HomeMy WebLinkAbout2023 Annual Comprehensive Financial Report
CITY OF EDINA, MINNESOTA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED DECEMBER 31, 2023
Prepared by:
Department of Finance
Pa Thao – Finance Director
Tenzin Dongchung – Accounting Coordinator
CITY OF EDINA
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2023
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 12
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position 25
Statement of Activities 26
Fund Financial Statements
Balance Sheet – Governmental Funds 27
Reconciliation of the Balance Sheet of Governmental Funds to the Statement
of Net Position 28
Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental Funds 29
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances of Governmental Funds to the Statement of Activities 30
Statement of Net Position – Proprietary Funds 31
Statement of Revenues, Expenses, and Changes in Fund Net Position –
Proprietary Funds 32
Statement of Cash Flows – Proprietary Funds 33
Statement of Fiduciary Net Position – Custodial Funds 35
Statement of Changes in Fiduciary Net Position – Custodial Funds 35
Notes to Financial Statements 37
Required Supplementary Information
Budgetary Comparison Schedules
Budgetary Comparison Schedule – General Fund 81
CITY OF EDINA
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2023
Budgetary Comparison Schedule – Housing and Redevelopment Authority
(HRA) Fund 85
Other Postemployment Benefits Plan Schedule of Changes in the City’s Total
OPEB Liability and Related Ratios 86
Defined Benefit Pension Plans GERF/PEPFF Retirement Funds 87
GERF Schedule of City’s and Nonemployer Proportionate Share of Net
Pension Liability and Schedule of City Contributions 87
PEPFF Schedule of City’s Proportionate Share of Net Pension Liability and
Schedule of City Contributions 88
Notes to Required Supplementary Information 89
Combining and Individual Fund Financial Statements and Schedules
Combining Balance Sheet – Nonmajor Governmental Funds 100
Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances – Nonmajor Governmental Funds 101
Special Revenue Fund – Community Development Block Grant
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 102
Special Revenue Fund – Police
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 103
Special Revenue Fund – Braemar Memorial
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 104
Special Revenue Fund – Pedestrian and Cyclist Safety
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 105
Special Revenue Fund – Conservation and Sustainability
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 106
Major Governmental Fund – Debt Service
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 109
CITY OF EDINA
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2023
Major Governmental Fund – Construction Capital Projects
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual 110
Combining Statement of Net Position – Nonmajor Proprietary Funds 111
Combining Statement of Revenues, Expenses, and Changes in Fund Net
Position – Nonmajor Proprietary Funds 112
Combining Statement of Cash Flows – Nonmajor Proprietary Funds 113
Combining Statement of Fiduciary Net Position – Custodial Funds 114
Combining Statement of Changes in Fiduciary Net Position – Custodial Funds 114
Supplementary Financial Information 115
Tax Capacity, Tax Levies, and Tax Capacity Rates 115
Combining Schedule of Bonded Indebtedness 116
Schedule of Balance Sheet Accounts – Tax Increment Financing Districts 118
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Tax
Increment Financing Districts 119
STATISTICAL SECTION (UNAUDITED)
Financial Trends
Net Position by Component 120
Changes in Net Position 122
Fund Balances of Governmental Funds 124
Changes in Fund Balances of Governmental Funds 126
Revenue Capacity 128
Assessed Value, Actual Value, and Tax Capacity of Taxable Property 128
Direct and Overlapping Tax Capacity Rates 129
Principal Property Taxpayers 130
Property Tax Levies and Collections 131
Debt Capacity 132
Ratios of Outstanding Debt by Type 132
Ratios of General Bonded Debt Outstanding 133
Direct and Overlapping Governmental Activities Debt 134
CITY OF EDINA
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2023
Legal Debt Margin Information 135
Pledged Revenue Coverage 136
Demographic and Economic Information 137
Demographic and Economic Statistics 137
Principal Employers 138
Operating Information
Full-Time Equivalent City Government Employees by Function 139
Operating Indicators by Function 140
Capital Asset Statistics by Function 141
INTRODUCTORY SECTION
(1)
June 13, 2024
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, 2023.
Management assumes full responsibility for the completeness and reliability of all 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, 2023. 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 54,048. Currently, 98% of the City is developed with 60%
of the land attributed to residential uses, 4% to roadways, and 21% 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. The City adopts an annual appropriated budget for all governmental and proprietary funds.
(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 $21,240,417 unassigned fund balance in the general fund. It is the policy of the City that, to
the extent possible, such excess funds will typically be transferred to the Construction Fund to support capital
improvements and equipment. This amount is $680,659 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, 2022. This was the thirteenth 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,
Pa Thao
Finance Director
Tenzin Dongchung
Accounting Coordinator
(4)
CITY OF EDINA, MINNESOTA
ORGANIZATION
DECEMBER 31, 2023
(5)
Term Expires
Mayor:
James Hovland December 31, 2024
Council Members:
Carolyn Jackson December 31, 2024
James Pierce December 31, 2024
Kate Agnew December 31, 2026
Julie Risser December 31, 2026
City Manager:
Scott Neal Appointed
Finance Director/Treasurer:
Pa Thao Appointed
City Clerk:
Sharon Allison Appointed
(6
)
FINANCIAL SECTION
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CliftonLarsonAllenLLP
CLAconnect.com
(7)
INDEPENDENT AUDITORS’ REPORT
City Council and Management
City of Edina, Minnesota
Report on the Audit of 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, 2023, 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, 2023, 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.
Emphasis of Matter - Change in Accounting Principle
As discussed in Note 1 to the financial statements, effective January 1, 2023, the City adopted new
accounting guidance for subscription-based information technology arrangements (SBITAs). The
guidance requires subscribers to recognize a right-to-use subscription asset and corresponding
subscription liability for all SBITAs with agreement terms greater than twelve months. Our opinion is not
modified with respect to this matter.
City Council and Management
City of Edina, Minnesota
(8)
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.
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:
x Exercise professional judgment and maintain professional skepticism throughout the audit.
x 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.
x 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 City of Edina’s internal control. Accordingly, no such opinion is
expressed.
x 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.
x Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about 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 Ratios, 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.
(10)
City Council and Management
City of Edina, Minnesota
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
June 13, 2024, 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
June 13, 2024
(11)
REQUIRED SUPPLEMENTARY INFORMATION
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CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(12)
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, 2023. 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
x 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 $354,916,762 (net position).
Of this amount, $76,188,637 (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.
x The City’s total net position increased by $18,891,636 from the prior year. Of that total,
$10,588,561 is the increase in Governmental Activities net position and $8,303,075 is the
increase in Business-Type Activities net position.
x At the close of the 2023 fiscal year, the City’s governmental funds reported combined ending
fund balances of $104,582,282, a decrease of $4,582,906 from the prior year. The decrease
can be attributed mostly to a decrease in the Housing and Redevelopment Authority fund.
o Affordable housing buy-in fundings decreased by $4,028,908 from the prior year.
x At the end of the current fiscal year, unassigned fund balance for the general fund was
$21,240,417, or 38% of total general fund expenditures.
x The City’s total bonded debt increased by $422,000 during the current fiscal year, from
$135,330,000 at the end of 2022 due to the debt issuance of General Obligation Bonds, Series
2023A, in the amount of $10,270,000.
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, 2023
(13)
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, 2023
(14)
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 $354,914,691 at the close of the most recent fiscal year.
CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(15)
The largest portion of the City’s net position ($209,732,738 or 59%) reflects its investment in capital
assets (e.g., land, buildings, machinery, and equipment) less any related debt used to acquire those
assets that is still outstanding. The City uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the City’s investment in its
capital assets is reported net of related debt, it should be noted that the resources needed to repay this
debt must be provided from other sources, since the capital assets themselves cannot be used to
liquidate these liabilities.
City of Edina’s Net Position
2023 2022 2023 2022 2023 2022
Assets:
Current and
Other Assets 151,752,797$ 154,046,671$ 56,806,788$ 56,433,015$ 208,559,585$ 210,479,686$
Capital Assets 202,604,946 188,815,677 153,992,619 142,622,912 356,597,565 331,438,589
Total Assets 354,357,743$ 342,862,348$ 210,799,407$ 199,055,927$ 565,157,150$ 541,918,275$
Deferred Outflows of Resources:
OPEB Plan Deferments $ 1,452,367 $ 1,627,575 $ 153,888 $ 165,311 $ 1,606,255 $ 1,792,886
Pension Plan Deferments 26,929,096 31,848,524 1,619,423 2,230,686 28,548,519 34,079,210
Total Deferred Outflows
of Resources $ 28,381,463 $ 33,476,099 $ 1,773,311 $ 2,395,997 $ 30,154,774 $ 35,872,096
Liabilities:
Long-Term Liabilities:
Due Within One Year 7,467,103$ 6,592,838$ 6,053,244$ 5,596,258$ 13,520,347$ 12,189,096$
Due in More Than One Year 117,150,065 148,633,383 56,367,049 54,480,212 173,517,114 203,113,595
Other Liabilities 14,736,063 13,784,251 6,261,070 7,372,903 20,997,133 21,157,154
Total Liabilities 139,353,231$ 169,010,472$ 68,681,363$ 67,449,373$ 208,034,594$ 236,459,845$
Deferred Inflows of Resources:
OPEB Plan Deferments 2,086,714$ 1,944,408$ 212,493$ 203,215$ 2,299,207$ 2,147,623$
Pension Plan Deferments 25,893,706 508,141 1,680,569 104,118 27,574,275 612,259
Leases 2,487,086 2,545,518 - - 2,487,086 2,545,518
Total Deferred Inflows
of Resources 30,467,506$ 4,998,067$ 1,893,062$ 307,333$ 32,360,568$ 5,305,400$
Net Position:
Net Investment in
Capital Assets 112,750,230$ 102,453,359$ 96,982,508$ 90,405,666$ 209,732,738$ 192,859,025$
Restricted 67,750,386 70,035,114 1,245,001 - 68,995,387 70,035,114
Unrestricted 32,417,853 29,841,435 43,770,784 43,289,552 76,188,637 73,130,987
Total Net Position 212,918,469$ 202,329,908$ 141,998,293$ 133,695,218$ 354,916,762$ 336,025,126$
Governmental Activities Business-Type Activities Total
A portion of the City’s net position ($68,995,387) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of unrestricted net position ($76,188,637)
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 an increase of $3,057,650 in unrestricted net position. This was mainly due to an increase in
investment earnings.
