.00 1.00 1.00 1.00 1.00 Construction Fund 1.00 1.00 1.00 1.00 1.10 1.10 1.10 1.10 1.00 1.00 Internal Services - - - - - - - - 4.35 5.35 Finance General Fund 5.25 5.25 6.00 6.00 5.00 5.00 6.00 6.00 6.00 6.00 Utilities Fund 2.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00 Liquor Fund 0.75 0.75 - - - - - - - - Fire Protection General Fund 39.75 42.75 42.85 43.85 45.90 45.90 45.80 49.80 63.35 63.35 Utilities Fund 0.25 0.25 0.25 0.25 - - - - 1.65 1.65 Human Resources General Fund 1.00 4.00 4.00 4.00 5.00 5.00 5.00 5.00 4.00 5.00 Internal Services - - - - - - - - 1.00 1.00 Parks & Recreation General Fund 23.20 24.40 23.65 23.65 25.05 25.05 25.30 25.30 24.65 24.65 Aquatic Center 0.55 0.55 0.55 0.55 0.60 0.60 0.70 0.70 0.70 0.70 Golf Course 12.00 12.00 12.00 12.00 8.05 8.05 9.00 9.00 11.00 11.18 Arena 5.00 5.00 5.00 5.00 4.85 4.85 6.25 6.25 5.95 6.03 Sports Dome - - - - 0.15 0.15 1.00 1.00 1.05 1.08 Art Center 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.08 Edinborough Park 7.00 5.80 5.80 5.80 5.80 5.80 5.65 5.65 5.65 5.75 Centennial Lakes 5.00 5.00 5.00 5.00 5.00 5.00 5.05 5.05 5.00 5.03 Liquor Fund 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 8.50 9.50 Enterprise Funds - - - - - - - - 0.50 - Police Protection General Fund 71.65 70.65 72.50 70.50 72.55 72.55 76.55 76.55 77.00 78.00 Public Works General Fund 31.80 30.00 26.70 26.70 25.40 25.40 23.30 23.30 19.15 19.15 Utilities Fund 13.95 13.75 15.20 15.20 16.85 16.85 18.65 18.65 19.05 20.05 Internal Services 8.50 8.50 11.00 11.00 10.25 10.25 10.20 10.20 6.60 6.60 Enterprise Funds - - - - - - - - 0.20 0.20 Other - - - - - - - - - - Total 277.50 280.50 284.50 284.50 286.55 286.55 296.55 300.55 324.00 330.00 Source: City of Edina 2022-2023 Budget a Full-time employee counts do not include Council members, part-time, contract or seasonal employees. In a typical year the City will employ an additional 700-800 people in these categories. b The City completed departmental reorganizations that are reflected on this chart between years 2012-2014, 2016-2017, and 2020. In some cases, data for years before the reorganization has been modified from what was originally reported to improve comparisons. Function Budgeted Full-Time Employees for Fiscal Year a CITY OF EDINA, MINNESOTA OPERATING INDICATORS BY FUNCTION LAST TEN FISCAL YEARS (128) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 General Government Total City Employees 989 1,040 1,093 1,077 1,155 1,067 1,136 1,174 953 1,021 Votes Cast a 31,841 3,480 24,049 9,370 31,986 11,440 30,774 10,990 36,088 14,881 Public Works Asphalt Placed (Tons)9,000 9,273 8,383 8,888 9,298 11,176 14,419 9,847 10,593 10,962 Concrete (cu. yds.)667 560 396 670 897 708 868 963 816 435 Public Safety Fire Calls 858 893 926 1,251 1,276 1,220 1,321 1,600 1,265 1,419 Medical Calls 3,946 3,803 3,982 3,818 4,063 4,508 4,572 4,727 4,288 5,337 Police Calls for Service d 46,549 45,624 49,053 50,735 61,325 71,738 62,981 60,975 47,833 48,757 Internal Services Vehicle Fixes 2,546 3,493 3,277 2,923 2,721 2,478 2,336 1,910 1,780 1,555 Utilities Daily Consumption b 7,613 6,652 6,489 6,308 6,047 5,950 6,101 5,394 5,785 6,705 Aquatic Center Attendance 139,909 91,340 92,200 128,523 108,609 89,318 88,342 83,499 - 88,217 Golf Course Total Rounds Played c 96,496 79,529 85,231 66,483 61,256 23,241 20,679 60,561 74,180 76,383 Source: Various City departments N/AData not available a The City elections department runs general elections in even-numbered years and school district elections in odd-numbered years. Number of votes cast tend to vary between even and odd-numbered years and based on presidential election cycles. b Daily average of water pumped from city wells, measured in thousands of gallons. c 27-hole golf course was closed and reconstructed into an 18-hole championship course from 2017-2018 d Changed from Crimes reported to provide full data of police service calls Function Fiscal Year CITY OF EDINA, MINNESOTA CAPITAL ASSET STATISTICS BY FUNCTION LAST TEN FISCAL YEARS (129) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public Works Miles of Streets 224 224 224 224 224 224 224 224 224 224 City Parking Ramps 4 4 4 4 4 4 4 4 4 4 Public Safety Fire Stations 2 2 2 2 2 2 2 2 2 2 Parks and Recreation City Parks 40 40 40 40 40 40 40 40 40 40 Acreage of Parks 1,553 1,553 1,553 1,553 1,553 1,553 1,553 1,553 1,553 1,553 Park Buildings 27 27 27 27 27 27 27 27 27 27 Utilities Wells 18 18 18 18 18 18 18 18 18 18 Watermain Miles 199 199 199 199 199 199 199 199 199 199 Sanitary Sewer Miles 186 186 186 186 186 186 186 186 186 186 Sewer Connections 13,979 13,979 13,979 13,979 13,979 13,979 13,979 13,979 13,979 13,979 Arena Ice Sheets 3 3 3 4 4 4 4 4 4 4 Source: Various City departments Function Fiscal Year ©2021 CliftonLarsonAllen LLPWEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTINGInvestment advisory services are offered through CliftonLarsonAllenWealth Advisors, LLC, an SEC‐registered investment advisorCity of Edina, MinnesotaAudit PresentationYear Ending December 31, 2021Meeting DateJune 2, 2022 ©2021 CliftonLarsonAllen LLPCreate Opportunities2Audit Results•Unmodified (clean) opinion on the December 31, 2021 financial statementsAudit Results•No findings notedInternal Controls Over Financial Reporting•No findings noted –tested the SAFER grantInternal Controls and Compliance Over Federal Programs•No findings notedMinnesota Legal Compliance ©2021 CliftonLarsonAllen LLPCreate OpportunitiesRequired CommunicationsAudit provides reasonable, but not absoluteassuranceAccounting policies –no change in 2021Significant accounting estimates include:•Useful lives of capital assets•Fair value of investments• Compensated absences liability•Net pension liability and related deferred outflows and inflowsReceived full cooperation from management ©2021 CliftonLarsonAllen LLPCreate OpportunitiesGeneral Fund Revenues, Expenditures and Fund Balance•Revenues ‐$957,695 (.2%) over budget•Expenditures ‐$288,632 (1%) over budget•Assigned/Unassigned Fund Balance as a % of expenditures:o48% ‐12/31/21o59% ‐12/31/204General Fund Financial Results ©2021 CliftonLarsonAllen LLPCreate OpportunitiesTotal General Fund Revenues•GF Revenues down $1.82M or 3.53%, as compared to 2020.•Intergovernmental decreased 57%.•Licenses and permits decreased 6%.•Taxes increased 6%.•Charges for Services and Other increased 2%.5General Fund Financial Results[CELLREF]65%68%66%68%13%13%13%13%11%4%4%3%4%4%12%11%12%11%12%6%7%4%6%5% $‐ $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000 $55,000,0002017 2018 2019 2020 2021TaxesLicenses and PermitsIntergovernmentalCharges for ServicesOther Revenues ©2021 CliftonLarsonAllen LLPCreate OpportunitiesTotal General Fund Expenditures•Expenditures up $5M, or 10.9%, as compared to 2020•Gen Gov: 5%•Comm. Dev: 0%•Police: (1%)•Fire: (1%)•Public Health: (4%) •Public Works: 1%•Parks and Rec: 1%6General Fund Financial Results13%13%12% 13%13%4%4%5%4%4%29%30%30%30%30%21%21% 20%20%15%29%20%19%4%4%4%13%13%4%13%13%11%12% $‐ $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000 $55,000,0002017 2018 2019 2020 2021General GovernmentCommunity DevelopmentPoliceFirePublic HealthPublic WorksParks ©2021 CliftonLarsonAllen LLPCreate OpportunitiesUtilities Fund Operations7Financial Results $‐ $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 $20,000,000 $22,000,000 $24,000,000 $26,000,000 $28,000,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesAquatic Center Fund Operations8Financial Results $(400,000) $(300,000) $(200,000) $(100,000) $‐ $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesGolf Course Fund Operations9Financial Results $(1,500,000) $(500,000) $500,000 $1,500,000 $2,500,000 $3,500,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesArena Fund Operations10Financial Results $(900,000) $(600,000) $(300,000) $‐ $300,000 $600,000 $900,000 $1,200,000 $1,500,000 $1,800,000 $2,100,000 $2,400,000 $2,700,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesLiquor Fund Operations11Financial Results $‐ $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000 $11,000,000 $12,000,000 $13,000,000 $14,000,000 $15,000,000 $16,000,0002017 2018 2019 2020 2021Gross SalesCost of SalesTransfers OutOperating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesLiquor Fund Operations (Continued)12Financial Results27.3%28.2%30.3%27.8%27.7%20.0%22.5%25.0%27.5%30.0%32.5%35.0%2017 2018 2019 2020 2021Gross Profit Percentage7 County Metro Area (Offsale only) ©2021 CliftonLarsonAllen LLPCreate OpportunitiesRevenues Per Capita•Per capita revenues were $403 more than cities of comparable size for 2020.•Compared to other cities the size of Edina, largest differences are property taxes, tax increments, and licenses and permits.•Note that Edina has not received LGA.13Financial ResultsState-WideYear December 31, 2020 2019 2020 2021Population 20,000-100,000 52,535 53,268 53,494 Property Taxes 565$ 706$ 742$ 781$ Tax Increments 47 104 121 155 Franchise Fees and Other Taxes 36 55 58 58 Special Assessments 56 90 87 77 Licenses and Permits 48 99 121 114 Intergovernmental Revenues (Non-LGA) 246 70 211 62 Intergovernmental Revenues (LGA) 42 - - - Charges and Fees - 103 93 112 Other 73 79 110 24 1,113$ 1,307$ 1,543$ 1,383$ City of Edina ©2021 CliftonLarsonAllen LLPCreate OpportunitiesExpenditures Per Capita•Current expenditures per capita increased $177 from 2020•Per capita current expenditures are $160 more than other similar sized cities in the State. This is primarily due to public works and parks and recreation.14Financial ResultsState-WideYear December 31, 2020 2019 2020 2021Population 20,000-100,000 52,535 53,268 53,494 Current:Administration 124$ 138$ 127$ 229$ Community Development 92 33 34 - Police 236 244 244 257 Fire 101 169 186 202 Public Works 119 171 166 200 Parks and Recreation 100 104 92 111 Other 16 - - - Total Current 787$ 859$ 849$ 999$ Capital Outlay and Construction 339$ 353$ 245$ 228$ Debt Service: 115$ 145$ 147$ 191$ Total Expenditures Per Capita 1,242$ 1,357$ 1,241$ 1,418$ City of Edina ©2021 CliftonLarsonAllen LLPCreate Opportunities•Other Financial HighlightsoFinancial statements and the required OSA Financial Reporting form will both be submitted to the required state agency before the deadline June 30, 2022.oAnnual Comprehensive Financial Report will be submitted to the GFOA before the deadline June 30, 2022.15Financial Results ©2021 CliftonLarsonAllen LLPCreate Opportunities•Effective December 31, 2022:oGovernmental Accounting Standards Board Statement No. 87 Leases•Effective December 31, 2023:oGovernmental Accounting Standards Board Statement No. 96Subscription Based Software16Emerging Issues ©2021 CliftonLarsonAllen LLPWEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTINGInvestment advisory services are offered through CliftonLarsonAllenWealth Advisors, LLC, an SEC‐registered investment advisor17Thank you to all for helping to get this audit completed timely and for allowing us to serve you!Contact Information:Michelle Hoffman, CPA612‐397‐3269Michelle.Hoffman@CLAconnect.comLance Lauinger, CPA612‐397‐3268Lance.Lauinger@CLAconnect.com CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. CliftonLarsonAllen LLP CLAconnect.com Honorable Mayor and Members of the City Council City of Edina Edina, 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 City of Edina as of and for the year ended December 31, 2021, and have issued our report thereon dated May 25, 2022. We have previously communicated to you information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards, and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), as well as certain information related to the planned scope and timing of our audit in our engagement letter dated May 4, 2022. Professional standards also require that we communicate to you the following information related to our audit. Significant audit findings or issues Qualitative aspects of accounting practices Accounting policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City of Edina 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 2021. We noted no transactions entered into by the entity 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 Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s 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 were: •Management’s estimate of the valuation of investments is based on published market values as of December 31, 2021. We evaluated the key factors and assumptions used to develop the value of investments in determining that it is reasonable in relation to the financial statements taken as a whole. •Management’s estimate of the depreciation expense on capital assets is based on management’s estimated useful lives of those assets. We evaluated the key factors and assumptions used to develop the allowance in determining that it is reasonable in relation to the financial statements taken as a whole. Honorable Mayor and Members of the City Council City of Edina Page 2 • Management’s estimate of the City’s liability for other postemployment benefits is based on an actuarial determined liability which is based on various assumptions, including investment rates of return, health care trend rates, mortality rates, etc. We evaluated the key factors and assumptions used to develop the liability in determining that it is reasonable in relation to the financial statements taken as a whole. • Management’s estimate of the City’s liability for compensated absences is based on employee wage information and the City’s policies of earning vacation and sick pay. We evaluated the key factors and assumptions used to develop the liability in determining that it is reasonable in relation to the financial statements taken as a whole. • Management’s estimate of the City’s proportionate share of PERA’s GERF and PEPFF net pension liabilities as well as the related deferred inflows and outflows is based on guidance from GASB Statement No. 68, and the plans’ allocation tables. The plans’ allocation tables allocate a portion of the plans’ net pension liabilities based on the City’s contributions during the plans’ fiscal years as a percentage of total contributions received for the related fiscal year by the plans. We evaluated the key factors and assumptions used to develop the liabilities in determining that they are reasonable in relation to the financial statements taken as a whole. Financial statement disclosures Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. There were no particularly sensitive financial statement disclosures. The financial statement disclosures are neutral, consistent, and clear. Difficulties encountered in performing the audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Uncorrected misstatements Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has determined that the effects of uncorrected misstatements are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. The following summarizes uncorrected misstatements of the financial statements: To correct for the overstatement of current year expenses as a result of converting the bond premium amortization method from the straight-line to the effective interest method. Governmental Activities Expenses $263,262 Governmental Activities Beginning Net Position $263,262 Utilities Fund Expenses $350,623 Utilities Fund Beginning Net Position $350,623 Golf Course Fund Expenses $85,488 Golf Course Fund Beginning Net Position $85,488 Aquatic Center Expenses $14,299 Aquatic Center Fund Beginning Net Position $14,299 Honorable Mayor and Members of the City Council City of Edina Page 3 Corrected misstatements None of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole. Disagreements with management For purposes of this communication, a disagreement with management is a disagreement on 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. No such disagreements arose during our audit. Management representations We have requested certain representations from management that are included in the management representation letter dated May 25, 2022. 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 the entity’s 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. Significant issues discussed with management prior to engagement We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to engagement as the entity’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our engagement. Supplementary information in relation to the financial statements as a whole With respect to the required supplementary information (RSI) accompanying the financial statements, we made certain inquiries of management about the methods of preparing the RSI, including whether the RSI has been measured and presented in accordance with prescribed guidelines, whether the methods of measurement and preparation have been changed from the prior period and the reasons for any such changes, and whether there were any significant assumptions or interpretations underlying the measurement or presentation of the RSI. We compared the RSI for consistency with management’s responses to the foregoing inquiries, the basic financial statements, and other knowledge obtained during the audit of the basic financial statements. Because these limited procedures do not provide sufficient evidence, we did not express an opinion or provide any assurance on the RSI. With respect to the schedule of expenditures of federal awards (SEFA) accompanying the financial statements, on which we were engaged to report in relation to the financial statements as a whole, we made certain inquiries of management and evaluated the form, content, and methods of preparing the SEFA to determine that the SEFA complies with the requirements of the Uniform Guidance, the method of preparing it has not changed from the prior period or the reasons for such changes, and the SEFA is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the SEFA to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We have issued our report thereon dated May 25, 2022. Honorable Mayor and Members of the City Council City of Edina Page 4 With respect to the combining and individual nonmajor fund financial statements and supplementary financial information (collectively, the supplementary information) accompanying the financial statements, on which we were engaged to report in relation to the financial statements as a whole, 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 or the reasons for such changes, 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 have issued our report thereon dated May 25, 2022. Other information included in annual reports Other information (financial or nonfinancial information other than the financial statements and our auditors’ report thereon) is being included in your annual report and is comprised of the introductory and statistical sections. Our responsibility for other information included in your annual report does not extend beyond the financial information identified in our opinion on the financial statements. We have no responsibility for determining whether such other information is properly stated and do not have an obligation to perform any procedures to corroborate other information contained in your annual report. We are required by professional standards to read the other information included in your annual report and consider whether a material inconsistency exists between the other information and the financial statements because the credibility of the financial statements and our auditors’ report thereon may be undermined by material inconsistencies between the audited financial statements and other information. 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. Our auditors’ report on the financial statements includes a separate section, “Other Information,” which states we do not express an opinion or any form of assurance on the other information included in the annual report. We did not identify any material inconsistencies between the other information and the audited financial statements. * * * This communication is intended solely for the information and use of the city council and management of the City of Edina and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Minneapolis, Minnesota May 25, 2022 ©2021 CliftonLarsonAllen LLPWEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTINGInvestment advisory services are offered through CliftonLarsonAllenWealth Advisors, LLC, an SEC‐registered investment advisorCity of Edina, MinnesotaAudit PresentationYear Ending December 31, 2021Meeting DateJune 2, 2022 ©2021 CliftonLarsonAllen LLPCreate Opportunities2Audit Results•Unmodified (clean) opinion on the December 31, 2021 financial statementsAudit Results•No findings notedInternal Controls Over Financial Reporting•No findings noted –tested the SAFER grantInternal Controls and Compliance Over Federal Programs•No findings notedMinnesota Legal Compliance ©2021 CliftonLarsonAllen LLPCreate OpportunitiesRequired CommunicationsAudit provides reasonable, but not absoluteassuranceAccounting policies –no change in 2021Significant accounting estimates include:•Useful lives of capital assets•Fair value of investments• Compensated absences liability•Net pension liability and related deferred outflows and inflowsReceived full cooperation from management ©2021 CliftonLarsonAllen LLPCreate OpportunitiesGeneral Fund Revenues, Expenditures and Fund Balance•Revenues ‐$957,695 (.2%) over budget•Expenditures ‐$288,632 (1%) over budget•Assigned/Unassigned Fund Balance as a % of expenditures:o48% ‐12/31/21o59% ‐12/31/204General Fund Financial Results ©2021 CliftonLarsonAllen LLPCreate OpportunitiesTotal General Fund Revenues•GF Revenues down $1.82M or 3.53%, as compared to 2020.•Intergovernmental decreased 57%.•Licenses and permits decreased 6%.•Taxes increased 6%.•Charges for Services and Other increased 2%.5General Fund Financial Results[CELLREF]65%68%66%68%13%13%13%13%11%4%4%3%4%4%12%11%12%11%12%6%7%4%6%5% $‐ $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000 $55,000,0002017 2018 2019 2020 2021TaxesLicenses and PermitsIntergovernmentalCharges for ServicesOther Revenues ©2021 CliftonLarsonAllen LLPCreate OpportunitiesTotal General Fund Expenditures•Expenditures up $5M, or 10.9%, as compared to 2020•Gen Gov: 5%•Comm. Dev: 0%•Police: (1%)•Fire: (1%)•Public Health: (4%) •Public Works: 1%•Parks and Rec: 1%6General Fund Financial Results13%13%12% 13%13%4%4%5%4%4%29%30%30%30%30%21%21% 20%20%15%29%20%19%4%4%4%13%13%4%13%13%11%12% $‐ $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000 $55,000,0002017 2018 2019 2020 2021General GovernmentCommunity DevelopmentPoliceFirePublic HealthPublic WorksParks ©2021 CliftonLarsonAllen LLPCreate OpportunitiesUtilities Fund Operations7Financial Results $‐ $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 $20,000,000 $22,000,000 $24,000,000 $26,000,000 $28,000,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesAquatic Center Fund Operations8Financial Results $(400,000) $(300,000) $(200,000) $(100,000) $‐ $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesGolf Course Fund Operations9Financial Results $(1,500,000) $(500,000) $500,000 $1,500,000 $2,500,000 $3,500,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesArena Fund Operations10Financial Results $(900,000) $(600,000) $(300,000) $‐ $300,000 $600,000 $900,000 $1,200,000 $1,500,000 $1,800,000 $2,100,000 $2,400,000 $2,700,0002017 2018 2019 2020 2021Operating RevenuesOperating Expenses (excludes depreciation)Depreciation ExpensePension ExpenseOperating Income (before depreciation)Operating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesLiquor Fund Operations11Financial Results $‐ $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000 $11,000,000 $12,000,000 $13,000,000 $14,000,000 $15,000,000 $16,000,0002017 2018 2019 2020 2021Gross SalesCost of SalesTransfers OutOperating Income ©2021 CliftonLarsonAllen LLPCreate OpportunitiesLiquor Fund Operations (Continued)12Financial Results27.3%28.2%30.3%27.8%27.7%20.0%22.5%25.0%27.5%30.0%32.5%35.0%2017 2018 2019 2020 2021Gross Profit Percentage7 County Metro Area (Offsale only) ©2021 CliftonLarsonAllen LLPCreate OpportunitiesRevenues Per Capita•Per capita revenues were $403 more than cities of comparable size for 2020.•Compared to other cities the size of Edina, largest differences are property taxes, tax increments, and licenses and permits.•Note that Edina has not received LGA.13Financial ResultsState-WideYear December 31, 2020 2019 2020 2021Population 20,000-100,000 52,535 53,268 53,494 Property Taxes 565$ 706$ 742$ 781$ Tax Increments 47 104 121 155 Franchise Fees and Other Taxes 36 55 58 58 Special Assessments 56 90 87 77 Licenses and Permits 48 99 121 114 Intergovernmental Revenues (Non-LGA) 246 70 211 62 Intergovernmental Revenues (LGA) 42 - - - Charges and Fees - 103 93 112 Other 73 79 110 24 1,113$ 1,307$ 1,543$ 1,383$ City of Edina ©2021 CliftonLarsonAllen LLPCreate OpportunitiesExpenditures Per Capita•Current expenditures per capita increased $177 from 2020•Per capita current expenditures are $160 more than other similar sized cities in the State. This is primarily due to public works and parks and recreation.14Financial ResultsState-WideYear December 31, 2020 2019 2020 2021Population 20,000-100,000 52,535 53,268 53,494 Current:Administration 124$ 138$ 127$ 229$ Community Development 92 33 34 - Police 236 244 244 257 Fire 101 169 186 202 Public Works 119 171 166 200 Parks and Recreation 100 104 92 111 Other 16 - - - Total Current 787$ 859$ 849$ 999$ Capital Outlay and Construction 339$ 353$ 245$ 228$ Debt Service: 115$ 145$ 147$ 191$ Total Expenditures Per Capita 1,242$ 1,357$ 1,241$ 1,418$ City of Edina ©2021 CliftonLarsonAllen LLPCreate Opportunities•Other Financial HighlightsoFinancial statements and the required OSA Financial Reporting form will both be submitted to the required state agency before the deadline June 30, 2022.oAnnual Comprehensive Financial Report will be submitted to the GFOA before the deadline June 30, 2022.15Financial Results ©2021 CliftonLarsonAllen LLPCreate Opportunities•Effective December 31, 2022:oGovernmental Accounting Standards Board Statement No. 87 Leases•Effective December 31, 2023:oGovernmental Accounting Standards Board Statement No. 96Subscription Based Software16Emerging Issues ©2021 CliftonLarsonAllen LLPWEALTH ADVISORY | OUTSOURCING AUDIT, TAX, AND CONSULTINGInvestment advisory services are offered through CliftonLarsonAllenWealth Advisors, LLC, an SEC‐registered investment advisor17Thank you to all for helping to get this audit completed timely and for allowing us to serve you!Contact Information:Michelle Hoffman, CPA612‐397‐3269Michelle.Hoffman@CLAconnect.comLance Lauinger, CPA612‐397‐3268Lance.Lauinger@CLAconnect.com CITY GOALS: 2021 Annual Comprehensive Financial Report City Of Edina, Minnesota For The Fiscal Year Ended December 31, 2021 Strong Foundation Better TogetherReliable ServiceLivable City CITY OF EDINA, MINNESOTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2021 Prepared by: Department of Finance Alisha McAndrews – Finance Director Andrea Rich – Assistant Finance Director Pa Thao – Accounting and Auditing Coordinator CITY OF EDINA, MINNESOTA TABLE OF CONTENTS YEAR ENDED DECEMBER 31, 2021 INTRODUCTORY SECTION Letter of Transmittal 1 GFOA Certificate of Achievement 4 Organization 5 Organization Chart 6 FINANCIAL SECTION Independent Auditors’ Report 7 Management’s Discussion and Analysis 11 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 23 Statement of Activities 24 Fund Financial Statements Balance Sheet – Governmental Funds 25 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 26 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 27 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 28 Statement of Net Position – Proprietary Funds 29 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds 30 Statement of Cash Flows – Proprietary Funds 31 Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position – Custodial Funds 33 Notes to Financial Statements 34 Required Supplementary Information Budgetary Comparison Schedules Budgetary Comparison Schedule – General Fund 73 Budgetary Comparison Schedule – Housing and Redevelopment Authority (HRA) Fund 77 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 Other Postemployment Benefits Plan Schedule of Changes in the City’s Total OPEB Liability and Related Ratios 78 Defined Benefit Pension Plans GERF/PEPFF Retirement Funds 79 GERF Schedule of City’s and Nonemployer Proportionate Share of Net Pension Liability and Schedule of City Contributions 79 PEPFF Schedule of City’s Proportionate Share of Net Pension Liability and Schedule of City Contributions 80 Notes to Required Supplementary Information 81 Combining and Individual Fund Financial Statements and Schedules Combining Balance Sheet – Nonmajor Governmental Funds 89 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds 90 Special Revenue Fund – Community Development Block Grant Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 91 Special Revenue Fund – Police Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 92 Special Revenue Fund – Braemar Memorial Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 93 Special Revenue Fund – Pedestrian and Cyclist Safety Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 94 Special Revenue Fund – Arts and Culture Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 95 Special Revenue Fund – Conservation and Sustainability Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 96 Major Governmental Fund – Debt Service Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 97 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 Major Governmental Fund – Construction Capital Projects Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 98 Combining Statement of Net Position – Nonmajor Proprietary Funds 99 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position – Nonmajor Proprietary Funds 100 Combining Statement of Cash Flows – Nonmajor Proprietary Funds 101 Combining Balance Sheet and Statement of Changes in Assets and Liabilities – Custodial Funds 102 Supplementary Financial Information 103 Tax Capacity, Tax Levies, and Tax Capacity Rates 103 Combining Schedule of Bonded Indebtedness 104 Schedule of Balance Sheet Accounts – Tax Increment Financing Districts 106 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Tax Increment Financing Districts 107 STATISTICAL SECTION (UNAUDITED) Financial Trends Net Position by Component 108 Changes in Net Position 110 Fund Balances of Governmental Funds 112 Changes in Fund Balances of Governmental Funds 114 Revenue Capacity 116 Assessed Value, Actual Value, and Tax Capacity of Taxable Property 116 Direct and Overlapping Tax Capacity Rates 117 Principal Property Taxpayers 118 Property Tax Levies and Collections 119 Debt Capacity 120 Ratios of Outstanding Debt by Type 120 Ratios of General Bonded Debt Outstanding 121 Direct and Overlapping Governmental Activities Debt 122 Legal Debt Margin Information 123 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) YEAR ENDED DECEMBER 31, 2021 Pledged Revenue Coverage 124 Demographic and Economic Information 125 Demographic and Economic Statistics 125 Principal Employers 126 Operating Information Full-Time Equivalent City Government Employees by Function 127 Operating Indicators by Function 128 Capital Asset Statistics by Function 129 (1) May 25, 2022 To the Honorable Mayor, City Council, and Citizens of the City of Edina (City): Minnesota statutes require that every city publish within six months of the close of each fiscal year a complete set of audited financial statements. This report is published to fulfill that requirement for the fiscal year ended December 31, 2021. Management assumes full responsibility for the completeness and reliability of all of the information presented in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable rather than absolute assurance that the financial statements are free from material misstatement. CliftonLarsonAllen, LLP, a firm of licensed certified public accountants, has issued an unmodified (clean) opinion on the City’s financial statements for the year ended December 31, 2021. The independent auditors’ report is located at the front of the financial section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditors’ report and provides a narrative introduction, overview, and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the City The City, incorporated in 1888, is a fully developed first-ring suburb of Minneapolis. The City currently occupies a land area of 16 square miles and serves a population of 53,494. Currently, 98% of the City is developed with 55.5% of the land attributed to residential uses, 13.1% to roadways, and 11.8% supporting the park and open spaces. The remainder of the land is used for commercial, industrial, and public/semi-public uses. The City is empowered to levy a property tax on both real and personal property located within its boundaries. The City has operated under the Council-Manager form of government since 1955. Policy-making and legislative authority are vested in a City Council (Council) consisting of the Mayor and four other members, all elected on a nonpartisan basis. The Council is responsible, among other things, for passing ordinances, adopting the budget, appointing committees, and hiring the City Manager. The City Manager is responsible for carrying out the policies and ordinances of the Council, for overseeing the day-to-day operations of the city government, and for appointing the heads of the various departments. Council members serve four-year terms, with two Council members elected every two years. The Mayor also serves a four-year term. The Council and Mayor are elected at large. The City provides a full range of services, including police, fire and emergency medical services; the construction and maintenance of highways, streets, and other infrastructure; water and sewer services and recreational and cultural activities and events. The Council is required to adopt a final budget by no later than the close of the previous fiscal year. The annual budget serves as the foundation for the City’s financial planning and control. The budget is prepared by fund, function (e.g., public safety), and department (e.g., police). Department heads may use resources within a department as they see fit. The City Manager may authorize transfers of budgeted amounts between departments. (2) Local Economy The City currently enjoys a favorable economic environment and local indicators point to continued stability. The region, while noted for a strong retail sector, enjoyed considerable re-development in recent years. The re- development consisted of varied manufacturing, medical and high-tech base that adds to the relative stability of the unemployment rate. Major industries with headquarters or divisions within the government’s boundaries or in close proximity include medical services, retail operations and banking services. Edina is home to over 50,000 jobs that are expected to remain stable over the coming years. The City has become known for its quality residential housing stock and attractive neighborhoods. To date, approximately 98% of the available housing stock is in place. Although the emphasis has changed over the years from exclusively single-family housing to a more balanced mix of housing types, the City’s concern for overall quality in residential development remains a top priority. The City enjoys a AAA bond rating and a Aaa bond rating from Standard and Poor’s and Moody’s, respectively. Long-Term Financial Planning The Metropolitan Council requires all cities in the seven-county metropolitan area to have a Comprehensive Plan and state law requires cities to update their plans every 10 years. The last plan was adopted in 2020. The Comprehensive Plan guides development and redevelopment and addresses changes likely to occur due to various social and market forces. The City continues to focus on quality-of-life improvements throughout Edina. These efforts cover a broad array of areas including protecting and improving the environment, revitalization of parks and public areas, expanding recreational opportunities, addressing race and equity disparities, and increasing communication between City representatives and the public. The City is working closely with state government, federal government and neighboring communities to improve the area’s state and county transportation network, which includes upgraded highways and well-placed pathways. Funding for most of the transportation improvements will need to come from state, county, and federal sources, with some minor portion supported by the local taxpayers. Relevant Financial Policies The City has adopted a set of financial management policies that focus on long-term financial planning. Policies cover areas such as cash and investments, the operating budget, revenue, fund balance, capital outlay, and debt management. Assignments for fund balances and compensated absences are all calculated as specified in the policies. In addition, the City has $18,003,259 unassigned fund balance in the general fund. This amount is $2,485,884 above the goal range identified in the policy. Major Initiatives The City is continually working to update our aging infrastructure. Our annually adopted six-year Capital Improvement Plan includes spending and financing projections for these projects. (3) Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Edina for its annual comprehensive financial report for the fiscal year ended December 31, 2021. This was the eleventh consecutive year that the government has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report would not have been possible without the dedicated services of the Finance Department staff. We would like to express our appreciation to all members of the department who assisted and contributed to the preparation of this report. Credit also must be given to the Mayor and the City Council for their unfailing support for maintaining the highest standards of professionalism in the management of the City’s finances. Respectfully submitted, Alisha McAndrews, Finance Director Andrea Rich Assistant Finance Director Pa Thao Accounting and Auditing Coordinator (4) CITY OF EDINA, MINNESOTA ORGANIZATION DECEMBER 31, 2021 (5) Term Expires Mayor: James Hovland December 31, 2024 Council Members: Carolyn Jackson December 31, 2024 James Pierce December 31, 2024 Kevin Staunton December 31, 2022 Ron Anderson December 31, 2022 City Manager: Scott Neal Appointed Finance Director/Treasurer: Alisha McAndrews Appointed City Clerk: Sharon Allison Appointed (6) CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. CliftonLarsonAllen LLP CLAconnect.com (7) INDEPENDENT AUDITORS’ REPORT City Council and Management City of Edina, Minnesota Report on 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 the City of Edina, as of and for the year ended December 31, 2021, and the related notes to the financial statements, which collectively comprise the City of Edina‘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 the City of Edina, as of December 31, 2021, 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 (GAAS) 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 Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City of Edina 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. 