The decreases in deferred outflows of resources and increases in 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, 2023
(16)
As shown below, the City’s net position increased by $18,891,636 during the current fiscal year.
Factors contributing to this change are discussed in the next two sections.
City of Edina’s Changes in Net Position
2023 2022 2023 2022 2023 2022
Revenues:
Program Revenues:
Charges for Services 14,709,292$ 19,453,141$ 57,070,404$ 59,483,228$ 71,779,696$ 78,936,369$
Operating Grants and
Contributions 6,926,971 6,792,587 428,035 271,640 7,355,006 7,064,227
Capital Grants and
Contributions 4,673,918 4,943,744 - - 4,673,918 4,943,744
General Revenues:
Property Taxes 49,210,670 45,074,974 - - 49,210,670 45,074,974
Other Taxes 10,720,379 4,817,545 - - 10,720,379 4,817,545
Gain on Disposal
of Assets 124,585 53,576 28,362 - 152,947 53,576
Unrestricted Investment
Earnings 5,324,618 (2,903,247) 2,142,983 (980,198) 7,467,601 (3,883,445)
Total Revenues 91,690,433 78,232,320 59,669,784 58,774,670 151,360,217 137,006,990
Expenses:
General Government 19,505,673 19,199,880 - - 19,505,673 19,199,880
Public Safety 32,790,034 29,290,638 - - 32,790,034 29,290,638
Public Works 18,755,764 23,018,094 - - 18,755,764 23,018,094
Parks 8,354,807 7,928,925 - - 8,354,807 7,928,925
Interest on Long-Term Debt 2,058,881 1,709,865 - - 2,058,881 1,709,865
Water - - 7,500,796 7,449,657 7,500,796 7,449,657
Sewer - - 9,155,586 8,612,892 9,155,586 8,612,892
Stormwater - - 4,031,428 2,735,091 4,031,428 2,735,091
Recycling - - 1,671,424 1,838,148 1,671,424 1,838,148
Liquor - - 12,890,487 13,725,070 12,890,487 13,725,070
Aquatic Center - - 1,336,122 1,218,383 1,336,122 1,218,383
Golf Course - - 5,889,718 5,282,761 5,889,718 5,282,761
Arena - - 3,522,909 3,214,462 3,522,909 3,214,462
Community Activity
Centers - - 5,004,952 4,537,612 5,004,952 4,537,612
Total Expenses 81,465,159 81,147,402 51,003,422 48,614,076 132,468,581 129,761,478
Increase in Net Position
Before Transfers 10,225,274 (2,915,082) 8,666,362 10,160,594 18,891,636 7,245,512
Transfers 363,287 (3,080,537) (363,287) 3,080,537 - -
Change in Net Position 10,588,561 (5,995,619) 8,303,075 13,241,131 18,891,636 7,245,512
Net Position - January 1 202,329,908 208,325,527 133,695,218 120,454,087 336,025,126 328,779,614
Net Position - December 31 212,918,469$ 202,329,908$ 141,998,293$ 133,695,218$ 354,916,762$ 336,025,126$
Governmental Activities Business-Type Activities Total
GOVERNMENTAL ACTIVITIES
Governmental activities increased the City’s net position by $10,588,561, Key elements of the increase
are as follows.
x Property taxes increased by $4,135,696 as the result of an increased general operating levy
that provides funding to continue existing service levels.
x Other taxes increased by $5,902,834 due to the local sales tax.
x Investment earnings increased by $8,227,865 in 2023 due to unrealized gains.
CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(17)
Below are specific graphs which provide comparisons of the governmental activities revenues and
expenses:
Charges for services
16%
Operating grants and
contributions
7%
Capital grants and
contributions
5%Property taxes
54%
Other taxes
12%
Other
6%
Revenues by Source - Governmental Activities
-
5
10
15
20
25
30
35
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, 2023
(18)
BUSINESS-TYPE ACTIVITIES
Business-type activities increased net position by $8,303,075, accounting for 44% of the City’s growth
in net position. Key elements of the current year increase are as follows:
x The utility fund had income before contributions and transfers of $10,014,882 for 2023. This
additional equity is used to maintain and invest in the utility infrastructure according to the City’s
CIP and utility rate study.
x The liquor fund had income before contributions and transfers of $545,816 for 2023. This
income is used to subsidize operations at other enterprisefacilities.
x The golf course had income before contributions and transfers of $549,524.
x The other enterprise funds had a loss before contributions and transfers of $2,567,899 in total.
These enterprises had operating expenses that exceeded revenues.
Charges for
services
96%
Operating
grants and
contributions
1%
Unrestricted
investment
earnings
3%
Revenues by Source - Business-Type Activities
-
2
4
6
8
10
12
14
Water Sewer Storm Recycling Liquor Aquatic Golf ArenaCommunity
Millions
Expenses and Program Revenues - Business-type Activities
Expenses
Program revenue
CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(19)
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 $104,582,282, a decrease of $4,532,906 in comparison with the prior year. Approximately
20% of this total amount ($21,240,417) constitutes unassigned fund balance. The remainder of the fund
balance is 1) restricted by external creditors, grantors, laws, or regulations ($44,004,911), or 2) assigned
by internal constraints ($39,237,935), or 3) nonspendable in the form of prepaid items ($99,019).
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 $21,240,417. As a measure of the general fund’s liquidity,
unassigned fund balance represents 38% of total general fund expenditures.
The fund balance of the City’s general fund increased by $1,444,117 during the current fiscal year. Key
factors related to this increase include:
x Total investment income increased from the prior year due to favorable market conditions.
x Total general fund expenditures exceeded budget by $587,762, but revenues were $3,106,555
over budget. This is due to an increase in investment income as well as intergovernmental
revenue related to federal response and recovery funding for COVID-19.
x The general fund transferred $963,280 of 2022 surplus primarily to the construction fund for
capital projects.
The Housing and Redevelopment Authority fund balance decreased by $5,343,776 in the current fiscal
year due to a decrease in other revenue and more spent on capital outlay.
The debt service fund has a total fund balance of $6,724,091, 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
$22,053. Fund balance increased as the result of a $3,182,907 in General Property Taxes, $547,959 in
intergovernmental revenue, and transfers in of $3,466,164 and $7,445,696 in debt service payments.
The construction fund balance decreased by $2,064,651 in 2023 due to transfers out of $2,753,822 to
the debt service fund as well as expenditures exceeding revenues.
CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(20)
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 $38,861,729. The total
growth in net position from current year operations was $9,397,773. Operating revenues in the utilities
fund decreased by 5.8% while expenses increased by 7.5% in 2023. The revenue decrease was due to
a decrease in the water, sewer, and storm rates as well as connection fees in 2023. Expenses
increased because of higher spending on contractual services in 2023 than in 2022. The City invested
$19,870,862 in utility fund capital assets during 2023, a 17.7% increase from 2022.
Unrestricted net position of the liquor fund at the end of the year amounted to $1,280,931. The liquor
fund continues to transfer profits back into other City funds, including the arena, centennial lakes and
art center funds. The liquor fund made transfers totaling $1,000,000 to these other funds in 2023. The
transfers out were greater than operating income of $414,325 in 2023, leading to the reduction of
$449,311 in net position in the liquor fund in 2023.
Unrestricted net position of the aquatic center fund at the end of the year amounted to $1,057,430.
Restricted net position of the aquatic center fund at the end of the year amounted to $1,245,001.
Unrestricted net position of the golf course fund at the end of the year amounted to $974,326, an
improvement of $676,439 from the prior year. Operating income for the golf course fund was $555,311
in 2023, compared to $943,687 in 2022.
Unrestricted net position of the arena fund at the end of the year amounted to a deficit of ($210,076) an
increase in the deficit by $118,298 from the prior year. Revenues increased by $215,772 over 2022
while expenses increased by $321,811. The operating loss for the arena was $746,828 for 2023
compared to $640,789 for 2022.
GENERAL FUND BUDGETARY HIGHLIGHTS
During the year, revenues were $3,106,555 more than budget, as the continued commercial and
residential redevelopment of the City increased our licenses and permits, which exceeded budget by
$163,921, charges for services exceeded budget by $589,369, miscellaneous exceeded budget by
$1,038,751, and surpluses in state and federal aid of $2,044,572 over budget. These increases offset
deficits in fines and forfeits and tax revenues, which together came in ($730,058) under budget.
During the year, expenditures were over budget by $587,762 due to spending of federal ARPA funds.
General government were over budget by $1,371,630 and debt service was over budget by $26,179,
which was offset by public safety, public works and parks coming in under budget by $810,047.
CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(21)
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, 2023, amounted to $356,597,565 (net of accumulated depreciation and
amortization). 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 $25,158,976.
Major capital asset events during the current fiscal year included the following:
x 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 $41,802,493 in the utility fund.
x A variety of street construction, sidewalk and park projects; construction in progress as of the
close of the fiscal year reached $22,388,854 (PIR + PACS).
x The City has a number of public improvements underway in the Grandview district including
rehabilitation of Grandview Pedestrian Bridge, and parking and road improvements in the
district. The construction in process cost was $10,332,480.
x The new fire station 2 construction in progress cost was $16,562,787 as of the close of the fiscal
year.