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 the City of Edina‘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. City Council and Management City of Edina, Minnesota (8) Auditors’ 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 auditors’ 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 GAAS 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 GAAS and Government 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 the City of Edina‘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 the City of Edina‘s ability to continue as a going concern for a reasonable period of time. 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. City Council and Management City of Edina, Minnesota (9) Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison information, Other Postemployment Benefits Plan Schedule of Changes in the City’s Total OPEB Liability and Related Rations, and Defined Benefit Pension Plans Schedules 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 GAAS, 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 the City of Edina‘s basic financial statements. The combining and individual fund financial statements and schedules, Tax Capacity, Tax Levies, and Tax Capacity Rates information, Combining Schedule of Bonded Indebtedness, and Tax Increment Financing District Schedules 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 GAAS. In our opinion, the combining and individual fund financial statements and schedules, Tax Capacity, Tax Levies, and Tax Capacity Rates information, Combining Schedule of Bonded Indebtedness, and Tax Increment Financing District Schedules, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ 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. City Council and Management City of Edina, Minnesota (10) Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated May 25, 2022, on our consideration of the City of Edina’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 the City of Edina’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 City of Edina’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Minneapolis, Minnesota May 25, 2022 (This page left blank intentionally.) CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (11) As management of the City of Edina (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2021. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which precedes this report. FINANCIAL HIGHLIGHTS • The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $328,779,614 (net position). Of this amount, $47,562,839 (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors in accordance with the City’s fund designations and fiscal policies. • The City’s total net position increased by $19,697,950 from the prior year. Of that total, $14,734,012 is the increase in Governmental Activities net position and $4,963,938 is the increase in Business-Type Activities net position. • At the close of the 2021 fiscal year, the City’s governmental funds reported combined ending fund balances of $103,341,648, an increase of $19,924,967 from the prior year. The increase can be attributed to increases in the Debt Service, Construction, and Housing and Redevelopment Authority (HRA) funds. o General obligation bonds, series 2021A was issued in 2021 in the amount of $13,025,000. o $3,795,000 General Obligation Bonds, Series 2021B, was issued to refund general obligations series 2013A, with the refunding not occurring until 2022. o $2,210,000 General Obligation Recreational Revenue Bonds, Series 2021C, was issued to refund series 2012C bonds, with the refunding not occurring until 2022. o The HRA Fund balance increased $14,751,365 from tax increment collections, affordable housing fees collected, the 2021A bond issuance for public improvement projects in the Grandview 2 TIF district, and the sale of the 4100 West 76th Street property. • At the end of the current fiscal year, unassigned fund balance for the general fund was $18,003,259, or 37% of total general fund expenditures. • The City’s total bonded debt increased by $2,875,000 during the current fiscal year, from $107,433,000 at the end of 2020 due to the debt issuance mentioned above. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference between them 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 City is improving or deteriorating. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (12) The statement of activities presents information showing how the City’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 only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (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 City include general government, public safety, public works, and parks. The business-type activities of the City include water, sewer, stormwater, recycling, liquor, aquatic center, golf course, arena, and community activity centers. 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 City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. All the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary 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 statement. By doing so, readers may better understand the long-term impact of the City’s near-term financial decisions. Both the governmental fund balance sheet and governmental fund statement of revenues, expenditures, and change in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains four individual major governmental funds. 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, Housing and Redevelopment Authority fund, debt service fund, and the construction fund. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds are provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for all governmental and proprietary funds. A budgetary comparison statement has been provided for all governmental funds to demonstrate compliance with these budgets. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (13) Proprietary funds. The City maintains five major enterprise funds and four internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the governmental-wide financial statements. The City’s major enterprise funds are used to account for its utility, liquor, aquatic center, golf, and arena operations. Data from the other enterprise funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor enterprise funds are provided in the form of combining statements elsewhere in this report. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Internal service funds. Internal service funds are used as an accounting device to accumulate and allocate costs internally among the City’s various functions. The City utilizes four internal service funds to account for insurance and risk management activities, equipment operations, IT services, and facilities management. These services have been allocated proportionately to governmental and business-type activities in the government-wide financial statements. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. 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. Other information. The combining and individual fund financial statements and schedules referred to earlier in connection with nonmajor governmental and enterprise funds, as well as internal service funds, are presented immediately following the required supplementary information. Supplementary financial information and the statistical section are the final two items presented. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $328,779,614 at the close of the most recent fiscal year. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (14) The largest portion of the City’s net position ($203,729,416 or 62%) reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. City of Edina’s Net Position 2021 2020 2021 2020 2021 2020 Assets: Current and Other Assets 141,851,857$ 117,350,841$ 45,767,891$ 46,835,488$ 187,619,748$ 164,186,329$ Capital Assets 177,099,202 175,520,050 130,894,190 129,507,070 307,993,392 305,027,120 Total Assets 318,951,059$ 292,870,891$ 176,662,081$ 176,342,558$ 495,613,140$ 469,213,449$ Deferred Outflows of Resources: OPEB Plan Deferments $ 436,242 $ 366,225 $ 40,254 $ 32,475 $ 476,496 $ 398,700 Pension Plan Deferments 19,205,795 7,629,878 2,855,311 458,037 22,061,106 8,087,915 Total Deferred Outflows of Resources $ 19,642,037 $ 7,996,103 $ 2,895,565 $ 490,512 $ 22,537,602 $ 8,486,615 Liabilities: Long-Term Liabilities Outstanding 82,895,114$ 82,251,250$ 41,449,445$ 50,204,303$ 124,344,558$ 132,455,553$ Other Liabilities 21,461,665 14,969,188 14,023,300 10,722,053 35,484,966 25,691,241 Total Liabilities 104,356,779$ 97,220,438$ 55,472,745$ 60,926,356$ 159,829,524$ 158,146,794$ Deferred Inflows of Resources: OPEB Plan Deferments 1,491,449$ 1,681,591$ 155,666$ 176,792$ 1,647,115$ 1,858,383$ Pension Plan Deferments 24,419,341 8,373,450 3,475,148 239,773 27,894,489 8,613,223 Total Deferred Inflows of Resources 25,910,790$ 10,055,041$ 3,630,814$ 416,565$ 29,541,604$ 10,471,606$ Net Position: Net Investment in Capital Assets 116,754,295$ 117,052,475$ 86,975,121$ 81,135,647$ 203,729,416$ 198,188,122$ Restricted 76,262,266 60,063,244 1,225,093 1,268,479 77,487,359 61,331,723 Unrestricted 15,308,966 16,475,796 32,253,873 33,086,023 47,562,839 49,561,819 Total Net Position 208,325,527$ 193,591,515$ 120,454,087$ 115,490,149$ 328,779,614$ 309,081,664$ Governmental Activities Business-Type Activities Total A portion of the City’s net position ($77,487,359) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($47,562,839) may be used to meet the City’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, the City is able to report positive balances in all of the categories of net position reported, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior fiscal year. There was a decrease of $1,998,980 in unrestricted net position. This was mainly due a transfer of unrestricted general fund balance to the construction fund. The increases in deferred outflows of resources and deferred inflows of resources relate to the changes in the City’s share of state pension plan amounts while the decrease in long-term liabilities is primarily attributable to regular scheduled payments on the City’s outstanding bonds, partially offset by newly issued debt. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (15) As shown below, the City’s net position increased by $19,697,950 during the current fiscal year. Factors contributing to this change are discussed in the next two sections. City of Edina’s Changes in Net Position 2021 2020 2021 2020 2021 2020 Revenues: Program Revenues: Charges for Services 13,529,378$ 15,333,404$ 52,785,310$ 45,003,860$ 66,314,688$ 60,337,264$ Operating Grants and Contributions 2,721,724 7,626,236 404,419 47,780 3,126,143 7,674,016 Capital Grants and Contributions 4,030,108 7,318,687 - 396,103 4,030,108 7,714,790 General Revenues: Property Taxes 41,826,967 39,545,279 - - 41,826,967 39,545,279 Other Taxes 11,403,292 9,532,524 - - 11,403,292 9,532,524 Gain on Disposal of Assets 101,404 - - 7,359 101,404 7,359 Unrestricted Investment Earnings (372,080) 1,835,870 (141,650) 945,580 (513,730) 2,781,450 Total Revenues 73,240,793 81,192,000 53,048,079 46,400,682 126,288,872 127,592,682 Expenses: General Government 14,844,785 11,698,533 - - 14,844,785 11,698,533 Public Safety 24,288,956 27,058,719 - - 24,288,956 27,058,719 Public Works 11,497,445 16,117,060 - - 11,497,445 16,117,060 Parks 7,365,756 6,798,866 - - 7,365,756 6,798,866 Interest on Long-Term Debt 1,282,299 1,561,462 - - 1,282,299 1,561,462 Water - - 9,094,274 9,592,913 9,094,274 9,592,913 Sewer - - 7,690,708 7,641,660 7,690,708 7,641,660 Stormwater - - 3,146,475 3,424,049 3,146,475 3,424,049 Recycling - - 1,956,546 1,392,003 1,956,546 1,392,003 Liquor - - 13,435,305 11,500,971 13,435,305 11,500,971 Aquatic Center - - 1,052,346 386,026 1,052,346 386,026 Golf Course - - 4,822,338 4,257,484 4,822,338 4,257,484 Arena - - 2,882,067 2,876,897 2,882,067 2,876,897 Community Activity Centers - - 3,231,622 3,412,784 3,231,622 3,412,784 Total Expenses 59,279,241 63,234,640 47,311,681 44,484,787 106,590,922 107,719,427 Increase in Net Position Before Transfers 13,961,552 17,957,360 5,736,398 1,915,895 19,697,950 19,873,255 Transfers 772,460 283,836 (772,460) (283,836) - - Change in Net Position 14,734,012 18,241,196 4,963,938 1,632,059 19,697,950 19,873,255 Net Position - January 1 193,591,515 175,350,319 115,490,149 113,858,090 309,081,664 289,208,409 Net Position - December 31 208,325,527$ 193,591,515$ 120,454,087$ 115,490,149$ 328,779,614$ 309,081,664$ Governmental Activities Business-Type Activities Total GOVERNMENTAL ACTIVITIES Governmental activities increased the City’s net position by $14,734,012, accounting for 75% of the total growth in net position. Key elements of the increase are as follows. • Property taxes increased by $2,281,688 as the result of an increased general operating levy that provides funding to continue existing service levels. • Other taxes increased by $1,870,768 due to an increase in tax increment collections from the Southdale 2, Pentagon Park, and Grandview 2 tax increment financing districts. • Investment earnings decreased by $2,207,950, or -120%, in 2021 due to unrealized losses. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (16) Below are specific graphs which provide comparisons of the governmental activities revenues and expenses: Charges for services 22% Operating grants and contributions 4% Capital grants and contributions 2%Property taxes57% Other taxes15% Other0% Revenues by Source -Governmental Activities - 5 10 15 20 25 General government Public safety Public works Parks Interest on long-term debt Millions Expenses and Program Revenues -Governmental Activities expenses program revenue CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (17) BUSINESS-TYPE ACTIVITIES Business-type activities increased net position by $4,963,938, accounting for 25% of the City’s growth in net position. Key elements of the current year increase are as follows: • The utility fund had income before contributions and transfers of $5,938,870 for 2021. This additional equity is used to maintain and invest in the utility infrastructure according to the City’s CIP and utility rate study. • The liquor fund had income before contributions and transfers of $780,499 for 2021. This income is used to subsidize operations at other enterprise facilities. • The golf course had an income before contributions and transfers of $429,146. • The other enterprise funds had a loss before contributions and transfers of $1,723,897 in total. These enterprises had operating expenses that exceeded revenues. Charges for services 99% Capital grants and contributions 1% Unrestricted investment earnings 0% Revenues by Source -Business-type Activities - 2 4 6 8 10 12 14 16 Water Sewer Storm Recycling Liquor Aquatic Golf Arena Community Millions Expenses and Program Revenues -Business-type Activities expenses program revenue CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (18) FINANCIAL ANALYSIS OF THE CITY’S FUNDS As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental funds. The focus of the City’s governmental funds is to provide information on near- term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’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 City’s governmental funds reported combined ending fund balances of $103,341,648, an increase of $19,924,967 in comparison with the prior year. Approximately 17% of this total amount ($18,003,259) constitutes unassigned fund balance. The remainder of the fund balance is 1) restricted by external creditors, grantors, laws, or regulations ($53,775,730), or 2) assigned by internal constraints ($31,405,792), or 3) nonspendable in the form of prepaid items ($156,867). The general fund is the chief operating fund of the City. At the end of the current fiscal year, unassigned fund balance of the general fund was $18,003,259. As a measure of the general fund’s liquidity, unassigned fund balance represents 37% of total general fund expenditures. The fund balance of the City’s general fund decreased by $3,469,572 during the current fiscal year. Key factors related to this increase include: • Total general fund expenditures exceeded budget by $288,632, but revenues were $957,695 over budget. This is due to an increase in licenses and permits as well as intergovernmental revenue related to federal response and recovery funding for COVID-19. • The general fund transferred $4,503,106 of 2020 surplus primarily to the construction fund for capital projects. The Housing and Redevelopment Authority fund balance increased by $14,751,365 in the current fiscal year due to higher than anticipated tax increment collections, less spent on capital outlay than anticipated, and bonds issued. The debt service fund has a total fund balance of $11,178,492, all of which is restricted for the payment of debt service. The net increase in fund balance during the current year in the debt service fund was $1,451,186. Fund balance increased as the result of a $2,955,444 transfer in from the construction fund to pay debt service. This transfer is made annually with the amount varying slightly depending on available resources. The construction fund balance increased by $6,202,184 in 2021 due to transfers in of $4,710,306 primarily from the general fund as well as bonds issued. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (19) Proprietary funds. The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Unrestricted net position of the utility fund at the end of the year amounted to $28,521,154. The total growth in net position from current year operations was $5,188,539. Operating revenues in the utilities fund increased by 7.5% while expenses increased by 2.6% in 2021. The revenue increase was due to an increase in the water, sewer, and storm rates as well as connection fees in 2021. Expenses increased because of higher depreciation expenses related to infrastructure projects completed in recent years and higher personal services expenses for operating the utility system. The City invested $9,819,247 in utility fund capital assets during 2021, a 117% increase from 2020. Unrestricted net position of the liquor fund at the end of the year amounted to $1,850,907. Total net position decreased by $65,345. The liquor fund continues to transfer profits back into other City funds, including the general fund, construction, arena, and art center funds. The liquor fund made transfers totaling $850,000 to these other funds in 2021. The transfers out were greater than operating income of $793,453 in 2021, leading to the reduction in net position in the liquor fund in 2021. Unrestricted net position of the aquatic center fund at the end of the year amounted to $1,005,283, which is a 31% increase over 2020. The Aquatic Center was closed for all of 2020 due to COVID-19, resulting in no revenue and minimal expenses. Unrestricted net position of the golf course fund at the end of the year amounted to a deficit of ($1,020,894), an improvement of $27,527 from the prior year. Operating income for the golf course fund was $549,017 in 2021, compared to a loss of ($81,394) in 2020, a sign of improving profitability. Unrestricted net position of the arena fund at the end of the year amounted to a deficit of ($1,813,801), an increase in the deficit by $1,622,882 from the prior year. Revenues increased by $710,932 over 2020 while expenses increased by $37,094. The operating loss for the arena was ($499,008) for 2021 compared to ($1,172,846) for 2020, during which the arena was largely impacted by COVID-19. GENERAL FUND BUDGETARY HIGHLIGHTS During the year, revenues were $957,695 more than budget, as the continued commercial and residential redevelopment of the City increased our licenses and permits, which exceeded budget by $828,711, and surpluses in state and federal aid of $811,179 over budget. These increases offset deficits in fines and forfeits and tax revenues, which together came in ($683,614) under budget. During the year, expenditures were over budget by $288,632. Public safety and general government were over budget by $663,596, which was offset by Public Works and Parks coming in under budget by $401,640. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (20) CAPITAL ASSET AND DEBT ADMINISTRATION Capital assets. The City’s investment in capital assets for its governmental and business-type activities as of December 31, 2021, amounted to $307,993,392 (net of accumulated depreciation). This investment in capital assets included land, land improvements, intangible assets such as easements, infrastructure assets (roads, bridges, sidewalks, and similar items), buildings, vehicles, equipment, parks, and construction in progress. The total increase in the City’s investment in capital assets for the current fiscal year was 1%. Major capital asset events during the current fiscal year included the following: A variety of utility infrastructure improvements, including water main, sanitary and storm sewer, construction in progress as of the close of the fiscal year reached $12,562,430 in the utility fund. The City spent $358,167 on a dehumidifier for the South Rink at Braemar Arena. A variety of street construction, sidewalk and park projects; construction in progress as of the close of the fiscal year reached $9,042,909 (PIR + PACS). The City has a number of public improvements underway in the Grandview district including rehabilitation of the Wooddale Ave Bridge and the Grandview Pedestrian Bridge, and parking and road improvements in the district. The construction in process cost was $2,730,354. City of Edina’s Capital Assets (Net of Depreciation) 2021 2020 2021 2020 2021 2020 Land and Land Improvements 27,965,567$ 30,114,062$ 10,295,102$ 10,552,207$ 38,260,669$ 40,666,269$ Easements 253,000 253,000 35,600 35,600 288,600 288,600 Buildings and Structures 34,130,177 35,375,635 15,516,491 17,449,027 49,646,668 52,824,662 Machinery and Equipment 10,364,447 10,429,312.00 5,914,574 5,676,069 16,279,021 16,105,381 Infrastructure 81,127,850 83,180,690 86,425,752 89,475,819 167,553,602 172,656,509 Parks 10,767,120 9,475,486 - - 10,767,120 9,475,486 Construction in Progress 12,491,041 6,691,865 12,706,671 6,318,348 25,197,712 13,010,213 Total 177,099,202$ 175,520,050$ 130,894,190$ 129,507,070$ 307,993,392$ 305,027,120$ Governmental Activities Business-Type Activities Total Additional information on the City’s capital assets can be found in Note 3. Long-term debt. At the end of the current fiscal year, the City had total bonded long-term debt outstanding of $110,308,000, an increase of $2,875,000 from 2020. $17,735,000 is for general obligation improvement debt that is supported by property tax levies and special assessments. $27,740,000 is for permanent improvement revolving (PIR) bonds, which finance the City’s street reconstruction program. This amount increased from 2020 due to newly issued debt. Also outstanding is $13,970,000 HRA public project revenue bonds which financed two gymnasiums, the new public works facility, sports dome, outdoor rink at the arena, and improvements to Pamela Park. This amount decreased from 2020 due to regularly scheduled principal payments. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (21) There is a total of $43,318,000 in revenue bonds for improvements to the enterprise funds. This amount decreased $5,619,000 during the year due to regularly debt service payments. City of Edina’s Outstanding Debt 2021 2020 2021 2020 2021 2020 General Obligation Bonds 17,735,000$ 17,725,000$ -$ -$ 17,735,000$ 17,725,000$ Public Improvement Bonds 27,740,000 24,526,000 - - 27,740,000 24,526,000 Public Project Revenue Bonds 13,970,000 16,245,000 - - 13,970,000 16,245,000 Tax Increment Financing Bonds 7,545,000 - - - 7,545,000 - Revenue Bonds - - 43,318,000 48,937,000 43,318,000 48,937,000 Total 66,990,000$ 58,496,000$ 43,318,000$ 48,937,000$ 110,308,000$ 107,433,000$ Governmental Activities Business-Type Activities Total The City maintains an Aaa rating from Moody’s and an AAA rating from Standard & Poor’s. State statutes limit the amount of general obligation debt a Minnesota city may issue up to 3% of total Estimated Market Value. The current debt limitation for the City is $400,330,728. Only $31,705,000 of the City’s outstanding debt is counted within the statutory limitation. Additional information on the City’s long-term debt can be found in Note 4. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET The City strives to provide an uncommonly high quality of life for our residents and businesses and the relatively healthy local economy helps to make this goal a reality. The unemployment rate in Edina has remained under 4% (not seasonally adjusted) since mid-2013, which is below the state and national levels. The City is home to Southdale Center, the nation’s first fully enclosed climate-controlled regional shopping mall, Fairview Southdale hospital, as well as several corporate headquarters. In addition to its healthy economy, Edina is known for excellent public schools, as the Edina school system has been consistently selected as one of the best in the country. Ninety-eight percent of students graduate, with eighty-nine percent pursuing some sort of post-secondary education. CITY OF EDINA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2021 (22) Property values in Edina decreased for several years from 2009-2012 and have risen each year since. Estimated market value of real estate increased 3.6% for taxes payable in 2021 (market value in 2020). -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Market Value and Tax Capacity Annual Changes Tax Capacity Market Value The City collects property taxes based on tax capacity, which roughly equals estimated market value multiplied by class rates for different types of parcels (commercial, residential, etc.). Class rates are set by state statute. Tax capacity for real estate increased 4.3% in 2020 for taxes payable in 2021 and remained positive for the eighth consecutive year. All these factors above were considered in preparing the City’s budget for the 2022 fiscal year. The City’s adopted 2022 budget includes a property tax levy of $45,367,336 for all funds, an increase of 7.97% from the 2021 levy, with the increase being attributed to the introduction of the street reconstruction levy, which will eventually replace special assessments for road reconstruction. The increased levies are also for the City’s equipment replacement expenditures, HRA operating expenditures, and general operating levy. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the Finance Director, 4801 West 50th Street, Edina, Minnesota 55424. The City’s Annual Comprehensive Financial Report can also be found on the internet at www.edinamn.gov. (This page left blank intentionally.) CITY OF EDINA, MINNESOTA STATEMENT OF NET POSITION DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (23) Governmental Business-Type Activities Activities Total ASSETS Current Assets: Cash and Investments 100,089,655$ 33,460,157$ 133,549,812$ Restricted Cash and Investments 4,956,194 2,356,943 7,313,137 Accrued Interest 298,010 145,272 443,282 Accounts Receivable, Net 1,726,992 6,964,546 8,691,538 Special Assessments Receivable 20,434,060 340,519 20,774,579 Internal balances (441,302) 441,302 - Due from Other Governments 3,901,726 3,070 3,904,796 Prepaid Items 786,343 10,251 796,594 Inventory - 2,045,831 2,045,831 Total Current Assets 131,751,678 45,767,891 177,519,569 Noncurrent Assets: Investment in Joint Powers Agreement 1,770,353 - 1,770,353 Loans Receivable 8,329,826 - 8,329,826 Nondepreciable Capital Assets 34,149,124 13,481,042 47,630,166 Depreciable Capital Assets (Net)142,950,078 117,413,148 260,363,226 Total Noncurrent Assets 187,199,381 130,894,190 318,093,571 Total Assets 318,951,059 176,662,081 495,613,140 DEFERRED OUTFLOWS OF RESOURCES OPEB Plan Deferments 436,242 40,254 476,496 Defined Benefit Pension Plans 19,205,795 2,855,311 22,061,106 Total Deferred Outflows of Resources 19,642,037 2,895,565 22,537,602 LIABILITIES Current Liabilities: Accounts Payable 3,277,740 2,696,568 5,974,308 Salaries Payable 1,741,535 361,937 2,103,472 Accrued Interest Payable 866,740 580,636 1,447,376 Contracts Payable 287,676 302,145 589,821 Due to Other Governments 23,684 211,819 235,503 Deposits Payable 1,328,565 - 1,328,565 Unearned Revenue 2,773,489 479,123 3,252,612 Compensated Absences Payable 1,917,236 353,072 2,270,309 Bonds Payable 9,245,000 9,038,000 18,283,000 Total Current Liabilities 21,461,665 14,023,300 35,484,966 Noncurrent Liabilities: Total OPEB Liability 2,316,690 201,561 2,518,251 Net Pension Liability 15,244,614 3,782,408 19,027,022 Compensated Absences Payable 2,875,855 529,609 3,405,463 Bonds and Loans Payable, Net 62,457,955 36,935,867 99,393,822 Total Noncurrent Liabilities 82,895,114 41,449,445 124,344,558 Total Liabilities 104,356,779 55,472,745 159,829,524 DEFERRED INFLOWS OF RESOURCES OPEB Plan Deferments 1,491,449 155,666 1,647,115 Defined Benefit Pension Plans 24,419,341 3,475,148 27,894,489 Total Deferred Inflows of Resources 25,910,790 3,630,814 29,541,604 NET POSITION Net Investment in Capital Assets 116,754,295 86,975,121 203,729,416 Restricted for Tax Increments 35,195,113 - 35,195,113 Restricted for Affordable Housing 3,741,466 - 3,741,466 Restricted for Debt Service 12,302,516 1,225,093 13,527,609 Restricted for Highway Construction 2,857,594 - 2,857,594 Restricted for Capital Projects 18,491,384 - 18,491,384 Restricted for Parkland Dedication 58,086 - 58,086 Restricted for Police 762,008 - 762,008 Restricted for Braemar Golf Donations 131,145 - 131,145 Restricted for Pedestrian and Cyclist Improvements 423,591 - 423,591 Restricted for Conservation and Sustainability Initiatives 2,299,363 - 2,299,363 Unrestricted 15,308,966 32,253,873 47,562,839 Total Net Position 208,325,527$ 120,454,087$ 328,779,614$ Primary Government CITY OF EDINA, MINNESOTA STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (24) Operating Capital Charges for Grants and Grants and Governmental Business-Type Expenses Services Contributions Contributions Activities Activities Total Functions/Programs Primary Government: Governmental Activities: General Government 14,844,785$ 2,207,889$ 414,927$ -$ (12,221,969)$ -$ (12,221,969)$ Public Safety 24,288,956 9,970,031 2,248,479 - (12,070,446) - (12,070,446) Public Works 11,497,445 566,143 5,738 4,030,108 (6,895,456) - (6,895,456) Parks 7,365,756 785,315 52,580 - (6,527,861) - (6,527,861) Interest on Long-Term Debt 1,282,299 - - - (1,282,299) - (1,282,299) Total Government Activities 59,279,241 13,529,378 2,721,724 4,030,108 (38,998,031) - (38,998,031) Business-Type Activities: Water 9,094,274 10,302,974 - - - 1,208,700 1,208,700 Sewer 7,690,708 10,732,193 - - - 3,041,485 3,041,485 Stormwater 3,146,475 5,207,295 - - - 2,060,820 2,060,820 Recycling 1,956,546 1,447,226 384,268 - - (125,052) (125,052) Liquor 13,435,305 14,280,055 - - - 844,750 844,750 Aquatic Center 1,052,346 1,071,692 - - - 19,346 19,346 Golf Course 4,822,338 5,290,109 - - - 467,771 467,771 Arena 2,882,067 2,347,678 - - - (534,389) (534,389) Community Activity Centers 3,231,622 2,106,088 20,151 - - (1,105,383) (1,105,383) Total Business-Type Activities 47,311,681 52,785,310 404,419 - - 5,878,048 5,878,048 Total Primary Government 106,590,922$ 66,314,688$ 3,126,143$ 4,030,108$ (38,998,031) 5,878,048 (33,119,983) General Revenues: Property Taxes 41,826,967 - 41,826,967 Tax Increment Collections 8,295,756 - 8,295,756 Franchise Taxes 3,090,322 - 3,090,322 Lodging Taxes 17,214 - 17,214 Unrestricted Investment Earnings (372,080) (141,650) (513,730) Gain on Disposal of Capital Assets 101,404 - 101,404 Transfers - Internal Activities 772,460 (772,460) - Total General Revenues and Transfers 53,732,043 (914,110) 52,817,933 Change in Net Position 14,734,012 4,963,938 19,697,950 Net Position - Beginning 193,591,515 115,490,149 309,081,664 Net Position - Ending 208,325,527$ 120,454,087$ 328,779,614$ Net (Expense) Revenue and Changes in Net PositionProgram Revenues CITY OF EDINA, MINNESOTA BALANCE SHEET GOVERNMENTAL FUNDS DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (25) Housing and Nonmajor Total Redevelopment Debt Governmental Governmental General Authority Service Construction Funds Funds ASSETS Cash and Investments 28,584,240$ 31,739,553$ 6,194,280$ 26,584,091$ 3,139,323$ 96,241,487$ Restricted Cash and Investments - - 4,956,194 - - 4,956,194 Accrued Interest 94,811 81,229 - 114,038 7,932 298,010 Accounts Receivable 669,689 98,597 - 65,313 545,257 1,378,856 Taxes Receivable 267,435 - 25,667 28,747 - 321,849 Special Assessments Receivable - - 1,965,575 18,468,485 - 20,434,060 Due from Other Governments 952,414 12,284 27,990 2,890,078 18,860 3,901,626 Prepaid items 85,083 - - 58,250 13,534 156,867 Loans Receivable - 8,329,826 - - - 8,329,826 Total Assets 30,653,672$ 40,261,489$ 13,169,706$ 48,209,002$ 3,724,906$ 136,018,775$ LIABILITIES Accounts Payable 862,532$ 1,249,331$ 450$ 799,263$ 83,593$ 2,995,169$ Salaries Payable 1,646,107 6,618 - 5,631 4,462 1,662,818 Contracts Payable - 52,201 - 214,731 20,744 287,676 Due to Other Governments 18,762 - - 3,470 - 22,232 Deposits Payable 1,324,805 3,760 - - - 1,328,565 Unearned Revenue 2,760,489 13,000 - - - 2,773,489 Total Liabilities 6,612,695 1,324,910 450 1,023,095 108,799 9,069,949 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - Taxes 267,436 - 25,667 28,747 - 321,850 Unavailable Revenue - Special Assessments - - 1,965,097 18,462,637 - 20,427,734 Unavailable Revenue - Other - - - 2,857,594 - 2,857,594 Total Deferred Inflows of Resources 267,436 - 1,990,764 21,348,978 - 23,607,178 FUND BALANCE Nonspendable 85,083 - - 58,250 13,534 156,867 Restricted 58,086 38,936,579 11,178,492 - 3,602,573 53,775,730 Assigned 5,627,113 - - 25,778,679 - 31,405,792 Unassigned 18,003,259 - - - - 18,003,259 Total Fund Balance 23,773,541 38,936,579 11,178,492 25,836,929 3,616,107 103,341,648 Total Liabilities, Deferred Inflows of Resources, and Fund Balances 30,653,672$ 40,261,489$ 13,169,706$ 48,209,002$ 3,724,906$ 136,018,775$ CITY OF EDINA, MINNESOTA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (26) Total Fund Balances - Governmental Funds 103,341,648$ Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets are included in net position, but are excluded from fund balances because they do not represent financial resources. Cost of Capital Assets 335,035,671 Accumulated Depreciation (157,936,469) Long-term liabilities are included in net position, but are excluded from fund balances until due and payable. Debt issuance premiums and discounts are excluded from net position until amortized, but are included in fund balances upon issuance as other financing sources and uses. Bonds Payable (66,990,000) Loans Payable (750,000) Premium on Bonds (3,962,955) Compensated Absences Payable (4,793,091) Total OPEB Liability (2,316,690) Net Pension Liability (15,244,614) Accrued interest payable on long-term debt is included in net position, but is excluded from fund balances until due and payable.(866,740) Investment in joint powers agreement are not available to pay for current period expenditures, and therefore, are not reported in the funds.1,770,353 The recognition of certain revenues and expenditures differ between the full accrual governmental activities financial statements and the modified accrual governmental fund financial statements. Deferred Outflows - OPEB 436,242 Deferred Outflows - Pension 19,205,795 Deferred Inflows - OPEB (1,491,449) Deferred Inflows - Pension (24,419,341) Deferred Inflows - Property Taxes 321,850 Deferred Inflows - Special Assessments 20,427,734 Deferred Inflows - Other 2,857,594 Internal service funds are used by management to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service fund are included in the governmental activities in the statement of net position.3,699,989 Total Net Position - Governmental Activities 208,325,527$ CITY OF EDINA, MINNESOTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (27) Housing and Nonmajor Total Redevelopment Debt Governmental Governmental General Authority Service Construction Funds Funds REVENUES General Property Taxes 33,827,443$ 230,166$ 3,632,895$ 4,105,959$ -$ 41,796,463$ Tax Increment Collections - 8,295,756 - - - 8,295,756 Franchise Taxes 824,286 - - 86,100 2,179,936 3,090,322 Lodging Tax 17,214 - - - - 17,214 Special Assessments - - 191,646 3,939,057 - 4,130,703 License and Permits 6,008,225 - - 69,221 - 6,077,446 Intergovernmental 2,564,397 - - 606,825 150,000 3,321,222 Charges for Services 5,536,786 228,216 - 215,256 - 5,980,258 Fines and Forfeitures 460,914 - - - - 460,914 Investment Income (Loss)(151,907) (98,804) - (110,770) (10,599) (372,080) Rental of Property 491,579 - - - - 491,579 Other Revenues 186,591 300,000 - 12,425 205,542 704,558 Total Revenues 49,765,528 8,955,334 3,824,541 8,924,073 2,524,879 73,994,355 EXPENDITURES Current: General Government 8,825,723 2,872,302 - 388,796 150,000 12,236,821 Public Safety 25,527,556 - - 52,884 113,815 25,694,255 Public Works 8,878,567 - - 1,379,305 460,206 10,718,078 Parks 5,916,078 - - 1,034 450 5,917,562 Capital Outlay: General Government - 2,672,078 - 144,659 - 2,816,737 Public Safety - - - 519,458 - 519,458 Public Works - - - 7,510,434 741,709 8,252,143 Parks 26,676 - - 435,761 - 462,437 Community Development - 152,717 - - - 152,717 Debt Service: Bond Principal - - 8,326,000 - - 8,326,000 Interest and Fiscal Charges - - 1,892,346 - - 1,892,346 Total Expenditures 49,174,600 5,697,097 10,218,346 10,432,331 1,466,180 76,988,554 REVENUES OVER (UNDER) EXPENDITURES 590,928 3,258,237 (6,393,805) (1,508,258) 1,058,699 (2,994,199) OTHER FINANCING SOURCES (USES) Transfers In 442,606 300,000 2,955,444 4,710,306 - 8,408,356 Transfers Out (4,503,106) - - (3,067,655) (68,895) (7,639,656) Sale of Capital Assets - 2,900,000 - 100,821 - 3,000,821 Bonds Issued - 7,545,000 4,085,343 5,189,657 - 16,820,000 Premium on Bonds Issued - 748,128 804,204 777,313 - 2,329,645 Total Other Financing Sources (Uses)(4,060,500) 11,493,128 7,844,991 7,710,442 (68,895) 22,919,166 NET INCREASE (DECREASE) IN FUND BALANCE (3,469,572) 14,751,365 1,451,186 6,202,184 989,804 19,924,967 Fund Balance - January 1 27,243,113 24,185,214 9,727,306 19,634,745 2,626,303 83,416,681 FUND BALANCE - DECEMBER 31 23,773,541$ 38,936,579$ 11,178,492$ 25,836,929$ 3,616,107$ 103,341,648$ CITY OF EDINA, MINNESOTA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (28) Total Net Change in Fund Balances - Governmental Funds 19,924,967$ Amounts reported for governmental activities in the Statement of Activities are different because: Capital assets are recorded in net position and the cost is allocated over their estimated useful lives as depreciation expense. However, fund balances are reduced for the full cost of capital outlays at the time of purchase. Capital Outlays 11,670,235 Depreciation Expense (7,191,666) A gain or loss on the disposal of capital assets, including the difference between the carrying value and any related sale proceeds, is included in the change in net position. However, only the sale proceeds and insurance recoveries are included in the change in fund balances. Proceeds from the Sale of Capital Assets (3,000,821) Gain (Loss) on the Sale of Capital Assets 101,404 Revenues in the statement of activities that do not provide current financial resources (property tax special assessment, and other unavailable receivables) are not reported as revenues in the funds.(808,224) The amount of debt issued, principal as well as any issuance premiums or discounts, are reported in the governmental funds as a source of financing. Debt obligations are not revenues in the Statement of Activities, but rather constitute long-term liabilities.(19,149,645) Repayment of long-term debt does not affect the change in net position. However, it reduces fund balances.8,326,000 Interest on long-term debt is included in the change in net position as it accrues, regardless of when payment is due. However, they are only included in the change in fund balances when due.(100,325) Debt issuance premiums and discounts are included in the change in net position as they are amortized over the life of the debt. Amortization for the current year is included in interest expense on the Statement of Activities. 710,372 Pension and Other Postemployment Benefit (OPEB) expenditures in the governmental funds are measured by current year employer contributions. Pension and OPEB expenses on the Statement of Activities are measured by the change in the net pension liability/total OPEB liability and the related deferred inflows and outflows of resources. Pension 3,358,226 OPEB (36,381) In the governmental funds, compensated absences expenditures are measured by the amount of financial resources used (amounts actually paid). In the Statement of Activities, however, compensated absences expenses are measured by the amounts earned during the year. Compensated Absences (185,418) Internal service funds are used by management to charge the costs of certain activities to individual funds. The change in net position of the internal service funds is included in the governmental activities in the Statement of Activities.1,115,288 Change in Net Position - Governmental Activities 14,734,012$ CITY OF EDINA, MINNESOTA STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (29) Governmental Activities Nonmajor Total Internal Aquatic Golf Enterprise Enterprise Service Utilities Liquor Center Course Arena Funds Funds Funds ASSETS Current Assets: Cash and Investments 24,913,241$ 2,512,175$ 2,239,912$ 1,026,830$ 558,186$ 2,209,813$ 33,460,157$ 3,848,168$ Restricted Cash and Investments - - - 590,491 1,766,452 - 2,356,943 - Interest Receivable 103,230 9,590 10,065 4,257 1,572 16,558 145,272 - Accounts Receivable, Net 6,721,714 442 - 15,891 177,516 48,983 6,964,546 26,287 Special Assessments Receivable 340,519 - - - - - 340,519 - Due from Other Governments - - - - - 3,070 3,070 100 Prepaid Expenses - 8,548 - 1,703 - - 10,251 629,476 Inventory 20,087 1,947,020 - 78,724 - - 2,045,831 - Total Current Assets 32,098,791 4,477,775 2,249,977 1,717,896 2,503,726 2,278,424 45,326,589 4,504,031 Noncurrent Assets: Net Capital Assets 103,226,545 1,609,048 1,412,332 10,419,977 6,802,429 7,423,859 130,894,190 - Total Assets 135,325,336 6,086,823 3,662,309 12,137,873 9,306,155 9,702,283 176,220,779 4,504,031 DEFERRED OUTFLOWS OF RESOURCES OPEB Deferred Outflows 9,909 10,189 - 6,605 5,551 8,000 40,254 - Pension Deferred Outflows 851,801 663,716 4,282 489,334 297,255 548,923 2,855,311 - Total Deferred Outflows of Resources 861,710 673,905 4,282 495,939 302,806 556,923 2,895,565 - LIABILITIES Current Liabilities: Accounts Payable 1,381,498 863,575 1,340 78,609 122,441 249,105 2,696,568 282,571 Salaries Payable 103,841 87,475 2,742 61,425 41,886 64,568 361,937 78,717 Accrued Interest Payable 429,997 - 8,917 111,712 30,010 - 580,636 - Contracts Payable 302,145 - - - - - 302,145 - Due to Other Governments 11,133 171,290 - 15,597 6,260 7,539 211,819 1,452 Unearned Revenue - 181,770 - 266,661 10,851 19,841 479,123 - Compensated Absences Payable 104,579 92,002 - 80,051 31,680 44,760 353,072 - Bonds Payable - Current 5,757,000 - 80,000 1,165,000 2,036,000 - 9,038,000 - Total Current Liabilities 8,090,193 1,396,112 92,999 1,779,055 2,279,128 385,813 14,023,300 362,740 Noncurrent Liabilities: Total OPEB Liability 43,446 42,980 - 51,131 17,722 46,282 201,561 - Net Pension Liability 1,128,376 879,220 5,672 648,217 393,771 727,152 3,782,408 - Compensated Absences Payable 156,868 138,004 - 120,077 47,519 67,141 529,609 - Bonds Payable, Net of Unamortized Discounts and Premiums 25,976,032 - 494,281 7,579,097 2,886,457 - 36,935,867 - Total Noncurrent Liabilities 27,304,722 1,060,204 499,953 8,398,522 3,345,469 840,575 41,449,445 - Total Liabilities 35,394,915 2,456,316 592,952 10,177,577 5,624,597 1,226,388 55,472,745 362,740 DEFERRED INFLOWS OF RESOURCES OPEB Deferred Inflows 42,896 36,661 - 24,706 23,506 27,897 155,666 - Pension Deferred Inflows 1,036,713 807,796 5,212 595,561 361,783 668,083 3,475,148 - Total Deferred Inflows of Resources 1,079,609 844,457 5,212 620,267 385,289 695,980 3,630,814 - Total Liabilities and Deferred Inflows of Resources 36,474,524 3,300,773 598,164 10,797,844 6,009,886 1,922,368 59,103,559 362,740 NET POSITION Net Investment in Capital Assets 71,191,368 1,609,048 838,051 2,266,371 3,646,424 7,423,859 86,975,121 - Restricted for Edina Law Debt - - 1,225,093 - - - 1,225,093 - Unrestricted 28,521,154 1,850,907 1,005,283 (430,403) (47,349) 912,979 31,812,571 4,141,291 Total Net Position 99,712,522$ 3,459,955$ 3,068,427$ 1,835,968$ 3,599,075$ 8,336,838$ 120,012,785$ 4,141,291$ 441,302 Net position of business-type activities 120,454,087$ Business-Type Activities - Enterprise Funds Explanation of different between Proprietary Funds Statement of Revenue, Expenses, and Changes in Fund Net Position and the Statement of Activities: The City uses internal service funds to charge the cost of its risk management, equipment operations, IT, and facilities management to individual funds. This amount represents the total income that has been allocated back to the business-type activities in the government- wide Statement of Activities that is attributable to the City's business-type activities each year: CITY OF EDINA, MINNESOTA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (30) Governmental Activities Nonmajor Total Internal Aquatic Golf Enterprise Enterprise Service Utilities Liquor Center Course Arena Funds Funds Funds OPERATING REVENUES Sales - Liquor -$ 14,116,427$ -$ 98$ -$ -$ 14,116,525$ -$ Sales - Retail - 196,805 6,736 309,799 26,101 6,845 546,286 - Sales - Utilities 26,335,795 - - - - - 26,335,795 - Sales - Concessions - - 155,701 52 175,297 24,551 355,601 - Memberships - - 371,891 201,499 - 77,902 651,292 - Admissions - - 468,839 1,170,367 23,500 262,290 1,924,996 - Lodging Tax - - - - - 3,090 3,090 - Building Rental - - 66,651 155,334 1,934,360 664,956 2,821,301 - Rental of Equipment - - - 381,616 2,144 108,923 492,683 - Greens Fees - - - 2,109,267 - 269,667 2,378,934 - Other Fees 1,327,798 - (94) 1,056,652 185,668 673,215 3,243,239 7,421,090 Total Operating Revenues 27,663,593 14,313,232 1,069,724 5,384,684 2,347,070 2,091,439 52,869,742 7,421,090 OPERATING EXPENSES Cost of Sales and Services - 10,353,194 60,370 235,073 67,517 10,704 10,726,858 - Personal Services 2,812,860 1,988,809 382,375 2,271,801 990,205 1,228,326 9,674,376 2,153,814 Contractual Services 10,671,011 686,621 232,907 694,017 843,938 842,903 13,971,397 2,706,930 Commodities 1,148,518 57,600 75,914 497,948 73,955 212,558 2,066,493 1,137,038 Internal Services 1,387,265 312,725 44,281 242,329 212,718 369,447 2,568,765 - Depreciation 5,931,178 120,830 283,470 894,499 657,745 667,524 8,555,246 - Total Operating Expenses 21,950,832 13,519,779 1,079,317 4,835,667 2,846,078 3,331,462 47,563,135 5,997,782 OPERATING INCOME (LOSS)5,712,761 793,453 (9,593) 549,017 (499,008) (1,240,023) 5,306,607 1,423,308 NONOPERATING REVENUES (EXPENSES) Intergovernmental 384,268 - - - - - 384,268 - Investment Income (100,528) (13,299) (10,212) (6,229) (1,186) (10,196) (141,650) - Donations - - - - - 3,602 3,602 - Interest and Fiscal Charges (1,048,696) - (21,667) (269,713) (73,226) - (1,413,302) - Amortization of Bond Premiums (Discounts)964,536 - 27,803 156,071 12,623 - 1,161,033 - Gain (Loss) on Sale of Capital Assets 17,437 - - - - - 17,437 - Miscellaneous 9,092 345 15,164 - 608 81,414 106,623 - Total Nonoperating Revenues (Expenses)226,109 (12,954) 11,088 (119,871) (61,181) 74,820 118,011 - INCOME (LOSS) BEFORE TRANSFERS 5,938,870 780,499 1,495 429,146 (560,189) (1,165,203) 5,424,618 1,423,308 TRANSFERS Transfers In - 4,156 17,269 53,364 340,605 412,477 827,871 3,760 Transfers Out (750,331) (850,000) - - - - (1,600,331) - Total Transfers (750,331) (845,844) 17,269 53,364 340,605 412,477 (772,460) 3,760 CHANGE IN NET POSITION 5,188,539 (65,345) 18,764 482,510 (219,584) (752,726) 4,652,158 1,427,068 Net Position - January 1 94,523,983 3,525,300 3,049,663 1,353,458 3,818,659 9,089,564 115,360,627 2,714,223 NET POSITION - DECEMBER 31 99,712,522$ 3,459,955$ 3,068,427$ 1,835,968$ 3,599,075$ 8,336,838$ 120,012,785$ 4,141,291$ 311,780 Change in net position of business-type activities 4,963,938$ Business-Type Activities - Enterprise Funds Explanation of different between Proprietary Funds Statement of Revenue, Expenses, and Changes in Fund Net Position and the Statement of Activities: The City uses internal service funds to charge the cost of its risk management, equipment operations, IT, and facilities management to individual funds. This amount represents the income that has been allocated back to the business-type activities in the government-wide Statement of Activities that is attributable to the City's business-type activities: CITY OF EDINA, MINNESOTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (31) Governmental Activities Nonmajor Total Internal Aquatic Golf Enterprise Enterprise Service Utilities Liquor Center Course Arena Funds Funds Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Customers and Users 26,903,783$ 14,391,252$ 1,084,888$ 5,445,033$ 2,337,468$ 2,148,491$ 52,310,915$ -$ Receipts from City Funds - - - - - - - 7,430,013 Payment to Suppliers (11,719,872) (11,054,066) (412,631) (1,589,371) (1,110,101) (1,218,012) (27,104,053) (3,546,320) Payment to Employees (2,517,122) (2,062,603) (374,617) (2,118,260) (973,104) (1,692,729) (9,738,435) (2,152,905) Net Cash Provided (Used) by Operating Activities 12,666,789 1,274,583 297,640 1,737,402 254,263 (762,250) 15,468,427 1,730,788 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfer from Other Funds - 4,156 17,269 53,364 340,605 412,477 827,871 3,760 Transfer to Other Funds (750,331) (850,000) - - - - (1,600,331) - Net Cash Provided (Used) by Noncapital Financing Activities (750,331) (845,844) 17,269 53,364 340,605 412,477 (772,460) 3,760 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Grant 405,642 - - - - - 405,642 - Proceeds from Capital Debt - - - 601,624 1,800,054 - 2,401,678 - Acquisition of Capital Assets (9,819,247) (64,684) (346) (49,053) (51,570) (167,138) (10,152,038) - Proceeds from Disposals of Capital Assets 17,436 - - - - - 17,436 - Principal Paid on Bonds (6,920,000) - (80,000) (565,000) (264,000) - (7,829,000) - Interest and Fiscal Charges Paid on Bonds (1,143,996) - (23,000) (277,734) (75,988) - (1,520,718) - Net Cash Provided (Used) by Capital and Related Financing Activities (17,460,165) (64,684) (103,346) (290,163) 1,408,496 (167,138) (16,677,000) - CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 65,648 30,652 23,536 14,374 2,781 23,500 160,491 - Purchase of Investments - - - (590,489) (1,766,446) - (2,356,935) - Sale of Investments 1,730,384 - - - - - 1,730,384 - Net Cash Flows Provided (Used) by Investing Activities 1,796,032 30,652 23,536 (576,115) (1,763,665) 23,500 (466,060) - NET INCREASE (DECREASE) IN CASH (3,747,675) 394,707 235,099 924,488 239,699 (493,411) (2,447,093) 1,734,548 Cash - January 1 25,508,981 2,127,298 2,001,603 107,925 316,644 2,674,111 32,736,562 2,113,620 CASH - DECEMBER 31 21,761,306$ 2,522,005$ 2,236,702$ 1,032,413$ 556,343$ 2,180,700$ 30,289,469$ 3,848,168$ CASH AND INVESTMENTS PRESENTED IN THE STATEMENT OF NET POSITION Cash 21,761,306$ 2,522,005$ 2,236,702$ 1,032,413$ 556,343$ 2,180,700$ 30,289,469$ 3,848,168$ Investments 3,151,935 (9,830) 3,210 (5,583) 1,843 29,113 3,170,688 - Total Cash and Investments 24,913,241$ 2,512,175$ 2,239,912$ 1,026,830$ 558,186$ 2,209,813$ 33,460,157$ 3,848,168$ Business-Type Activities - Enterprise Funds CITY OF EDINA, MINNESOTA STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (32) Governmental Activities Risk Nonmajor Total Management Aquatic Golf Enterprise Enterprise Internal Utilities Liquor Center Course Arena Funds Funds Service Fund RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating Income (Loss) 5,712,761$ 793,453$ (9,593)$ 549,017$ (499,008)$ (1,240,023)$ 5,306,607$ 1,423,308$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Depreciation 5,931,178 120,830 283,470 894,499 657,745 667,524 8,555,246 - Miscellaneous Income 9,092 345 15,164 - 608 85,016 110,225 - (Increase) Decrease in: Accounts Receivable (735,383) 219 - (13,122) (16,515) (14,090) (778,891) (7,303) Special Assessments Receivable (33,519) - - - - - (33,519) - Due from Other Governments - - - - - (3,070) (3,070) 16,226 Inventory (3,801) (481,066) - 24,353 - 3,447 (457,067) - Prepaid Expenses 1,598 14,903 - (816) - - 15,685 172,914 Deferred Outflows of Resources (743,379) (554,905) (4,282) (427,323) (251,039) (424,125) (2,405,053) - Increase (Decrease) in: Accounts Payable 1,486,233 817,242 841 44,957 84,124 206,723 2,640,120 124,606 Salaries Payable 5,402 10,462 1,156 7,596 9,183 4,659 38,458 909 Due to Other Governments 2,892 4,995 - 11,502 3,903 7,430 30,722 128 Unearned Revenue - 77,456 - 73,471 6,305 (10,804) 146,428 - Total OPEB Liability 9,061 7,413 - 4,942 4,942 6,590 32,948 - Net Pension Liability (31,625) (280,781) 5,672 (14,640) (103,372) (598,563) (1,023,309) - Compensated Absences 83,252 (1,150) - 23,646 23,577 (50,677) 78,648 - Deferred Inflows of Resources 973,027 745,167 5,212 559,320 333,810 597,713 3,214,249 - Total Adjustments 6,954,028 481,130 307,233 1,188,385 753,271 477,773 10,161,820 307,480 Net Cash Provided (Used) by Operating Activities 12,666,789$ 1,274,583$ 297,640$ 1,737,402$ 254,263$ (762,250)$ 15,468,427$ 1,730,788$ NONCASH INVESTING ACTIVITIES Increase in Fair Value of Investments (240,630)$ (44,766)$ (34,374)$ (20,992)$ (4,062)$ (34,321)$ (379,145)$ -$ NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of Capital Assets with Contracts Payable 302,145$ -$ -$ -$ -$ -$ 302,145$ -$ Capital Assets Contributed (to) from Other Funds -$ -$ -$ -$ -$ -$ -$ -$ Business-Type Activities - Enterprise Funds CITY OF EDINA, MINNESOTA STATEMENT OF FIDUCIARY NET POSITION AND STATEMENT OF CHANGES IN FIDICUARIY NET POSITION CUSTODIAL FUNDS DECEMBER 31, 2021 See accompanying Notes to Financial Statements. (33) Custodial Funds Cash and Investments 342,719$ Accounts Receivable 17,585 Total Assets 360,304 Accounts Payable 124,406 Salaries Payable 17,913 Due to Other Governmental Units 12,037 Unearned Revenue 5,163 Total Liabilities 159,519 Restricted for Organizations and Other Governments 200,785$ Collections on Behalf of Others 1,662,677$ Payments on Behalf of Others 2,074,559 Net Increase (Decrease) in Fiduciary Net Position (411,882) Net Position - Beginning 612,667 Net Position - Ending 200,785$ ASSETS LIABILITIES ADDITIONS DEDUCTIONS NET POSITION CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (34) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Edina (the City) was incorporated in 1888 and operates under the state of Minnesota Statutory Plan B form of government. The governing body consists of a five- member City Council elected by voters of the City. The financial statements of the City have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governmental units by the Governmental Accounting Standards Board (GASB). The following is a summary of significant accounting policies. A. Financial Reporting Entity The City’s financial reporting entity consists of (a) the primary government, (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. The primary government is financially accountable for the component unit if it appoints a voting majority of the component unit’s governing body and is able to impose its will on the component unit or there is a potential for the component unit to provide specific financial benefits to, or impose specific financial burdens on, the primary government. As required by accounting principles generally accepted in the United States of America, the financial statements of the reporting entity include those of the City of Edina (the primary government) and its component units. The component unit discussed below is included in the City’s reporting entity because of the significance of its operational or financial relationships with the City. Component Unit In conformity with accounting principles generally accepted in the United States of America, the financial statements of the component unit have been included in the financial reporting entity as a blended component unit. The Housing and Redevelopment Authority (HRA) is an entity legally separate from the City. However, for financial reporting purposes, the HRA is reported as if it were part of the City’s operations for two reasons. First, the HRA’s governing body is substantively the same as the governing body of the City. Specifically, the HRA board consists of five members, all of which are City Council members. Second, management of the City has operational responsibility for the HRA. Specifically, sales of bonds or other obligations of the HRA are approved by the City Council; the HRA follows the budget process for City departments in accordance with City policy; the annual HRA budget is approved by City Council; the HRA submits its plan for development and redevelopment to the City Council for approval; lastly, the administrative structure and management practices and policies of the HRA are approved by the City Council. The activity of the HRA is reported in the Special Revenue Funds. Separate financial statements are not prepared for the HRA. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (35) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 nonfiduciary activities of the City. 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 business-type activity are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or business-type activity. 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 business-type activity and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or business type activity. Taxes and other items not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Aggregated information for the remaining nonmajor governmental and enterprise funds is reported in a single column in the fund financial statements. 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 and fiduciary fund financial statements. The City’s only fiduciary fund type, custodial funds, are custodial in nature and do not have a measurement focus. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. 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 City considers all revenues, except reimbursement grants, to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, other postemployment benefits (OPEB), net pension liabilities, and claims and judgments are recorded only when payment is due. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (36) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Property taxes, special assessments, intergovernmental revenues, charges for services and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the City. The City reports the following major governmental funds: The general fund is the government’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The special revenue Housing and Redevelopment Authority fund is used to account for revenues from several sources (property taxes, bond proceeds, investment earnings, etc.) that are restricted for housing and redevelopment. The debt service fund accounts for the payment of principal and interest on General Obligation, Permanent Improvement Revolving, Public Project Revenue Bonds, and Edina Emerald Energy Program Bonds. The capital projects construction fund accounts for the various special assessment and state aid projects throughout the City. This fund also provides financing for capital improvements as restricted in the City’s capital improvement budget. The City reports the following major proprietary funds: The utilities fund accounts for the provision of water, sewer, storm, and recycling services to the City’s residents. The liquor fund accounts for the operation of the City’s three liquor stores. The aquatic center fund accounts for the operation of the City’s aquatic center. The golf course fund accounts for the operation of the City’s two golf courses and a golf dome. The arena fund accounts for the operation of the City’s ice arena. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (37) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Additionally, the City reports the following fund types: Internal service funds – the risk management, equipment operations, information technology, and facilities management internal service funds account for costs of insurance and risk management programs, equipment operations, IT services, and facilities management across all municipal departments. Internal service funds operate in a manner similar to enterprise funds; however, it provides services primarily to other departments within the City. Custodial funds – the police seizure, Public Safety Training Facility, and Minnesota Task Force 1 funds account for fees collected for other government agencies. As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are transactions that would be treated as revenues, expenditures or expenses if they involved external organizations, such as buying goods and services or payments in lieu of taxes, are similarly treated when they involve other funds of the City of Edina. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 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 City’s enterprise funds and internal service fund are charges to customers for sales and services. Operating expenses for the enterprise funds and internal service fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Aggregated information for the internal service funds is reported in a single column in the proprietary fund financial statements. These services have been allocated proportionately to governmental and business-type activities in the government-wide financial statements. The cost of these services is reported in the appropriate functional activity. Depreciation expense is included in the direct expenses of each function. Interest on long-term debt is considered an indirect expense and is reported separately on the statement of activities. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (38) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Cash and Investments Cash and Investments The cash balances of the City and its component unit are pooled and invested for the purpose of increasing earnings through investment activities. The pool’s investments are reported at fair value at year-end, except for investments in external investment pools, which are stated at amortized cost. The City has the ability and intent to hold its investments to maturity. The individual funds’ portions of the pool’s fair value are presented as “Cash and investments.” Earnings from such investments are allocated to the respective funds on the basis of applicable cash balance participation by each fund. The City provides temporary advances to funds that have insufficient cash and investment balances by means of an advance from another fund shown as interfund receivables in the advancing fund, and an interfund payable in the fund with the deficit, until adequate resources are received. These interfund balances are eliminated on the government-wide financial statements. The City categorizes its fair value measurements within the fair value hierarchy established by accounting principles generally accepted in the United States of America. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Debt securities classified in Level 2 of the fair value hierarchy are valued using evaluations based on various market and industry inputs. See Note 2 for the City’s recurring fair value measurements as of the current year-end. Restricted Cash and Investments Restricted cash and investments represent bond proceeds held for specific purposes. Earnings on these investments are allocated directly to these funds. Cash Equivalents For the purposes of the statement of cash flows, the City considers all highly liquid debt instruments with an original maturity from the time of purchase by the City of three months or less to be cash equivalents. The proprietary funds’ portion in the government- wide cash and investment management pool is considered to be cash equivalent. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (39) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. Receivables and Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. Short-term interfund loans are classified as “due to/from other funds.” All short-term interfund receivables and payables at December 31, 2021 are planned to be eliminated in 2022. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government- wide financial statements as “internal balances.” Property taxes and special assessments receivables have been reported net of estimated uncollectible accounts. Because utility bills are considered liens on property, no estimated uncollectible amounts are established. Uncollectible amounts are not material for other receivables and have not been reported. F. Revenue Recognition 1. Property Tax Revenue Recognition The City Council annually adopts a tax levy and certifies it to the County in December (levy/assessment date) of each year for collection in the following year. The County is responsible for billing and collecting all property taxes for itself, the City, the local School District, and other taxing authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that date. Real property taxes are payable (by property owners) on May 15 and October 15 of each calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each year. These taxes are collected by the County and remitted to the City on or before July 7 and December 2 of the same year. Delinquent collections for November and December are received the following January. The City has no ability to enforce payment of property taxes by property owners. The County possesses this authority. Government-Wide Financial Statements The City recognizes property tax revenue in the period for which the taxes were levied. Uncollectible property taxes are not material and have not been reported. Governmental Fund Financial Statements The City recognizes property tax revenue when it becomes both measurable and available to finance expenditures of the current period. In practice, current and delinquent taxes and state credits received by the City in July, December, and January are recognized as revenue for the current year. Taxes collected by the County by December 31 (remitted to the City the following January) and taxes and credits not received at the year-end are classified as delinquent and due from County taxes receivable. The portion of delinquent taxes not collected by the City in January are fully offset by deferred inflows of resources because they are not available to finance current expenditures. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (40) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F. Revenue Recognition (Continued) 2. Special Assessment Revenue Recognition Special assessments are levied against benefited properties for the cost or a portion of the cost of special assessment improvement projects in accordance with state statutes. These assessments are collectible by the City over a term of years usually consistent with the term of the related bond issue. Collection of annual installments (including interest) is handled by the County Auditor in the same manner as property taxes. Property owners are allowed to (and often do) prepay future installments without interest or prepayment penalties. Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that property until full payment is made or the amount is determined to be excessive by the City Council or court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit sale. Pursuant to state statutes, a property shall be subject to a tax forfeit sale after three years unless it is homesteaded, agricultural, or seasonal recreational land in which event the property is subject to such sale after five years. Government-Wide Financial Statements The City recognizes special assessment revenue in the period that the assessment roll was adopted by the City Council. Uncollectible special assessments are not material and have not been reported. Governmental Fund Financial Statements Revenue from special assessments is recognized by the City when it becomes measurable and available to finance expenditures of the current fiscal period. In practice, current and delinquent special assessments received by the City are recognized as revenue for the current year. Special assessments that are collected by the County by December 31 (remitted to the City the following January) are also recognized as revenue for the current year. All remaining delinquent, deferred, and special deferred assessments receivable in governmental funds are completely offset by deferred inflows of resources. The following is a breakdown of special assessments receivable at December 31, 2021: Enterprise Funds Debt Service Construction Utilities Special Assessments Receivable: Delinquent 478$ 40,457$ 29,424$ Deferred 1,965,097 18,428,028 311,095 Total 1,965,575$ 18,468,485$ 340,519$ Governmental Funds CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (41) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) G. Inventories and Prepaid Items Inventories of the proprietary funds are stated at cost and are recorded as expenses when consumed rather than when purchased. All inventories use the first-in/first-out (FIFO) method. 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 and are recorded as expenditures or expenses when consumed. H. Capital Assets Capital assets, which include property, buildings, improvements, equipment, parks, infrastructure assets (roads, bridges, sidewalks, and similar items), and intangible assets such as easements, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are also reported in the proprietary fund financial statements but not in the governmental fund financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $10,000 (amount not rounded) and an estimated useful life in excess of three years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition 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. Infrastructure assets include all of the City’s assets since inception. Property, plant, and equipment of the primary government are depreciated using the straight-line method over the following estimated useful lives: Assets Life Golf Course 10 to 35 Years Land Improvements 15 to 50 Years Building and Structures 15 to 40 Years Furniture and Office Equipment 5 to 10 Years Vehicles and Equipment 3 to 20 Years Parks 5 to 100 Years Utility Infrastructure 20 to 50 Years Capital assets that are not depreciated include land, easements, and construction in progress. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (42) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) I. Compensated Absences It is the City’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements. In accordance with the provisions of accounting principles generally accepted in the United States of America no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized in the government-wide and proprietary fund financial statements for that portion of accumulating sick leave benefits that is vested as severance pay. According to City policy, vested sick leave benefits are liquidated into a health care savings plan upon separation. J. State-Wide Pension Plans For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and pension expense, information about the fiduciary net position of the Public Employees Retirement Association (PERA) and additions to/deductions from the PERA’s fiduciary net position have been determined on the same basis as they are reported by the PERA except that the PERA’s fiscal year-end is June 30. For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments and refunds are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Pension liabilities are liquidated by various governmental funds based on where the corresponding employees’ salaries are allocated. K. Long-Term Obligations In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bond using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued plus any premium received is reported as other financing sources. Discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (43) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) L. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City has two items which qualifies for reporting in this category. Deferred outflows of resources related to pensions and OPEB are reported in the government-wide and enterprise funds statement of net position. These deferred outflows result from differences between expected and actual experience, changes of assumptions, differences between projected and actual investment earnings, changes in proportion, and contributions to the plan subsequent to the measurement date and before the end of the reporting period. These amounts are deferred and amortized as required under pension and OPEB standards. In addition to liabilities, statements of financial position or balance sheets will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The City has three items which qualify for reporting in this category. Unavailable revenue is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenue from two sources: property taxes and special assessments. These amounts are deferred and recognized as an inflow of resources in the period the amounts become available. Deferred inflows of resources related to pensions and OPEB are reported in the government-wide and enterprise fund statement of net position. These deferred inflows result from differences between expected and actual experience, changes of assumptions, and the difference between projected and actual investment earnings. These amounts are deferred and amortized as required under pension and OPEB standards. M. Interfund Transactions Interfund services provided and used are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/ expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. Interfund loans are reported as an interfund loan receivable or payable which offsets the movement of cash between funds. All other interfund transactions are reported as transfers and are eliminated to the extent possible on the government-wide statements. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (44) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) N. Fund Balance Classification 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 – Consists of amounts that are not in spendable form, such as prepaid items, inventory, and other long-term assets. • Restricted – Consists of amounts related to externally imposed constraints established by creditors, grantors, or contributors; or constraints imposed by state statutory provisions. • Committed – Consists of internally imposed constraints that are established by resolution of the City Council. Those committed amounts cannot be used for any other purpose unless the City Council removes or changes the specified use by taking the same type of action it employed to previously commit those amounts. • Assigned – Consists of internally imposed constraints. These constraints consist of amounts intended to be used by the City for specific purposes but do not meet the criteria to be classified as restricted or committed. In the general fund, assigned amounts represent intended uses established by the City Council. In the fund balance policy, authority to assign amounts for specific purposes is limited to the City Council. • Unassigned – The residual classification for the general fund which also reflects negative residual amounts in other funds. When both restricted and unrestricted resources are available for use, it is the City’s policy to first use restricted resources, and then use unrestricted resources as they are needed. When committed, assigned, or unassigned resources are available for use, it is the City’s policy to use resources in the following order: 1) committed, 2) assigned, and 3) unassigned. O. Net Position In the government-wide and proprietary fund financial statements, net position represents the difference between assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Net position is displayed in three components: • 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. • Restricted Net Position – Consists of net position restricted when there are limitations imposed on their use through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (45) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) O. Net Position (Continued) • Unrestricted Net Position – All other net position that do not meet the definition of “restricted” or “net investment in capital assets.” When both restricted and unrestricted resources are available for use, it is the City’s policy to first use restricted resources, and then use unrestricted resources as they are needed. P. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect amounts reported in the financial statements during the reporting period. Actual results could differ from such estimates. NOTE 2 CASH AND INVESTMENTS A. Components of Cash and Investments Cash and investments at year-end consist of the following: Deposits (1,838,594)$ Cash on hand 36,050 Investments 143,008,212 Total 141,205,668$ Cash and investments are presented in the financial statements as follows: Cash and Investments - Statement of Net Position 133,549,812$ Restricted Cash and Investments - Statement of Net Position 7,313,137 Cash and Investments - Statement of Fiduciary Net Position 342,719 Total 141,205,668$ The City had restricted investments of $7,313,137 as of December 31, 2021 that represents unspent bond proceeds to be used for bond refunding payments in 2022. B. Deposits In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks authorized by the City Council, including checking accounts, savings accounts, and certificates of deposit. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (46) NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED) B. Deposits (Continued) The following is considered the most significant risk associated with deposits: Custodial Credit Risk – In the case of deposits, this is the risk that in the event of a bank failure, the City’s deposits may be lost. Minnesota Statutes require that all deposits be protected by federal deposit insurance, corporate surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by federal deposit insurance or corporate surety bonds. Authorized collateral includes treasury bills, notes, and bonds; issues of U.S. government agencies; general obligations rated “A” or better; revenue obligations rated “AA” or better; irrevocable standard letters of credit issued by the Federal Home Loan Bank; and certificates of deposit. Minnesota Statutes require that securities pledged as collateral be held in safekeeping in a restricted account at the Federal Reserve Bank or in an account at a trust department of a commercial bank or other financial institution that is not owned or controlled by the financial institution furnishing the collateral. The City’s investment policy does not contain further restrictions on the types of collateral required. At year-end, the carrying amount of the City’s deposits was ($1,838,594) while the balance on the bank records was $657,623. At December 31, 2021, all of the City’s deposits were properly collateralized in accordance with state statutes. C. Investments The City has the following investments at year-end: Fair Value Measurements Investment Rating Agency Using < 1 1 to 5 6 to 10 > 10 Total U.S. Treasuries N/A N/A Level 1 -$ 16,904,363$ 7,495,384$ -$ 24,399,747$ Negotiable CDs N/R N/R Level 2 2,732,073 3,802,216 - - 6,534,289 SBA Notes AA+S&P Level 1 - 81,813 363,578 - 445,391 FHLB AA+S&P Level 2 76,019 467,069 - - 543,088 FHLMC AA+S&P Level 2 - 18,983 182,678 1,498,496 1,700,157 FNMA AA+S&P Level 2 - 1,822,974 869,067 8,171,656 10,863,697 FFCB AA+S&P Level 2 - 17,857 - - 17,857 Municipal Bonds AA- to AAA S&P Level 2 22,439,081 20,368,500 881,770 - 43,689,351 Corporate Bonds AA+S&P Level 2 - 986,210 - - 986,210 Subtotal 25,247,173$ 44,469,985$ 9,792,477$ 9,670,152$ Money Market*53,065,274 4M Fund*763,151 Total investments 143,008,212$ N/A - Not Applicable N/R - Not Rated * - The City's money market investments do not have maturities Interest Risk - Credit Risk Maturity Duration in Years CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (47) NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED) C. Investments (Continued) The Minnesota Municipal Money Market Fund (4M Fund) is regulated by Minnesota Statutes and the board of directors of the League of Minnesota Cities. The 4M Fund is an external investment pool not registered with the Securities Exchange Commission (SEC) that follows the same regulatory rules of the SEC. The City’s investment in the 4M Fund is measured at amortized cost which approximates fair value. The fair value of its position in the pool is the same as the value of the pool shares. The fund does not have any limitations or restrictions on participant withdrawals. Investments are subject to various risks, the following of which are considered the most significant: Custodial Credit Risk – For investments, this is the risk that in the event of a failure of the counterparty to an investment transaction (typically a broker-dealer) the City would not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The City’s investment policy specifically addresses custodial credit risk, requiring the City to limit its exposure by purchasing insured or registered investments, or by the control of who holds the securities. Credit Risk – This is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Minnesota Statutes limit the City’s investments to direct obligations or obligations guaranteed by the United States or its agencies; shares of investment companies registered under the Federal Investment Company Act of 1940 that receive the highest credit rating, are rated in one of the two highest rating categories by a statistical rating agency, and all of the investments have a final maturity of thirteen months or less; general obligations rated “AA” or better; general obligations of the Minnesota Housing Finance Agency rated “A” or better; bankers’ acceptances of United States banks eligible for purchase by the Federal Reserve System; commercial paper issued by United States corporations or their Canadian subsidiaries, rated of the highest quality category by at least two nationally recognized rating agencies, and maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a United States commercial bank, domestic branch of a foreign bank, or a United States insurance company, and with a credit quality in one of the top two highest categories; repurchase or reverse repurchase agreements and securities lending agreements with financial institutions qualified as a “depository” by the government entity, with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, that are a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. The City’s investment policies specifically address credit risk, further limiting the City’s exposure to credit risk by requiring that all state and local government obligations to be rated “AA” or better by a national rating agency. Concentration Risk – This is the risk associated with investing a significant portion of the City’s investment (considered 5% or more) in the securities of a single issuer, excluding U.S. guaranteed investments (such as Treasuries), investment pools, and mutual funds. The City’s investment policies specifically address the City’s desire to limit concentration risk, but do not set specific guidelines for measurement of this risk. At year-end, the City’s investments include 12.18% in securities issued by FNMA. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (48) NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED) C. Investments (Continued) Interest Rate Risk – This is the risk of potential variability in the fair value of fixed rate investment resulting in changes in interest rates (the longer the period for which an interest rate is fixed, the greater the risk). The City’s investment policies specifically address the City’s desire to limit interest rate risk, but do not set specific guidelines for measurement of this risk. NOTE 3 CAPITAL ASSETS Capital asset activity for the year ended December 31, 2021 is as follows: Beginning Ending Balance Increases Decreases Balance Governmental Activities: Capital Assets Not Being Depreciated: Land 24,298,526$ -$ (2,893,443)$ 21,405,083$ Easements 253,000 - - 253,000 Construction in Progress 6,691,865 9,803,421 (4,004,245) 12,491,041 Total Capital Assets Not Being Depreciated 31,243,391 9,803,421 (6,897,688) 34,149,124 Capital Assets Being Depreciated: Land Improvements 26,121,978 1,267,588 - 27,389,566 Buildings and Structures 64,210,041 453,471 - 64,663,512 Furniture and Office Equipment 3,937,521 136,831 (23,385) 4,050,967 Vehicles and Equipment 21,429,509 1,718,422 (791,417) 22,356,514 Infrastructure 156,222,111 - - 156,222,111 Parks 23,909,130 2,294,747 - 26,203,877 Total Capital Assets Being Depreciated 295,830,290 5,871,059 (814,802) 300,886,547 Less Accumulated Depreciation for: Land Improvements (20,306,442) (522,640) - (20,829,082) Buildings and Structures (29,112,739) (1,746,052) - (30,858,791) Furniture and Office Equipment (3,659,188) (89,708) 23,385 (3,725,511) Vehicles and Equipment (11,000,197) (1,777,313) 785,443 (11,992,067) Infrastructure (73,041,421) (2,052,840) - (75,094,261) Parks (14,433,644) (1,003,113) - (15,436,757) Total Accumulated Depreciation (151,553,631) (7,191,666) 808,828 (157,936,469) Total Capital Assets Being Depreciated, Net 144,276,659 (1,320,607) (5,974) 142,950,078 Governmental Activities Capital Assets, Net 175,520,050$ 8,482,814$ (6,903,662)$ 177,099,202$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (49) NOTE 3 CAPITAL ASSETS (CONTINUED) Beginning Ending Balance Increases Decreases Balance Business-Type Activities: Capital Assets Not Being Depreciated: Land 285,341$ -$ -$ 285,341$ Easements 35,600 - - 35,600 Construction in Progress 6,318,348 9,407,009 (2,565,256) 13,160,101 Total Capital Assets Not Being Depreciated 6,639,289 9,407,009 (2,565,256) 13,481,042 Capital Assets Being Depreciated: Land Improvements and Golf Course 15,689,326 33,389 - 15,722,715 Buildings and Structures 39,120,897 108,457 - 39,229,354 Furniture and Office Equipment 140,448 - - 140,448 Vehicles and Equipment 14,006,550 579,038 (19,890) 14,565,698 Utility Infrastructure 156,666,203 2,379,729 - 159,045,932 Lease Property Capital Lease 430,614 - - 430,614 Total Capital Assets Being Depreciated 226,054,038 3,100,613 (19,890) 229,134,761 Less Accumulated Depreciation for: Land Improvements and Golf Course (5,422,460) (706,954) - (6,129,414) Buildings and Structures (21,671,870) (1,624,533) - (23,296,403) Furniture and Office Equipment (140,448) - - (140,448) Vehicles and Equipment (8,330,481) (793,963) 19,890 (9,104,554) Utility infrastructure (67,190,384) (5,429,796) - (72,620,180) Lease Property Capital Lease (430,614) - - (430,614) Total Accumulated Depreciation (103,186,257) (8,555,246) 19,890 (111,721,613) Total Capital Assets Being Depreciated, Net 122,867,781 (5,454,633) - 117,413,148 Business-Type Activities Capital Assets, Net 129,507,070$ 3,952,376$ (2,565,256)$ 130,894,190$ Depreciation expense was charged to functions/programs of the primary government as follows: Governmental Activities: General Government 190,093$ Public Safety 1,591,894 Public Works 3,728,298 Parks 1,681,381 Total Depreciation Expense - Governmental Activities 7,191,666$ Business-Type Activities: Utilities 5,931,178$ Liquor 120,830 Aquatic Center 283,470 Golf Course 894,499 Arena 657,745 Art Center 5,892 Edinborough Park 100,562 Centennial Lakes 37,144 Sports Dome 523,926 Total Depreciation Expense - Business-Type Activities 8,555,246$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (50) NOTE 3 CAPITAL ASSETS (CONTINUED) Construction Commitments At December 31, 2021, the City had construction project contracts in progress. The commitments related to the remaining contract balances are summarized as follows: Contract Remaining Project #Project Description Amount Commitment ENG21-1 Creek Knoll A&B 2,904,014$ 99,330$ ENG21-2 Melody Lake A/B, Grandview A, Birchcrest C 10,536,643 1,164,632 ENG21-6 Eden Ave & Brookside 4,204,575 3,387,276 ENG21-12 Highlands Park Trail Improvements 124,196 8,300 ENG21-13 Townes Road Sump Drain 41,159 41,159 ENG21026 GV Pedestrian Bridge 1,857,023 1,630,295 Total 6,330,992$ Commitments above that are significant to the applicable fund include the Eden Ave & Brookside Project in the HRA fund, the Grandview Pedestrian Bridge in the HRA fund, and the Melody Lake A/B, Grandview A, and Birchcrest C project in the PIR Construction fund and the Utilities fund. NOTE 4 LONG-TERM DEBT The City has five types of bonded debt outstanding at December 31, 2021: general obligation bonds, permanent improvement revolving bonds, tax increment financing bonds, public project revenue bonds, and G.O. revenue bonds. The first type is payable from general property taxes. The second type is payable primarily from special assessments with any deficiency to be provided for by general property taxes. The third type is payable from future tax increment payments received. The fourth type is payable solely from annual appropriation lease payments received from the City of Edina pursuant to a lease between the Edina Housing and Redevelopment Authority and the City. The fifth type is payable primarily from enterprise revenue with any deficiency to be provided for by general property taxes. The reporting entity’s long-term debt is segregated between the amounts to be repaid from governmental activities and amounts to be repaid from business-type activities. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (51) NOTE 4 LONG-TERM DEBT (CONTINUED) Governmental Activities As of December 31, 2021, the governmental long-term bonded debt of the financial reporting entity consisted of the following: Final Interest Issue Maturity Original Payable Rates Date Date Issue 12/31/2021 General Obligation Bonds: General Obligation - Capital Improvement Plan, 2013A - Refunding 3.00-3.50%10/10/2013 2/1/2030 5,710,000$ 3,330,000$ General Obligation, 2016A - Refunding 2.00-3.00%7/6/2016 2/1/2028 3,635,000 2,440,000 General Obligation, 2017C - Refunding 2.05-400%12/14/2017 2/1/2029 8,955,000 6,900,000 General Obligation Equipment Certificate, 2019A 3.00-5.00%6/13/2019 2/1/2036 2,805,000 2,550,000 General Obligation, 2021B - Refunding 5.00%12/16/2021 2/1/2030 2,515,000 2,515,000 Total General Obligation Bonds 23,620,000 17,735,000 Permanent Improvement Revolving (PIR) Bonds: Permanent Improvement Revolving, 2010B 2.00-3.00%11/18/2010 2/1/2022 2,305,000 255,000 Permanent Improvement Revolving, 2011A 2.00-3.00%10/27/2011 2/1/2023 3,320,000 730,000 Permanent Improvement Revolving, 2013A 3.00-3.50%10/10/2013 2/1/2030 2,555,000 1,665,000 Permanent Improvement Revolving, 2015A 2.00-4.00%7/9/2015 2/1/2032 6,545,000 5,075,000 Permanent Improvement Revolving, 2015A - Parking 2.00-4.00%7/9/2015 2/1/2036 2,495,000 2,005,000 Permanent Improvement Revolving, 2016A 2.00-3.00%7/6/2016 2/1/2033 3,940,000 3,275,000 Permanent Improvement Revolving, 2017A 3.00-4.00%6/29/2017 2/1/2034 1,995,000 1,790,000 Permanent Improvement Revolving, 2018A 3.00-4.00%6/27/2018 2/1/2035 2,210,000 2,095,000 Permanent Improvement Revolving, 2019A 3.00-4.00%6/13/2019 2/1/2036 2,195,000 2,195,000 Permanent Improvement Revolving, 2020A 2.00-4.00%6/25/2020 2/1/2037 390,000 390,000 Permanent Improvement Revolving, 2020B 1.09%12/30/2020 2/1/2029 1,601,000 1,505,000 Permanent Improvement Revolving, 2021A 2.00-4.00%6/24/2021 2/1/2043 5,480,000 5,480,000 Permanent Improvement Revolving, 2021B 5.00%12/16/2021 2/1/2030 1,280,000 1,280,000 Total PIR Bonds 38,301,000 27,740,000 Tax Increment Financing Bonds Tax Increment Financing, 2021A 2.00-4.00%6/24/2021 2/1/2043 7,545,000 7,545,000 Public Project Revenue Bonds: Public Project Revenue, 2014A 2.00-3.625%7/15/2014 2/1/2035 16,155,000 12,240,000 Public Project Revenue, 2015A - Refunding 2.50-3.00%7/9/2015 5/1/2026 3,490,000 1,730,000 Total Public Project Revenue Bonds 19,645,000 13,970,000 Total Bonded Indebtedness - Governmental Activities 89,111,000$ 66,990,000$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (52) NOTE 4 LONG-TERM DEBT (CONTINUED) Business-Type Activities Final Interest Issue Maturity Original Payable Rates Date Date Issue 12/31/2021 Revenue Bonds: Recreational Facility Bonds, Series 2012C 2.00-3.00%11/15/2012 2/1/2033 2,100,000$ 1,905,000$ Recreational Facility Bonds, Series 2013B 3.00-3.45%10/10/2013 2/1/2029 1,125,000 665,000 Recreational Facility Bonds, Series 2015B 2.00-325%7/9/2015 2/1/2031 2,140,000 1,520,000 Recreational Facility Bonds, Series 2017B 3.00-4.00%6/29/2017 2/1/2033 7,425,000 6,085,000 Recreational Facility Bonds, Series 2017D - Refunding 2.00%12/20/2017 2/1/2030 1,640,000 1,204,000 Recreational Facility Bonds, Series 2021C - Refunding 2.00-3.00%12/16/2021 2/1/2033 2,210,000 2,210,000 Utility Revenue Bonds, Series 2011A 2.00-3.00%10/27/2011 2/1/2022 11,230,000 1,255,000 Utility Revenue Bonds, Series 2014A 2.00-3.00%7/15/2014 2/1/2024 5,680,000 1,830,000 Utility Revenue Bonds, Series 2015A 2.00-4.00%7/9/2015 2/1/2025 5,235,000 2,230,000 Utility Revenue Bonds, Series 2016A 2.00-3.00%7/6/2016 2/1/2027 8,775,000 5,560,000 Utility Revenue Bonds, Series 2017A 3.00-4.00%6/29/2017 2/1/2028 6,595,000 4,880,000 Utility Revenue Bonds, Series 2018A 3.00-4.00%6/27/2018 2/1/2029 3,305,000 2,730,000 Utility Revenue Bonds, Series 2019A 3.00-4.00%6/13/2019 2/1/2036 5,815,000 5,350,000 Utility Revenue Bonds, Series 2020A 2.00-4.00%6/25/2020 2/1/2031 4,830,000 4,830,000 Utility Revenue Bonds, Series 2020B - Refunding 1.09%12/30/2020 2/1/2023 1,414,000 1,064,000 Total Bonded Indebtedness - Business- Type Activities 75,229,000$ 43,318,000$ Annual debt service requirements to maturity for the City’s bonds are as follows: Year Ending December 31,Principal Interest Principal Interest Principal Interest 2022 4,670,000$ 950,081$ 3,535,000$ 1,056,763$ 1,040,000$ 428,269$ 2023 1,480,000 457,775 1,817,000 759,789 1,070,000 400,194 2024 1,560,000 396,475 1,794,000 696,461 1,100,000 367,644 2025 1,850,000 328,200 1,840,000 634,136 1,135,000 335,006 2026 1,930,000 252,575 1,898,000 572,901 1,170,000 302,244 2027-2031 6,245,000 361,302 9,766,000 1,874,337 4,390,000 1,092,761 2032-2036 - - 6,170,000 491,516 4,065,000 298,488 2037-2041 - - 920,000 18,200 - - 2042-2043 - - - - - - Total 17,735,000$ 2,746,408$ 27,740,000$ 6,104,103$ 13,970,000$ 3,224,606$ General Public Improvement Public Project Governmental Activities Obligation Bonds Revolving Bonds Revenue Bonds Year Ending December 31,Principal Interest Principal Interest 2022 -$ 245,092$ 9,038,000$ 1,665,280$ 2023 250,000 217,250 5,231,000 1,088,467 2024 260,000 207,050 5,042,000 907,581 2025 270,000 196,450 4,584,000 737,581 2026 280,000 185,450 4,147,000 584,475 2027-2031 1,570,000 747,250 13,846,000 1,102,452 2032-2036 1,875,000 447,625 1,430,000 39,825 2037-2041 2,130,000 199,300 - - 2042-2043 910,000 18,300 - - Total 7,545,000$ 2,463,767$ 43,318,000$ 6,125,661$ Governmental Activities Tax Increment Financing Bonds Business-Type Activities Revenue Bonds CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (53) NOTE 4 LONG-TERM DEBT (CONTINUED) Change in Long-Term Liabilities Long-term liability activity for the year ended December 31, 2021 was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year Governmental Activities: Bonds Payable: General Obligation 17,725,000$ 2,515,000$ (2,505,000)$ 17,735,000$ 4,670,000$ PIR 24,526,000 6,760,000 (3,546,000) 27,740,000 3,535,000 Public Project Revenue 16,245,000 - (2,275,000) 13,970,000 1,040,000 Tax Increment Financing - 7,545,000 - 7,545,000 - Less Deferred Amounts: Premiums on Bonds 2,343,682 2,329,645 (710,372) 3,962,955 - Total Bonds Payable 60,839,682 19,149,645 (9,036,372) 70,952,955 9,245,000 Loans Payable 750,000 - - 750,000 - Compensated Absences 4,607,673 2,011,381 1,825,963 4,793,091 1,917,237 Governmental Activity Long-Term Liabilities 66,197,355$ 21,161,026$ (7,210,409)$ 76,496,046$ 11,162,237$ Business-Type Activities: Bonds Payable: General Obligation Revenue Bonds 48,937,000$ 2,210,000$ (7,829,000)$ 43,318,000$ 9,038,000$ Less Deferred Amounts: Premiums on Bonds 3,625,222 191,678 (1,161,033) 2,655,867 - Total Bonds Payable 52,562,222 2,401,678 (8,990,033) 45,973,867 9,038,000 Compensated Absences 804,033 360,644 281,996 882,681 353,072 Business-Type Activity Long-Term Liabilities 53,366,255$ 2,762,322$ (8,708,037)$ 46,856,548$ 9,391,072$ For governmental activities, compensated absences are generally liquidated by the general fund. On June 24, 2021, the City issued $5,480,000 of General Obligation PIR Bonds and $7,545,000 of General Obligation TIF Bonds, Series 2021A. The proceeds of these bonds are being used to finance various assessable public improvements and the construction of public improvements within the Grandview 2 Tax Increment Financing District in the City. The bonds include coupon rates of 2.00-4.00%, with a final maturity date of February 1, 2038 for the PIR portion of the bonds and February 1, 2043 for the TIF portion of the bonds. On December 14, 2021, the City issued $2,515,000 of General Obligation Refunding Bonds and $1,280,000 of General Obligation PIR Refunding Bonds, Series 2021B, to advance refund, in 2022, the 2023 through 2030 maturities of the City’s outstanding 2013A bonds. The bonds include coupon rates of 5.0%, with a final maturity date of February 1, 2030. On December 14, 2021, the City issued $2,210,000 of General Obligation Recreational Revenue Refunding Bonds, Series 2021C, to advance refund, in 2022, the 2023 through 2033 maturities of the City’s outstanding 2012C bonds. The bonds include coupon rates of 2.00-4.00%, with a final maturity date of February 1, 2029 for the golf course portion and February 1, 2033 for the ice arena portion. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (54) NOTE 4 LONG-TERM DEBT (CONTINUED) On February 1, 2021, the City used proceeds from the 2020B General Obligation Refunding Bonds to call the 2012A General Obligation PIR and Utility Revenue bonds. The refunding resulted in a cash flow savings of $156,914 and a net present value savings of $138,558. Revenue Pledged Future revenue pledged for the payment of long-term debt is as follows: Percent of Remaining Principal Pledged Total Debt Terms of Principal and Interest Revenue Bond Issue Use of Proceeds Type Service Pledge and Interest Paid Received 2012C Recreational Facility Bonds Arena Improvements Arena 100 %2013-2033 1,928,972$ 184,969$ 2,347,070$ 2013B Recreational Facility Bonds Golf Dome Improvements Golf 100 2014-2029 675,583 97,290 5,384,684 2015B Recreational Facility Bonds Golf Course Improvements Golf 100 2016-2031 1,765,759 177,544 5,384,684 2017B Recreational Facility Bonds Golf Course Improvements Golf 100 2018-2033 6,767,050 567,900 5,384,684 2017B Recreational Facility Bonds Pool Improvements Pool 100 2018-2027 601,900 103,000 1,069,724 2017D Recreational Facility Bonds Arena Improvements Arena 100 2018-2030 1,315,280 155,020 2,347,070 2021C Recreational Facility Bonds Arena Improvements Arena 100 2023-2033 1,927,400 - 2,347,070 2021C Recreational Facility Bonds Golf Dome Improvements Golf 100 2023-2033 620,163 - 5,384,684 2011A Utility Revenue Bonds Utility Infrastructure Utility 100 2012-2022 1,273,825 1,270,875 27,663,593 2014A Utility Revenue Bonds Utility Infrastructure Utility 100 2014-2024 1,910,425 637,650 27,663,593 2015A Utility Revenue Bonds Utility Infrastructure Utility 100 2016-2025 2,391,950 603,450 27,663,593 2016A Utility Revenue Bonds Utility Infrastructure Utility 100 2017-2027 5,980,131 997,683 27,663,593 2017A Utility Revenue Bonds Utility Infrastructure Utility 100 2018-2028 5,501,250 786,800 27,663,593 2018A Utility Revenue Bonds Utility Infrastructure Utility 100 2019-2029 3,119,325 386,600 27,663,593 2019A Utility Revenue Bonds Utility Infrastructure Utility 100 2020-2036 6,634,375 744,125 27,663,593 2020A Utility Revenue Bonds Utility Infrastructure Utility 100 2021-2031 5,576,050 176,550 27,663,593 2020B Utility Revenue Bonds Utility Infrastructure Utility 100 2021-2023 1,075,624 359,034 27,663,593 Revenue Pledged Current Year NOTE 5 LEGAL DEBT MARGIN The City is subject to a statutory limitation by the state of Minnesota for bonded indebtedness payable principally from property taxes. The City of Edina’s legal debt margin for 2021 is computed as follows: December 31, 2021 Market Value (After Fiscal Disparities)13,344,357,600$ Debt Limit (3% of Market Value)400,330,728$ Amount of Debt Applicable to Debt Limit: Total Bonded Debt 110,308,000$ Less: Public Improvement Revolving Bonds (27,740,000) Tax Increment Financing Bonds (7,545,000) Revenue Bonds (43,318,000) Total Debt Applicable to Debt Limit 31,705,000$ Legal Debt Margin 368,625,728$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (55) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE The City participates in various pension plans, with total pension expense for the year ended December 31, 2021 of $125,177. The components of pension expense are noted in the following plan summaries: A. Plan Description The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA’s defined benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERA’s defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code (IRC). 1. General Employees Retirement Plan All full-time and certain part-time employees of the City are covered by the General Employees Plan. General Employees Plan members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security. 2. Public Employees Police and Fire Plan The Police and Fire Plan, originally established for police officers and firefighters not covered by a local relief association, now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, the Police and Fire Plan also covers police officers and firefighters belonging to local relief associations that elected to merge with and transfer assets and administration to PERA. B. Benefits Provided PERA provides retirement, disability, and death benefits. Benefit provisions are established by state statute and can only be modified by the state legislature. Vested, terminated employees who are entitled to benefits but are not receiving them yet, are bound by the provisions in effect at the time they last terminated their public service. 1. General Employees Plan Benefits General Employees Plan benefits are based on a member’s highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for PERA’s Coordinated Plan members. Members hired prior to July 1, 1989, receive the higher of Method 1 or Method 2 formulas. Only Method 2 is used for members hired after June 30, 1989. Under Method 1, the accrual rate for Coordinated members is 1.2% for each of the first 10 years of service and 1.7% for each additional year. Under Method 2, the accrual rate for Coordinated members is 1.7% for all years of service. For members hired prior to July 1, 1989 a full annuity is available when age plus years of service equal 90 and normal retirement age is 65. For members hired on or after July 1, 1989, normal retirement age is the age for unreduced Social Security benefits capped at 66. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (56) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) B. Benefits Provided (Continued) 1. General Employees Plan Benefits (Continued) Benefit increases are provided to benefit recipients each January. The postretirement increase is equal to 50% of the cost-of-living adjustment (COLA) announced by the SSA, with a minimum increase of at least 1% and a maximum of 1.5%. Recipients that have been receiving the annuity or benefit for at least a full year as of the June 30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least one month but less than a full year as of the June 30 before the effective date of the increase will receive a reduced prorated increase. For members retiring on January 1, 2024, or later, the increase will be delayed until normal retirement age (age 65 if hired prior to July 1, 1989, or age 66 for individuals hired on or after July 1, 1989). Members retiring under Rule of 90 are exempt from the delay to normal retirement. 2. Police and Fire Plan Benefits Benefits for Police and Fire Plan members first hired after June 30, 2010, but before July 1, 2014, vest on a prorated basis from 50% after five years up to 100% after ten years of credited service. Benefits for Police and Fire Plan members first hired after June 30, 2014, vest on a prorated basis from 50% after ten years up to 100% after twenty years of credited service. The annuity accrual rate is 3% of average salary for each year of service. For Police and Fire Plan members who were first hired prior to July 1, 1989, a full annuity is available when age plus years of service equal at least 90. Benefit increases are provided to benefit recipients each January. The postretirement increase is fixed at 1%. Recipients that have been receiving the annuity or benefit for at least 36 months as of the June 30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least 25 months but less than 36 months as of the June 30 before the effective date of the increase will receive a reduced prorated increase. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (57) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) C. Contributions Minnesota Statutes, Chapter 353 sets the rates for employer and employee contributions. Contribution rates can only be modified by the state legislature. 1. General Employees Fund Contributions Coordinated Plan members were required to contribute 6.50% of their annual covered salary in fiscal year 2021 and the City was required to contribute 7.50% for Coordinated Plan members. The City’s contributions to the General Employees Fund for the year ended December 31, 2021, were $1,607,199. The City’s contributions were equal to the required contributions as set by state statute. 2. Police and Fire Fund Contributions Police and Fire Plan members were required to contribute 11.80% of their annual covered salary in fiscal year 2021 and the City was required to contribute 17.70% for Police and Fire Plan members. The City’s contributions to the Police and Fire Fund for the year ended December 31, 2021, were $1,850,353. The City’s contributions were equal to the required contributions as set by state statute. D. Pension Costs 1. General Employees Fund Pension Costs At December 31, 2021, the City reported a liability of $12,320,807 for its proportionate share of the General Employees Fund’s net pension liability. The City’s net pension liability reflected a reduction due to the state of Minnesota’s contribution of $16 million. The state of Minnesota is considered a non-employer contributing entity and the state’s contribution meets the definition of a special funding situation. The state of Minnesota’s proportionate share of the net pension liability associated with the City totaled $379,625. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2020 through June 30, 2021, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was 0.2911% at the end of the measurement period and 0.2764% for the beginning of the period. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (58) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) D. Pension Costs (Continued) 1. General Employees Fund Pension Costs (Continued) City's Proportionate Share of the Net Pension Liability 12,320,807$ State of Minnesota's Proportionate Share of the Net Pension Liability Associated with the City 379,625 Total 12,700,432$ For the year ended December 31, 2021, the City recognized pension expense of $263,367 for its proportionate share of the General Employees Plan’s pension expense. In addition, the City recognized an additional $30,631 as pension expense (and grant revenue) for its proportionate share of the state of Minnesota’s contribution of $16 million to the General Employees Fund. At December 31, 2021, the City reported its proportionate share of the General Employees Plan’s deferred outflows of resources and deferred inflows of resources, related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences Between Expected and Actual Economic Experience 75,690$ 377,051$ Changes in Actuarial Assumptions 7,522,829 272,544 Differences Between Projected and Actual Investment Earnings - 10,670,339 Changes in Proportion 908,716 - Contributions Paid to the PERA Subsequent to the Measurement Date 793,641 - Total 9,300,876$ 11,319,934$ $793,641 reported as deferred outflows of resources related to pensions resulting from city contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the year ended December 31, 2022. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Expense Year Ending December 31,Amount 2021 (176,470)$ 2022 148,326 2023 126,687 2024 (2,911,242) CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (59) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) D. Pension Costs (Continued) 2. Police and Fire Fund Pension Costs At December 31, 2021, the City reported a liability of $6,706,215 for its proportionate share of the Police and Fire Fund’s net pension liability. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s proportionate share of the net pension liability was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates from July 1, 2020 through June 30, 2021, relative to the total employer contributions received from all of PERA’s participating employers. The City’s proportionate share was 0.8688% at the end of the measurement period and 0.8704% for the beginning of the period. The state of Minnesota contributed $18 million to the Police and Fire Fund in the plan fiscal year ended June 30, 2021. The contribution consisted of $9 million in direct state aid that does meet the definition of a special funding situation and $9 million in supplemental state aid that does not meet the definition of a special funding situation. The $9 million direct state was paid on October 1, 2020. Thereafter, by October 1 of each year, the state will pay $9 million to the Police and Fire Fund until full funding is reached or July 1, 2048, whichever is earlier. The $9 million in supplemental state aid will continue until the fund is 90% funded, or until the State Patrol Plan (administered by the Minnesota State Retirement System) is 90% funded, whichever occurs later. Strong asset returns for the fiscal year ended 2021 will accelerate the phasing out of these state contributions, although we do not anticipate them to be phased out during the fiscal year ending 2022. The state of Minnesota is included as a non-employer contributing entity in the Police and Fire Retirement Plan Schedule of Employer Allocations and Schedule of Pension Amounts by Employer, Current Reporting Period Only (pension allocation schedules) for the $9 million in direct state aid. Police and Fire Plan employers need to recognize their proportionate share of the state of Minnesota’s pension expense (and grant revenue) under GASB 68 special funding situation accounting and financial reporting requirements. For the year ended June 30, 2021, the City recognized pension expense of ($301,922) for its proportionate share of the Police and Fire Plan’s pension expense. The City recognized $78,192 as grant revenue for its proportionate share of the state of Minnesota’s pension expense for the contribution of $9 million to the Police and Fire Fund. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (60) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) D. Pension Costs (Continued) 2. Police and Fire Plan Pension Costs (Continued) The state of Minnesota is not included as a non-employer contributing entity in the Police and Fire Pension Plan pension allocation schedules for the $9 million in supplemental state aid. The City recognized $54,909 for the year ended December 31, 2021 as revenue and an offsetting reduction of net pension liability for its proportionate share of the state of Minnesota’s on-behalf contributions to the Police and Fire Fund. City's Proportionate Share of the Net Pension Liability 6,706,215$ State of Minnesota's Proportionate Share of the Net Pension Liability Associated with the City 301,506 Total 7,007,721$ At December 31, 2021, the City reported its proportionate share of the Police and Fire Plan’s deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences Between Expected and Actual Economic Experience 1,288,006$ -$ Changes in Actuarial Assumptions 9,856,384 3,684,650 Differences Between Projected and Actual Investment Earnings - 12,813,878 Changes in Proportion 680,209 76,027 Contributions Paid to the PERA Subsequent to the Measurement Date 935,631 - Total 12,760,230$ 16,574,555$ $935,631 reported as deferred outflows of resources related to pensions resulting from city contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2022. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Pension Expense Year Ending December 31,Amount 2021 (4,314,923)$ 2022 (674,968) 2023 (648,020) 2024 (1,265,367) 2025 2,153,322 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (61) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) E. Long-Term Expected Return on Investment The State Board of Investment, which manages the investments of PERA, prepares an analysis of the reasonableness on a regular basis of the long-term expected rate of return using a building-block method in which best-estimate ranges of expected future rates of return are developed for each major asset class. These ranges are combined to produce an expected long-term rate of return by weighting the expected future rates of return by the target asset allocation percentages. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: Long-Term Target Expected Real Asset Class Allocation Rate of Return Domestic Equity 33.5 %5.10 % International Equity 16.5 %5.30 Fixed Income 25.0 %0.75 Private Markets 25.0 %5.90 F. Actuarial Assumptions The total pension liability in the June 30, 2021, actuarial valuation was determined using an individual entry-age normal actuarial cost method. The long-term rate of return on pension plan investments used in the determination of the total liability is 6.5%. This assumption is based on a review of inflation and investments return assumptions from a number of national investment consulting firms. The review provided a range of return investment return rates deemed to be reasonable by the actuary. An investment return of 6.5% was deemed to be within that range of reasonableness for financial reporting purposes. Inflation is assumed to be 2.25% for the General Employees Plan and 2.25% for the Police and Fire Plan. Benefit increases after retirement are assumed to be 1.25% for the General Employees Plan. The Police and Fire Plan benefit increase is fixed at 1% per year and that increase was used in the valuation. Salary growth assumptions in the General Employees Plan range in annual increments from 10.25% after one year of service to 3.0% after 29 years of service and 6.0% per year thereafter. In the Police and Fire Plan, salary growth assumptions range from 11.75% after one year of service to 3.0% after 24 years of service. Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee Mortality Table. Mortality rates for the Police and Fire Plan are based on the Pub-2010 Public Safety Employee Mortality tables. The tables are adjusted slightly to fit PERA’s experience. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (62) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) F. Actuarial Assumptions (Continued) Actuarial assumptions for the General Employees Plan are reviewed every four years. The most recent four-year experience study for the General Employees Plan was completed in 2019. The assumption changes were adopted by the Board and became effective with the July 1, 2020 actuarial valuation. The most recent four-year experience studies for the Police and Fire were completed in 2020 were adopted by the Board and became effective with the July 1, 2021 actuarial valuation. The following changes in actuarial assumptions and plan provisions occurred in 2021: General Employees Fund Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. Police and Fire Fund Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The inflation assumption was changed from 2.50% to 2.25%. • The payroll growth assumption was changed from 3.25% to 3.00%. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement scale was changed from MP-2019 to MN-2020. • The base mortality table for disabled annuitants was changed from the RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020). • Assumed rates of salary increase were modified as recommended in the July 14, 2020 experience study. The overall impact is a decrease in gross salary increase rates. • Assumed rates of retirement were changed as recommended in the July 14, 2020 experience study. The changes result in slightly more unreduced retirements and fewer assumed early retirements. • Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The changes result in more assumed terminations. • Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. • Assumed percent married for active female members was changed from 60% to 70%. Minor changes to form of payment assumptions were applied. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (63) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) G. Discount Rate The discount rate used to measure the total pension liability in 2021 was 6.5%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members and employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary net positions of the General Employees Fund, the Police and Fire Fund, and the Correctional Fund were projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. H. Pension Liability Sensitivity The following presents the City’s proportionate share of the net pension liability for all plans it participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate 1.0 percentage point lower or 1.0 percentage point higher than the current discount rate: 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate (5.5%)(6.5%)(7.5%) The City’s Proportionate Share of the GERF Net Pension Liability 25,242,986$ 12,320,807$ 1,717,370$ The City’s Proportionate Share of the PEPFF Net Pension Liability 21,291,100$ 6,706,215$ (5,249,776)$ I. Pension Plan Fiduciary Net Position Detailed information about each pension plan’s fiduciary net position is available in a separately-issued PERA financial report that includes financial statements and required supplementary information. That report may be obtained on the PERA website at www.mnpera.org. J. Public Employees Defined Contribution Plan (DCP) Board members of the City are covered by the DCP, a multiemployer deferred compensation plan administered by PERA. The DCP is a tax qualified plan under Section 401(a) of the IRC and all contributions by or on behalf of employees are tax deferred until time of withdrawal. Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and employer contribution rates for those qualified personnel who elect to participate. An eligible elected official who decides to participate contributes 5.0% of salary which is matched by the elected official’s employer. For ambulance service personnel, employer contributions are determined by the employer, and for salaried employees must be a fixed percentage of salary. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (64) NOTE 6 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED) J. Public Employees Defined Contribution Plan (DCP) (Continued) Employer contributions for volunteer personnel may be a unit value for each call or period of alert duty. Employees who are paid for their services may elect to make member contributions in an amount not to exceed the employer share. Employer and employee contributions are combined and used to purchase shares in one or more of the seven accounts of the Minnesota Supplemental Investment Fund. For administering the plan, PERA receives 2.0% of employer contributions and twenty-five hundredths of 1.0% (0.0025) of the assets in each member’s account annually. Total contributions made by the City during fiscal year 2021 were: Required Employee Employer Employee Employer Rate 2,523$ 2,523$ 5 %5 %5 % Contribution Amount Percentage of Covered Payroll NOTE 7 MULTIEMPLOYER DEFINED BENEFIT PENSION PLAN City employees belonging to International Union of Operating Engineers (IUOE) are participants in a multiemployer defined benefit pension plan Central Pension Fund of the International Union of Operating Engineers and Participating Employers (CRF) administered by the board of trustees of the Central Pension Fund. The plan is a cost-sharing pension plan that is not a state or local governmental pension plan, is used to provide defined benefit pensions both to employers that are not state or local governmental employers, and has no predominant state or local government employer. The plan issues a publicly available financial report located on their website at www.cpfiuoe.org. The City has 56 employees who are covered by the pension plan. The plan provides benefits such as monthly retirement income, special and early retirement benefits, postretirement surviving spouse benefits, and disability benefits. The CPF is a supplemental Pension Fund authorized by Minnesota Statutes, 356.24, subdivision 1(9). The CPF Plan of Benefits and the Agreement and Declaration of Trust will serve as the governing documents. The City’s contributions to the plan are pursuant to a collective bargaining agreement with the IUOE which expired December 31, 2021. The required contribution rate is $0.75 per hour, which is applied to all compensated hours, and capped at $5,000 per year. Total employer contributions for the year ended December 31, 2021 were $115,544. With regard to withdrawal from the pension plan, the parties agree that the amount that would otherwise be paid in salary or wages will be contributed instead to the CPF as pretax employer contributions. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (65) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN A. Plan Description The City provides postemployment insurance benefits to certain eligible employees through its OPEB Plan, a single-employer defined benefit plan administered by the City. All postemployment benefits are based on contractual agreements with employee groups. Eligibility for these benefits is based on years of service and/or minimum age requirements. These contractual agreements do not include any specific contribution or funding requirements. The plan does not issue a publicly available financial report. No plan assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. B. Benefits Provided All retirees of the City upon retirement have the option under state law to continue their medical insurance coverage through the City from the time of retirement until the employee reaches the age of eligibility for Medicare. For members of all employee groups, the retiree must pay the full premium to continue coverage for medical and dental insurance. The City is legally required to include any retirees for whom it provides health insurance coverage in the same insurance pool as its active employees, whether the premiums are paid by the City or the retiree. Consequently, participating retirees are considered to receive a secondary benefit known as an “implicit rate subsidy.” This benefit relates to the assumption that the retiree is receiving a more favorable premium rate than they would otherwise be able to obtain if purchasing insurance on their own, due to being included in the same pool with the City’s younger and statistically healthier active employees. For police officers and firefighters disabled in the line-of-duty, Minnesota Statutes require the City to continue payment of the employer’s contribution toward health coverage for the police officer or firefighter and their spouse, if the spouse was covered at the time of disability, until age 65. C. Contributions The required contribution is based on projected pay-as-you-go financing requirements, with additional amounts to prefund benefits as determined periodically by the City. The City’s current year required pay-as-you-go contributions to finance the benefits described in the previous section totaled $148,000. Total OPEB liability will be paid by the general fund and enterprise funds. D. Membership Membership in the plan consisted of the following as of the latest actuarial valuation: Retirees and Beneficiaries Receiving Benefits 22 Active Plan Members 301 Total Members 323 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (66) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) E. Total OPEB Liability of the City The City’s total OPEB liability was determined by an actuarial valuation with a valuation date of January 1, 2020. Liabilities in this report were rolled forward to the measurement date of December 31, 2021. F. Actuarial Assumptions The total OPEB liability was determined by an actuarial valuation as of January 1, 2020, using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified. Discount Rate 2.74% 20-Year Municipal Bond Yield 2.74% Salary Increases 3.25% Medical Trend Rate 7.33% grading to 5.00% by 2028 The actuarial assumptions used in the latest valuation were based on those used to value pension liabilities for Minnesota city employees. The state pension plans base their assumptions on periodic experience studies. Economic assumptions are based on input from a variety of published sources of historical and projected future financial data. Each assumption was reviewed for reasonableness with the source information as well as for consistency with the other economic assumptions. Since the plan is not funded by an irrevocable trust, the discount rate is equal to the 20- year municipal bond yield rate of 2.74%, which was set by considering published rate information for 20-year high quality, tax exempt, general obligation municipal bonds as of the measurement date. The City discount rate used in the prior measurement date was 4.09%. Mortality rates were based on the RP-2014 mortality tables adjusted for white collar and mortality improvements using projection scale MP-2018, from a base year of 2014 for GERF members and MP-2018, from a base year of 2006 for PEPFF members. Future retirees electing coverage is assumed to 55%. Married future retirees electing spouse coverage is assumed to range from 40% to 60% based on classification of employee. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (67) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) G. Changes in the Total OPEB Liability Total OPEB Liability Beginning Balance 2,188,763$ Changes for the Year: Service Cost 239,792 Interest 65,302 Difference between expected and actual experience 9,714 Changes of Assumptions 105,246 Benefit Payments (90,566) Total Net Changes 329,488 Ending Balance 2,518,251$ Assumption changes since the prior measurement date include the following: • The discount rate was changed from 4.09% to 2.47%. • The payroll growth rate changed from 3.50% to 3.25% H. Total OPEB Liability Sensitivity to Discount and Health Care Cost Trend Rate Changes The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower or 1 percentage point higher than the current discount rate: 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate OPEB Discount Rate 1.74 %2.74 %3.74 % Total OPEB Liability 2,708,547$ 2,518,251$ 2,334,374$ The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower or 1 percentage point higher than the current healthcare cost trend rates: 1% Decrease in 1% Increase in Medical Trend Medical Trend Medical Trend Rate Rate Rate OPEB Medical Trend Rate 6.67% decreasing to 4.00% over 10 years 7.67% decreasing to 5.00% over 10 years 8.67% decreasing to 6.00% over 10 years Total OPEB Liability 2,179,298$ 2,518,251$ 2,929,082$ CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (68) NOTE 8 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) I. OPEB Expense and Related Deferred Outflows of Resources and Deferred Inflows of Resources For the current year ended, the City recognized OPEB expense of $135,989. As of year- end, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Difference between expected 8,735$ 1,524,688$ and actual experience Changes of Assumptions 314,761 122,427 City Contributions Subsequent to the Measurement Date 153,000 - Total 476,496$ 1,647,115$ A total of $153,000 reported as deferred outflows of resources related to OPEB resulting from city contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB liability in the year ending December 31, 2022. Other amounts reported as deferred outflows and inflows of resources related to the plan will be recognized in pension expense as follows: OPEB Expense Year Ended December 31,Amount 2022 (169,105)$ 2023 (169,105) 2024 (169,105) 2025 (169,105) 2026 (169,105) Thereafter (478,094) CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (69) NOTE 9 RECEIVABLES, PAYABLES, AND TRANSFERS Housing and Internal Redevelopment Debt Aquatic Nonmajor Service General Authority Service Construction Liquor Center Golf Course Arena Enterprise Funds Total Transfer Out: General Fund: -$ 300,000$ -$ 4,203,106$ -$ -$ -$ -$ -$ -$ 4,503,106$ Construction Fund 112,211 - 2,955,444 - - - - - - - 3,067,655 Nonmajor Governmental 68,895 - - - - - - - - - 68,895 Utilities Fund 211,500 - - 357,200 4,156 17,269 53,364 40,605 62,477 3,760 750,331 Liquor Fund 50,000 - - 150,000 - - - 300,000 350,000 850,000 Total 442,606$ 300,000$ 2,955,444$ 4,710,306$ 4,156$ 17,269$ 53,364$ 340,605$ 412,477$ 3,760$ 9,239,987$ Transfers In Interfund transfers allow the City to allocate financial resources to the funds that receive benefit from services provided by another fund. Some of the City’s interfund transfers fall under that category. Nonroutine transfers include the following: 1. The liquor fund transferred $300,000, $250,000, $100,000, and $50,000 to the arena fund, art center fund, Centennial Lakes fund, and general fund, respectively. 2. The utilities fund and liquor fund transferred $357,200 and $150,000 to the construction fund to fund the capital improvement program, as planned in the 2021 budget. 3. The construction fund transferred $2,955,444 of PIR assessment revenue to the debt service fund for related debt payments. 4. The general fund transferred $300,000 and $4,203,106 to the HRA fund (rental assistance) and construction fund (capital funding). 5. The utilities fund transferred a total of $393,131 to the general fund, other enterprise funds, and internal service funds to offset the cost of internal utilities. 6. Nonmajor governmental funds and the construction fund transferred $68,895 to close the arts & culture fund and $112,211 to assist with various costs. NOTE 10 TAX INCREMENT DISTRICTS The Housing Redevelopment Authority and City of Edina are the administering authorities for the following Tax Increment Districts: District number 1211 (Pentagon Park Increment Financing District) is an economic development district established in 2014 pursuant to Minnesota Statutes with a termination date of 2043. District number 1212 (Grandview 2 Increment Financing District) is an economic development district established in 2016 pursuant to Minnesota Statutes with a termination date of 2045. District number 1214 (66 West Increment Financing District) is an economic development district established in 2016 pursuant to Minnesota Statutes with a termination date of 2045. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (70) NOTE 10 TAX INCREMENT DISTRICTS (CONTINUED) District number 1215 (50th and France 2) is an economic development district established in 2017 pursuant to Minnesota Statutes with a termination date of 2045. District number 1216 (44th and France 2) is a renewal and renovation development district established in 2019 pursuant to Minnesota Statutes with a termination date of 2036. District number 1217 (West 76th Street) is a housing district established in 2019 pursuant to Minnesota Statutes with a termination date of 2042. District number 1218 (72nd and France) is a housing district established in 2019 pursuant to Minnesota Statutes with a termination date of 2043. District number 1219 (Amundson Ave) is an affordable housing district established in 2019 pursuant to Minnesota Statutes with a termination date of 2042. The following table reflects values as of December 31, 2021: TIF #1211 TIF #1212 TIF #1214 TIF #1215 TIF #1216 TIF #1217 TIF #1218 TIF #1219 Total Original Tax Capacity 691,608$ 39,890$ 15,315$ 57,986$ 29,735$ 42,886$ 217,506$ 16,948$ 1,111,874$ Current Tax Capacity 1,495,764 597,528 30,494 497,500 237,130 38,100 217,506 38,275 3,152,297 Fiscal Disparities 558,089 28,460 - 78,013 10,793 - 81,154 - 756,509 Tax Capacity Change 246,067 529,178 15,179 361,501 196,602 (4,786) (81,154) 21,327 1,283,914 Retained Captured Tax Capacity 246,067$ 529,178$ 15,179$ 361,501$ 196,602$ (4,786)$ (81,154)$ 21,327$ 1,283,914$ NOTE 11 CONTINGENCIES A. Risk Management The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Workers’ compensation insurance was provided through the League of Minnesota Cities Insurance Trust. There is a $50,000 deductible per occurrence and $150,000 in aggregate. The City has an annual deposit premium that is subject to adjustment based on the actual audited payroll. A package policy; including property, general liability, and automobile coverage, is provided through the League of Minnesota Cities Insurance Trust. Under this policy, the City pays an annual premium and had a $75,000 per occurrence deductible and is subject to an annual aggregate deductible of $150,000, with a $1,000,000 per occurrence maximum. Liquor liability coverage is provided through the League of Minnesota Cities Insurance Trust. The City pays an annual premium for this coverage and has a $1,000,000 annual maximum. Settlement claims have not exceeded insurance coverage for each of the past three years. There were no significant decreases in insurance coverage during 2021. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (71) NOTE 11 CONTINGENCIES (CONTINUED) B. Litigation The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attorney, remotely recoverable by plaintiffs. C. Federal and State Funds The City receives financial assistance from federal and state governmental agencies in the form of grants. The disbursement of funds received under these programs generally requires compliance with the terms and conditions specified in the grant agreements and is subject to audit by the grantor agencies. Any disallowed claims resulting from such audits could become a liability of the applicable fund. However, in the opinion of management, any such disallowed claims will not have a material effect on any of the financial statements of the individual fund types included herein or on the overall financial position of the City at December 31, 2021. D. Tax Increment Districts The City’s tax increment districts are subject to review by the state of Minnesota Office of the State Auditor (OSA). Any disallowed claims or misuse of tax increments could become a liability of the applicable fund. Management is not aware of any instances of noncompliance which would have a material effect on the financial statements. NOTE 12 CONDUIT DEBT OBLIGATION As of December 31, 2021, the City of Edina had four series of Housing and Health Care Revenue Bonds, with an aggregate principal amount payable of $27,340,000. The bonds are payable solely from revenues of the respective organizations and do not constitute an indebtedness of the City and are not a charge against its general credit or taxing power. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. NOTE 13 JOINT VENTURE The City is a participant with the City of Bloomington, the City of Eden Prairie, and the Metropolitan Airport Commission in a joint venture to construct and operate a facility to be used for the training of law enforcement officers and firefighters. The South Metro Public Safety Training Facility Association (PSTF) is governed by a board consisting of one representative from each Member. On dissolution of the Association, the Facility shall revert to the City of Edina, and all remaining assets shall be divided among the members based on the Cost Sharing Formula. In accordance with the joint venture agreement, each member of the association will share in the cost of the construction and operation based on the Cost Sharing Formula. The City’s equity interest in the capital assets of the PSTF was $1,770,353. Complete financial statements for PSTF can be obtained from the City of Edina, 4801 West 50th Street, Edina, Minnesota 55424. CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021 (72) NOTE 14 RELATED PARTY TRANSACTIONS The City pays an annual membership fee to the South Metro Public Safety Training Facility as part of the joint venture agreement. The membership fee is paid by the Police and Fire departments and is based on a Cost Sharing Formula. For the year ended December 31, 2021, the City paid a total of $71,104 in membership fees to the PSTF, equal to 19.0% of membership fees collected for the year. NOTE 15 FUND BALANCES A. Classifications At December 31, 2021, a summary of the City’s governmental fund balance classifications are as follows: General HRA Debt Service Construction Nonmajor Fund Fund Fund Fund Funds Total Nonspendable:85,083$ -$ -$ 58,250$ 13,534$ 156,867$ Restricted: Park Dedication 58,086 - - - - 58,086 Tax Increments - 35,195,113 - - - 35,195,113 Affordable Housing - 3,741,466 - - - 3,741,466 Debt Service - - 11,178,492 - - 11,178,492 Pedestrian and Cyclist Improvements - - - - 423,591 423,591 Forfeitures - - - - 748,474 748,474 Donations - - - - 131,145 131,145 Conservation and Sustainability Initiatives - - - - 2,299,363 2,299,363 Total Restricted 58,086 38,936,579 11,178,492 - 3,602,573 53,775,730 Assigned Compensated Absences 1,853,100 - - - - 1,853,100 Budget Stabilization 3,589,331 - - - - 3,589,331 Building Security 184,383 - - - - 184,383 Public Health Grant 299 - - - - 299 Special Projects - - - 1,645,118 - 1,645,118 Equipment - - - 3,383,712 - 3,383,712 PIR - - - 6,712,739 - 6,712,739 Construction - - - 14,037,110 - 14,037,110 Total Assigned 5,627,113 - - 25,778,679 - 31,405,792 Unassigned 18,003,259 - - - - 18,003,259 Total Fund Balance 23,773,541$ 38,936,579$ 11,178,492$ 25,836,929$ 3,616,107$ 103,341,648$ B. Unassigned Fund Balance Policy The City Council has formally adopted a fund balance policy regarding the desired range for unassigned fund balance for the general fund. The policy establishes a goal for unassigned general fund balance of 42% – 47% of the subsequent year’s budgeted property tax revenue. As of December 31, 2021, the City has $18,003,259 of unassigned fund balance in the general fund, or 48.77% of 2022 budgeted property tax revenue. This amount is $2,485,884 above the minimum goal identified in the policy. C. Deficit Fund Equity The following funds had a deficit fund balance/net position at December 31, 2021: Nonmajor Proprietary Funds: Art Center (46,431)$ CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (73) 2021 Actual Variance with Original Final Amounts Final Budget REVENUES Taxes: General Property Taxes 33,986,471$ 33,986,471$ 33,827,443$ (159,028)$ Franchise Taxes 850,000 850,000 824,286 (25,714) Lodging Tax 27,000 27,000 17,214 (9,786) Total Taxes 34,863,471 34,863,471 34,668,943 (194,528) Licenses and Permits 5,179,514 5,179,514 6,008,225 828,711 Intergovernmental: Federal 416,657 416,657 735,937 319,280 State: Municipal State Aid 195,000 195,000 195,000 - Other 142,500 142,500 436,436 293,936 State Aid - Police 430,000 430,000 491,802 61,802 State Aid - Fire 450,000 450,000 504,511 54,511 Health Programs 119,061 119,061 200,711 81,650 Total Intergovernmental 1,753,218 1,753,218 2,564,397 811,179 Charges for Services: Administration 19,750 19,750 228,652 208,902 Communications and Technology 101,827 101,827 75,421 (26,406) Finance 1,203,839 1,203,839 1,204,237 398 Engineering 230,400 230,400 145,012 (85,388) Police 680,150 680,150 729,076 48,926 Fire 2,491,800 2,491,800 2,376,583 (115,217) Parks and Recreation 555,637 555,637 642,713 87,076 Community Development 151,527 151,527 135,092 (16,435) Total Charges for Services 5,434,930 5,434,930 5,536,786 101,856 Fines and Forfeits 950,000 950,000 460,914 (489,086) Miscellaneous: Investment Income 150,000 150,000 (151,907) (301,907) Rental of Property 458,800 458,800 491,579 32,779 Other 17,900 17,900 186,591 168,691 Total Miscellaneous 626,700 626,700 526,263 (100,437) Total Revenues 48,807,833 48,807,833 49,765,528 957,695 Budgeted Amounts CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED) YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (74) 2021 Actual Variance with Original Final Amounts Final Budget EXPENDITURES Current: General Government: Administration: Personal Services 1,214,062$ 1,214,062$ 1,272,871$ 58,809$ Contractual Services 900,559 900,559 871,022 (29,537) Commodities 90,300 90,300 85,277 (5,023) Internal Services 151,020 151,020 151,020 - Total Administration 2,355,941 2,355,941 2,380,190 24,249 Communications: Personal Services 937,637 937,637 932,752 (4,885) Contractual Services 232,700 232,700 282,618 49,918 Commodities 124,500 124,500 22,015 (102,485) Internal Services 109,572 109,572 109,572 - Total Communications 1,404,409 1,404,409 1,346,957 (57,452) Human Resources: Personal Services 940,985 940,985 1,462,653 521,668 Contractual Services 290,900 290,900 208,521 (82,379) Commodities 27,800 27,800 10,344 (17,456) Internal Services 57,600 57,600 57,600 - Total Human Resources 1,317,285 1,317,285 1,739,118 421,833 Finance: Personal Services 799,711 799,711 867,746 68,035 Contractual Services 340,250 340,250 508,599 168,349 Commodities 15,500 15,500 7,288 (8,212) Internal Services 65,076 65,076 65,076 - Total Finance 1,220,537 1,220,537 1,448,709 228,172 Community Development: Personal Services 1,566,246 1,566,246 1,561,800 (4,446) Contractual Services 318,600 318,600 204,238 (114,362) Commodities 8,500 8,500 1,167 (7,333) Internal Services 143,544 143,544 143,544 - Total Community Development 2,036,890 2,036,890 1,910,749 (126,141) Total General Government 8,335,062 8,335,062 8,825,723 490,661 Public Safety: Police: Personal Services 10,967,916 10,967,916 10,995,161 27,245 Contractual Services 955,070 955,070 919,300 (35,770) Commodities 112,040 112,040 240,608 128,568 Internal Services 1,504,296 1,504,296 1,504,296 - Total Police 13,539,322 13,539,322 13,659,365 120,043 Fire: Personal Services 8,666,732 8,666,732 8,917,737 251,005 Contractual Services 851,210 851,210 823,485 (27,725) Commodities 405,993 405,993 271,581 (134,412) Internal Services 718,908 718,908 718,908 - Total Fire 10,642,843 10,642,843 10,731,711 88,868 Budgeted Amounts CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED) YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (75) 2021 Actual Variance with Original Final Amounts Final Budget Budgeted Amounts EXPENDITURES (CONTINUED) Current (Continued): Public Safety (Continued): Public Health: Personal Services 659,191$ 659,191$ 665,391$ 6,200$ Contractual Services 452,533 452,533 413,002 (39,531) Commodities 9,000 9,000 6,355 (2,645) Internal Services 51,732 51,732 51,732 - Total Public Health 1,172,456 1,172,456 1,136,480 (35,976) Total Public Safety 25,354,621 25,354,621 25,527,556 172,935 Public Works: Public Works: Personal Services 3,188,240 3,188,240 2,934,040 (254,200) Contractual Services 666,200 666,200 493,470 (172,730) Commodities 1,263,500 1,263,500 1,048,123 (215,377) Internal Services 1,219,032 1,219,032 1,219,233 201 Total Public Works 6,336,972 6,336,972 5,694,866 (642,106) Engineering: Personal Services 1,595,127 1,595,127 2,032,474 437,347 Contractual Services 783,350 783,350 826,654 43,304 Commodities 126,400 126,400 105,105 (21,295) Internal Services 219,468 219,468 219,468 - Total Engineering 2,724,345 2,724,345 3,183,701 459,356 Total Public Works 9,061,317 9,061,317 8,878,567 (182,750) Parks: Parks and Recreation: Personal Services 3,763,500 3,763,500 3,479,462 (284,038) Contractual Services 1,356,245 1,356,245 1,508,250 152,005 Commodities 404,975 404,975 317,990 (86,985) Internal Services 610,248 610,248 610,376 128 Total Parks and Recreation 6,134,968 6,134,968 5,916,078 (218,890) Total Parks 6,134,968 6,134,968 5,916,078 (218,890) Capital Outlay: Parks - - 26,676 26,676 Total Expenditures 48,885,968 48,885,968 49,174,600 288,632 CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED) YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (76) 2021 Actual Variance with Original Final Amounts Final Budget Budgeted Amounts REVENUES OVER (UNDER) EXPENDITURES (78,135)$ (78,135)$ 590,928$ 669,063$ OTHER FINANCING SOURCES (USES) Transfers In 50,000 50,000 442,606 392,606 Transfers Out - - (4,503,106) (4,503,106) Total Financing Sources (Uses)50,000 50,000 (4,060,500) (4,110,500) NET INCREASE (DECREASE) IN FUND BALANCE (28,135)$ (28,135)$ (3,469,572) (3,441,437)$ Fund Balance - January 1 27,243,113 FUND BALANCE - DECEMBER 31 23,773,541$ CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) FUND YEAR ENDED DECEMBER 31, 2021 See accompanying Notes to Required Supplementary Information. (77) 2021 Actual Variance with Original Final Amounts Final Budget REVENUES General Property Taxes 230,400$ 230,400$ 230,166$ (234)$ Tax increment Collections 7,969,700 7,969,700 8,295,756 326,056 Investment Income 227,058 227,058 (98,804) (325,862) Charges for Services 2,000 2,000 228,216 226,216 Other Revenues 16,000 16,000 300,000 284,000 Total Revenues 8,445,158 8,445,158 8,955,334 510,176 EXPENDITURES Current: Personal Services 220,353 220,353 169,215 (51,138) Contractual Services 1,333,000 1,333,000 2,702,469 1,369,469 Commodities 2,500 2,500 618 (1,882) Capital Outlay 4,710,000 4,710,000 2,824,795 (1,885,205) Debt Service: Interest and Fiscal Charges 8,000 8,000 - (8,000) Total Expenditures 6,273,853 6,273,853 5,697,097 (576,756) REVENUES OVER (UNDER) EXPENDITURES 2,171,305 2,171,305 3,258,237 1,086,932 OTHER FINANCING SOURCES (USES) Transfers In - - 300,000 300,000 Bonds Issued - - 7,545,000 7,545,000 Premium on Bonds Issued - - 748,128 748,128 Total Other Financing Sources (Uses)- - 11,493,128 11,493,128 NET INCREASE (DECREASE) IN FUND BALANCE 2,171,305$ 2,171,305$ 14,751,365 12,580,060$ Fund Balance - January 1 24,185,214 FUND BALANCE - DECEMBER 31 38,936,579$ Budgeted Amounts CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION OTHER POSTEMPLOYMENT BENEFITS PLAN SCHEDULE OF CHANGES IN THE CITY’S TOTAL OPEB LIABILITY AND RELATED RATIOS YEAR ENDED DECEMBER 31, 2021 Notes: The City implemented GASB Statement No. 75 in fiscal 2018. This schedule is intended to present 10-year trend information. Additional years will be added as they become available. No plan assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. (78) December 31,December 31,December 31,December 31, 2020 2019 2018 2017 Total OPEB Liability: Service Cost 239,792$ 192,093$ 296,634$ 270,435$ Interest 65,302 154,222 128,559 127,096 Difference Between Expected and Actual Experience 9,714 (1,909,627) - - Changes of Assumptions 105,246 212,364 (178,824) 87,259 Benefit Payments (90,566) (77,801) (138,732) (133,679) Net Changes in Total OPEB Liability 329,488 (1,428,749) 107,637 351,111 Total OPEB Liability - Beginning of Year 2,188,763 3,617,512 3,509,875 3,158,764 Total OPEB Liability - End of Year 2,518,251$ 2,188,763$ 3,617,512$ 3,509,875$ Covered-Employee Payroll 26,700,000$ 25,800,000$ 24,800,000$ 23,900,000$ Total OPEB Liability as a Percentage of Covered-Employee Payroll 9.43%8.48%14.59%14.69% Measurement Date CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION GERF SCHEDULE OF CITY’S AND NONEMPLOYER PROPORTIONATE SHARE OF NET PENSION LIABILITY AND SCHEDULE OF CITY CONTRIBUTIONS YEAR ENDED DECEMBER 31, 2021 Note: The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30, 2015 measurement date). This schedule is intended to present 10-year trend information. Additional years will be added as they become available. (79) City's Proportionate Share of the Net State's Pension Liability City's Plan Proportionate and the State's Proportionate Fiduciary Net City's City's Share of the Proportionate Share of the Position as a PERA Fiscal Proportion Proportionate Net Pension Share of the Net Net Pension Percentage City Fiscal Year-End Date of the Net Share of the Liability Pension Liability City's Liability as a of the Total Year End (Measurement Pension Net Pension Associated Associated with Covered Percentage of Pension Date Date)Liability Liability with the City the City Payroll Covered Payroll Liability 12/31/2015 6/30/2015 0.2683% 13,765,652$ -$ 13,765,652$ 15,508,173$ 88.76% 78.20% 12/31/2016 6/30/2016 0.2656% 21,349,748 278,868 21,628,616 16,481,973 131.23% 68.91% 12/31/2017 6/30/2017 0.2772% 17,519,302 220,299 17,739,601 17,858,560 99.33% 75.90% 12/31/2018 6/30/2018 0.2679% 14,713,374 482,647 15,196,021 18,007,013 84.39% 79.53% 12/31/2019 6/30/2019 0.2694% 14,745,577 462,813 15,208,390 19,063,827 79.78% 80.00% 12/31/2020 6/30/2020 0.2764% 16,405,731 511,142 16,916,873 19,847,440 85.23% 79.06% 12/31/2021 6/30/2021 0.2911% 12,320,807 379,625 12,700,432 20,898,307 60.77% 87.00% Contributions in Relation to City Fiscal Statutorily the Statutorily Contribution Contributions as a Year-End Required Required Deficiency Covered Percentage of Date Contributions Contributions (Excess)Payroll Covered Payroll 12/31/2015 1,248,845$ 1,248,845$ -$ 16,651,267$ 7.50% 12/31/2016 1,265,817 1,265,817 - 16,877,560 7.50% 12/31/2017 1,317,596 1,317,596 - 17,567,947 7.50% 12/31/2018 1,378,743 1,378,743 - 18,382,627 7.50% 12/31/2019 1,471,059 1,471,059 - 19,614,120 7.50% 12/31/2020 1,518,494 1,518,494 - 20,246,587 7.50% 12/31/2021 1,607,199 1,607,199 - 21,429,320 7.50% Schedule of City's and Nonemployer Proportionate Share of Net Pension Liability Schedule of City Contributions CITY OF EDINA, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION PEPFF SCHEDULE OF CITY’S PROPORTIONTE SHARE OF NET PENSION LIABILITY AND SHEDULE OF CITY CONTRIBUTIONS YEAR ENDED DECEMBER 31, 2021 Note: The City implemented GASB Statement No. 68 in fiscal 2015 (using a June 30, 2015 measurement date). This schedule is intended to present 10-year trend information. Additional years will be added as they become available. (80) City's Proportionate Share of the Net State's Pension Liability City's Plan Proportionate and the State's Proportionate Fiduciary Net City's City's Share of the Proportionate Share of the Position as a PERA Fiscal Proportion Proportionate Net Pension Share of the Net Net Pension Percentage City Fiscal Year-End Date of the Net Share of the Liability Pension Liability City's Liability as a of the Total Year-End (Measurement Pension Net Pension Associated Associated with Covered Percentage of Pension Date Date)Liability Liability with the City the City Payroll Covered Payroll Liability 12/31/2015 6/30/2015 0.8070% 9,169,408$ -$ 9,169,408$ 7,797,803$ 117.59% 86.60% 12/31/2016 6/30/2016 0.7990% 32,065,260 - 32,065,260 7,699,821 416.44% 63.88% 12/31/2017 6/30/2017 0.8110% 10,949,465 - 10,949,465 8,322,605 131.56% 85.43% 12/31/2018 6/30/2018 0.8022% 8,550,626 - 8,550,626 8,454,142 101.14% 88.84% 12/31/2019 6/30/2019 0.8479% 9,026,752 - 9,026,752 9,151,062 98.64% 89.30% 12/31/2020 6/30/2020 0.8704% 11,472,803 270,277 11,743,080 9,819,457 119.59% 87.19% 12/31/2021 6/30/2021 0.8688% 6,706,215 301,506 7,007,721 10,268,277 68.25% 93.70% Contributions in Relation to City Fiscal Statutorily the Statutorily Contribution Contributions as a Year-End Required Required Deficiency Covered Percentage of Date Contributions Contributions (Excess)Payroll Covered Payroll 12/31/2015 1,268,476$ 1,268,476$ -$ 7,830,099$ 16.20% 12/31/2016 1,272,485 1,272,485 - 7,854,846 16.20% 12/31/2017 1,335,917 1,335,917 - 8,246,401 16.20% 12/31/2018 1,399,053 1,399,053 - 8,623,704 16.22% 12/31/2019 1,595,304 1,595,304 - 9,847,556 16.20% 12/31/2020 1,784,694 1,784,694 - 10,083,017 17.70% 12/31/2021 1,850,353 1,850,353 - 10,453,972 17.70% Schedule of City's Proportionate Share of Net Pension Liability Schedule of City Contributions CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (81) NOTE 1 LEGAL COMPLIANCE – BUDGETS The City follows these procedures in establishing the budgetary data reflected in the preceding schedules: 1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. 