City of Edina’s Capital Assets
(Net of Depreciation and Amortization)
2023 2022 2023 2022 2023 2022
Land and Land
Improvements 24,744,751$ 26,172,688$ 9,446,353$ 10,024,568$ 34,191,104$ 36,197,256$
Easements 253,000 253,000 35,600 35,600 288,600 288,600
Buildings and Structures 29,999,251 31,286,991 14,468,578 16,132,468 44,467,829 47,419,459
Machinery and Equipment 10,034,192 9,133,780 5,629,698 5,097,343 15,663,890 14,231,123
Infrastructure 72,092,387 76,378,237 81,672,966 86,643,381 153,765,353 163,021,618
Parks 8,282,105 9,001,056 925,290 981,368 9,207,395 9,982,424
Construction in Progress 56,829,073 36,576,896 41,802,493 23,683,873 98,631,566 60,260,769
Lease Assets 370,187 13,029 11,641 24,311 381,828 37,340
Total 202,604,946$ 188,815,677$ 153,992,619$ 142,622,912$ 356,597,565$ 331,438,589$
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 total outstanding long-term debt is
$125,287,000, an increase of $422,000 from 2022. $28,585,000 is for general obligation improvement
debt that is supported by property tax levies and special assessments. This amount decreased from
2022 due to regularly scheduled principal payments.
$25,713,000 is for permanent improvement revolving (PIR) bonds, which finance the City’s street
reconstruction program. This amount decreased from 2022 due to regularly scheduled principal
payments.
Also outstanding is $11,860,000 HRA public project revenue bonds which financed two gymnasiums,
the new public works facility, sports dome, outdoor rink at the arena, and improvements to Pamela
Park. This amount decreased from 2022 due to regularly scheduled principal payments.
CITY OF EDINA, MINNESOTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
YEAR ENDED DECEMBER 31, 2023
(22)
City of Edina’s Outstanding Debt
2023 2022 2023 2022 2023 2022
General Obligation Bonds 28,585,000$ 30,065,000$ -$ -$ 28,585,000$ 30,065,000$
Public Improvement Bonds 25,713,000 26,350,000 - - 25,713,000 26,350,000
Public Project Revenue Bonds 11,860,000 12,930,000 - - 11,860,000 12,930,000
Tax Increment Financing Bonds 7,295,000 7,545,000 - - 7,295,000 7,545,000
Revenue Bonds - - 51,834,000 47,975,000 51,834,000 47,975,000
Total 73,453,000$ 76,890,000$ 51,834,000$ 47,975,000$ 125,287,000$ 124,865,000$
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 $412,932,330. Only $50,910,000 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 5.
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, 2023
(23)
Property values in Edina decreased for several years from 2009-2012 and have risen each year since.
Estimated market value of real estate increased 12.0% for taxes payable in 2023 (market value in
2022).
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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 12.1% in 2022 for taxes payable in 2023 and
remained positive for the tenth consecutive year.
All these factors above were considered in preparing the City’s budget for the 2023 fiscal year. The
City’s adopted 2023 budget includes a property tax levy of $49,855,000 for all funds, an increase of
9.89% from the 2022 levy, with the increase being attributed to the introduction of the street
reconstruction levy, which will eventually replace special assessments for road reconstruction. The
increased levies are also for the City’s equipment replacement expenditures, HRA operating
expenditures, and general operating levy.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City’s finances for all those with an
interest in the government’s finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to the Office of the Finance
Director, 4801 West 50th Street, Edina, Minnesota 55424. The City’s Annual Comprehensive Financial
Report can also be found on the internet at www.edinamn.gov.
(24)
BASIC FINANCIAL STATEMENTS
(This page left blank intentionally.)
CITY OF EDINA, MINNESOTA
STATEMENT OF NET POSITION
DECEMBER 31, 2023
See accompanying Notes to Financial Statements.
(25)
Governmental Business-Type
Activities Activities Total
ASSETS
Current Assets:Cash and Investments 108,817,559$ 45,017,247$ 153,834,806$ Restricted Cash and Investments 474,743 - 474,743
Accrued Interest 583,444 317,524 900,968
Accounts Receivable, Net 1,898,039 7,593,193 9,491,232
Special Assessments Receivable 19,821,456 434,186 20,255,642 Internal balances (612,817) 612,817 -
Leases Receivable 2,551,601 - 2,551,601
Due from Other Governments 7,240,766 - 7,240,766
Prepaid Items 762,983 536,346 1,299,329 Inventory - 2,295,475 2,295,475 Total Current Assets 141,537,774 56,806,788 198,344,562
Noncurrent Assets:Investment in Joint Powers Agreement 1,770,353 - 1,770,353 Loans Receivable 8,444,670 - 8,444,670
Nondepreciable Capital Assets 78,487,156 42,123,434 120,610,590
Depreciable Capital Assets (Net) 124,117,790 111,869,185 235,986,975
Total Noncurrent Assets 212,819,969 153,992,619 366,812,588 Total Assets 354,357,743 210,799,407 565,157,150
DEFERRED OUTFLOWS OF RESOURCES
OPEB Plan Deferments 1,452,367 153,888 1,606,255
Defined Benefit Pension Plans 26,929,096 1,619,423 28,548,519 Total Deferred Outflows of Resources 28,381,463 1,773,311 30,154,774
LIABILITIES
Current Liabilities:
Accounts Payable 4,711,767 3,165,448 7,877,215
Salaries Payable 1,905,945 523,034 2,428,979
Accrued Interest Payable 1,152,319 907,475 2,059,794
Contracts Payable 1,104,269 968,149 2,072,418
Due to Other Governments 217,688 307,433 525,121
Deposits Payable 2,056,843 - 2,056,843
Unearned Revenue 3,587,232 389,531 3,976,763
Compensated Absences Payable 2,059,831 328,078 2,387,909
Bonds Payable 5,199,000 5,707,000 10,906,000
Leases Payable 2,938 18,166 21,104
Subscriptions Payable 205,334 - 205,334
Total Current Liabilities 22,203,166 12,314,314 34,517,480
Noncurrent Liabilities:
Total OPEB Liability 2,999,519 279,592 3,279,111
Net Pension Liability 27,070,998 5,278,543 32,349,541
Compensated Absences Payable 3,089,746 492,118 3,581,864
Bonds and Loans Payable, Net 83,824,794 50,316,796 134,141,590
Leases Payable 5,570 - 5,570
Subscriptions Payable 159,438 - 159,438
Total Noncurrent Liabilities 117,150,065 56,367,049 173,517,114
Total Liabilities 139,353,231 68,681,363 208,034,594
DEFERRED INFLOWS OF RESOURCES
OPEB Plan Deferments 2,086,714 212,493 2,299,207
Defined Benefit Pension Plans 25,893,706 1,680,569 27,574,275
Leases 2,487,086 - 2,487,086 Total Deferred Inflows of Resources 30,467,506 1,893,062 32,360,568
NET POSITION
Net Investment in Capital Assets 112,750,230 96,982,508 209,732,738
Restricted for Tax Increments 23,455,933 - 23,455,933
Restricted for Affordable Housing 4,555,430 - 4,555,430
Restricted for Debt Service 7,333,376 1,245,001 8,578,377
Restricted for Highway Construction 18,115,279 - 18,115,279
Restricted for Capital Projects 8,435,457 - 8,435,457
Restricted for Parkland Dedication 58,086 - 58,086
Restricted for Police 1,009,464 - 1,009,464
Restricted for Braemar Golf Donations 110,203 - 110,203
Restricted for Pedestrian and Cyclist Improvements 430,102 - 430,102
Restricted for Conservation and Sustainability Initiatives 1,791,578 - 1,791,578
Restricted for Public Safety 2,347,165 - 2,347,165
Restricted for Opioid Epidemic Response 108,313 - 108,313
Unrestricted 32,417,853 43,770,784 76,188,637
Total Net Position 212,918,469$ 141,998,293$ 354,916,762$
Primary Government
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CITY OF EDINA, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
DECEMBER 31, 2023
See accompanying Notes to Financial Statements.
(27)
Housing and Nonmajor Total
Redevelopment Debt Governmental Governmental
General Authority Service Construction Funds Funds
ASSETS
Cash and Investments 33,211,516$ 22,368,604$ 6,985,264$ 36,316,169$ 5,504,006$ 104,385,559$
Restricted Cash and
Investments - - 474,743 - - 474,743
Accrued Interest 147,950 112,813 321 295,770 26,590 583,444
Accounts Receivable 761,833 70,511 - 138,217 555,332 1,525,893
Taxes Receivable 294,428 4,463 16,299 39,128 - 354,318
Special Assessments
Receivable - - 1,745,305 18,076,151 - 19,821,456
Leases Receivable 2,551,601 - - - - 2,551,601
Due from Other Funds - - - 2,000,000 - 2,000,000
Due from Other Governments 507,701 19,388 13,588 6,317,038 334,646 7,192,361
Prepaid items 96,823 - - - 2,196 99,019
Loans Receivable - 8,444,670 - - - 8,444,670
Total Assets 37,571,852$ 31,020,449$ 9,235,520$ 63,182,473$ 6,422,770$ 147,433,064$
LIABILITIES
Accounts Payable 828,730$ 704,629$ 3,200$ 2,778,140$ 178,697$ 4,493,396$
Salaries Payable 1,837,311 7,619 - 5,384 9,817 1,860,131
Contracts Payable - 230,708 - 753,641 119,920 1,104,269
Due to Other Funds - 2,000,000 - - - 2,000,000
Due to Other Governments 194,237 19,161 - 4,290 - 217,688
Deposits Payable 2,022,874 33,969 - - - 2,056,843
Unearned Revenue 2,827,607 13,000 746,625 - - 3,587,232
Total Liabilities 7,710,759 3,009,086 749,825 3,541,455 308,434 15,319,559
DEFERRED INFLOWS OF
RESOURCES
Unavailable Revenue - Taxes 294,428 4,463 16,299 39,128 - 354,318
Unavailable Revenue -
Special Assessments - - 1,745,305 18,076,151 - 19,821,456
Unavailable Revenue - Other - - - 4,553,048 315,315 4,868,363
Leases 2,487,086 - - - - 2,487,086
Total Deferred Inflows of
Resources 2,781,514 4,463 1,761,604 22,668,327 315,315 27,531,223
FUND BALANCE
Nonspendable 96,823 - - - 2,196 99,019
Restricted 58,086 28,006,900 6,724,091 3,419,009 5,796,825 44,004,911
Assigned 5,684,253 - - 33,553,682 - 39,237,935
Unassigned 21,240,417 - - - - 21,240,417
Total Fund Balance 27,079,579 28,006,900 6,724,091 36,972,691 5,799,021 104,582,282
Total Liabilities, Deferred
Inflows of Resources,
and Fund Balance 37,571,852$ 31,020,449$ 9,235,520$ 63,182,473$ 6,422,770$ 147,433,064$
CITY OF EDINA, MINNESOTA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET POSITION
DECEMBER 31, 2023
See accompanying Notes to Financial Statements.
(28)
Total Fund Balances - Governmental Funds 104,582,282$
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.
Capital Assets and Right-to-Use Assets 365,579,607
Accumulated Depreciation and Amortization (163,289,451)
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 (83,918,000)
Loans Payable (750,000)
Premium on Bonds (4,355,794)
Leases Payable (8,508)
Subscriptions Payable (44,224)
Compensated Absences Payable (5,149,577)
Total OPEB Liability (2,999,519)
Net Pension Liability (27,070,998)
Accrued interest payable on long-term debt is included in net position, but is excluded from
fund balances until due and payable.(1,152,319)
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 expenses/expenditures differ between the full
accrual governmental activities financial statements and the modified accrual governmental
fund financial statements.
Deferred Outflows - OPEB 1,452,367
Deferred Outflows - Pension 26,929,096
Deferred Inflows - OPEB (2,086,714)
Deferred Inflows - Pension (25,893,706)
Deferred Inflows - Property Taxes 354,318
Deferred Inflows - Special Assessments 19,821,456
Deferred Inflows - Other 4,868,363
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.4,279,437
Total Net Position - Governmental Activities 212,918,469$
CITY OF EDINA, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Financial Statements.
(29)
Housing and Nonmajor Total
Redevelopment Debt Governmental Governmental
General Authority Service Construction Funds Funds
REVENUES
General Property Taxes 39,267,933$ 241,116$ 3,182,907$ 6,464,975$ -$ 49,156,931$
Tax Increment Collections - 2,078,687 - - - 2,078,687
Franchise Taxes 784,662 - - 127,727 2,199,136 3,111,525
Lodging Tax 28,675 - - - - 28,675
General Sales Tax 5,450,871 5,450,871
Special Assessments - - 187,805 3,422,080 - 3,609,885
License and Permits 5,630,081 - - 86,653 - 5,716,734
Intergovernmental 3,649,672 - 547,959 1,155,746 2,365,591 7,718,968
Charges for Services 6,535,160 1,452 - 584,936 - 7,121,548
Fines and Forfeitures 488,872 - - - - 488,872
Investment Income 1,373,705 1,260,211 1,461 2,485,886 203,355 5,324,618
Rental of Property 34,017 - - - - 34,017
Other Revenues 256,529 223,045 - 176,727 319,352 975,653
Total Revenues 58,049,306 3,804,511 3,920,132 19,955,601 5,087,434 90,816,984
EXPENDITURES
Current:
General Government 10,824,368 3,488,845 - 201,388 - 14,514,601
Public Safety 28,264,844 - - 473,354 134,960 28,873,158
Public Works 9,780,009 - - 2,180,755 846,684 12,807,448
Parks 6,692,365 - - 159,735 35,473 6,887,573
Capital Outlay:
General Government 300,248 4,947,100 - 2,141,284 - 7,388,632
Public Safety - - - 3,052,210 12,667 3,064,877
Public Works - - - 12,209,299 2,698,299 14,907,598
Parks - - - 1,183,540 - 1,183,540
Debt Service:
Principal 25,939 - 4,617,000 - - 4,642,939
Interest and Fiscal Charges 240 - 2,828,696 - - 2,828,936
Total Expenditures 55,888,013 8,435,945 7,445,696 21,601,565 3,728,083 97,099,302
REVENUES OVER (UNDER)
EXPENDITURES 2,161,293 (4,631,434) (3,525,564) (1,645,964) 1,359,351 (6,282,318)
OTHER FINANCING
SOURCES (USES)
Transfers In 246,104 - 3,466,164 1,063,280 - 4,775,548
Transfers Out (963,280) (712,342) - (2,753,822) - (4,429,444)
Sale of Capital Assets - - - 77,700 - 77,700
Bonds Issued - - 81,453 1,098,547 - 1,180,000
Premium on Bonds Issued - - - 95,608 - 95,608
Total Other Financing
Sources (Uses) (717,176) (712,342) 3,547,617 (418,687) - 1,699,412
NET INCREASE (DECREASE)
IN FUND BALANCE 1,444,117 (5,343,776) 22,053 (2,064,651) 1,359,351 (4,582,906)
Fund Balance - Beginning of Year 25,635,462 33,350,676 6,702,038 39,037,342 4,439,670 109,165,188
FUND BALANCE - END OF YEAR 27,079,579$ 28,006,900$ 6,724,091$ 36,972,691$ 5,799,021$ 104,582,282$
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, 2023
See accompanying Notes to Financial Statements.
(30)
Total Net Change in Fund Balances - Governmental Funds (4,582,906)$
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 or amortization expense. However, fund balances are reduced
for the full cost of capital outlays at the time of purchase.
Capital Outlays 23,895,406
Depreciation and Amortization Expense (10,488,222)
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 (77,700)
Gain (Loss) on the Sale of Capital Assets 77,700
Revenues in the statement of activities that do not provide current financial resources
(property taxes, special assessment, and other unavailable receivables) are not reported
as revenues in the funds.936,337
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.(1,275,608)
Repayment of long-term debt does not affect the change in net position. However, it reduces
fund balances.4,642,939
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.37,996
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. 732,059
Pension and Other Postemployment Benefit (OPEB) expenditures in the governmental funds
are measured by current year employFixed
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.
Pensions (3,350,094)
OPEB (157,755)
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 (217,152)
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.415,561
Change in Net Position - Governmental Activities 10,588,561$
CITY OF EDINA, MINNESOTA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
DECEMBER 31, 2023
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
ASSETS
Current Assets:
Cash and Investments 35,468,036$ 1,640,746$ 2,328,445$ 2,662,989$ 428,195$ 2,488,836$ 45,017,247$ 4,432,000$
Interest Receivable 244,880 13,423 16,528 23,550 3,774 15,369 317,524 -
Accounts Receivable, Net 7,216,247 884 2,518 37,508 294,409 41,627 7,593,193 101,320
Special Assessments Receivable 434,186 - - - - - 434,186 -
Due from Other Governments - - - - - - - 48,405
Prepaid Expenses 525,866 390 521 7,681 - 1,888 536,346 663,964
Inventory 43,921 2,106,394 - 145,160 - - 2,295,475 -
Total Current Assets 43,933,136 3,761,837 2,348,012 2,876,888 726,378 2,547,720 56,193,971 5,245,689
Noncurrent Assets:
Net Capital Assets 128,129,046 1,358,621 990,921 9,141,785 5,800,066 8,572,180 153,992,619 314,790
Total Assets 172,062,182 5,120,458 3,338,933 12,018,673 6,526,444 11,119,900 210,186,590 5,560,479
DEFERRED OUTFLOWS
OF RESOURCES
OPEB Deferred Outflows 46,109 24,948 - 24,081 24,013 34,737 153,888 -
Pension Deferred Outflows 449,436 411,079 10,175 288,524 187,846 272,363 1,619,423 -
Total Deferred Outflows of Resources 495,545 436,027 10,175 312,605 211,859 307,100 1,773,311 -
LIABILITIES
Current Liabilities:
Accounts Payable 2,277,330 542,100 3,513 77,930 137,734 126,841 3,165,448 242,688
Salaries Payable 142,208 118,682 2,183 91,558 63,871 104,532 523,034 104,989
Accrued Interest Payable 786,072 - 6,167 90,369 24,867 - 907,475 -
Contracts Payable 968,149 - - - - - 968,149 -
Due to Other Governments 81,395 170,186 - 26,922 16,761 12,169 307,433 -
Unearned Revenue - 14,993 170 352,488 2,160 19,720 389,531 -
Compensated Absences Payable 89,154 81,533 - 95,579 13,248 48,564 328,078 -
Bonds Payable - Current 4,735,000 - 85,000 615,000 272,000 - 5,707,000 -
Leases Payable - Current - - - 18,166 - - 18,166 -
Subscriptions Payable - Current - - - - - - - 181,597
Total Current Liabilities 9,079,308 927,494 97,033 1,368,012 530,641 311,826 12,314,314 529,274
Noncurrent Liabilities:
Total OPEB Liability 69,049 52,397 - 63,026 30,517 64,603 279,592 -
Net Pension Liability 1,464,946 1,339,922 33,164 940,450 612,288 887,773 5,278,543 -
Compensated Absences Payable 133,732 122,299 - 143,369 19,873 72,845 492,118 -
Bonds Payable, Net of Unamortized
Discounts and Premiums 41,489,359 - 302,967 6,224,525 2,299,945 - 50,316,796 -
Subscriptions Payable - - - - - - - 138,951
Total Noncurrent Liabilities 43,157,086 1,514,618 336,131 7,371,370 2,962,623 1,025,221 56,367,049 138,951
Total Liabilities 52,236,394 2,442,112 433,164 8,739,382 3,493,264 1,337,047 68,681,363 668,225
DEFERRED INFLOWS
OF RESOURCES
OPEB Deferred Inflows 56,660 48,221 - 34,058 32,056 41,498 212,493 -
Pension Deferred Inflows 466,406 426,600 10,559 299,418 194,938 282,648 1,680,569 -
Total Deferred Inflows of Resources 523,066 474,821 10,559 333,476 226,994 324,146 1,893,062 -
Total Liabilities and Deferred
Inflows of Resources 52,759,460 2,916,933 443,723 9,072,858 3,720,258 1,661,193 70,574,425 668,225
NET POSITION
Net Investment in Capital Assets 80,936,538 1,358,621 602,954 2,284,094 3,228,121 8,572,180 96,982,508 314,790
Restricted for Edina Law Debt - - 1,245,001 - - - 1,245,001 -
Unrestricted 38,861,729 1,280,931 1,057,430 974,326 (210,076) 1,193,627 43,157,967 4,577,464
Total Net Position 119,798,267$ 2,639,552$ 2,905,385$ 3,258,420$ 3,018,045$ 9,765,807$ 141,385,476$ 4,892,254$
612,817
Net Position of Business-Type Activities 141,998,293$
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, 2023
See accompanying Notes to Financial Statements.
(32)
Governmental
Activities
Nonmajor Total Internal
Aquatic Golf Enterprise Enterprise Service
Utilities Liquor Center Course Arena Funds Funds Funds
OPERATING REVENUES
Sales - Liquor -$ 13,115,074$ -$ -$ -$ -$ 13,115,074$ -$
Sales - Retail - 214,944 8,499 407,968 63,115 12,614 707,140 -
Sales - Utilities 29,766,124 - - - - - 29,766,124 -
Sales - Concessions - - 162,393 14,521 327,163 111,121 615,198 -
Memberships - - 364,807 341,264 - 175,542 881,613 -
Admissions - - 510,939 1,711,700 67,973 816,396 3,107,008 -
Lodging Tax - - - - - 5,129 5,129 -
Building Rental - - 73,704 222,380 2,088,623 835,951 3,220,658 -
Rental of Equipment - - - 430,201 5,102 169,306 604,609 -
Greens Fees - - - 2,004,172 - 279,699 2,283,871 -
Other Fees 660,370 - 6 1,173,970 196,757 717,767 2,748,870 8,485,503
Total Operating Revenues 30,426,494 13,330,018 1,120,348 6,306,176 2,748,733 3,123,525 57,055,294 8,485,503
OPERATING EXPENSES
Cost of Sales and Services - 9,005,523 74,137 284,773 144,026 45,245 9,553,704 -
Personal Services 2,860,561 2,590,518 604,090 2,681,208 1,209,030 2,213,268 12,158,675 2,753,102
Contractual Services 9,838,720 741,277 298,011 1,015,007 1,283,396 1,079,178 14,255,589 3,768,289
Commodities 1,105,888 44,957 111,351 506,562 92,293 297,583 2,158,634 1,262,208
Internal Services 1,624,720 408,284 43,183 334,130 244,365 390,504 3,045,186 -
Depreciation and Amortization 5,999,136 125,134 202,510 929,185 522,451 997,759 8,776,175 182,210
Total Operating Expenses 21,429,025 12,915,693 1,333,282 5,750,865 3,495,561 5,023,537 49,947,963 7,965,809
OPERATING INCOME (LOSS)8,997,469 414,325 (212,934) 555,311 (746,828) (1,900,012) 7,107,331 519,694
NONOPERATING REVENUES
(EXPENSES)
Intergovernmental 395,715 - - - - - 395,715 2,723
Investment Income 1,569,830 129,012 137,357 149,046 29,533 128,205 2,142,983 -
Donations - - - - - 35,620 35,620 -
Interest and Fiscal Charges (1,602,813) - (15,083) (224,990) (60,898) - (1,903,784) -
Amortization of Bond Premiums
(Discounts) 619,519 - 9,688 70,157 22,443 - 721,807 -
Gain (Loss) on Sale of Capital Assets 24,352 - - - - 4,010 28,362 -
Miscellaneous 10,810 2,479 250 - 750 - 14,289 -
Total Nonoperating
Revenues (Expenses) 1,017,413 131,491 132,212 (5,787) (8,172) 167,835 1,434,992 2,723
INCOME (LOSS) BEFORE
TRANSFERS 10,014,882 545,816 (80,722) 549,524 (755,000) (1,732,177) 8,542,323 522,417
TRANSFERS
Transfers In - 4,873 35,655 62,466 400,694 750,134 1,253,822 17,183
Transfers Out (617,109) (1,000,000) - - - - (1,617,109) -
Total Transfers (617,109) (995,127) 35,655 62,466 400,694 750,134 (363,287) 17,183
CHANGE IN NET POSITION 9,397,773 (449,311) (45,067) 611,990 (354,306) (982,043) 8,179,036 539,600
Net Position - Beginning of Year 110,400,494 3,088,863 2,950,452 2,646,430 3,372,351 10,747,850 133,206,440 4,352,654
NET POSITION - END OF YEAR 119,798,267$ 2,639,552$ 2,905,385$ 3,258,420$ 3,018,045$ 9,765,807$ 141,385,476$ 4,892,254$
124,039
Change in Net Position of Business-Type Activities 8,303,075$
Business-Type Activities - Enterprise Funds
Explanation of difference 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, 2023
See accompanying Notes to Financial Statements.
(33)
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 30,211,995$ 13,334,491$ 1,117,559$ 6,427,133$ 2,565,414$ 3,136,583$ 56,793,175$ -$
Receipts from City Funds - - - - - - - 8,504,543
Payment to Suppliers (13,786,392) (10,483,077) (525,733) (2,226,172) (1,709,079) (1,790,235) (30,520,688) (5,137,870)
Payment to Employees (2,719,444) (2,444,370) (619,226) (2,580,030) (1,138,122) (2,134,985) (11,636,177) (2,843,278)
Net Cash Provided (Used) by
Operating Activities 13,706,159 407,044 (27,400) 1,620,931 (281,787) (788,637) 14,636,310 523,395
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Grants and Contributions - - - - - - - 2,723
Transfer from Other Funds - 4,873 35,655 62,466 400,694 750,134 1,253,822 17,183
Transfer to Other Funds (617,109) (1,000,000) - - - - (1,617,109) -
Net Cash Provided (Used) by
Noncapital Financing Activities (617,109) (995,127) 35,655 62,466 400,694 750,134 (363,287) 19,906
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
State Grant 395,715 - - - - - 395,715 -
Proceeds from Issuance of Debt 10,110,679 - - - - - 10,110,679 -
Acquisition of Capital Assets (19,957,493) - - (188,389) - - (20,145,882) 67,295
Proceeds from Disposals of Capital Assets 24,352 - - - - 4,010 28,362 -
Principal Paid on Bonds, Leases, and Subscriptions (4,292,000) - (85,000) (606,190) (264,000) - (5,247,190) (243,747)
Interest and Fiscal Charges on Debt (1,491,444) - (16,499) (236,112) (63,639) - (1,807,694) -
Net Cash Provided (Used) by Capital
and Related Financing Activities (15,210,191) - (101,499) (1,030,691) (327,639) 4,010 (16,666,010) (176,452)
CASH FLOWS FROM INVESTING
ACTIVITIES
Interest Received 2,224,290 57,332 70,592 215,294 40,946 65,644 2,674,098 -
Purchase of Investments - - - (114,707) (24,827) - (139,534) -
Sale of Investments 4,307,868 - - - - - 4,307,868 -
Net Cash Flows Provided (Used) by
Investing Activities 6,532,158 57,332 70,592 100,587 16,119 65,644 6,842,432 -
NET INCREASE (DECREASE) IN CASH 4,411,017 (530,751) (22,652) 753,293 (192,613) 31,151 4,449,445 366,849
Cash - Beginning of Year 28,810,282 2,214,591 2,404,159 1,985,295 632,900 2,507,027 38,554,254 4,065,151
CASH - END OF YEAR 33,221,299$ 1,683,840$ 2,381,507$ 2,738,588$ 440,287$ 2,538,178$ 43,003,699$ 4,432,000$
CASH AND INVESTMENTS
PRESENTED IN THE
STATEMENT OF NET POSITION
Cash 33,221,299$ 1,683,840$ 2,381,507$ 2,738,588$ 440,287$ 2,538,178$ 43,003,699$ 4,432,000$
Investments 2,246,737 (43,094) (53,062) (75,599) (12,092) (49,342) 2,013,548 -
Total Cash and Investments 35,468,036$ 1,640,746$ 2,328,445$ 2,662,989$ 428,195$ 2,488,836$ 45,017,247$ 4,432,000$
Business-Type Activities - Enterprise Funds
CITY OF EDINA, MINNESOTA
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Financial Statements.
(34)
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) 8,997,469$ 414,325$ (212,934)$ 555,311$ (746,828)$ (1,900,012)$ 7,107,331$ 519,694$
Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by
Operating Activities:
Depreciation 5,999,136 125,134 202,510 929,185 522,451 997,759 8,776,175 182,210
Miscellaneous Income 10,810 2,479 250 - 750 35,620 49,909 -
(Increase) Decrease in:
Accounts Receivable (179,444) 497 (2,518) 59,585 (184,318) (27,019) (333,217) 61,092
Special Assessments Receivable (45,865) - - - - - (45,865) -
Due from Other Governments - - - - - 654 654 (42,052)
Inventory (22,151) (22,148) - (48,815) - - (93,114) -
Prepaid Expenses (21,030) 341 (521) (5,098) - (1,888) (28,196) (97,914)
Deferred Outflows of Resources 174,343 152,149 11,788 117,711 51,975 114,720 622,686 -
Increase (Decrease) in:
Accounts Payable (1,223,435) (263,669) 1,013 (39,854) 51,068 22,878 (1,451,999) (9,281)
Salaries Payable 35,188 17,422 (122) 18,128 17,448 23,878 111,942 (90,176)
Due to Other Governments 49,552 2,440 (64) 8,067 3,933 (603) 63,325 (178)
Unearned Revenue - 1,497 - 61,372 249 5,691 68,809 -
Total OPEB Liability - (4,547) - (2,070) (1,171) (2,628) (10,416) -
Net Pension Liability (508,980) (426,617) (36,336) (337,881) (142,553) (328,018) (1,780,385) -
Compensated Absences 3,275 3,146 - 22,883 (39,638) 3,276 (7,058) -
Deferred Inflows of Resources 437,291 404,595 9,534 282,407 184,847 267,055 1,585,729 -
Total Adjustments 4,708,690 (7,281) 185,534 1,065,620 465,041 1,111,375 7,528,979 3,701
Net Cash Provided (Used) by
Operating Activities 13,706,159$ 407,044$ (27,400)$ 1,620,931$ (281,787)$ (788,637)$ 14,636,310$ 523,395$
NONCASH INVESTING ACTIVITIES
Increase in Fair Value of Investments 107,615$ 72,566$ 64,819$ 39,100$ 12,711$ 60,822$ 357,633$ -$
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of Capital Assets with
Contracts Payable 968,149$ -$ -$ -$ -$ -$ 968,149$ -$
Business-Type Activities - Enterprise Funds
CITY OF EDINA, MINNESOTA
STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
DECEMBER 31, 2023
See accompanying Notes to Financial Statements.
(35)
Custodial Funds
ASSETS
Cash and Investments 282,608$
Due from Other Governmental Units 132,053
Total Assets 414,661
LIABILITIES
Accounts Payable 24,780
Salaries Payable 25,333
Due to Other Governmental Units 132,823
Unearned Revenue 5,087
Total Liabilities 188,023
NET POSITION
Restricted for Organizations and Other Governments 226,638$
CITY OF EDINA, MINNESOTA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
YEAR ENDED DECEMBER 31, 2023
ADDITIONS
Collections on Behalf of Others 784,205$
DEDUCTIONS
Payments on Behalf of Others 746,101
NET INCREASE (DECREASE) IN FIDUCIARY NET POTITION 38,104
Net Position - Beginning of Year 188,534
NET POSITION - END OF YEAR 226,638$
(36)
NOTES TO BASIC FINANCIAL STATEMENTS
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(37)
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, 2023
(38)
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, intergovernmental
revenues, and other nonexchange transactions, 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 use the economic resources 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, 2023
(39)
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, 2023
(40)
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, 2023
(41)
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. The City does not have
Level 3 investments.
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, 2023
(42)
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, 2023 are planned to be eliminated in 2024. 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, 2023
(43)
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, 2023:
Enterprise
Funds
Debt
Service Construction Utilities
Special Assessments Receivable:
Delinquent -$ 28,771 54,721$
Deferred 1,745,305 18,047,380 379,465
Total 1,745,305$ 18,076,151$ 434,186$
Governmental Funds
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(44)
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
Right-to-Use Assets 3 to 5 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, 2023
(45)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
H. Capital Assets (Continued)
Right-to-use lease assets are initially measured at the present value of payments
expected to be made during the lease term, adjusted for lease payments made at or
before the lease commencement date, plus certain initial direct costs. Subsequently, the
lease asset is amortized in a systematic and rational manner over the shorter of the
lease term or the useful life of the underlying asset.
SBITA assets are initially measured as the sum of the present value of payments
expected to be made during the subscription term, payments associated with the SBITA
contract made to the SBITA vendor at the commencement of the subscription term,
when applicable, and capitalizable implementation costs, less any SBITA vendor
incentives received form the SBITA vendor at the commencement of the SBITA term.
SBITA assets are amortized in a systematic and rational manner over the shorter of the
subscription term or the useful life of the underlying IT assets.
I. Leases
The City determines if an arrangement is a lease at inception. Leases are included in
lease receivables and deferred inflows of resources in the statements of net position and
fund financial statements.
Lease receivables represent the City’s claim to receive lease payments over the lease
term, as specified in the contract, in an exchange or exchange-like transaction. Lease
receivables are recognized at commencement date based on the present value of
expected lease payments over the lease term, reduced by any provision for estimated
uncollectible amounts. Interest revenue is recognized ratably over the contract term.
Deferred inflows of resources related to leases are recognized at the commencement
date based on the initial measurement of the lease receivable, plus any payments
received from the lessee at or before the commencement of the lease term that relate to
future periods, less any lease incentives paid to, or on behalf of, the lessee at or before
the commencement of the lease term. The deferred inflows related to leases are
recognized as lease revenue in a systematic and rational manner over the lease term.
The City determines if an arrangement is a lease at inception. Leases are included in
lease assets and lease liabilities in the statements of net position.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(46)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. 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.
K. 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.
L. 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, 2023
(47)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
M. 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 four 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 three sources: property taxes,
special assessments, and amounts due from other governments. These amounts are
deferred and recognized as an inflow of resources in the period the amounts become
available.
Deferred inflows of resources related to leases are reported in the government-wide and
fund financial statements. These deferred inflows represent future revenues related to
long-term lease receivables.
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, and
are amortized as required under pension and OPEB standards.
N. 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, 2023
(48)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
O. 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:
x Nonspendable – Consists of amounts that are not in spendable form, such as
prepaid items, inventory, and other long-term assets.
x Restricted – Consists of amounts related to externally imposed constraints
established by creditors, grantors, or contributors; or constraints imposed by
state statutory provisions.
x 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.
x 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.
x 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.
P. 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:
x 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.
x 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, 2023
(49)
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
P. Net Position (Continued)
x 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.
Q. 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.
R. Adoption of New Accounting Standards
In May 2020, the GASB issued GASB Statement No. 96, Subscription-Based
Information Technology Arrangements. This standard defines a subscription-based
information technology arrangement (SBITA); established that a SBITA results in a right-
to-use subscription asset (an intangible asset) and a corresponding subscription liability;
provides the capitalization criteria for outlays other than subscription payments, including
implementation costs of a SBITA; and requires note disclosures regarding a SBITA.
The City has adopted the requirements of the guidance effective January 1, 2023, and
has applied the provisions of this standard to the beginning of the period of adoption.
The implementation of this standard resulted in the City reporting right-to-use
subscription asset and subscription liability.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(50)
NOTE 2 CASH AND INVESTMENTS POLICIES
A. Components of Cash and Investments
Cash and investments at year-end consist of the following:
Deposits (733,454)$
Cash on hand 30,659
Investments 155,294,952
Total 154,592,157$
Cash and investments are presented in the financial statements as follows:
Cash and Investments - Statement of Net Position 153,834,806$
Restricted Cash and Investments - Statement of
Net Position 474,743
Cash and Investments - Statement of Fiduciary
Net Position 282,608
Total 154,592,157$
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.
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 $(1,322,498) while the
balance on the bank records was $17,804. At December 31, 2023, all of the City’s
deposits were properly collateralized in accordance with state statutes.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(51)
NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED)
C. Investments
The City has the following investments at year-end:
Fair Value
Measurements
Investment Rating Agency Using < 1 1 to 5 6 to 10 > 10 Total
U.S. Treasuries N/A N/A Level 1 5,010,763$ 13,959,293$ 2,719,373$ 368,714$ 22,058,143$
Negotiable CDs N/R N/R Level 2 2,468,043 4,422,440 - - 6,890,483
SBA Notes AA+ S&P Level 1 - 42,734 310,608 - 353,342
FHLB AA+ S&P Level 2 2,244,402 2,151,377 - - 4,395,779
FHLMC AA+ S&P Level 2 509,664 5,043,121 1,024,001 1,051,610 7,628,396
FNMA AA+ S&P Level 2 992,021 2,115,731 671,655 5,192,171 8,971,578
FFCB AA+ S&P Level 2 - 2,024,738 - - 2,024,738
Municipal Bonds AA- to AAA S&P Level 2 12,011,360 40,526,300 460,378 - 52,998,038
Subtotal 23,236,253$ 70,285,734$ 5,186,015$ 6,612,495$
Money Market*49,974,265
4M Fund*190
Total investments 155,294,952$
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
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.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(52)
NOTE 2 CASH AND INVESTMENTS POLICIES (CONTINUED)
C. Investments (Continued)
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 $10,000,000, that are a primary reporting dealer in U.S.
government securities to the Federal Reserve Bank of New York, or certain Minnesota
securities broker-dealers. The City’s investment policies specifically address credit risk,
further limiting the City’s exposure to credit risk by requiring that all state and local
government obligations to be rated “AA” or better by a national rating agency.
Concentration Risk – This is the risk associated with investing a significant portion of
the City’s investment (considered 5% or more) in the securities of a single issuer,
excluding U.S. guaranteed investments (such as Treasuries), investment pools, and
mutual funds. The City’s investment policies specifically address the City’s desire to
limit concentration risk, but do not set specific guidelines for measurement of this risk.
At year-end, the City’s investments include 5.78% in securities issued by FNMA.