3. The budget is legally enacted by the passage of a resolution by the City Council. 4. Formal budgetary integration is employed as a management control device during the year. 5. Budgets for all governmental funds are adopted on a basis consistent with accounting principles generally accepted in the United States of America. 6. Reported budget amounts are as originally adopted or as amended by Council- approved supplemental appropriations and budget transfers. 7. Expenditures may not legally exceed appropriations by department in the General Fund unless offset by increases in revenues. All unencumbered appropriations lapse at year-end. NOTE 2 EXCESS OF EXPENDITURES OVER APPROPRIATIONS The General Fund is legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. The legal level of budgetary control is at the department level for the General Fund. The following is a listing of General Fund departments whose expenditures exceed budget appropriations. Final Over Budget Actual Budget General Fund: General Government: Administration 2,355,941$ 2,380,190$ 24,249$ Human Resources 1,317,285 1,739,118 421,833 Finance 1,220,537 1,448,712 228,175 Public Safety: Police 13,539,322 13,659,365 120,043 Fire 10,642,843 10,731,711 88,868 Public Works: Engineering 2,724,345 3,183,701 459,356 Capital Outlay - 26,676 26,676 Excess expenditures in the Human Resources are due to severance in the current year. Severance varies from year to year. Excess expenditures in Finance are due to American Rescue Plan Act (ARPA) expenditures incurred in 2021. Excess expenditures in Fire are related to severance benefits associated with the dissolution of the Fire Relief Association. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (82) NOTE 2 EXCESS OF EXPENDITURES OVER APPROPRIATIONS (CONTINUED) Excess expenditures in Engineering are due to changes in the organizational structure. Facilities management was moved from Public Works to Engineering for actual but budgets were not adjusted, resulting in unfavourability in Engineering and favorability in Public Works. Remaining excess expenditures were due to slightly higher than anticipated costs. The remaining governmental funds budgets are legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. The legal level of budgetary control is at the fund level for these funds. The following is a listing of funds whose expenditures exceed budget appropriations. Final Over Budget Actual Budget Debt Service Fund 7,287,877$ 10,218,346$ 2,930,469$ Construction Fund 8,074,690 10,432,331 2,357,641 Braemar Memorial Fund - 450 450 CDBG Fund 125,000 150,000 25,000 Excess expenditures in the debt service fund are the result of higher than anticipated costs related to the issuance of new debt as well as total interest payments. Excess expenditures in the construction fund are the result of the timing of several larger construction projects. Excess expenditures in the remaining funds are due to slightly higher than anticipated costs. NOTE 3 PENSION INFORMATION General Employees Retirement Fund 2021 Changes Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020. 2020 Changes Changes in Actuarial Assumptions • The price inflation assumption was decreased from 2.50% to 2.25%. • The payroll growth assumption was decreased from 3.25% to 3.00%. • Assumed salary increase rates were changed as recommended in the June 30, 2019 experience study. The net effect is assumed rates that average 0.25% less than previous rates. • Assumed rates of retirement were changed as recommended in the June 30, 2019 experience study. The changes result in more unreduced (normal) retirements and slightly fewer Rule of 90 and early retirements. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (83) NOTE 3 PENSION INFORMATION (CONTINUED) General Employees Retirement Fund (Continued) 2020 Changes (Continued) Changes in Actuarial Assumptions (Continued) • Assumed rates of termination were changed as recommended in the June 30, 2019 experience study. The new rates are based on service and are generally lower than the previous rates for years two through five and slightly higher thereafter. • Assumed rates of disability were changed as recommended in the June 30, 2019 experience study. The change results in fewer predicted disability retirements for males and females. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 General Mortality table, with adjustments. The base mortality table for disabled annuitants was changed from the RP-2014 disabled annuitant mortality table to the PUB-2010 General/Teacher disabled annuitant mortality table, with adjustments. • The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019. • The assumed spouse age difference was changed from two years older for females to one year older. • The assumed number of married male new retirees electing the 100% Joint & Survivor option changed from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint & Survivor option changed from 15% to 30%. The corresponding number of married new retirees electing the Life annuity option was adjusted accordingly. Changes in Plan Provisions • Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 through December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations occurring after June 30, 2020. 2019 Changes Changes in Actuarial Assumptions • The morality projection scale was changed from MP-2017 to MP-2018. Changes in Plan Provisions • The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to $21.0 million per year. The State’s special funding contribution was changed prospectively, requiring $16.0 million due per year through 2031. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (84) NOTE 3 PENSION INFORMATION (CONTINUED) General Employees Retirement Fund (Continued) 2018 Changes Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2015 to MP-2017. • The assumed benefit increase was changed from 1.00% per year through 2044 and 2.50% per year thereafter to 1.25% per year. Changes in Plan Provisions • The augmentation adjustment in early retirement factors is eliminated over a five- year period starting July 1, 2019, resulting in actuarial equivalence after June 30, 2024. • Interest credited on member contributions decreased from 4.00% to 3.00% , beginning July 1, 2018. • Deferred augmentation was changed to 0.00% , effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. • Contribution stabilizer provisions were repealed. • Postretirement benefit increases were changed from 1.00% per year with a provision to increase to 2.50% upon attainment of 90.00% funding ratio to 50.00% of the Social Security Cost of Living Adjustment, not less than 1.00% and not more than 1.50%, beginning January 1, 2019. • For retirements on or after January 1, 2024, the first benefit increase is delayed until the retiree reaches normal retirement age; does not apply to Rule of 90 retirees, disability benefit recipients, or survivors. • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. 2017 Changes Changes in Actuarial Assumptions: • The Combined Service Annuity (CSA) loads were changed from 0.8% for active members and 60% for vested and nonvested deferred members. The revised CSA loads are now 0.0% for active member liability, 15.0% for vested deferred member liability, and 3.0% for nonvested deferred member liability. • The assumed postretirement benefit increase rate was changed from 1.0% per year for all years to 1.0% per year through 2044 and 2.5% per year thereafter. Changes in Plan Provisions • The State’s contribution for the Minneapolis Employees Retirement Fund equals $16,000,000 in 2017 and 2018, and $6,000,000 thereafter. • The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund changed from $21,000,000 to $31,000,000 in calendar years 2019 to 2031. The state’s contribution changed from $16,000,000 to $6,000,000 in calendar years 2019 to 2031. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (85) NOTE 3 PENSION INFORMATION (CONTINUED) General Employees Fund Retirement Fund (Continued) 2016 Changes Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.0% per year through 2035 and 2.5% per year thereafter to 1.0% per year for all years. • The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was changed from 7.9% to 7.5%. • Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.5% for inflation. Changes in Plan Provisions • There have been no changes since the prior valuation. 2015 Changes Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.0% per year through 2030 and 2.5% per year thereafter to 1.0% per year through 2035 and • 2.5% per year thereafter. Changes in Plan Provisions: • On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the General Employees Fund, which increased the total pension liability by $1.1 billion and increased the fiduciary plan net position by $892 million. Upon consolidation, state and employer contributions were revised. Public Employees Police and Fire Fund 2021 Changes Changes in Actuarial Assumptions: • The investment return and single discount rates were changed from 7.50% to 6.50%, for financial reporting purposes. • The inflation assumption was changed from 2.50% to 2.25%. • The payroll growth assumption was changed from 3.25% to 3.00%. • The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement scale was changed from MP-2019 to MN-2020. • The base mortality table for disabled annuitants was changed from the RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020). • Assumed rates of salary increase were modified as recommended in the July 14, 2020 experience study. The overall impact is a decrease in gross salary increase rates. • Assumed rates of retirement were changed as recommended in the July 14, 2020 experience study. The changes result in slightly more unreduced retirements and fewer assumed early retirements. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (86) NOTE 3 PENSION INFORMATION (CONTINUED) Public Employees Police and Fire Fund (Continued) 2021 Changes (Continued) • Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The changes result in more assumed terminations. • Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49. Overall, proposed rates result in more projected disabilities. • Assumed percent married for active female members was changed from 60% to 70%. Minor changes to form of payment assumptions were applied. 2020 Changes Changes in Actuarial Assumptions • The morality projection scale was changed from MP-2018 to MP-2019. Changes in Plan Provisions • There have been no changes since the prior valuation. 2019 Changes Changes in Actuarial Assumptions • The morality projection scale was changed from MP-2017 to MP-2018. Changes in Plan Provisions • There have been no changes since the prior valuation. • 2018 Changes Changes in Actuarial Assumptions: • The mortality projection scale was changed from MP-2016 to MP-2017. Changes in Plan Provisions • Postretirement benefit increases were changed to 1.00% for all years, with no trigger. • An end date of July 1, 2048 was added to the existing $9.0 million state contribution • New annual state aid will equal $4.5 million in fiscal years 2019 and 2020, and $9.0 million thereafter until the plan reaches 100% funding, or July 1, 2048, if earlier. • Member contributions were changed from 10.80% to 11.30% of pay, effective January 1, 2019 and 11.80% of pay, effective January 1, 2020. • Employer contributions were changed from 16.20% to 16.95% of pay, effective January 1, 2019 and 17.70% of pay, effective January 1, 2020. • Interest credited on member contributions decreased from 4.00% to 3.00%, beginning July 1, 2018. • Deferred augmentation was changed to 0.00%, effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply. • Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (87) NOTE 3 PENSION INFORMATION (CONTINUED) Public Employees Police and Fire Fund (Continued) 2017 Changes Changes in Actuarial Assumptions (Continued): • Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The net effect is proposed rates that average 0.34% lower than the previous rates. • Assumed rates of retirement were changed, resulting in fewer retirements. • The Combined Service Annuity (CSA) load was 30% for vested and nonvested deferred members. The CSA has been changed to 33% for vested members and 2% for nonvested members. • The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table to the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The base mortality table for disabled annuitants was changed from the RP-2000 disabled mortality table to the mortality tables assumed for healthy retirees. • Assumed termination rates were decreased to 3.0% for the first three years of service. Rates beyond the select period of three years were adjusted, resulting in more expected terminations overall. • Assumed percentage of married female members was decreased from 65% to 60%. • Assumed age difference was changed from separate assumptions for male members (wives assumed to be three years younger) and female members (husbands assumed to be four years older) to the assumption that males are two years older than females. • The assumed percentage of female members electing Joint and Survivor annuities was increased. • The assumed postretirement benefit increase rate was changed from 1.0% for all years to 1.0% per year through 2064 and 2.5% thereafter. • The single discount rate changed from 5.6% to 7.5% per annum. Changes in Plan Provisions • There have been no changes since the prior valuation. 2016 Changes Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.05% per year through 2037 and 2.5% thereafter to 1.0% per year for all future years. • The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed from 7.9% to 5.6%. • The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth and 2.5% for inflation. Changes in Plan Provisions • There have been no changes since the prior valuation. CITY OF EDINA, MINNESOTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2021 (88) NOTE 3 PENSION INFORMATION (CONTINUED) Public Employees Police and Fire Fund (Continued) 2015 Changes Changes in Plan Provisions: • The postretirement benefit increase to be paid after attainment of the 90% funding threshold was changed, from inflation up to 2.5%, to a fixed rate of 2.5%. Changes in Actuarial Assumptions: • The assumed postretirement benefit increase rate was changed from 1.0% per year through 2030 and 2.5% per year thereafter to 1.0% per year through 2037 and 2.5% per year thereafter. NOTE 4 OTHER POSTEMPLOYMENT BENEFITS INFORMATION Other Postemployment Benefits Plan 2020 Changes Changes in Actuarial Assumptions: • The discount rate was changed from 4.09% to 2.74%. • The payroll growth rate was changed from 3.50% to 3.25% 2019 Changes Changes in Actuarial Assumptions: • The discount rate was changed from 3.44% to 4.09%. 2018 Changes Changes in Actuarial Assumptions: • The discount rate was changed from 4.50% to 3.44%. (This page left blank intentionally.) NONMAJOR GOVERNMENTAL FUNDS Special Revenue Funds A Special Revenue Fund is used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The following are nonmajor special revenue funds: Community Development Block Grant Fund – This fund was established to account for funds received under Title I of the Housing and Community Development Act of 1974. Police Fund – This fund was established to account for funds received for specific purposes within the police department, including E-911 and Forfeiture funds. Braemar Memorial Fund – This fund was established to account for funds donated to the City for the purpose of enhancing the Braemar golf course with equipment and amenities that might not otherwise be affordable or viewed as a necessity to the golf course. Pedestrian and Cyclist Safety Fund – This fund was established to account for funds received from gas and electric franchise fees to be used for pedestrian and cyclist improvements included in future street reconstruction projects. Arts and Culture Fund – This fund was established to account for funds donated to the City for the purpose of enhancing public arts and culture related activities. This fund was closed into the General Fund in 2021. Conservation and Sustainability Fund – This fund was established to account for funds received from gas and electric franchise fees to be used for initiatives focused on conservation and sustainability. CITY OF EDINA, MINNESOTA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS DECEMBER 31, 2021 (89) Community Pedestrian Conservation Total Nonmajor Development Braemar and Cyclist Arts and and Governmental Block Grant Police Memorial Safety Culture Sustainability Funds Cash and Investments -$ 736,467$ 130,532$ 205,343$ -$ 2,066,981$ 3,139,323$ Accrued Interest - - 613 1,100 - 6,219 7,932 Accounts Receivable - - - 307,139 - 238,118 545,257 Due from Other Governments - 18,860 - - - - 18,860 Prepaid Items - 13,534 - - - - 13,534 Total Assets -$ 768,861$ 131,145$ 513,582$ -$ 2,311,318$ 3,724,906$ Liabilities: Accounts Payable -$ 6,853$ -$ 69,247$ -$ 7,493$ 83,593$ Salaries Payable - - - - - 4,462 4,462 Contracts Payable - - - 20,744 - - 20,744 Total Liabilities - 6,853 - 89,991 - 11,955 108,799 Fund Balance: Nonspendable - 13,534 - - - - 13,534 Restricted - 748,474 131,145 423,591 - 2,299,363 3,602,573 Total fund balance - 762,008 131,145 423,591 - 2,299,363 3,616,107 Total Liabilities, Deferred Inflows of Resources, and Fund Balance -$ 768,861$ 131,145$ 513,582$ -$ 2,311,318$ 3,724,906$ Special Revenue Assets Liabilities, Deferred Inflows of Resources, and Fund Balance CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2021 (90) Community Pedestrian Conservation Total Nonmajor Development Braemar and Cyclist Arts and and Governmental Block Grant Police Memorial Safety Culture Sustainability Funds REVENUES Franchise Taxes -$ -$ -$ 1,229,526$ -$ 950,410$ 2,179,936$ Intergovernmental 150,000 - - - - - 150,000 Investment Income (Loss)- 31 (597) (1,077) - (8,956) (10,599) Other Revenues - 187,853 5,500 - - 12,189 205,542 Total Revenues 150,000 187,884 4,903 1,228,449 - 953,643 2,524,879 EXPENDITURES Current: General Government 150,000 - - - - - 150,000 Public Safety - 113,815 - - - - 113,815 Public Works - - - 43,519 - 416,687 460,206 Parks - - 450 - - - 450 Capital Outlay: Public Works - - - 710,729 - 30,980 741,709 Total Expenditures 150,000 113,815 450 754,248 - 447,667 1,466,180 Revenues Over (Under) Expenditures - 74,069 4,453 474,201 - 505,976 1,058,699 Other Financing Uses: Transfers Out - - - - (68,895) - (68,895) NET INCREASE (DECREASE) IN FUND BALANCE - 74,069 4,453 474,201 (68,895) 505,976 989,804 Fund Balance - January 1 - 687,939 126,692 (50,610) 68,895 1,793,387 2,626,303 FUND BALANCE - DECEMBER 31 -$ 762,008$ 131,145$ 423,591$ -$ 2,299,363$ 3,616,107$ Special Revenue CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – COMMUNITY DEVELOPMENT BLOCK GRANT SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (91) Actual Variance with Original Final Amounts Final budget REVENUES Intergovernmental 125,000$ 125,000$ 150,000$ 25,000$ EXPENDITURES Current: General Government Contractual Services 125,000 125,000 150,000 25,000 NET INCREASE (DECREASE) IN FUND BALANCE -$ -$ - -$ Fund Balance - January 1 - FUND BALANCE - DECEMBER 31 -$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – POLICE SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (92) Actual Variance with Original Final Amounts Final budget REVENUES Investment Income 5$ 5$ 31$ 26$ Other Revenues 172,061 172,061 187,853 15,792 Total Revenues 172,066 172,066 187,884 15,818 EXPENDITURES Current: Public Safety: Contractual Services 92,882 92,882 104,592 11,710 Commodities 7,500 7,500 9,223 1,723 Capital Outlay: Public Safety 47,500 47,500 - (47,500) Total Expenditures 147,882 147,882 113,815 (34,067) NET INCREASE (DECREASE) IN FUND BALANCE 24,184$ 24,184$ 74,069 49,885$ Fund Balance - January 1 687,939 FUND BALANCE - DECEMBER 31 762,008$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – BRAEMAR MEMORIAL SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (93) Actual Variance with Original Final Amounts Final budget REVENUES Investment Income 2,007$ 2,007$ (597)$ (2,604)$ Donations 2,500 2,500 5,500 3,000 Total Revenues 4,507 4,507 4,903 396 EXPENDITURES Current: Parks and Recreation: Contractual Services - - 450 450 NET INCREASE (DECREASE) IN FUND BALANCE 4,507$ 4,507$ 4,453 (54)$ Fund Balance - January 1 126,692 FUND BALANCE - DECEMBER 31 131,145$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – PEDESTRIAN AND CYCLIST SAFETY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (94) Actual Variance with Original Final Amounts Final budget REVENUES Franchise Taxes 1,200,000$ 1,200,000$ 1,229,526$ 29,526$ Investment Income 1,060 1,060 (1,077) (2,137) Total Revenues 1,201,060 1,201,060 1,228,449 27,389 EXPENDITURES Current: Public Works: Personal Services 120,202 120,202 10,651 (109,551) Contractual Services 75,000 75,000 - (75,000) Commodities 15,000 15,000 25,008 10,008 Internal Services 7,860 7,860 7,860 - Capital Outlay: Public Works:924,225 924,225 710,729 (213,496) Total Expenditures 1,142,287 1,142,287 754,248 (388,039) NET INCREASE (DECREASE) IN FUND BALANCE 58,773$ 58,773$ 474,201 415,428$ Fund Balance - January 1 (50,610) FUND BALANCE - DECEMBER 31 423,591$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – ARTS AND CULTURE SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (95) Actual Variance with Original Final Amounts Final budget REVENUES General Property Taxes 20,000$ 20,000$ -$ (20,000)$ Investment Income 485 485 - (485) Other Revenues 2,500 2,500 - (2,500) Total Revenues 22,985 22,985 - (22,985) EXPENDITURES Current: Parks: Contractual Services 14,000 14,000 - (14,000) Commodities 600 600 - (600) Total Expenditures 14,600 14,600 - (14,600) REVENUES OVER (UNDER) EXPENDITURES 8,385 8,385 - (8,385) OTHER FINANCING SOURCES (USES) Transfers Out - - (68,895) (68,895) NET INCREASE (DECREASE) IN FUND BALANCE 8,385$ 8,385$ (68,895) (77,280)$ Fund balance - January 1 68,895 FUND BALANCE - DECEMBER 31 -$ Budgeted Amounts CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUND – CONSERVATION AND SUSTAINABILITY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (96) Actual Variance with Original Final Amounts Final budget REVENUES Franchise Taxes 1,000,000$ 1,000,000$ 950,410$ (49,590)$ Investment Income (Loss)5,190 5,190 (8,956) (14,146) Other Revenues 7,000 7,000 12,189 5,189 Total Revenues 1,012,190 1,012,190 953,643 (58,547) EXPENDITURES Current: Public Works: Personal Services 165,109 165,109 116,119 (48,990) Contractual Services 123,100 123,100 253,711 130,611 Commodities - - 38,613 38,613 Internal Services 8,244 8,244 8,244 - Capital Outlay: Public Works 600,000 600,000 30,980 (569,020) Total Expenditures 896,453 896,453 447,667 (448,786) NET INCREASE (DECREASE) IN FUND BALANCE 115,737$ 115,737$ 505,976 390,239$ Fund Balance - January 1 1,793,387 FUND BALANCE - DECEMBER 31 2,299,363$ Budgeted Amounts MAJOR GOVERNMENTAL FUNDS Debt Service Fund – This fund was established to account for the payment of principal and interest on the General Obligation, Permanent Improvement Revolving, Public Project Revenue, and Edina Emerald Energy Program Bonds. Construction Fund – This fund was established to account for various special assessment and state aid projects throughout the City. This fund also provides financing for capital improvements as designated in the City’s capital improvement budget. CITY OF EDINA, MINNESOTA GOVERNMENTAL FUND – DEBT SERVICE SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (97) Actual Variance with Original Final Amounts Final budget REVENUES General Property Taxes 3,651,400$ 3,651,400$ 3,632,895$ (18,505)$ Special Assessments - - 191,646 191,646 Investment Income 8,000 8,000 - (8,000) Total Revenues 3,659,400 3,659,400 3,824,541 165,141 EXPENDITURES Debt Service 7,287,877 7,287,877 10,218,346 2,930,469 REVENUES OVER (UNDER) EXPENDITURES (3,628,477) (3,628,477) (6,393,805) (2,765,328) OTHER FINANCING SOURCES (USES) Transfers In 2,955,444 2,955,444 2,955,444 - Bonds Issued - - 4,085,343 4,085,343 Premium on Bonds Issued - - 804,204 804,204 Total Other Financing Sources (Uses)2,955,444 2,955,444 7,844,991 4,889,547 NET INCREASE (DECREASE) IN FUND BALANCE (673,033)$ (673,033)$ 1,451,186 2,124,219$ Fund Balance - January 1 9,727,306 FUND BALANCE - DECEMBER 31 11,178,492$ Budgeted Amounts CITY OF EDINA, MINNESOTA GOVERNMENTAL FUND – CONSTRUCTION CAPITAL PROJECTS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2021 (98) Actual Variance with Original Final Amounts Final budget REVENUES General Property Taxes 4,130,000$ 4,130,000$ 4,105,959$ (24,041)$ Franchise Taxes 105,000 105,000 86,100 (18,900) Special Assessments 4,281,222 4,281,222 3,939,057 (342,165) License and Permits 79,000 79,000 69,221 (9,779) Intergovernmental 950,000 950,000 606,825 (343,175) Charges for Services 200,000 200,000 215,256 15,256 Investment Income 225,000 225,000 (110,770) (335,770) Other Revenues - - 12,425 12,425 Total Revenues 9,970,222 9,970,222 8,924,073 (1,046,149) EXPENDITURES Current: General Government: Personal Services - - 25,948 25,948 Contractual Services - - 356,998 356,998 Commodities - - 5,850 5,850 Public Safety: Contractual Services - - 58,951 58,951 Commodities - - (6,067) (6,067) Public Works: Personal Services 104,740 104,740 98,139 (6,601) Contractual Services 303,671 303,671 1,270,092 966,421 Commodities 24,151 24,151 9,922 (14,229) Internal Services 1,152 1,152 1,152 - Parks: Personal Services - - 13 13 Contractual Services - - 780 780 Commodities - - 241 241 Capital Outlay: General Government 91,000 91,000 144,659 53,659 Public Safety 1,381,450 1,381,450 519,458 (861,992) Public Works 6,075,526 6,075,526 7,510,434 1,434,908 Parks 93,000 93,000 435,761 342,761 Total Expenditures 8,074,690 8,074,690 10,432,331 2,357,641 REVENUES OVER (UNDER) EXPENDITURES 1,895,532 1,895,532 (1,508,258) (3,403,790) OTHER FINANCING SOURCES (USES) Transfers In 250,000 250,000 4,710,306 4,460,306 Transfers Out (2,955,444) (2,955,444) (3,067,655) (112,211) Sale of Capital Assets - - 100,821 100,821 Bonds Issued 3,144,387 3,144,387 5,189,657 2,045,270 Premium on Bonds Issued - - 777,313 777,313 Total Other Financing Sources (Uses)438,943 438,943 7,710,442 7,271,499 NET INCREASE (DECREASE) IN FUND BALANCE 2,334,475$ 2,334,475$ 6,202,184 3,867,709$ Fund Balance - January 1 19,634,745 FUND BALANCE - DECEMBER 31 25,836,929$ Budgeted Amounts (This page left blank intentionally.) NONMAJOR PROPRIETARY FUNDS Enterprise Funds Enterprise funds account for the financing of self-supporting activities of governmental units which render services to the general public on a user charge basis. The following are nonmajor enterprise funds: Art Center Fund – This fund accounts for activities related to the City’s Art Center. Edinborough Park Fund – This fund accounts for activities related to Edinborough Park. Centennial Lakes Fund – This fund accounts for activities related to Centennial Lakes Park. Braemar Field Fund – This fund accounts for activities related to the Sports Dome. CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF NET POSITION NONMAJOR PROPRIETARY FUNDS DECEMBER 31, 2021 (99) Total Nonmajor Art Edinborough Centennial Braemar Proprietary Center Park Lakes Field Funds ASSETS Current Assets: Cash and Investments 67,727$ 619,394$ 333,120$ 1,189,572$ 2,209,813$ Interest Receivable 223 8,506 2,871 4,958 16,558 Accounts Receivable - 20,856 28,127 - 48,983 Due from Other Governments - - 2,920 150 3,070 Total Current Assets 67,950 648,756 367,038 1,194,680 2,278,424 Noncurrent Assets: Net Capital Assets 36,870 1,129,408 199,806 6,057,775 7,423,859 Total Assets 104,820 1,778,164 566,844 7,252,455 9,702,283 DEFERRED OUTFLOWS OF RESOURCES OPEB Deferred Outflows 532 4,233 3,235 - 8,000 Pension Deferred Outflows 73,162 231,779 209,516 34,466 548,923 Total Deferred Outflows of Resources 73,694 236,012 212,751 34,466 556,923 LIABILITIES Current Liabilities: Accounts Payable 916 220,217 16,440 11,532 249,105 Salaries Payable 2,738 32,460 24,692 4,678 64,568 Due to Other Governments - 5,095 1,254 1,190 7,539 Unearned Revenue 251 4,235 15,355 - 19,841 Compensated Absences Payable 8,765 23,180 12,815 - 44,760 Total Current Liabilities 12,670 285,187 70,556 17,400 385,813 Noncurrent Liabilities: Total OPEB Liability 12,768 17,723 15,791 - 46,282 Net Pension Liability 96,916 307,035 277,544 45,657 727,152 Compensated Absences Payable 13,148 34,770 19,223 - 67,141 Total Noncurrent Liabilities 122,832 359,528 312,558 45,657 840,575 Total Liabilities 135,502 644,715 383,114 63,057 1,226,388 DEFERRED INFLOWS OF RESOURCES OPEB Deferred Inflows 400 16,072 11,425 - 27,897 Pension Deferred Inflows 89,043 282,093 254,999 41,948 668,083 Total Deferred Inflows of Resources 89,443 298,165 266,424 41,948 695,980 NET POSITION Net Investment in Capital Assets 36,870 1,129,408 199,806 6,057,775 7,423,859 Unrestricted (83,301) (58,112) (69,749) 1,124,141 912,979 Total Net Position (46,431)$ 1,071,296$ 130,057$ 7,181,916$ 8,336,838$ CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION NONMAJOR PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 (100) Total Nonmajor Art Edinborough Centennial Braemar Proprietary Center Park Lakes Field Funds OPERATING REVENUES Sales - Retail 28$ 6,817$ -$ -$ 6,845$ Sales - Concessions - 9,396 15,155 - 24,551 Memberships - 77,902 - - 77,902 Admissions - 255,945 - 6,345 262,290 Lodging Tax - 3,090 - - 3,090 Building Rental - 116,444 65,933 482,579 664,956 Rental of Equipment - - 108,923 - 108,923 Greens Fees - - 269,667 - 269,667 Class Registration and Other Fees 62,166 207,658 403,419 (28) 673,215 Total Operating Revenues 62,194 677,252 863,097 488,896 2,091,439 OPERATING EXPENSES Cost of Sales and Services - 1,098 9,606 - 10,704 Personal Services (14,673) 646,729 554,883 41,387 1,228,326 Internal Services 37,784 383,942 289,220 131,957 842,903 Commodities 14,326 103,326 83,958 10,948 212,558 Internal Services 75,838 144,833 113,057 35,719 369,447 Depreciation 5,892 100,562 37,144 523,926 667,524 Total Operating Expenses 119,167 1,380,490 1,087,868 743,937 3,331,462 OPERATING INCOME (LOSS)(56,973) (703,238) (224,771) (255,041) (1,240,023) NONOPERATING REVENUES (EXPENSES) Investment Income - (3,405) (1,513) (5,278) (10,196) Donations 1,402 - 2,200 - 3,602 Miscellaneous 14,215 15,302 1,247 50,650 81,414 Total Nonoperating Revenues (Expenses)15,617 11,897 1,934 45,372 74,820 INCOME (LOSS) BEFORE TRANSFERS (41,356) (691,341) (222,837) (209,669) (1,165,203) TRANSFERS Transfers In 250,000 12,673 149,112 692 412,477 CHANGE IN NET POSITION 208,644 (678,668) (73,725) (208,977) (752,726) Net Position - January 1 (255,075) 1,749,964 203,782 7,390,893 9,089,564 NET POSITION - DECEMBER 31 (46,431)$ 1,071,296$ 130,057$ 7,181,916$ 8,336,838$ CITY OF EDINA, MINNESOTA COMBINING STATEMENT OF CASH FLOWS NONMAJOR PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2021 (101) Total Nonmajor Art Edinborough Centennial Braemar Proprietary Center Park Lakes Field Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Customers and Users 68,847$ 685,796$ 853,352$ 540,496$ 2,148,491$ Payment to Suppliers (123,841) (440,064) (487,903) (166,204) (1,218,012) Payment to Employees (176,056) (739,877) (628,217) (148,579) (1,692,729) Net Cash Provided (Used) by Operating Activities (231,050) (494,145) (262,768) 225,713 (762,250) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfer from Other Funds 250,000 12,673 149,112 692 412,477 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of Capital Assets - (45,818) (12,863) (108,457) (167,138) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received - 7,847 3,489 12,164 23,500 NET INCREASE (DECREASE) IN CASH AND INVESTMENTS 18,950 (519,443) (123,030) 130,112 (493,411) Cash and Investments - January 1 47,889 1,117,264 450,183 1,058,775 2,674,111 CASH AND INVESTMENTS - DECEMBER 31 66,839$ 597,821$ 327,153$ 1,188,887$ 2,180,700$ CASH AND INVESTMENTS PRESENTED ON THE STATEMENT OF NET POSITION: Cash 66,839$ 597,821$ 327,153$ 1,188,887$ 2,180,700$ Investments 888 21,573 5,967 685 29,113 Total Cash and Investments 67,727$ 619,394$ 333,120$ 1,189,572$ 2,209,813$ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating Income (Loss)(56,973)$ (703,238)$ (224,771)$ (255,041)$ (1,240,023)$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Depreciation 5,892 100,562 37,144 523,926 667,524 Miscellaneous Income 15,617 15,302 3,447 50,650 85,016 (Increase) Decrease in: Receivables - (10,963) (25,627) 22,500 (14,090) Due From Other Governments - - (2,920) (150) (3,070) Inventory 3,447 - - - 3,447 Deferred Outflows of Resources (41,574) (185,174) (178,706) (18,671) (424,125) Increase (Decrease) in: Accounts Payable 663 188,046 6,684 11,330 206,723 Salaries Payable (2,134) 6,471 2,466 (2,144) 4,659 Due to Other Governments (3) 5,089 1,254 1,090 7,430 Unearned Revenue (8,964) 4,205 15,355 (21,400) (10,804) Total OPEB Liability - 3,295 3,295 - 6,590 Net Pension Liability (234,513) (190,108) (53,885) (120,057) (598,563) Compensated Absences 14,985 17,192 (82,854) - (50,677) Deferred Inflows of Resources 72,507 255,176 236,350 33,680 597,713 Total Adjustments (174,077) 209,093 (37,997) 480,754 477,773 Net Cash Provided (Used) by Operating Activities (231,050)$ (494,145)$ (262,768)$ 225,713$ (762,250)$ NONCASH INVESTING ACTIVITIES Increase (Decrease) in Fair Value of Investments -$ (11,461)$ (5,094)$ (17,766)$ (34,321)$ FIDUCIARY FUNDS Custodial Funds Custodial funds are used to report resources held by the City in a purely custodial capacity. The following are agency funds: Police Seizure Fund – This fund accounts for assets seized by the Police Department. Public Safety Training Facility – This fund accounts for assets and liabilities of the South Metro Public Safety Training Facility, which is a joint venture that the City has fiduciary responsibilities for. Minnesota Task Force 1 – This fund accounts for assets and liabilities of the Minnesota Task Force 1, which is comprised of personnel and equipment from public safety and specialist personnel from supporting entities that operates as part of a joint powers agreement that the City has administrative responsibilities for. (This page left blank intentionally.) CITY OF EDINA, MINNESOTA COMBINING BALANCE SHEET AND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES CUSTODIAL FUNDS YEAR ENDED DECEMBER 31, 2021 (102) Public Safety Police Training Minnesota Seizure Facility Task Force 1 Total Cash and Investments 15,288$ 337,337$ (9,906)$ 342,719$ Accounts Receivable - 17,585 - 17,585 Total Assets 15,288 354,922 (9,906) 360,304 Accounts Payable - 9,131 115,275 124,406 Salaries Payable - 11,581 6,332 17,913 Due to Other Governmental Units 11,747 290 - 12,037 Unearned Revenue - 5,163 - 5,163 11,747 26,165 121,607 159,519 Restricted for Organizations and Other Governments 3,541$ 328,757$ (131,513)$ 200,785$ Public Safety Police Training Minnesota Seizure Facility Task Force 1 Total Collections on Behalf of Others 3,560$ 619,910$ 1,039,207$ 1,662,677$ Payments on Behalf of Others - 889,290 1,185,269 2,074,559 Net Increase (Decrease) in Fiduciary Net Position 3,560 (269,380) (146,062) (411,882) Net Position-Beginning (19) 598,137 14,549 612,667 Net Position-Ending 3,541$ 328,757$ (131,513)$ 200,785$ ADDITIONS DEDUCTIONS ASSETS LIABILITIES NET POSITION CITY OF EDINA, MINNESOTA TAX CAPACITY, TAX LEVIES, AND TAX CAPACITY RATES (SHOWN BY YEAR OF TAX COLLECTIBILITY) (103) 2018 2019 2020 2021 2022 Total Tax Capacity 141,934,212$ 151,279,391$ 157,910,360$ 164,716,554$ 169,928,228$ Increment Valuation (4,525,127) (5,229,452) (5,929,603) (8,291,891) (1,861,452) Contribution to Fiscal Disparities Pool (12,166,916) (13,440,625) (14,369,737) (15,151,282) (16,575,905) Tax Capacity Used for Rate Calculation 125,242,169 132,609,314 137,611,020 141,273,381 151,490,871 Fiscal Disparities Distribution 3,210,559 3,473,642 3,700,282 4,049,317 4,507,212 Adjusted Net Tax Capacity 128,452,728$ 136,082,956$ 141,311,302$ 145,322,698$ 155,998,083$ Tax Levies: General Fund 28,493,077$ 30,009,121$ 32,021,243$ 33,986,471$ 36,708,036$ Arts and Culture Fund 20,000 20,000 20,000 20,000 - Equipment 2,567,000 2,630,000 2,830,000 4,130,000 5,190,000 Debt Service 4,579,700 4,611,900 4,596,300 3,651,400 3,232,000 HRA Operating 125,000 160,000 192,000 230,400 237,300 Total Certified Tax Levies 35,784,777 37,431,021 39,659,543 42,018,271 45,367,336 Referendum Market Value Levy - - - - - Total Levy 35,784,777$ 37,431,021$ 39,659,543$ 42,018,271$ 45,367,336$ Tax Capacity Rate: General Fund Revenue 24.187%23.992%24.690%26.264%27.657% Bonds and Interest 3.564%3.388%3.255%2.515%2.133% HRA 0.098%0.119%0.137%0.163%0.157% Total Tax Capacity Rate 27.849%27.499%28.082%28.942%29.947% Market Value Rate 0.00000%0.00000%0.00000%0.00000%0.00000% CITY OF EDINA, MINNESOTA COMBINING SCHEDULE OF BONDED INDEBTEDNESS DECEMBER 31, 2021 (104) Final Interest Maturity Original Rates Date Date Issue Redeemed General Obligation Bonds: GO Capital Improvement Plan, Series 2010A 2.00 - 4.00 11/18/10 02/01/21 8,285,000$ 7,390,000$ GO Capital Improvement Plan, Series 2013A - Refunding 3.00 - 3.50 10/10/13 02/01/30 5,710,000 2,060,000 GO Refunding, Series 2016A 2.00 - 3.00 07/06/16 02/01/28 3,635,000 885,000 GO Refunding, Series 2017C 2.05 - 4.00 12/14/17 02/01/29 8,955,000 1,330,000 GO Equipment Certificate, Series 2019A 5.00 06/13/19 02/01/29 2,805,000 - GO Refunding, Series 2021B 5.00 12/16/21 02/01/30 2,515,000 - Total General Obligation Bonds 31,905,000 11,665,000 Permanent Improvement Revolving (PIR) Bonds: GO Permanent Improvement Revolving Series 2010B 2.00 - 3.00 11/18/10 02/01/22 2,305,000 1,800,000 GO Permanent Improvement Revolving Series 2011A 2.00 - 3.00 10/27/11 02/01/23 3,320,000 2,240,000 GO Permanent Improvement Revolving Series 2012A 3.00 - 4.00 11/15/12 02/01/29 2,675,000 915,000 GO Permanent Improvement Revolving Series 2013A 3.00 - 3.50 10/10/13 02/01/30 2,555,000 730,000 GO Permanent Improvement Revolving Series 2015A 2.00 - 4.00 07/09/15 02/01/32 6,545,000 1,090,000 GO Permanent Improvement Revolving Series 2015A - Parking 2.00 - 4.00 07/09/15 02/01/36 2,495,000 390,000 GO Permanent Improvement Revolving Series 2016A 2.00 - 3.00 07/06/16 02/01/33 3,940,000 435,000 GO Permanent Improvement Revolving Series 2017A 3.00 - 4.00 06/29/17 02/01/34 1,995,000 100,000 GO Permanent Improvement Revolving Series 2018A 3.00 - 3.125 06/27/18 02/01/35 2,210,000 - GO Permanent Improvement Revolving Series 2019A 3.00 - 5.00 06/13/19 02/01/36 2,195,000 - GO Permanent Improvement Revolving Series 2020A 2.00-4.00 06/25/20 02/01/37 390,000 - GO Permanent Improvement Revolving Series 2020B - Refunding 1.09 12/30/20 02/01/29 1,601,000 - GO Permanent Improvement Revolving Series 2021A 2.00 - 4.00 06/24/21 02/01/38 5,480,000 - GO Permanent Improvement Revolving Series 2021B - Refunding 5.00 12/16/21 02/01/30 1,280,000 - Total PIR Bonds 38,986,000 7,700,000 Tax Increment Financing Bonds" TIF, Series 2021A 2.00 - 4.00 06/24/21 02/04/43 7,545,000 - Public Project Revenue Bonds: Taxable Public Project Revenue, Series 2009A 2.10 - 4.55 11/24/09 02/01/30 2,595,000 1,330,000 HRA Public Project Revenue, Series 2014A 2.00 - 3.625 07/15/14 02/01/35 16,155,000 3,220,000 HRA Public Project Revenue, Series 2015A - Refunding 2.50 - 3.00 07/09/15 05/01/26 3,490,000 1,445,000 Total Public Project Revenue Bonds 22,240,000 5,995,000 Revenue Bonds: Recreational Facility Bonds, Series 2012C 2.00 - 3.00 11/15/12 02/01/33 2,100,000 60,000 Recreational Facility Bonds, Series 2013B 3.00 - 3.45 10/10/13 02/01/29 1,125,000 385,000 Recreational Facility Bonds, Series 2015B 2.00 - 3.25 07/09/15 02/01/31 2,140,000 490,000 Recreational Facility Bonds, Series 2017B 3.00 - 4.00 06/29/17 02/01/33 7,425,000 900,000 Recreational Facility Bonds, Series 2017D - Refunding 2.00 12/20/17 02/01/30 1,640,000 307,000 Recreational Facility Bonds, Series 2021C - Refunding 2.00 - 3.00 12/16/21 02/01/33 2,210,000 - Utility Revenue Bonds, Series 2011A 2.00 - 3.00 10/27/11 02/01/22 11,230,000 8,760,000 Utility Revenue Bonds, Series 2012A 3.00 - 4.00 11/15/12 02/01/23 6,100,000 4,030,000 Utility Revenue Bonds, Series 2014A 2.00 - 3.00 07/15/14 02/01/24 5,680,000 3,270,000 Utility Revenue Bonds, Series 2015A 2.00 - 4.00 07/09/15 02/01/25 5,235,000 2,490,000 Utility Revenue Bonds, Series 2016A 2.00 - 3.00 07/06/16 02/01/27 8,775,000 2,375,000 Utility Revenue Bonds, Series 2017A 3.00 - 4.00 06/29/17 02/01/28 6,595,000 1,120,000 Utility Revenue Bonds, Series 2018A 3.00 - 3.125 06/27/18 02/01/29 3,305,000 285,000 Utility Revenue Bonds, Series 2019A 5.00 06/13/19 02/01/30 5,815,000 - Utility Revenue Bonds, Series 2020A 2.00-4.00%06/25/20 02/01/31 4,830,000 - Utility Revenue Bonds, Series 2020B - Refunding 1.09%12/30/20 02/01/23 1,414,000 - Total Public Project Revenue Bonds 75,619,000 24,472,000 Total - Bonded indebtedness 168,750,000$ 49,832,000$ Prior Years CITY OF EDINA, MINNESOTA COMBINING SCHEDULE OF BONDED INDEBTEDNESS (CONTINUED) DECEMBER 31, 2021 (105) Principal Interest Interest Outstanding Payable Due Due Payable12/31/2020 Issued Payments 12/31/2021 In 2022 In 2022 to Maturity 895,000$ -$ 895,000$ -$ -$ -$ -$ 3,650,000 - 320,000 3,330,000 3,330,000 49,313 49,313 2,750,000 - 310,000 2,440,000 320,000 58,500 217,225 7,625,000 - 725,000 6,900,000 755,000 208,950 817,553 2,805,000 - 255,000 2,550,000 265,000 120,875 543,000 - 2,515,000 - 2,515,000 - 78,594 685,469 17,725,000 2,515,000 2,505,000 17,735,000 4,670,000 516,232 2,312,560 505,000 - 250,000 255,000 255,000 3,825 3,825 1,080,000 - 350,000 730,000 360,000 16,500 22,050 1,760,000 - 1,760,000 - - 44,850 197,025 1,825,000 - 160,000 1,665,000 1,665,000 24,650 24,650 5,455,000 - 380,000 5,075,000 385,000 165,575 985,988 2,105,000 - 100,000 2,005,000 105,000 68,150 571,850 3,505,000 - 230,000 3,275,000 235,000 86,075 573,650 1,895,000 - 105,000 1,790,000 110,000 57,500 388,700 2,210,000 - 115,000 2,095,000 120,000 65,594 495,747 2,195,000 - - 2,195,000 105,000 86,225 656,675 390,000 - - 390,000 - 10,500 82,050 1,601,000 - 96,000 1,505,000 195,000 15,876 66,299 - 5,480,000 - 5,480,000 - 199,768 1,702,593 - 1,280,000 - 1,280,000 - 40,000 313,500 24,526,000 6,760,000 3,546,000 27,740,000 3,535,000 885,088 6,084,602 - 7,545,000 - 7,545,000 - 245,092 2,463,767 1,265,000 - 1,265,000 - - - - 12,935,000 - 695,000 12,240,000 715,000 384,869 3,106,091 2,045,000 - 315,000 1,730,000 325,000 43,400 118,513 16,245,000 - 2,275,000 13,970,000 1,040,000 428,269 3,224,604 2,040,000 - 135,000 1,905,000 1,905,000 23,972 23,972 740,000 - 75,000 665,000 665,000 10,583 10,583 1,650,000 - 130,000 1,520,000 130,000 44,294 245,759 6,525,000 - 440,000 6,085,000 450,000 213,100 1,283,950 1,333,000 - 129,000 1,204,000 131,000 23,430 111,280 - 2,210,000 - 2,210,000 - 38,313 337,563 2,470,000 - 1,215,000 1,255,000 1,255,000 18,825 18,825 2,070,000 - 2,070,000 - - - - 2,410,000 - 580,000 1,830,000 595,000 43,000 80,425 2,745,000 - 515,000 2,230,000 525,000 72,800 161,950 6,400,000 - 840,000 5,560,000 865,000 132,288 420,131 5,475,000 - 595,000 4,880,000 620,000 167,500 621,250 3,020,000 - 290,000 2,730,000 300,000 87,750 389,325 5,815,000 - 465,000 5,350,000 485,000 255,375 1,284,375 4,830,000 - - 4,830,000 405,000 152,400 746,050 1,414,000 - 350,000 1,064,000 707,000 9,676 10,044 48,937,000 2,210,000 7,829,000 43,318,000 9,038,000 1,293,306 5,745,482 107,433,000$ 11,485,000$ 16,155,000$ 110,308,000$ 18,283,000$ 3,122,895$ 17,367,248$ 2021 CITY OF EDINA, MINNESOTA SCHEDULE OF BALANCE SHEET ACCOUNTS TAX INCREMENT FINANCING DISTRICTS DECEMBER 31, 2021 (106) Centennial Valley View Southdale 2 Pentagon Park Grandview 2 66th West 50th and France 2 West 76th Street Total District District District District District District District District Tax Increment No. 1203 No. 1207 No. 1208 No. 1211 No. 1212 No. 1214 No. 1215 No. 1217 Financing Districts ASSETS Cash and Investments 2,695,898$ 341,215$ 17,434,547$ 1,201,008$ 7,172,613$ 25,740$ 253,948$ 10$ 29,124,979$ Accrued Interest 2,439 1,677 53,242 2,629 6,299 104 94 - 66,484 Loans Receivable - - 6,470,967 - - - - - 6,470,967 Due from Other Districts 4,650,000 - 265,000 - - - - - 4,915,000 Due from Other Governments - - 10,449 - - - - - 10,449 Total Assets 7,348,337$ 342,892$ 24,234,205$ 1,203,637$ 7,178,912$ 25,844$ 254,042$ 10$ 40,587,879$ LIABILITIES Accounts Payable -$ -$ 17,204$ 1,464$ 616,394$ 554$ 224,858$ 528$ 861,002$ Salaries Payable 840 - 527 1,049 1,049 - 525 - 3,990 Contracts Payable - - - - 52,201 - - - 52,201 Due to Other Districts - - - - 500,000 265,000 4,150,000 - 4,915,000 Unearned Revenue 13,000 - - - - - - - 13,000 Total Liabilities 13,840 - 17,731 2,513 1,169,644 265,554 4,375,383 528 5,845,193 FUND BALANCE Restricted 7,334,497 342,892 24,216,474 1,201,124 6,009,268 (239,710) (4,121,341) (518) 34,742,686 Total Liabilities and Fund Balance 7,348,337$ 342,892$ 24,234,205$ 1,203,637$ 7,178,912$ 25,844$ 254,042$ 10$ 40,587,879$ CITY OF EDINA, MINNESOTA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES TAX INCREMENT FINANCING DISTRICTS YEAR ENDED DECEMBER 31, 2021 (107) Total Tax Centennial Valley View Southdale 2 Pentagon Park Grandview 2 66th West 50th and France West 76th Street Increment District District District District District District France 2 District District Financing No. 1203 No. 1207 No. 1208 No. 1211 No. 1211 No. 1214 No. 1215 No. 1217 Districts REVENUES Tax Increment Collections -$ -$ 6,681,171$ 529,365$ 534,481$ 15,813$ 496,140$ -$ 8,256,970$ Other Fees - - - - - - - 517 517 Investment Income (6,177) (1,587) (68,320) (3,901) (2,898) (127) (403) - (83,413) Other Revenues - - 2,900,000 - - - - - 2,900,000 Total Revenues (6,177) (1,587) 9,512,851 525,464 531,583 15,686 495,737 517 11,074,074 EXPENDITURES Current: General Government 50,503 - 81,758 19,415 123,551 3,165 516,762 1,035 796,189 Capital Outlay: General Government - - - - 2,672,078 - - - 2,672,078 Total Expenditures 50,503 - 81,758 19,415 2,795,629 3,165 516,762 1,035 3,468,267 REVENUES OVER (UNDER) EXPENDITURES (56,680) (1,587) 9,431,093 506,049 (2,264,046) 12,521 (21,025) (518) 7,605,807 OTHER FINANCING SOURCES (USES) Interfund Loan Interest 59,000 - (59,000) - - - - - - Bonds Issued - - - - 7,545,000 - - - 7,545,000 Premium on Bonds Issued - - - - 748,128 - - - 748,128 Total Other Financing Sources (Uses)59,000 - (59,000) - 8,293,128 - - - 8,293,128 NET INCREASE (DECREASE) IN FUND BALANCE 2,320 (1,587) 9,372,093 506,049 6,029,082 12,521 (21,025) (518) 15,898,935 Fund Balance - January 1 7,332,177 344,479 14,844,381 695,075 (19,814) (252,231) (4,100,316) - 18,843,751 FUND BALANCE - DECEMBER 31 7,334,497$ 342,892$ 24,216,474$ 1,201,124$ 6,009,268$ (239,710)$ (4,121,341)$ (518)$ 34,742,686$ STATISTICAL SECTION This part of the City’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. Contents Page Financial Trends 108 These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time. Revenue Capacity 116 These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax. Debt Capacity 120 These schedules contain information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. Demographic and Economic Information 125 These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place. Operating Information 127 These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. (This page left blank intentionally.) CITY OF EDINA, MINNESOTA NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (108) 2012 2013a 2014 2015b GOVERNMENTAL ACTIVITIES Net Investment in Capital Assets 78,644,392$ 83,842,970$ 85,708,114$ 85,838,618$ Restricted 23,215,910 20,289,579 18,268,724 16,925,171 Unrestricted 29,587,700 33,242,317 31,316,605 21,957,830 Total Governmental Activities Net Position 131,448,002$ 137,374,866$ 135,293,443$ 124,721,619$ BUSINESS-TYPE ACTIVITIES Net Investment in Capital Assets 63,766,144$ 66,126,387$ 75,803,672$ 83,395,794$ Restricted 876,909 611,377 619,295 793,664 Unrestricted 14,390,609 16,867,459 21,176,026 16,405,405 Total Business-Type Activities Net Position 79,033,662$ 83,605,223$ 97,598,993$ 100,594,863$ PRIMARY GOVERNMENT Net Investment in Capital Assets 142,410,536$ 149,969,357$ 161,511,786$ 169,234,412$ Restricted 24,092,819 20,900,956 18,888,019 17,718,835 Unrestricted 43,978,309 50,109,776 52,492,631 38,363,235 Total Primary Government Net Position 210,481,664$ 220,980,089$ 232,892,436$ 225,316,482$ a The City implemented GASB 65 in fiscal year 2013. Prior year information has not been restated as a result of this change in accounting principle. b The City implemented GASB 68 in fiscal year 2015. Prior year information has not been restated as a result of this change in accounting principle. c The City implemented GASB 75 in fiscal year 2018. Prior year information has not been restated as a result of this change in accounting principle. Fiscal Year CITY OF EDINA, MINNESOTA NET POSITION BY COMPONENT (CONTINUED) LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (109) 2016 2017 2018c 2019 2020 2021 93,247,973$ 96,149,011$ 107,133,225$ 110,670,335$ 117,052,475$ 116,754,295$ 20,892,680 22,840,869 25,017,586 36,999,647 60,063,244 76,262,266 22,146,168 26,412,441 31,277,308 27,680,337 16,475,796 15,308,966 136,286,821$ 145,402,321$ 163,428,119$ 175,350,319$ 193,591,515$ 208,325,527$ 85,158,869$ 82,338,560$ 81,980,815$ 80,452,583$ 81,135,647$ 86,975,121$ 804,393 1,338,276 1,360,336 1,360,336 1,268,479 1,225,093 17,300,872 22,443,806 27,285,949 32,045,171 33,086,023 32,253,873 103,264,134$ 106,120,642$ 110,627,100$ 113,858,090$ 115,490,149$ 120,454,087$ 178,406,842$ 178,487,571$ 189,114,040$ 191,122,918$ 198,188,122$ 203,729,416$ 21,697,073 24,179,145 26,377,922 38,359,983 61,331,723 77,487,359 39,447,040 48,856,247 58,563,257 59,725,508 49,561,819 47,562,839 239,550,955$ 251,522,963$ 274,055,219$ 289,208,409$ 309,081,664$ 328,779,614$ Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN NET POSITION LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (110) 2012 2013a 2014b 2015c EXPENSES Governmental Activities:General Government 12,598,979$ 8,256,261$ 8,522,319$ 8,518,236$ Public Safety 16,598,423 17,117,693 18,145,498 19,507,770 Public Works 9,437,285 11,502,250 15,553,852 15,284,777 Parks 5,904,724 6,132,709 3,330,781 3,385,367 Interest on Long-Term Debt 2,222,392 2,024,749 1,989,863 2,180,678 Total Governmental Activities Expenses 46,761,803 45,033,662 47,542,313 48,876,828 Business-Type Activities: Water 12,610,875 13,748,186 14,207,197 14,963,304 Sewer - - - - Stormwater - - - - Recycling - - - - Liquor 11,740,744 12,261,413 12,393,218 11,818,602 Aquatic Center 866,944 822,932 827,485 872,960 Golf Course 3,293,192 3,199,815 3,342,544 3,409,343 Arena 2,182,200 2,272,510 2,375,173 2,642,097 Community Activity Centers 2,842,139 2,967,115 2,975,782 3,436,325 Total Business-Type Activities Expenses 33,536,094 35,271,971 36,121,399 37,142,631 Total Primary Government Expenses 80,297,897$ 80,305,633$ 83,663,712$ 86,019,459$ PROGRAM REVENUES Governmental Activities: Charges for Services: General Government 1,142,984$ 1,259,908$ 1,529,555$ 1,322,430$ Public Safety 6,549,929 7,410,755 8,102,352 8,683,465 Other Activities 913,864 846,999 960,261 1,158,207 Operating Grants and Contributions 1,685,026 2,283,007 1,578,538 3,122,178 Capital Grants and Contributions 9,137,011 6,372,735 8,244,695 10,044,077 Total Governmental Activities Program Revenues 19,428,814 18,173,404 20,415,401 24,330,357 Business-Type Activities: Charges for Services: Water 17,729,589 17,831,225 17,550,802 19,335,443 Sewer - - - - Stormwater - - - - Recycling - - - - Liquor 13,230,941 13,711,557 13,515,168 12,462,387 Aquatic Center 1,001,946 928,055 918,412 971,936 Golf Course 3,225,591 2,711,743 3,229,348 2,857,190 Arena 1,452,435 1,942,971 2,092,567 2,316,853 Community Activity Centers 2,399,090 2,625,633 2,583,257 3,119,789 Operating Grants and Contributions 1,042,195 516,242 428,416 595,141 Capital Grants and Contributions - - - - Total Business-Type Activities Program Revenues 40,081,787 40,267,426 40,317,970 41,658,739 Total Primary Government Program Revenues 59,510,601$ 58,440,830$ 60,733,371$ 65,989,096$ NET (EXPENSE) REVENUEGovernmental Activities (27,332,989)$ (26,860,258)$ (27,126,912)$ (24,546,471)$ Business-Type Activities 6,545,693 4,995,455 4,196,571 4,516,108 Total Primary Government Net Expense (20,787,296)$ (21,864,803)$ (22,930,341)$ (20,030,363)$ GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities:Property Taxes 25,884,662$ 26,894,161$ 27,062,224$ 29,632,072$ Tax Increment Collections 3,536,935 3,981,938 5,052,705 1,792,896 Franchise Taxes 815,530 1,891,967 2,055,396 2,089,038 Lodging Taxes - - 11,301 22,716 Unrestricted Investment Earnings 341,986 (96,390) 440,051 195,620 Gain on Disposal of Capital Assets - 16,654 29,037 41,900 Insurance Recovery - 816,654 - - Transfers 696,935 133,907 (9,605,225) (2,230,966) Total Governmental Activities 31,276,048 33,638,891 25,045,489 31,543,276 Business-Type Activities: Unrestricted Investment Earnings 113,177 (77,848) 191,974 91,907 Gain (Loss) on Disposal of Capital Assets 2,644,854 17,587 - 39,427 Transfers (696,935) (133,907) 9,605,225 2,230,966 Total Business-Type Activities 2,061,096 (194,168) 9,797,199 2,362,300 Total Primary Government 33,337,144$ 33,444,723$ 34,842,688$ 33,905,576$ CHANGE IN NET POSITION Governmental Activities 3,943,059$ 6,778,633$ (2,081,423)$ 6,996,805$ Business-Type Activities 8,606,789 4,801,287 13,993,770 6,878,408 Total Primary Government 12,549,848$ 11,579,920$ 11,912,347$ 13,875,213$ a The City implemented GASB 65 in fiscal year 2013. Prior year information has not been restated as a result of this change in accounting principle. b The City completed a major departmental reorganization in 2014, moving parks maintenance activities from parks to public works. Prior year information has not been modified as a result of this change. c The City implemented GASB 68 in fiscal year 2015. Prior year information has not been restated as a result of this change in accounting principle. d The City completed a major departmental reorganization in 2018, moving parks maintenance activities from public works to parks. The City also implemented GASB 75 in fiscal year 2018. Prior year information has not been restated as a result of either change. e The City broke out the various functions within the utilities fund for the first time in 2020. Prior year information has not been restated. Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN NET POSITION (CONTINUED) LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) (111) 2016 2017 2018d 2019 2020e 2021 9,587,567$ 9,164,272$ 10,964,266$ 11,252,538$ 11,698,533$ 14,844,785$ 20,243,209 21,815,101 20,971,184 27,496,563 27,058,719 24,288,956 19,444,472 17,750,505 14,170,463 10,979,180 16,117,060 11,497,445 3,822,716 4,222,431 7,235,405 7,554,919 6,798,866 7,365,756 2,133,474 1,996,354 1,726,901 1,999,318 1,561,462 1,282,299 55,231,438 54,948,663 55,068,219 59,282,518 63,234,640 59,279,241 16,780,474 17,361,659 18,045,516 19,303,212 9,592,913 9,094,274 - - - - 7,641,660 7,690,708 - - - - 3,424,049 3,146,475 - - - - 1,392,003 1,956,546 12,130,254 12,007,885 11,995,159 11,970,986 11,500,971 13,435,305 915,560 1,015,328 996,671 979,376 386,026 1,052,346 3,041,169 3,469,121 2,464,563 4,009,097 4,257,484 4,822,338 2,842,660 2,961,787 2,996,844 2,982,674 2,876,897 2,882,067 3,853,091 4,095,309 4,096,452 4,286,773 3,412,784 3,231,622 39,563,208 40,911,089 40,595,205 43,532,118 44,484,787 47,311,681 94,794,646$ 95,859,752$ 95,663,424$ 102,814,636$ 107,719,427$ 106,590,922$ 1,453,009$ 1,142,120$ 2,395,535$ 1,204,947$ 4,172,729$ 2,207,889$ 8,996,046 9,627,122 9,978,816 9,747,031 10,152,772 9,970,031 1,289,770 1,288,452 1,202,732 1,265,918 1,007,903 1,351,458 2,751,495 2,194,336 4,028,247 4,271,243 7,626,236 2,721,724 15,252,861 9,775,184 6,695,172 6,625,040 7,318,687 4,030,108 29,743,181 24,027,214 24,300,502 23,114,179 30,278,327 20,281,210 19,505,905 21,361,972 22,697,468 21,875,655 9,236,665 10,302,974 - - - - 10,622,411 10,732,193 - - - - 4,773,432 5,207,295 - - - - 1,148,338 1,447,226 12,937,092 12,991,764 13,401,754 13,094,407 12,117,414 14,280,055 956,068 962,857 997,727 996,778 - 1,071,692 2,809,702 1,254,412 1,396,173 3,395,815 3,968,529 5,290,109 2,314,892 2,508,192 2,629,945 2,516,629 1,638,011 2,347,678 3,190,775 3,348,628 3,303,278 3,240,000 1,499,060 2,106,088 445,464 179,086 545,682 44,953 47,780 404,419 - 904,201 - 692,281 396,103 - 42,159,898 43,511,112 44,972,027 45,856,518 45,447,743 53,189,729 71,903,079$ 67,538,326$ 69,272,529$ 68,970,697$ 75,726,070$ 73,470,939$ (25,488,257)$ (30,921,449)$ (30,767,717)$ (36,168,339)$ (32,956,313)$ (38,998,031)$ 2,596,690 2,600,023 4,376,822 2,324,400 962,956 5,878,048 (22,891,567)$ (28,321,426)$ (26,390,895)$ (33,843,939)$ (31,993,357)$ (33,119,983)$ 31,396,421$ 33,665,029$ 35,616,432$ 37,133,269$ 39,545,279$ 41,826,967$ 2,779,097 3,422,898 4,997,706 5,447,108 6,452,819 8,295,756 2,346,423 2,408,884 2,559,443 2,881,726 3,071,392 3,090,322 22,624 21,006 25,298 24,119 8,313 17,214 344,277 514,073 901,405 2,037,306 1,835,870 (372,080) 65,044 - 5,032,815 408,659 - 101,404 - - - - - - 99,573 5,059 305,428 158,352 283,836 772,460 37,053,459 40,036,949 49,438,527 48,090,539 51,197,509 53,732,043 136,208 254,990 481,754 1,064,942 945,580 (141,650) 35,946 6,554 - - 7,359 - (99,573) (5,059) (305,428) (158,352) (283,836) (772,460) 72,581 256,485 176,326 906,590 669,103 (914,110) 37,126,040$ 40,293,434$ 49,614,853$ 48,997,129$ 51,866,612$ 52,817,933$ 11,565,202$ 9,115,500$ 18,670,810$ 11,922,200$ 18,241,196$ 14,734,012$ 2,669,271 2,856,508 4,553,148 3,230,990 1,632,059 4,963,938 14,234,473$ 11,972,008$ 23,223,958$ 15,153,190$ 19,873,255$ 19,697,950$ Fiscal Year CITY OF EDINA, MINNESOTA FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (112) 2012 2013 2014a 2015 GENERAL FUND Nonspendable 413,200$ 13,322$ 240,291$ 529,513$ Restricted 880,395 185,395 757,673 417,673 Assigned 1,643,077 1,559,461 1,566,329 1,547,398 Unassigned 11,902,462 12,573,457 11,429,444 11,825,799 Total General Fund 14,839,134$ 14,331,635$ 13,993,737$ 14,320,383$ ALL OTHER GOVERNMENTAL FUNDS Nonspendable -$ -$ -$ -$ Restricted, Reported in: Special Revenue Funds 13,185,962 13,040,516 9,719,309 9,405,757 Debt Service Funds 9,704,408 6,246,769 12,678,291 7,134,575 Construction Funds 2,759,463 3,318,947 6,598,832 551,132 Assigned, Reported in: Capital Projects Funds 7,159,890 8,354,268 7,046,610 13,127,881 Unassigned, Reported in: Special Revenue Funds - - - - Total all Other Governmental Funds 32,809,723$ 30,960,500$ 36,043,042$ 30,219,345$ a The substantial increase in other governmental funds restricted fund balance is due to unspent bond proceeds related to the current refunding that took place on February 1 of the following year. Fiscal Year CITY OF EDINA, MINNESOTA FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED) LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (113) 2016a 2017a 2018 2019 2020 2021 27,643$ 13,124$ -$ 28,403$ 28,403$ 85,083$ 927,673 961,133 961,133 58,086 58,086 58,086 1,612,240 1,739,079 2,105,741 2,093,760 6,679,877 5,627,113 14,624,755 15,656,518 16,812,851 16,411,412 20,476,747 18,003,259 17,192,311$ 18,369,854$ 19,879,725$ 18,591,661$ 27,243,113$ 23,773,541$ -$ -$ -$ -$ -$ 71,784$ 12,673,995 14,453,556 14,755,259 18,653,029 26,862,127 42,539,152 11,187,468 17,000,806 7,871,858 8,341,996 9,727,306 11,178,492 209,510 78,702 30,072 - - 13,109,438 15,710,621 19,726,343 21,927,249 19,634,745 25,778,679 (190,845) - - - (50,610) - 36,989,566$ 47,243,685$ 42,383,532$ 48,922,274$ 56,173,568$ 79,568,107$ Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (114) 2012 2013 2014 2015 REVENUES General Property Taxes 25,838,422$ 26,891,756$ 26,988,493$ 29,535,270$ Tax Increment Collections 3,536,935 3,981,938 5,052,705 1,792,896 Franchise Taxes 815,530 1,891,967 2,055,396 2,089,038 Lodging Fees - - 11,301 22,716 Special Assessments 4,975,641 4,884,510 4,606,010 4,132,128 License and Permits 3,155,351 4,150,512 4,583,183 4,907,364 Intergovernmental 2,032,966 2,509,166 3,961,509 6,093,966 Charges for Services 3,708,482 3,667,612 4,270,720 4,414,991 Fines and Forfeitures 1,195,054 1,109,710 1,163,907 1,195,271 Investment Income 341,986 (96,390) 440,051 195,314 Rental of Property 506,276 518,862 546,874 416,522 Parkland Dedication 702,100 - 757,278 800,000 Other Revenues 240,841 278,607 78,775 361,425 Total Revenues 47,049,584 49,788,250 54,516,202 55,956,901 EXPENDITURES General Government 6,624,573 7,351,556 7,625,826 6,337,944 Public Safety 14,985,068 15,859,622 16,647,821 17,537,528 Public Works 6,277,506 7,018,614 10,201,335 10,578,472 Parks 3,852,260 3,915,568 1,341,884 1,416,858 Capital Outlay 13,622,443 10,690,207 19,883,144 19,912,565 Debt Service: Principal 6,620,000 14,531,375 4,096,375 13,276,375 Interest and Other Charges 2,292,394 2,270,259 1,923,647 2,375,613 Total Expenditures 54,274,244 61,637,201 61,720,032 71,435,355 REVENUES OVER (UNDER) EXPENDITURES (7,224,660) (11,848,951) (7,203,830) (15,478,454) OTHER FINANCING SOURCES (USES) Utility Contributions from Other Funds - - - - Transfers In 4,495,940 3,472,964 1,404,975 3,232,770 Transfers Out (3,799,005) (3,339,057) (11,010,200) (6,472,066) Sale of Capital Assets 94,975 61,642 70,603 78,509 Insurance Recovery - 816,654 - 167,167 Loans Issued - - - - Bonds Issued 2,748,720 2,555,000 16,155,000 9,040,000 Refunding Bonds Issued 1,990,000 5,710,000 5,180,000 3,490,000 Premium on Bonds Issued 436,148 275,360 327,987 492,838 Discount on Bonds Issued - (60,334) (179,891) (47,815) Payment to Refunding Escrow - - - - Total Other Financing Sources (Uses)5,966,778 9,492,229 11,948,474 9,981,403 NET CHANGE IN FUND BALANCES (1,257,882)$ (2,356,722)$ 4,744,644$ (5,497,051)$ Debt Service as a Percentage of Noncapital Expenditures 19.4%32.2%13.7%28.9% Fiscal Year CITY OF EDINA, MINNESOTA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED) LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (115) 2016 2017 2018 2019 2020 2021 31,354,023$ 33,696,550$ 35,613,883$ 37,093,074$ 39,509,239$ 41,796,463$ 2,779,097 3,422,898 4,997,706 5,447,108 6,452,819 8,295,756 2,346,423 2,408,884 2,559,443 2,881,726 3,071,392 3,090,322 22,624 21,006 25,298 24,119 8,313 17,214 5,276,194 5,330,766 4,747,205 4,741,557 4,629,551 4,130,703 5,268,519 5,403,222 5,912,757 5,183,754 6,454,749 6,077,446 5,775,114 3,687,262 5,124,573 3,687,620 11,218,739 3,321,222 4,689,389 4,917,173 4,898,548 5,431,941 4,968,288 5,980,258 1,016,817 1,135,986 1,122,426 1,097,122 485,472 460,914 344,344 512,448 889,550 1,989,881 1,835,870 (372,080) 514,955 459,099 632,011 487,797 479,148 491,579 1,250,000 33,460 - - - - 2,599,830 761,281 990,277 600,905 3,069,269 704,558 63,237,329 61,790,035 67,513,677 68,666,604 82,182,849 73,994,355 6,815,725 7,065,729 8,630,290 8,973,194 8,577,452 12,236,821 18,554,507 19,233,386 20,323,076 21,701,254 25,612,596 25,694,255 10,474,008 11,524,896 8,682,928 8,998,768 8,843,557 10,718,078 1,529,384 1,695,397 5,202,962 5,453,778 4,878,372 5,917,562 16,787,575 11,053,212 19,752,836 18,558,023 13,056,078 12,203,492 5,246,375 5,496,375 5,523,369 5,778,476 5,865,000 8,326,000 2,360,827 2,359,551 2,099,594 1,923,526 2,007,730 1,892,346 61,768,401 58,428,546 70,215,055 71,387,019 68,840,785 76,988,554 1,468,928 3,361,489 (2,701,378) (2,720,415) 13,342,064 (2,994,199) - - 37,978 115,494 - - 3,504,542 5,130,405 5,464,771 6,738,864 6,260,386 8,408,356 (3,404,969) (5,057,263) (5,139,771) (6,604,736) (5,976,550) (7,639,656) 65,044 84,388 6,201,630 1,172,391 251,670 3,000,821 - - - - - - - - - 750,000 - - 3,940,000 1,995,000 2,210,000 5,000,000 1,991,000 16,820,000 3,635,000 8,955,000 - - - - 450,409 798,791 74,787 799,080 34,176 2,329,645 (16,805) (51,148) (18,299) - - - - (3,785,000) (9,480,000) - - - 8,173,221 8,070,173 (648,904) 7,971,093 2,560,682 22,919,166 9,642,149$ 11,431,662$ (3,350,282)$ 5,250,678$ 15,902,746$ 19,924,967$ 16.2%15.9%14.6%13.8%13.2%15.6% Fiscal Year CITY OF EDINA, MINNESOTA ASSESSED VALUE, ACTUAL VALUE, AND TAX CAPACITY OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (116) City Tax City Used Adjusted Capacity Referendum Estimated Limited Taxable Total for Rate Net Rate Rate 9,179,305$ 9,179,305$ 9,025,565$ 109,013$ 94,811$ 97,879$ 26.247%0.00667%2.799 8,955,431 8,955,431 8,798,601 106,530 93,504 96,120 27.216%0.00690%2.921 9,065,550 9,065,550 8,911,695 108,069 93,607 96,156 27.920%0.00695%2.961 9,837,972 9,837,972 9,701,677 117,907 106,662 109,203 26.605%0.00631%2.953 10,420,339 10,420,339 10,296,342 125,664 112,491 115,128 27.137%0.00550%2.998 10,902,621 10,902,621 10,785,198 132,180 116,854 119,756 28.271%0.00000%3.105 11,655,318 11,655,318 11,547,520 141,934 125,242 128,453 27.849%0.00000%3.069 12,370,205 12,370,205 12,271,673 151,279 132,609 136,083 27.499%0.00000%3.025 12,879,164 12,879,164 12,785,798 157,910 137,611 141,311 28.082%0.00000%3.081 13,344,357 13,344,357 13,255,470 164,716 141,273 145,322 28.942%0.00000%3.152 Source: Hennepin County Taxpayer Services. a Property in the City is assessed annually. Assessed value is equal to market value, although taxable value may be different, as shown. The City receives reports from Hennepin County showing total market value, but not separated by property classification. b This value is estimated by the City Finance Department by taking City taxes as a rate of estimated market value (rate per $1,000 of assessed value). The property tax system in Minnesota uses a tax capacity system whereby each parcel is assigned a tax capacity based on taxable value and class. In Minnesota, local taxes are usually expressed as a percentage of this calculated tax capacity (see column titled "City Tax Capacity Rate"). Therefore, this rate is only theoretical and shown for comparative purposes only. Estimated Rate b Market Value (In Thousands) a Tax Capacity (In Thousands) 2015 Fiscal Direct 2013 2014 2012 2019 2018 2021 Year 2016 2017 2020 CITY OF EDINA, MINNESOTA DIRECT AND OVERLAPPING TAX CAPACITY RATES LAST TEN FISCAL YEARS (117) Total Basic Debt HRA Total Tax Direct and Rate Rate Rate Capacity RMV Hennepin Tax Cap.RMV Other Overlap 23.131%3.116%0.000%26.247%0.007%48.231%27.565%0.215%10.911%112.954% 23.762%3.454%0.000%27.216%0.007%49.461%27.762%0.217%11.483%115.922% 24.458%3.462%0.000%27.920%0.007%49.959%27.556%0.223%12.051%117.486% 22.477%4.128%0.000%26.605%0.006%46.398%27.344%0.215%11.100%111.447% 23.223%3.914%0.000%27.137%0.006%45.356%34.898%0.201%11.254%118.645% 24.348%3.841%0.082%28.271%0.000%44.087%34.798%0.188%11.057%118.213% 24.187%3.564%0.098%27.849%0.000%42.808%30.972%0.222%10.667%112.296% 23.992%3.388%0.119%27.499%0.000%41.861%30.589%0.210%9.714%109.663% 24.690%3.255%0.137%28.082%0.000%41.084%30.589%0.219%9.330%109.085% 26.264%2.515%0.163%28.942%0.000%38.210%31.474%0.211%8.833%107.459% Source: Hennepin County Taxpayer Services. RMV: Referendum Market Value Geographic boundaries for overlapping district are not identical to the City's boundaries. City boundaries contain six different school districts but only ISD #273 is shown here. Other districts include Mosquito Control, Met Council, Metro Transit, Hennepin Parks, Park Museum and Regional Railroad Authority. In addition, there are two watershed districts in the City, Nine Mile Creek and Minnehaha Creek, and rates for Nine Mile are included in Other. Total rates do not include RMV rates. 2017 2021 2020 2019 City Rates Overlapping Rates ISD #273 EdinaFiscal Year 2018 2013 2014 2012 2015 2016 CITY OF EDINA, MINNESOTA PRINCIPAL PROPERTY TAXPAYERS CURRENT YEAR AND NINE YEARS AGO (118) Percentage Percentage of Total of Total Tax Capacity Rank Capacity Tax Capacity Rank Capacity Galleria Shopping Center 2,746,321$ 1 1.62%1,271,050$ 2 1.17% Southdale Shopping Center 2,737,316 2 1.62%2,373,048 1 2.18% Southdale Medical Building 1,602,487 3 0.95%620,285 5 0.57% Southdale Office Center 893,250 4 0.53%686,102 3 0.63% Onyx Apartments 860,663 5 0.51%DNA DNA DNA Loden Apartments 837,969 6 0.50%DNA DNA DNA Centennial Lakes Phase V 797,170 7 0.47%553,770 6 0.51% Centennial Lakes Phase IV 785,224 8 0.46%543,040 7 0.50% One Southdale Place Apartments 749,796 9 0.44%DNA DNA DNA Lifetime Fitness/Lifetime Works 749,558 10 0.44%DNA DNA DNA Centennial Lakes Retail DNA DNA DNA 670,848 4 0.62% National Car DNA DNA DNA 484,530 8 0.44% Target DNA DNA DNA 439,250 9 0.40% Hellmuth & Johnson DNA DNA DNA 358,912 10 0.33% Totals 12,759,754$ 7.54%8,000,835$ 7.35% Source: City of Edina Assessing Office DNA: Data is not available 20122021 Taxpayer CITY OF EDINA, MINNESOTA PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (119) Total Collections in Tax Percentage Subsequent Percentage Levy Amount of Levy Years Amount of Levy 26,248,226$ 25,983,685$ 98.99%(132,633)$ 25,851,052$ 98.49% 26,747,384 26,545,984 99.25%(201,500) 26,344,484 98.49% 27,454,872 27,326,092 99.53%(44,905) 27,281,187 99.37% 29,700,010 29,497,362 99.32%(80,678) 29,416,684 99.05% 31,799,123 31,383,415 98.69%45,132 31,428,547 98.83% 33,822,369 33,645,085 99.48%(56,896) 33,588,189 99.31% 35,784,777 35,551,096 99.35%(33,548) 35,517,548 99.25% 37,431,021 37,104,274 99.13%62,960 37,167,234 99.30% 39,659,543 39,392,703 99.33%(96,138) 39,296,565 99.08% 42,018,271 41,704,258 99.25%(74,324) 41,629,934 99.08% Source: Hennepin County Taxpayer Services. Collected within the Fiscal Year of the Levy 2012 2021 Total Collections to Date Taxes Payable 2013 2014 2020 2019 2018 2016 2015 2017 CITY OF EDINA, MINNESOTA RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS, EXCEPT PER CAPITA) (120) General Public Tax Permanent EEEP Rec.Utility Total Percentage Obligation Project Increment Improvement Revenue Notes Facility Revenue Primary of Personal Per Debt Revenue Bonds Revolving Bonds Payable Bonds Bonds Government Income a Capita a 28,318$ 11,787$ 550$ 22,067$ 74$ -$ 5,952$ 33,160$ 101,908$ 3.21%2,087$ 32,035 5,627 - 18,889 62 - 6,540 29,635 92,788 3.14%1,885 30,806 21,445 - 21,554 51 - 6,249 39,633 119,738 3.84%2,382 27,225 21,300 - 24,776 40 - 8,055 32,575 113,971 3.53%2,245 28,560 20,395 - 26,874 28 - 7,677 36,691 120,225 3.68%2,321 31,748 19,485 - 26,772 17 - 16,946 38,661 133,629 3.75%2,545 20,115 18,434 - 26,415 13 - 14,696 36,768 116,441 3.35%2,216 21,211 17,495 - 26,323 - 750 12,423 39,230 117,432 3.16%2,205 18,917 16,363 - 25,559 - 750 11,631 33,680 106,900 2.61%2,007 16,383 13,869 6,797 25,979 - 750 12,937 27,725 104,440 2.70%1,952 Details regarding the City's outstanding debt may be found in the notes to the financial statements. All figures are presented net of related premiums, discounts, and adjustments if applicable. a Population and personal income data from U.S. Census Bureau/Metropolitan Council found on page 125. 2021 2020 2019 Business-Type Activities Year Fiscal 2018 2012 2015 2016 2013 2014 2017 Governmental Activities CITY OF EDINA, MINNESOTA RATIOS OF GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS, EXCEPT PER CAPITA) (121) General Obligation Less: Amounts Available Percentage of Debt a in Debt Service Fund b Total Property Value c Per Capita d 27,680$ 9,704$ 17,976$ 0.20%368$ 31,390 6,247 25,143 0.28%511 30,200 12,678 17,522 0.19%349 26,710 7,135 19,575 0.20%386 27,935 11,187 16,748 0.16%323 30,630 17,001 13,629 0.13%260 19,155 7,872 11,283 0.10%215 19,905 8,342 11,563 0.09%217 18,917 9,727 9,190 0.07%173 16,383 11,178 5,205 0.04%97 Details regarding the City's outstanding debt may be found in the notes to the financial statements. a Presented net of related premiums, discounts, and adjustments. b This is the amount restricted for debt service principal payments. c See statistical schedule titled "Assessed Value, Actual Value and Tax Capacity of Taxable Property" for estimated property value data. d Population from U.S. Census Bureau/Metropolitan Council found on page 125. 