Interest Rate Risk – This is the risk of potential variability in the fair value of fixed
rate investment resulting in changes in interest rates (the longer the period for which
an interest rate is fixed, the greater the risk). The City’s investment policies
specifically address the City’s desire to limit interest rate risk, but do not set specific
guidelines for measurement of this risk.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(53)
NOTE 3 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2023 is as follows:
Beginning Ending
Balance Increases Decreases Transfers Balance
Governmental Activities:
Capital Assets Not Being Depreciated:
Land 21,405,083$ -$ -$ -$ 21,405,083$
Easements 253,000 - - - 253,000
Construction in Progress 36,576,896 21,669,565 - (1,417,388) 56,829,073
Total Capital Assets Not Being
Depreciated 58,234,979 21,669,565 - (1,417,388) 78,487,156
Capital Assets Being Depreciated:
Land Improvements 16,383,461 49,244 - - 16,432,705
Buildings and Structures 55,934,726 - - 271,188 56,205,914
Furniture and Office Equipment 4,062,341 18,626 - - 4,080,967
Vehicles and Equipment 22,329,521 1,946,376 (276,296) 510,731 24,510,332
Infrastructure 159,622,671 11,145 - 623,578 160,257,394
Parks 25,311,298 200,450 - 11,891 25,523,639
Total Capital Assets Being
Depreciated 283,644,018 2,225,841 (276,296) 1,417,388 287,010,951
Lease Assets, Being Amortized:
Vehicles and Equipment 14,205 - - - 14,205
Subscription Based Information
Technology Arrangement Assets 564,295 - - - 564,295
Total Lease Assets, Being 578,500 - - - 578,500
Amortized
Less Accumulated Depreciation for:
Land Improvements (11,615,856) (1,477,181) - - (13,093,037)
Buildings and Structures (24,916,076) (1,520,719) - - (26,436,795)
Furniture and Office Equipment (3,794,000) (56,835) - - (3,850,835)
Vehicles and Equipment (13,195,741) (1,556,695) 276,296 - (14,476,140)
Infrastructure (83,244,434) (4,920,573) - - (88,165,007)
Parks (16,310,242) (931,292) - - (17,241,534)
Total Accumulated Depreciation (153,076,349) (10,463,295) 276,296 - (163,263,348)
Less Accumulated Amortization for:
Vehicles and Equipment (1,176) (1,176) - - (2,352)
Subscription Based Information
Technology Arrangement Assets - (205,961) - - (205,961)
Total Accumulated Amortization (1,176) (207,137) - - (208,313)
Total Accumulated Depreciation
and Amortization (153,077,525) (10,670,432) 276,296 - (163,471,661)
Total Capital Assets Being
Depreciated or Amortized, Net 131,144,993 (8,444,591) - 1,417,388 124,117,790
Governmental Activities Capital Assets, Net 189,379,972$ 13,224,974$ -$ -$ 202,604,946$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(54)
NOTE 3 CAPITAL ASSETS (CONTINUED)
Beginning Ending
Balance Increases Decreases Transfers Balance
Business-Type Activities:
Capital Assets Not Being Depreciated:
Land 285,341$ -$ -$ -$ 285,341$
Easements 35,600 - - - 35,600
Construction in Progress 23,683,873 18,658,918 (540,298) - 41,802,493
Total Capital Assets Not Being
Depreciated 24,004,814 18,658,918 (540,298) - 42,123,434
Capital Assets Being Depreciated:
Land Improvements and Golf Course 26,787,715 155,563 - - 26,943,278
Buildings and Structures 48,667,709 - - - 48,667,709
Furniture and Office Equipment 140,448 - - - 140,448
Vehicles and Equipment 15,429,732 1,332,480 (86,630) - 16,675,582
Utility Infrastructure 164,699,838 495,590 - - 165,195,428
Parks 1,121,563 - - - 1,121,563
Total Capital Assets Being
Depreciated 256,847,005 1,983,633 (86,630) - 258,744,008
Lease Assets, Being Amortized:
Vehicles and Equipment 95,832 43,629 - - 139,461
Less Accumulated Depreciation for:
Land Improvements and Golf Course (17,048,488) (733,778) - - (17,782,266)
Buildings and Structures (32,535,241) (1,663,890) - - (34,199,131)
Furniture and Office Equipment (140,448) (18,227) - - (158,675)
Vehicles and Equipment (10,332,389) (781,898) 86,630 - (11,027,657)
Utility infrastructure (78,056,457) (5,466,005) - - (83,522,462)
Parks (140,195) (56,078) - - (196,273)
Total Accumulated Depreciation (138,253,218) (8,719,876) 86,630 - (146,886,464)
Less Accumulated Amortization for:
Vehicles and Equipment (71,521) (56,299) - - (127,820)
Total Accumulated Depreciation
and Amortization (138,324,739) (8,776,175) 86,630 - (147,014,284)
Total Capital Assets Being
Depreciated or Amortized, Net 118,618,098 (6,748,913) - - 111,869,185
Business-Type Activities Capital Assets, Net 142,622,912$ 11,910,005$ (540,298)$ -$ 153,992,619$ Depreciation and amortization expense was charged to functions/programs of the primary
government as follows:
Governmental Activities:
General Government 694,947$
Public Safety 923,107
Public Works 7,656,988
Parks 1,395,390
Total Depreciation/Amortization Expense -
Governmental Activities 10,670,432$
Business-Type Activities:
Utilities 5,999,136$
Liquor 125,134
Aquatic Center 202,510
Golf Course 929,185
Arena 522,451
Art Center 5,682
Edinborough Park 288,887
Centennial Lakes 168,419
Sports Dome 534,771
Total Depreciation/Amortization Expense -
Business-Type Activities 8,776,175$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(55)
NOTE 3 CAPITAL ASSETS (CONTINUED)
Construction Commitments
At December 31, 2023, 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
ENG22-15 Sanitary Lift Station #6 Replacement 7,474,769$ 1,470,031$
ENG23-1 Morningside C Roadway Reconstruction 5,533,534 887,930
ENG22-2 Blake Road Reconstruction 11,364,322 847,551
ENG21-3 Sanitary Sewer Lift Station #3 Replacement 1,607,000 597,698
ENG21-6 Eden Avenue & Brookside Avenue Improvements 4,501,516 532,980
ENG22-3 Morningside D & E Roadway Reconstruction 8,016,532 404,562
ENG21-4 City Hall Energy & Lighting Improvements 1,087,570 309,416
ENG21-2 Melody & Grandview Avenue Street Reconstruction 10,536,643 295,474
ENG21-6 Grandview Pedestrian Bridge 2,216,658 268,346
ENG21057 Natural Areas Long-Term Maintenance 372,802 246,169
ENG22016 Eden Grange Roundabouts Construction 2,026,480 244,534
ENG21032 Morningside Flood Project Landscaping & Trees 494,708 159,507
ENG23-8 Cornelia Safe Routes to School Improvements 427,078 145,810
ENG23-5 Valley View Road Reconstruction 760,260 136,363
ENG20100 Fire Station #1 Renovation and HVAC Update 568,069 97,883
ENG23-7 France Avenue Sidewalk 58th to 60th Streets 618,331 96,166
ENG21-1 Creek Knoll A&B Street Reconstruction 2,904,014 55,831
ENG23-9 McCauley Trail Phase Two Improvements 385,511 19,276
ENG23-10 7121 Schey Drive Retaining Wall 144,349 8,986
Total 6,824,513$
Commitments above that are significant to the applicable fund include the Lift Station #6
project in the utilities fund.
NOTE 4 LEASES
The City, acting as lessor, leases hockey center space and tower and park spaces for
cellular towers under various long-term, non-cancelable lease agreements. The leases
expire at various dates through 2049 and contain discount rates ranging from 2.30% to
3.80%. During the year ended December 31, 2023, the City recognized $319,180 and
$86,643 in lease revenue and interest revenue, respectively, pursuant to these contracts.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(56)
NOTE 5 LONG-TERM DEBT
The City has five types of bonded debt outstanding at December 31, 2023: general
obligation bonds, permanent improvement revolving bonds, tax increment financing bonds,
public project revenue bonds, and G.O. revenue bonds. The first type is payable from
general property taxes. The second type is payable primarily from special assessments with
any deficiency to be provided for by general property taxes. The third type is payable from
future tax increment payments received. The fourth type is payable solely from annual
appropriation lease payments received from the City of Edina pursuant to a lease between
the Edina Housing and Redevelopment Authority and the City. The fifth type is payable
primarily from enterprise revenue with any deficiency to be provided for by general property
taxes. The reporting entity’s long-term debt is segregated between the amounts to be repaid
from governmental activities and amounts to be repaid from business-type activities.
Governmental Activities
As of December 31, 2023, the governmental long-term bonded debt of the financial
reporting entity consisted of the following:
Final
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/2023
General Obligation Bonds:
General Obligation, 2016A - Refunding 2.00-3.00% 7/6/2016 2/1/2028 3,635,000$ 1,790,000$
General Obligation, 2017C - Refunding 2.05-400% 12/14/2017 2/1/2029 8,955,000 5,360,000
General Obligation Equipment Certificate, 2019A 3.00-5.00% 6/13/2019 2/1/2036 2,805,000 2,005,000
General Obligation, 2021B - Refunding 5.00% 12/16/2021 2/1/2030 2,515,000 2,430,000
General Obligation - Capital Improvement
Plan, 2022B 2.00% 8/25/2022 2/1/2025 17,000,000 17,000,000
Total General Obligation Bonds 40,620,000 28,585,000
Permanent Improvement Revolving (PIR) Bonds:
Permanent Improvement Revolving, 2011A 2.00-3.00% 10/27/2011 2/1/2023 3,320,000 -
Permanent Improvement Revolving, 2015A 2.00-4.00% 7/9/2015 2/1/2032 6,545,000 4,290,000
Permanent Improvement Revolving, 2015A -
Parking 2.00-4.00% 7/9/2015 2/1/2036 2,495,000 1,790,000
Permanent Improvement Revolving, 2016A 2.00-3.00% 7/6/2016 2/1/2033 3,940,000 2,795,000
Permanent Improvement Revolving, 2017A 3.00-4.00% 6/29/2017 2/1/2034 1,995,000 1,565,000
Permanent Improvement Revolving, 2018A 3.00-4.00% 6/27/2018 2/1/2035 2,210,000 1,850,000
Permanent Improvement Revolving, 2019A 3.00-4.00% 6/13/2019 2/1/2036 2,195,000 1,980,000
Permanent Improvement Revolving, 2020A 2.00-4.00% 6/25/2020 2/1/2037 390,000 370,000
Permanent Improvement Revolving, 2020B 1.09% 12/30/2020 2/1/2029 1,601,000 1,113,000
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 1,155,000
Permanent Improvement Revolving, 2022A 5.00% 7/14/2022 2/1/2039 2,145,000 2,145,000
Permanent Improvement Revolving, 2023A 4.00-5.00% 7/13/2023 2/1/2040 1,180,000 1,180,000
Total PIR Bonds 36,766,000 25,713,000
Tax Increment Financing Bonds
Tax Increment Financing, 2021A 2.00-4.00% 6/24/2021 2/1/2043 7,545,000 7,295,000
Minnesota State Aid Street Bonds
MSA, 2022A 5.00% 7/14/2022 2/1/2039 10,465,000 10,465,000
Public Project Revenue Bonds:
Public Project Revenue, 2014A 2.00-3.625% 7/15/2014 2/1/2035 16,155,000 10,790,000
Public Project Revenue, 2015A - Refunding 2.50-3.00% 7/9/2015 5/1/2026 3,490,000 1,070,000
Total Public Project Revenue Bonds 19,645,000 11,860,000
Total Bonded Indebtedness -
Governmental Activities 115,041,000$ 83,918,000$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(57)
NOTE 5 LONG-TERM DEBT (CONTINUED)
Business-Type Activities
Final
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/2023
Revenue Bonds:
Recreational Facility Bonds, Series 2015B 2.00-325% 7/9/2015 2/1/2031 2,140,000$ 1,255,000$
Recreational Facility Bonds, Series 2017B 3.00-4.00% 6/29/2017 2/1/2033 7,425,000 5,165,000
Recreational Facility Bonds, Series 2017D -
Refunding 2.00% 12/20/2017 2/1/2030 1,640,000 939,000
Recreational Facility Bonds, Series 2021C -
Refunding 2.00-3.00% 12/16/2021 2/1/2033 2,210,000 2,010,000
Utility Revenue Bonds, Series 2014A 2.00-3.00% 7/15/2014 2/1/2024 5,680,000 630,000
Utility Revenue Bonds, Series 2015A 2.00-4.00% 7/9/2015 2/1/2025 5,235,000 1,155,000
Utility Revenue Bonds, Series 2016A 2.00-3.00% 7/6/2016 2/1/2027 8,775,000 3,800,000
Utility Revenue Bonds, Series 2017A 3.00-4.00% 6/29/2017 2/1/2028 6,595,000 3,615,000
Utility Revenue Bonds, Series 2018A 3.00-4.00% 6/27/2018 2/1/2029 3,305,000 2,115,000
Utility Revenue Bonds, Series 2019A 3.00-4.00% 6/13/2019 2/1/2036 5,815,000 4,360,000
Utility Revenue Bonds, Series 2020A 2.00-4.00% 6/25/2020 2/1/2031 4,830,000 4,005,000
Utility Revenue Bonds, Series 2020B - Refunding 1.09% 12/30/2020 2/1/2023 1,414,000 -
Utility Revenue Bonds, Series 2022A 5.00% 7/14/2022 2/1/2039 13,695,000 13,695,000
Utility Revenue Bonds, Series 2023A 4.00-5.00% 7/13/2023 2/1/2040 9,090,000 9,090,000
Total Bonded Indebtedness - Business-
Type Activities 83,559,000$ 51,834,000$
Annual debt service requirements to maturity for the City’s governmental activities debt are
as follows:
Year Ending
December 31,Principal Interest Principal Interest Principal Interest
2024 1,560,000$ 736,475$ 1,794,000$ 858,888$ 1,100,000$ 367,644$
2025 18,850,000 498,200 1,940,000 791,436 1,135,000 335,006
2026 1,930,000 252,575 2,058,000 723,701 1,170,000 302,244
2027 2,000,000 181,833 2,145,000 651,674 825,000 273,244
2028 2,065,000 116,350 2,211,000 577,109 850,000 247,588
2029-2033 2,180,000 63,119 10,055,000 1,756,579 4,680,000 793,567
2034-2038 - - 5,110,000 446,316 2,100,000 76,850
2039-2043 - - 400,000 13,175 - -
Total 28,585,000$ 1,848,552$ 25,713,000$ 5,818,878$ 11,860,000$ 2,396,143$
General Public Improvement Public Project
Revolving Bonds Revenue BondsObligation Bonds
Year Ending
December 31,Principal Interest Principal Interest Principal Interest
2024 260,000$ 207,050$ 485,000$ 511,125$ 2,938$ 170$
2025 270,000 196,450 510,000 486,250 3,006 102
2026 280,000 185,450 535,000 460,125 2,564 26
2027 290,000 174,050 560,000 432,750 - -
2028 300,000 162,250 590,000 404,000 - -
2029-2033 1,700,000 623,600 3,420,000 1,535,000 - -
2034-2038 1,980,000 340,125 4,365,000 566,875 - -
2039-2043 2,215,000 112,450 - - - -
Total 7,295,000$ 2,001,425$ 10,465,000$ 4,396,125$ 8,508$ 298$
MSA Bonds
Tax Increment
Financing Bonds Leases Payable
Year Ending
December 31,Principal Interest Principal Interest
2024 -$ 15,000$ 205,334$ 10,222$
2025 - 15,000 131,113 2,993
2026 - 15,000 15,958 794
2027 - 15,000 12,367 199
2028 - 15,000 - -
2029-2033 750,000 15,000 - -
750,000$ 90,000$ 364,772$ 14,208$
Direct Borrowing - Loans Payable Subscriptions Payable
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(58)
NOTE 5 LONG-TERM DEBT (CONTINUED)
Annual debt service requirements to maturity for the City’s business-type activities debt are
as follows:
December 31,
2024
2025
2026
2027
2028
2029-2033
2034-2038
Total
Principal Interest Principal Interest
5,707,000$ 2,041,171$ 18,233$ 91$
6,004,000 1,796,881 - -
5,637,000 1,571,025 - -
5,840,000 1,346,369 - -
4,968,000 1,131,499 - -
17,218,000 3,202,009 - -
6,460,000 716,150 - -
51,834,000$ 11,805,104$ 18,233$ 91$
Business-Type Activities
Revenue Bonds Leases Payable
Change in Long-Term Liabilities
Long-term liability activity for the year ended December 31, 2023 was as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental Activities:
Bonds Payable:
General Obligation 30,065,000$ -$ (1,480,000)$ 28,585,000$ 1,560,000$
Permanent Improvement Revolving 26,350,000 1,180,000 (1,817,000) 25,713,000 1,794,000
Public Project Revenue 12,930,000 - (1,070,000) 11,860,000 1,100,000
Tax Increment Financing 7,545,000 - (250,000) 7,295,000 260,000
Minnesota State Aid Streets 10,465,000 - - 10,465,000 485,000
Less Deferred Amounts:
Premiums on Bonds 4,992,245 95,608 (732,059) 4,355,794 -
Total Bonds Payable 92,347,245 1,275,608 (5,349,059) 88,273,794 5,199,000
Loans Payable 750,000 - - 750,000 -
Leases Payable 11,376 - (2,868) 8,508 2,938
Subscriptions Payable 564,295 - (199,523) 364,772 205,334
Compensated Absences 4,932,425 3,988,750 (3,771,598) 5,149,577 2,059,831
Total Governmental Activities
Long-Term Liabilities 98,605,341$ 5,264,358$ (9,323,048)$ 94,546,651$ 7,467,103$
Business-Type Activities:
Bonds Payable:
General Obligation Revenue Bonds 47,975,000$ 9,090,000$ (5,231,000)$ 51,834,000$ 6,004,000$
Less Deferred Amounts:
Premiums on Bonds 3,890,924 1,020,680 (721,808) 4,189,796 -
Total Bonds Payable 51,865,924 10,110,680 (5,952,808) 56,023,796 6,004,000
Leases Payable 34,356 43,629 (59,819) 18,166 18,166
Compensated Absences 827,254 573,740 (580,798) 820,196 332,224
Total Business-Type Activities
Long-Term Liabilities 52,727,534$ 10,728,049$ (6,593,425)$ 56,862,158$ 6,354,390$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(59)
NOTE 5 LONG-TERM DEBT (CONTINUED)
Change in Long-Term Liabilities (Continued)
For governmental activities, compensated absences are generally liquidated by the general
fund.
On July 13, 2023, the City issued $1,180,000 of Permanent Improvement Revolving Bonds,
and $9,090,000 of General Obligation Utility Revenue Bonds, Series 2023A. The proceeds
of these bonds are being used to finance road reconstruction projects, the related storm
sewer portions, and to finance watermain system improvements. The bonds include coupon
rates of 5.00%, with final maturity dates ranging from February 1, 2034 to February 1, 2040.
The City leases various laundry and golf equipment for various terms under long-term,
noncancelable lease agreements. The leases expire at various dates through 2026.
The City has entered into subscription based-information technology arrangements
(SBITAs) for various IT related applications. The SBITA arrangements expire at various
dates through 2027.
Revenue Pledged
Future revenue pledged for the payment of long-term debt is as follows:
Percent of Remaining Principal Pledged
Total Debt Terms of Principal and Interest RevenueBond Issue Use of Proceeds Type Service Pledge and Interest Paid Received
2015B Recreational Facility Bonds Golf Course Improvements Golf 100 % 2016-2031 1,416,147$ 175,319$ 6,306,176$
2017B Recreational Facility Bonds Golf Course Improvements Golf 100 2018-2033 5,640,550 563,200 6,306,176
2017B Recreational Facility Bonds Pool Improvements Pool 100 2018-2027 400,600 101,500 1,120,348
2017D Recreational Facility Bonds