2021 2020 2019 Year Fiscal 2013 2018 2016 2015 2014 2012 2017 CITY OF EDINA, MINNESOTA DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT DECEMBER 31, 2021 (122) Net General Percentage Obligation Bonded Applicable City Share Debt Outstanding in City a of Debt Overlapping Debt: Hennepin County 1,037,033,516$ 7.08%73,421,973$ Hennepin Suburban Park District 45,542,541 10.07%4,586,134 Hennepin Regional Rail Authority 89,332,530 7.08%6,324,743 School Districts: ISD No. 273 (Edina)187,450,040 98.84%185,275,620 ISD No. 270 (Hopkins)155,731,784 8.00%12,458,543 ISD No. 271 (Bloomington)143,141,624 0.02%28,628 ISD No. 272 (Eden Prairie)93,478,941 1.05%981,529 ISD No. 280 (Richfield)129,039,843 32.53%41,976,661 ISD No. 283 (St. Louis Park)124,472,934 0.02%24,895 Metro Council 73,049,600 3.45%2,520,211 Total Overlapping Debt 2,078,273,353 327,598,937 City of Edina 75,746,046 100.00%75,746,046 Total Overlapping and Direct Debt 2,154,019,399$ 403,344,983$ Ratio of Debt Per Capita (53,494 Population)7,540$ Ratio of Debt to Estimated Market Valuation of $13,344,357,600 3.02% Source: Hennepin County Taxpayer Services a The percentage of overlapping debt applicable is estimated using tax capacity. Applicable percentages were estimated by determining the portion of another governmental unit's tax capacity that is within the City's boundaries and dividing it by each unit's total tax capacity. Direct Debt: Debt Ratios: CITY OF EDINA, MINNESOTA LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS) (123) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Debt Limit 270,767$ 263,958$ 267,351$ 291,050$ 308,890$ 323,556$ 346,426$ 368,150$ 383,574$ 400,331$ Total Net Debt Applicable to Limit 39,545 37,030 51,760 48,000 48,325 50,115 37,595 37,265 33,970 31,705 Legal Debt Margin 231,222$ 226,928$ 215,591$ 243,050$ 260,565$ 273,441$ 308,831$ 330,885$ 349,604$ 368,626$ Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 14.60%14.03%19.36%16.49%15.64%15.49%10.85%10.12%8.86%7.92% Market Value (After Fiscal Disparities)13,344,357,600$ Debt Limit (3% of Market Value)400,330,728 Debt Applicable to Limit: General Obligation Bonds 17,735,000 Public Project Revenue Bonds 13,970,000 Total Debt Applicable to Limit 31,705,000 Legal Debt Margin 368,625,728$ Legal Debt Margin Calculation for Fiscal Year 2021 Fiscal Year CITY OF EDINA, MINNESOTA PLEDGED REVENUE COVERAGE LAST TEN FISCAL YEARS (124) Less: Operating Net Available Revenue Expenses Revenue Principal Interest Total Coverage Public Project Revenue Bonds (Annual Appropriation Lease Revenue) 2012 1,362,444$ -$ 1,362,444$ 1,295,000$ 548,691$ 1,843,691$ 0.74 2013 1,346,294 - 1,346,294 6,225,000 589,734 6,814,734 0.20 2014 1,356,844 - 1,356,844 235,000 223,754 458,754 2.96 2015 2,521,840 - 2,521,840 3,760,000 729,879 4,489,879 0.56 2016 2,499,521 - 2,499,521 900,000 654,473 1,554,473 1.61 2017 2,496,500 - 2,496,500 905,000 633,527 1,538,527 1.62 2018 2,507,700 - 2,507,700 1,045,000 607,148 1,652,148 1.52 2019 2,510,900 - 2,510,900 1,080,000 574,566 1,654,566 1.52 2020 2,506,300 - 2,506,300 1,115,000 540,690 1,655,690 1.51 2021 1,554,400 - 1,554,400 1,145,000 521,504 1,666,504 0.93 Tax Increment Bonds 2012 3,536,935 - 3,536,935 1,930,000 48,445 1,978,445 1.79 2013 3,981,939 - 3,981,939 550,000 9,350 559,350 7.12 2014 5,052,705 - 5,052,705 - - - - 2015 1,792,896 - 1,792,896 - - - - 2016 2,779,097 - 2,779,097 - - - - 2017 3,422,898 - 3,422,898 - - - - 2018 4,997,706 - 4,997,706 - - - - 2019 5,447,108 - 5,447,108 - - - - 2020 6,452,819 - 6,452,819 - - - - 2021 8,295,756 - 8,295,756 - - - - Permanent Improvement Revolving Bonds (Special Assessment) 2012 2,520,862 - 2,520,862 1,375,000 557,514 1,932,514 1.30 2013 2,837,227 - 2,837,227 5,745,000 567,551 6,312,551 0.45 2014 2,870,102 - 2,870,102 1,555,000 548,927 2,103,927 1.36 2015 3,732,374 - 3,732,374 6,015,000 503,029 6,518,029 0.57 2016 4,727,881 - 4,727,881 1,925,000 705,628 2,630,628 1.80 2017 4,746,414 - 4,746,414 2,105,000 745,783 2,850,783 1.66 2018 4,121,203 - 4,121,203 2,480,000 746,023 3,226,023 1.28 2019 4,097,625 - 4,097,625 2,630,000 745,697 3,375,697 1.21 2020 4,075,208 - 4,075,208 2,570,000 771,215 3,341,215 1.22 2021 2,338,866 - 2,338,866 1,961,000 699,572 2,660,572 0.88 Utility Bond 2012 17,723,103 11,811,468 5,911,635 2,360,000 811,990 3,171,990 1.86 2013 17,830,425 12,893,159 4,937,266 3,400,000 933,970 4,333,970 1.14 2014 17,548,883 13,443,940 4,104,943 3,670,000 884,075 4,554,075 0.90 2015 19,334,023 14,387,132 4,946,891 12,300,000 882,427 13,182,427 0.38 2016 19,472,645 16,222,211 3,250,434 4,925,000 814,238 5,739,238 0.57 2017 21,360,262 16,718,288 4,641,974 5,040,000 930,123 5,970,123 0.78 2018 22,757,745 17,411,983 5,345,762 4,980,000 1,049,101 6,029,101 0.89 2019 21,846,239 18,457,754 3,388,485 5,685,000 999,754 6,684,754 0.51 2020 25,731,887 21,401,340 4,330,547 4,580,000 1,169,779 5,749,779 0.75 2021 27,663,593 21,984,700 5,678,893 6,920,000 1,143,996 8,063,996 0.70 Recreational Facility Bonds 2012 5,679,972 6,240,222 (560,250) 520,000 105,000 625,000 (0.90) 2013 5,582,769 6,118,195 (535,426) 550,000 138,127 688,127 (0.78) 2014 6,239,445 6,358,030 (118,585) 290,000 176,197 466,197 (0.25) 2015 6,137,111 6,258,138 (121,027) 350,000 176,808 526,808 (0.23) 2016 6,080,529 6,593,312 (512,783) 375,000 231,285 606,285 (0.85) 2017 4,724,288 6,247,649 (1,523,361) 500,000 217,958 717,958 (2.12) 2018 5,019,374 6,069,584 (1,050,210) 2,197,000 494,192 2,691,192 (0.39) 2019 6,908,708 7,516,553 (607,845) 849,000 430,733 1,279,733 (0.47) 2020 5,585,853 7,213,408 (1,627,555) 876,000 404,703 1,280,703 (1.27) 2021 8,801,478 8,759,248 42,230 909,000 376,723 1,285,723 0.03 Debt Service RequirementsFiscal Year CITY OF EDINA, MINNESOTA DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS (125) Estimated Personal Per Capita High School Income Personal Graduation Unemployment Population (In thousands)Income Rate Rate 48,829 3,171,346$ 64,948$ 97.4%4.56% 49,216 2,955,913 60,060 97.7%3.98% 50,261 3,117,991 62,036 97.8%3.10% 50,766 3,231,154 63,648 97.9%2.82% 51,804 3,264,895 63,024 97.7%3.08% 52,497 3,567,906 67,964 97.9%2.83% 52,535 3,480,339 66,248 98.0%2.26% 53,268 3,711,714 69,680 98.2%2.63% 53,268 4,093,965 76,856 98.2%4.70% 53,494 3,867,402 72,296 98.4%2.70% Sources: Population data from U.S. Census Bureau/Metropolitan Council. 2020 is the most recent. Personal income and per capita income estimates based on MN Department of Employment and Economic Development Quarterly Census of Employment and Wages. 2020 is the most recent. High school graduation rate data from U.S. Census Bureau for the City of Edina. Unemployment rate data from State of Minnesota Department of Employment and Economic Development. 2021 Fiscal Year 2014 2013 2012 2020 2019 2018 2015 2016 2017 CITY OF EDINA, MINNESOTA PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO (126) Percentage Percentage of Total City of Total City Employees Rank Employment Employees Rank Employment Edina Realty 2,304 1 DNA DNA DNA DNA Coldwell Banker Realty 1,870 2 DNA DNA DNA DNA Fairview Southdale Hospital 1,624 3 6.54%1,000 1 4.39% Edina Public Schools ISD #273 1,414 4 5.69%600 5 2.64% BI Worldwide 1,000 5 4.02%1,000 3 4.39% City of Edina 795 6 3.20%DNA DNA DNA Children's Minnesota Pediatric Health 700 7 2.82%DNA DNA DNA Dow Water & Process Solutions 600 8 2.41%DNA DNA DNA Lund Food Holdings, Inc 500 9 2.01%DNA DNA DNA Western National Insurance Company 420 10 1.69%DNA DNA DNA Macy's (Marshall Field's or Dayton's)DNA DNA DNA 1,000 2 4.39% Univeral Hospital Services Inc. DNA DNA DNA 1,000 4 4.39% Promenade Salon Concepts DNA DNA DNA 500 6 2.20% Regis Salons Division DNA DNA DNA 500 7 2.20% Regis Franchise Division DNA DNA DNA 500 8 2.20% Master Cuts Division DNA DNA DNA 500 9 2.20% Smart Style Family Hair Care DNA DNA DNA 500 10 2.20% Totals 7,053 28.38%7,100 31.20% Sources: 2021 data from the City, Axle Reference Solutions, written and telephone survey (April 2021) done by Ehlers, and the Minnesota Department of Employment and Economic Development. 2012 data from previous ACFR. DNA: Data is not available 20122021 Employer CITY OF EDINA, MINNESOTA FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION LAST TEN FISCAL YEARS (127) 2012 b 2013 b 2014 b 2015 2016 b 2017 b 2018 2019 2020 2021 Administration General Fund 6.85 5.85 4.85 4.85 5.00 5.00 5.00 5.00 7.00 7.00 Communications General Fund 4.65 5.15 6.15 6.15 6.00 6.00 6.00 6.00 6.80 6.80 Internal Services - - - - - - - - 0.20 0.20 Information Technology Services Internal Services 5.00 5.00 5.00 5.00 5.00 5.00 6.00 6.00 7.00 7.00 Community Development General Fund 10.85 10.85 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 HRA Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Engineering General Fund 10.50 12.00 10.00 11.00 11.00 11.00 12.00 12.00 17.30 17.30 PACS Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Utilities Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.35 1.35 CAS Fund - - - - 1.00 1.00 1.00 1.00 1.00 1.00 Construction Fund 1.00 1.00 1.00 1.00 1.10 1.10 1.10 1.10 1.00 1.00 Internal Services - - - - - - - - 4.35 5.35 Finance General Fund 5.25 5.25 6.00 6.00 5.00 5.00 6.00 6.00 6.00 6.00 Utilities Fund 2.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00 Liquor Fund 0.75 0.75 - - - - - - - - Fire Protection General Fund 39.75 42.75 42.85 43.85 45.90 45.90 45.80 49.80 63.35 63.35 Utilities Fund 0.25 0.25 0.25 0.25 - - - - 1.65 1.65 Human Resources General Fund 1.00 4.00 4.00 4.00 5.00 5.00 5.00 5.00 4.00 5.00 Internal Services - - - - - - - - 1.00 1.00 Parks & Recreation General Fund 23.20 24.40 23.65 23.65 25.05 25.05 25.30 25.30 24.65 24.65 Aquatic Center 0.55 0.55 0.55 0.55 0.60 0.60 0.70 0.70 0.70 0.70 Golf Course 12.00 12.00 12.00 12.00 8.05 8.05 9.00 9.00 11.00 11.18 Arena 5.00 5.00 5.00 5.00 4.85 4.85 6.25 6.25 5.95 6.03 Sports Dome - - - - 0.15 0.15 1.00 1.00 1.05 1.08 Art Center 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.08 Edinborough Park 7.00 5.80 5.80 5.80 5.80 5.80 5.65 5.65 5.65 5.75 Centennial Lakes 5.00 5.00 5.00 5.00 5.00 5.00 5.05 5.05 5.00 5.03 Liquor Fund 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 8.50 9.50 Enterprise Funds - - - - - - - - 0.50 - Police Protection General Fund 71.65 70.65 72.50 70.50 72.55 72.55 76.55 76.55 77.00 78.00 Public Works General Fund 31.80 30.00 26.70 26.70 25.40 25.40 23.30 23.30 19.15 19.15 Utilities Fund 13.95 13.75 15.20 15.20 16.85 16.85 18.65 18.65 19.05 20.05 Internal Services 8.50 8.50 11.00 11.00 10.25 10.25 10.20 10.20 6.60 6.60 Enterprise Funds - - - - - - - - 0.20 0.20 Other - - - - - - - - - - Total 277.50 280.50 284.50 284.50 286.55 286.55 296.55 300.55 324.00 330.00 Source: City of Edina 2022-2023 Budget a Full-time employee counts do not include Council members, part-time, contract or seasonal employees. In a typical year the City will employ an additional 700-800 people in these categories. b The City completed departmental reorganizations that are reflected on this chart between years 2012-2014, 2016-2017, and 2020. In some cases, data for years before the reorganization has been modified from what was originally reported to improve comparisons. Function Budgeted Full-Time Employees for Fiscal Year a CITY OF EDINA, MINNESOTA OPERATING INDICATORS BY FUNCTION LAST TEN FISCAL YEARS (128) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 General Government Total City Employees 989 1,040 1,093 1,077 1,155 1,067 1,136 1,174 953 1,021 Votes Cast a 31,841 3,480 24,049 9,370 31,986 11,440 30,774 10,990 36,088 14,881 Public Works Asphalt Placed (Tons)9,000 9,273 8,383 8,888 9,298 11,176 14,419 9,847 10,593 10,962 Concrete (cu. yds.)667 560 396 670 897 708 868 963 816 435 Public Safety Fire Calls 858 893 926 1,251 1,276 1,220 1,321 1,600 1,265 1,419 Medical Calls 3,946 3,803 3,982 3,818 4,063 4,508 4,572 4,727 4,288 5,337 Police Calls for Service d 46,549 45,624 49,053 50,735 61,325 71,738 62,981 60,975 47,833 48,757 Internal Services Vehicle Fixes 2,546 3,493 3,277 2,923 2,721 2,478 2,336 1,910 1,780 1,555 Utilities Daily Consumption b 7,613 6,652 6,489 6,308 6,047 5,950 6,101 5,394 5,785 6,705 Aquatic Center Attendance 139,909 91,340 92,200 128,523 108,609 89,318 88,342 83,499 - 88,217 Golf Course Total Rounds Played c 96,496 79,529 85,231 66,483 61,256 23,241 20,679 60,561 74,180 76,383 Source: Various City departments N/AData not available a The City elections department runs general elections in even-numbered years and school district elections in odd-numbered years. Number of votes cast tend to vary between even and odd-numbered years and based on presidential election cycles. b Daily average of water pumped from city wells, measured in thousands of gallons. c 27-hole golf course was closed and reconstructed into an 18-hole championship course from 2017-2018 d Changed from Crimes reported to provide full data of police service calls Function Fiscal Year CITY OF EDINA, MINNESOTA CAPITAL ASSET STATISTICS BY FUNCTION LAST TEN FISCAL YEARS (129) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public Works Miles of Streets 224 224 224 224 224 224 224 224 224 224 City Parking Ramps 4 4 4 4 4 4 4 4 4 4 Public Safety Fire Stations 2 2 2 2 2 2 2 2 2 2 Parks and Recreation City Parks 40 40 40 40 40 40 40 40 40 40 Acreage of Parks 1,553 1,553 1,553 1,553 1,553 1,553 1,553 1,553 1,553 1,553 Park Buildings 27 27 27 27 27 27 27 27 27 27 Utilities Wells 18 18 18 18 18 18 18 18 18 18 Watermain Miles 199 199 199 199 199 199 199 199 199 199 Sanitary Sewer Miles 186 186 186 186 186 186 186 186 186 186 Sewer Connections 13,979 13,979 13,979 13,979 13,979 13,979 13,979 13,979 13,979 13,979 Arena Ice Sheets 3 3 3 4 4 4 4 4 4 4 Source: Various City departments Function Fiscal Year Date: June 2, 2022 Agenda Item #: VI.B. To:Mayor and City Council Item Type: Other From:Scott H. Neal, City Manager Item Activity: Subject:Capital Improvement Plan 2023-2028 Discussion CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: None; discussion only. INTRODUCTION: Staff will present to the Council a calendar for the development of the 2023-2028 Capital Improvement P lan. We will also discuss the process of developing and prioritizing projects and identifying funding sources. ATTACHMENTS: Description Staff Presentation The CITYofEDINACIP OverviewJune 2, 2022 The CITYofEDINAwww.EdinaMN.gov2 The CITYofEDINABiennial Budget Process2022 (Even Year)First year of 2022-2023 Budget Review/approve of 2023-2028 CIP2023 (Odd Year)Second year of 2022-2023 BudgetApprove 2024-2025 budget, including CIP levywww.EdinaMN.gov3 The CITYofEDINAWhat is the CIP?www.EdinaMN.gov4The City’s strategic Capital Improvement Plan for 2023-2028, including:•The framework for planning the preservation and expansion of infrastructure, facilities and equipment. •The comprehensive program to guide capital investments based on an assessment of the community’s needs and grounded in the budget values.•Funding comes from a variety of sources to pay for one-time spending on projects > $20,000. The CITYofEDINATimelinewww.EdinaMN.gov5Date Event ActionMay 13 Finance Deadline Departments submit CIP requestsJune 2City Council Meeting 2023-2028 CIP Overview & DiscussionJune 22ELT Meeting ELT review and prioritizationJuly 19Work Session Council review & feedbackAugust 16 Work Session Draft CIP presented to CouncilSept 20 Council Meeting Adopt preliminary 2023 levyDec. 6 Council Meeting Public hearing and adopt final CIP and 2023 levyJanuary 2023Publish detailed CIP book to website The CITYofEDINAAdopted 2022-23 Budget including Special Street Levy62021 2022 2023General Fund 33,986,471$ 36,708,036$ 38,947,298$ 6.14% 8.01% 6.10%Arts/Culture 20,000$ -$ -$ 0% 0% N/ADebt Service 3,651,400$ 3,232,000$ 3,230,000$ -20.56% -11.49% -0.06%Construction 4,130,000$ 4,240,000$ 4,350,000$ 45.94% 2.66% 2.59%Special Street -$ 950,000$ 1,210,400$ 0% N/A 27.41%HRA 230,400$ 237,300$ 244,400$ 20.00% 2.99% 2.99%Total Tax Levy 42,018,271$ 45,367,336$ 47,982,098$ % Increase 5.95% 7.97% 5.76% The CITYofEDINAEdina’s Budgetwww.EdinaMN.gov7Edina Consolidated Budget $133MGovernmental Funds $80MGeneral Fund $52.2MDebt Service Fund $6MConstruction Fund $14.5MSpecial Revenue Funds, including HRA $7.2MEnterprise Funds $40MUtility Fund $23.5MLiquor Fund $15.2MPark Enterprises $14.3M The CITYofEDINAwww.EdinaMN.gov8Governmental FundsConstruction FundSpecial AssessmentsGrants & DonationsUtility transferSpecial Street LevyCIP LevyEquipmentCable FranchisePark DedicationMSAHRA FundCentennial Lakes TIFGrandview TIFCahill/VV TIFSouthdale 2 TIFPentagon Park TIFGrandview 2 TIFHRA LevyPACS FundUtility FranchisePD Special Revenue FundE911ForfeitureBraemar Memorial FundDonationsCAS FundUtility FranchiseRevenue Sources The CITYofEDINAEnterprise FundsUtility FundWaterSewerStormLiquor FundAquatic Center FundGolf Course FundArena FundArt Center FundEdinborough Park FundCentennial Lakes FundBraemar FieldRevenue Sourceswww.EdinaMN.gov9 The CITYofEDINA2021-2026 CIPwww.EdinaMN.gov10Buildings37%Asset Preservation25%Parks17%Equipment & Vehicles12%Technology5%Land4%Projects by Type The CITYofEDINAFully allocated:•Utility fund•Special Assessments•Special Street Levy•Equipment levy•MSA•Franchise FeesFunding options for 2023-2028 CIPwww.EdinaMN.gov11Available to allocate:•Utility transfer to Construction Fund ($100K/year)•CIP Levy ($2M/year)Potentially Available:•General fund budget surplus•ARPA•Fund balances•Grants & donations The CITYofEDINACIP Project Examples•Facilities repairs and system replacement for life safety and accessibility•Building security improvements•Parks playground equipment replacement and irrigation projects•Retaining wall replacements•Fiber optic cabling•IT system upgradeswww.EdinaMN.gov12A5A14 Slide 12A5 Option 2Administrator, 5/24/2022A14 Could have these slides and a handout that has the additional detailAdministrator, 5/31/2022 The CITYofEDINAUtility Fund Project Examples•Stormwater infrastructure maintenance•Sewer lining replacement•Well rehab and lift station pump, motor replacement•Watermain rehab and improvements •Catch basin construction•Utility upgrades along with road reconstruction•Increase sewer capacity in southeast Edinawww.EdinaMN.gov13 The CITYofEDINAPark Enterprise Fund Project Exampleswww.EdinaMN.gov14•Edinborough Park boiler replacement•Pool resurfacing and shade structure replacement at the Aquatic Center•Sidewalk and irrigation system replacement at Centennial Lakes•Courtney field improvements•Vehicles: Zamboni, mowers, skidsteer, Bobcat, Toolcat, trucksA9A12 Slide 14A9 Option 2Administrator, 5/31/2022A12 Can add in unrestricted fund balanceAdministrator, 5/31/2022 The CITYofEDINANew Investments•Referendum on Local Option Sales Tax to finance•Fred Richards Park, $17.7M•Braemar Arena & Park Improvements, $21.6 million (or $46.9 million)•New General Obligation Bond issuance •Fire Station 2, $39M, public hearing at next meeting on June 21www.EdinaMN.gov15 The CITYofEDINAwww.EdinaMN.gov16LS10 Slide 16LS10 I addedLisa Schaefer, 5/23/2022 The CITYofEDINABudget Goals and Values17Budget Pillars: The broad goals that must be achieved by every budget. Budget Values: The beliefs that guide decision-making.Budget Strategies: The specific actions, projects, and targets to strengthen the pillars in this two-year budget. The CITYofEDINABudget PillarsCity infrastructure, facilities, technology, and equipment meets community needs now and in the future. City planning fosters healthy, connected, sustainable development that enriches the lives of current and future residents. City government fosters an inclusive, informed and engaged community. City services enhance the safety, wellbeing, and quality of life experienced in Edina. The CITYofEDINABudget ValuesStewardship• We make wise investments that focus on the best long-term value for residents. Equity• We provide equitable opportunities for people to participate in their City government and access City institutions, facilities, and services.Health• We use a Health-in-All Policies approach to promote and protect the physical, mental, and social wellbeing of all people who live, work, or visit Edina.Sustainability• We ensure that our policies, decisions, and plans have a positive impact on people and the planet now and for future generations. The CITYofEDINA2022 -2023 Budget Work Plan Approved Budget Strategy: As debt levies expire, increase the CIP Levy by equivalent amount to establish reliable funding for ongoing building maintenance, replacement, and capital improvements. 20 The CITYofEDINACIP Levy Historywww.EdinaMN.gov21Budget Budget2018 2019 2020 2021 2022 2023Debt Service Fund LeviesDebt Service Fund Subtotal4,579,700 4,611,900 4,596,300 3,651,400 3,232,000 3,230,000 Increase From Prior Year (%)-0.34% 0.70% -0.34% -20.56% -11.49% -0.06%Construction Fund LeviesCapital Improvement Plan Levy 327,000 300,000 800,000 2,000,000 2,000,000 2,000,000 Equipment Levy 1,840,000 1,930,000 2,030,000 2,130,000 2,240,000 2,350,000 Weber Woods 400,000 400,000 - - - -Special Street Levy- - - - 950,000 1,210,400 Construction Fund Subtotal2,567,000 2,630,000 2,830,000 4,130,000 4,240,000 4,350,000 Increase From Prior Year (%)14.01% 2.45% 7.60% 45.94% 2.66% 2.59%LS [2]1A15 Slide 21LS [2]1 [@Alisha McAndrews] I think I told you the wrong slide , I wanted to point the "Capital Improvement Plan Levy" Moving from 300k to 2M because of debt levy reductionsLisa Schaefer, 6/1/2022A15 I expanded it to show the breakdown of the construction fund leviesAdministrator, 6/1/2022 The CITYofEDINA•Ensure critical systems (911, water, sewer) work when needed most.•Provide safe and secure facilities for residents, staff, and public.•Maintain secure data systems.•Maintain legal and regulatory compliance.Safety of People, Property, & Infrastructurewww.EdinaMN.gov22 The CITYofEDINA•Maintain the value of City assets, infrastructure, facilities.•Maintain, repair or replace at the most at the most cost-effective time.•Improve efficiency and/or decision-making.•Prevent disruptive and costly emergency repair.•Take advantage of economies of scale/scope.Stewardship of Resourceswww.EdinaMN.gov23 The CITYofEDINAValues View Finderwww.EdinaMN.gov24 The CITYofEDINA•Next steps: Staff begins internal review and brings first draft of staff recommendations to Council on July 19.Timelinewww.EdinaMN.gov25Date Event ActionJune 22ELT Meeting ELT begins review and prioritizationJuly 19Work Session Council review & feedbackAugust 16 Work Session Draft CIP presented to CouncilSept 20 Council Meeting Adopt preliminary 2023 levyDec. 6 Council Meeting Public hearing and adopt final CIP and 2023 levy Date: June 2, 2022 Agenda Item #: VII.A. To:Mayor and City Council Item Type: Minutes From:Grace Hancock, Sustainability Manager Item Activity: Subject:Minutes: Energy & Environment Commission March 10, 2022 Information CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Information only. INTRODUCTION: Receive the March 10, 2022, minutes of the Energy & Environment Commission. ATTACHMENTS: Description EEC Minutes: March 10, 2022 Agenda Energy and Environment Commission City Of Edina, Minnesota Public Works - Multi-purpose Room Meeting will take place in person. Masks are requested. Thursday, March 10, 2022 7:00 PM I.Call To Order Chair Martinez called the meeting to order at 7:02pm. Chair Martinez welcomed new Commissioner Stephen Schima and invited all EEC Commissioners to introduce themselves. II.Roll Call Answering roll call were Chair Martinez, Vice Chair Horan, Commissioners Hovanec, Lanzas, Lukens, Schima, and Student Commissioner Rawat. Late: Commissioner Dakane (7:12); student Commissioner Shumway (7:27) Absent: Commissioners Tessman and Haugen III.Approval Of Meeting Agenda Motion by Cory Lukens to Approve Meeting Agenda. Seconded by Bayardo Lanzas. Motion Carried. IV.Approval Of Meeting Minutes A.Minutes: Energy and Environment Commission February 10, 2022 Motion by Michelle Horan to Approve February 10 Meeting Minutes. Seconded by Hilda Martinez Salgado. Motion Carried. V.Special Recognitions And Presentations A.Presentation: City of Edina Asst. Parks Director City of Edina Assistant Director - Parks and Natural Resources joined the Commission to present information and updates on goals related to the City's Turf Management Plan and 2020 Pollinator Resolution. B.Presentation: Climate Action Plan Year 1 Implementation Plan Sustainability Manager Grace Hancock presented a Year 1 Climate Action Plan Implementation Plan to satisfy the following CAP action: "The City Manager will work with staff to develop a year 1 implementation plan that specifies a work sequence and timeline for implementation tasks, estimates necessary funding and staffing resources, and outlines an accountability process, to be presented to the Energy & Environment Commission for comment by the end of March 2022. Progress updates will be reported to the Edina Energy & Environment Commission and City Council on a semi- annual basis." VI.Community Comment During "Community Comment," the Board/Commission will invite residents to share relevant issues or concerns. Individuals must limit their comments to three minutes. The Chair may limit the number of speakers on the same issue in the interest of time and topic. Generally speaking, items that are elsewhere on tonight's agenda may not be addressed during Community Comment. Individuals should not expect the Chair or Board/Commission Members to respond to their comments tonight. Instead, the Board/Commission might refer the matter to staff for consideration at a future meeting. VII.Reports/Recommendations A.2022 WP #1: Support Natural Habitat Chair Martinez presented for approval a Resolution of Support for No Mow May Initiative 2022. Motion by Bayardo Lanzas to Approve Resolution of Support for No Mow May Initiative 2022. Advance to Council.. Seconded by Michelle Horan. Motion Carried. B.2022 WP #2: Green Business Recognition Program Vice Chair Horan presented new working group members for appointment to the Green Business Recognition Program working group. Motion by Hilda Martinez Salgado to Approve working group members. Seconded by Cory Lukens. Motion Carried. C.2022 WP #5: Plastic Bag Policy Vice Chair Horan presented new working group members for appointment to the Plastic Bag Policy working group. Motion by Stephen Schima to Approve working group members. Seconded by Cory Lukens. Motion Carried. D.2022 WP #6: Cities Networking Events No action at this time. E.Monthly call for communication requests Staff Liaison Hancock called for any communication requests from the EEC pertaining to their work plan initiatives. None were received. VIII.Chair And Member Comments Chair Martinez commented on the state budget surplus of $9+ billion and asked how the City might take action related to its Resolution of Support for Climate Action by requesting some of these funds be dedicated to climate action and resiliency. IX.Staff Comments X.Adjournment The EEC meeting was adjourned at 8:35pm. Motion by Bayardo Lanzas to Adjourn. Seconded by Cory Lukens. Motion Carried. T he City of Edina wants all residents to be comfortable being part of the public process. If you need assistance in the way of hearing amplification, an interpreter, large-print documents or something else, please call 952-927-8861 72 hours in advance of the meeting. Date: June 2, 2022 Agenda Item #: VII.B. To:Mayor and City Council Item Type: Minutes From:Grace Hancock, Sustainability Manager Item Activity: Subject:Minutes: Energy & Environment Commission April 14, 2022 Information CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Information only. INTRODUCTION: Receive the April 14, 2022, minutes of the Energy & Environment Commission. ATTACHMENTS: Description EEC Minutes: April 14, 2022 Agenda Energy and Environment Commission City Of Edina, Minnesota Public Works - Multi-purpose Room Meeting will take place in person. Masks are requested. Thursday, April 14, 2022 7:00 PM I.Call To Order Chair Martinez called the meeting to order at 7:02pm. II.Roll Call Answering roll call were Chair Martinez, Commissioners Haugen, Hovanec, Lanzas, Lukens, Schima, and Student Commissioners Rawat and Shumway. Absent: Vice Chair Horan, Commissioners Dakane and Tessman III.Approval Of Meeting Agenda Motion by Bayardo Lanzas to Approve Meeting Agenda. Seconded by Hilda Martinez Salgado. Motion Carried. IV.Approval Of Meeting Minutes A.Minutes: Energy and Environment Commission March 10, 2022 Motion by Cory Lukens to Approve March 10 Meeting Minutes. Seconded by John Haugen. Motion Carried. V.Special Recognitions And Presentations A.Presentation: City of Edina Public Works City of Edina Public Works Director and Streets Supervisor joined the Commission to present information and updates related to the City's street sweeping and snow removal strategies. Director Olson and Supervisor Anderson then took the EEC and one community member attendee to tour the Public Works garage and see equipment related to these activities. VI.Community Comment During "Community Comment," the Board/Commission will invite residents to share relevant issues or concerns. Individuals must limit their comments to three minutes. The Chair may limit the number of speakers on the same issue in the interest of time and topic. Generally speaking, items that are elsewhere on tonight's agenda may not be addressed during Community Comment. Individuals should not expect the Chair or Board/Commission Members to respond to their comments tonight. Instead, the Board/Commission might refer the matter to staff for consideration at a future meeting. VII.Reports/Recommendations A.2022 WP #1: Support Natural Habitat Commissioner Haugen updated the Commission on work related to Initiative #1, which is ongoing. B.2022 WP #2: Green Business Recognition Program Commissioner Lukens updated the Commission on Initiative #2, which is ongoing. C.Advisory Communication: Climate Action Funding Chair Martinez presented an Advisory Communication for EEC approval to submit to City Council. The Advisory Communication is titled "Funding Request to State Legislature for Climate Action." Motion by John Haugen to Approve Advisory Communication. Seconded by Bayardo Lanzas. Motion Carried. D.Monthly call for communication requests Staff Liaison Hancock called for any communication requests from the EEC pertaining to their work plan initiatives. None were received. VIII.Chair And Member Comments Chair Martinez invited all Members to make comments around the room. IX.Staff Comments X.Adjournment The EEC meeting was adjourned at 9pm. Motion by Stephen Schima to Adjourn. Seconded by Bayardo Lanzas. Motion Carried. T he City of Edina wants all residents to be comfortable being part of the public process. If you need assistance in the way of hearing amplification, an interpreter, large-print documents or something else, please call 952-927-8861 72 hours in advance of the meeting. Date: June 2, 2022 Agenda Item #: VII.C. To:Mayor and City Council Item Type: Minutes From:Andrew Scipioni, Transportation Planner Item Activity: Subject:Minutes: Transportation Commission, April 21, 2022 Information CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: None; information only. INTRODUCTION: Receive minutes of the Transportation Commission from April 21, 2022. ATTACHMENTS: Description Minutes: Transportation Commission, April 21, 2022 Draft Minutes☐ Approved Minutes☒ Approved Date: May 19, 2022 Minutes City Of Edina, Minnesota Transportation Commission Public Works Multi-Purpose Room April 21, 2022 I. Call To Order Chair Johnson called the meeting to order at 6:01 p.m. II. Roll Call Answering roll call: Commissioners Ahler, Brown, Lewis, McCarthy, Richman, Johnson Late: Commissioners Kitui, Clark, Kanti Mahanty Absent: Commissioner Plumb-Smith Staff present: Transportation Planner Andrew Scipioni III. Approval Of Meeting Agenda Motion was made by Commissioner Richman and seconded by Commissioner Ahler to approve the agenda. All voted aye. Motion carried. IV. Approval Of Meeting Minutes Motion was made by Commissioner Ahler and seconded by Commissioner Brown to approve the March 24, 2022 meeting minutes. All voted aye. Motion carried. Commissioner Kitui arrived at 6:02. V. Community Comment Tom Hoedeman, 6103 Waterford Court, testified about Item D11 on the Traffic Safety Report of March 29, 2022, requesting a No Parking sign between his property and 6105 Waterford Court. Hoedeman noted that vehicles parked there impede access to the mailbox and provided pictures of previous incidents (attached). VI. Reports/Recommendations A. Traffic Safety Report of March 29, 2022 The Commission reviewed and commented on the Traffic Safety Report of March 29, 2022. Item D11. Request for No Parking Sign on Waterford Court Motion was made by Chair Johnson and seconded by Commissioner Richman to advise the Traffic Safety Coordinator to consider educating the neighbors about current parking regulations (using a City mailing, for example). Ayes: Ahler, Brown, Lewis, McCarthy, Richman, Johnson Abstain: Kitui Motion caried. Commissioner Kanti Mahanty arrived at 6:14. Commissioner Clark arrived at 6:25. Draft Minutes☐ Approved Minutes☒ Approved Date: May 19, 2022 B. 2022 Work Plan Updates #1 Tree Boulevard Policy – EEC has work plan initiative to propose revisions to tree ordinances that will support Climate Action Plan. Once ETC approves draft boulevard tree language, it will be submitted to EEC to be included in their ordinance recommendations. #2 Public Transit Checklist – Working with document currently used by Planning Commission, making revisions based on ETC discussions. #3 PACS Fund Policy – Reviewing data provided by staff, trying to determine what the objective is and how this initiative can be helpful to staff. #4 SRTS Demonstration Projects – On hold until new Commissioner is appointed. #5 TIS Process Review – On hold until new Commissioner is appointed. #6 Transit Connectivity – Driver shortage continues to be a problem for Metro Transit. Subcommittee recommends focusing efforts on E Line and Southdale Transit Center, ignoring services that are currently suspended, and will incorporate last year’s work into this initiative. VII. Chair and Member Comments – Received. VIII. Staff Comments – Received. IX. Adjournment Motion was made by Chair Lewis and seconded by Commissioner Richman to adjourn the April 21, 2022 meeting at 7:10 p.m. All voted aye. Motion carried. TRANSPORTATION COMMISSION ATTENDANCE J F M A M J J A S O N D # of Mtgs Attendance % Meetings 1 1 1 1 4 NAME Ahler, Mindy 1 1 1 1 4 100% Brown, Chris 1 1 1 3 75% Johnson, Kirk 1 1 1 1 4 100% Kitui, Janet 1 1 1 3 75% Lewis, Andy 1 1 1 3 75% McCarthy, Bruce 1 1 1 3 75% Plumb-Smith, Jill 1 1 1 3 75% Richman, Lori 1 1 1 1 4 100% Clark, Anna (s) 1 1 2 50% Kanti Mahanty, Stephen (s) 1 1 2 50% Kane, Bocar Resigned 0 N/A (1)On a boulevard between sidewalk and roadway;(2)Within five feet of the intersection of any public or private driveway or alley with any street or highway;(3)In any place where the vehicle will block a fire escape or the exit from any building; or(4)In any place where temporary signs prohibit parking, as long as the signs are in place. 3 Date: June 2, 2022 Agenda Item #: VII.D. To:Mayor and City Council Item Type: Minutes From:Jeff Brown, Community Health Administrator Item Activity: Subject:Minutes: Community Health Commission Feb. 14 and Mar. 14, 2022 Information CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: Information only. INTRODUCTION: Receive the Community Health Commission Minutes from February and March, 2022 ATTACHMENTS: Description Minutes: Community Health Commission: February 14, 2022 Minutes: Community Health Commission: March 14,2022 MINUTES Community Health Commission February 14, 2022 at 6:30 PM City Hall, Community Room I.Call To Order II.Roll Call Present: Michael Wood, Greg Wright, Julia Selleys, Rob Loesch, Tracy Nelson, Andrew Hawkins, Philip King-Lowe, Mary Absolon, Ben Hykes. III.Approval Of Meeting Agenda Motion by Philip King-Lowe to approve meeting agenda. Seconded by Andrew Hawkins. Motion Carried. IV.Approval Of Meeting Minutes A.January 10, 2022 Minutes Motion by Andrew Hawkins to approve January 10, 2022 meeting minutes. Seconded by Philip King-Lowe. Motion . V.Community Comment VI.Reports/Recommendations A.Chair/Vice-Chair Election Motion by Tracy Nelson to appoint Mary Absolon as Chair and Andrew Hawkins as Vice-Chair beginning in March of 2022. Seconded by Julia Selleys. Motion Carried. B.Opioid Initiative Report Update Motion by Mary Absolon to approve Opioid Initiative Report for submission to City Council. Seconded by Tracy Nelson. Motion Carried. VII.Chair And Member Comments VIII.Staff Comments IX.Adjournment Motion by Tracy Nelson to adjourn. Seconded by Mary Absolon. Motion Carried. MINUTES Community Health Commission March 14, 2022 at 6:30 PM City Hall, Community Room I.Call To Order II.Roll Call Present: Ellie Mullen, Ben Hykes, Philip King-Lowe, Nick Mattison, Rob Loesch, Tracy Nelson, Julia Selleys, Mary Absolon. Absent: Greg Wright, Michael Wood A.New Member Introductions III.Approval Of Meeting Agenda Motion by Tracy Nelson to approve meeting agenda. Seconded by Julia Selleys. Motion Carried. IV.Approval Of Meeting Minutes A.Draft Minutes CHC February 14 Motion by Julia Selleys to approve February 14 meeting minutes. Seconded by Tracy Nelson. Motion Carried. V.Community Comment VI.Reports/Recommendations A.Racism as a Public Health Emergency Motion by Tracy Nelson to approve members to work with Human Rights and Relations Commission on Racism as a Public Health Emergency work plan initiative: Philip King-Lowe, Nick Mattison, Ellie Mullen, Tracy Nelson (Alternate). Seconded by Philip King-Lowe. Motion Carried. B.Work Plan Initiative Updates VII.Chair And Member Comments VIII.Staff Comments Community Health Commission joint work session with City Council scheduled for May 17th, 2022 at 5:30 pm. Part of April CHC meeting to be used for preparation. IX.Adjournment Motion by Nick Mattison to adjourn. Seconded by Julia Selleys. Motion Carried. Date: June 2, 2022 Agenda Item #: VIII.A. To:Mayor and City Council Item Type: From:Scott Neal, City Manager Item Activity: Subject:Request for Public Hearing Process Waiver CITY OF EDINA 4801 West 50th Street Edina, MN 55424 www.edinamn.gov ACTION REQUESTED: INTRODUCTION: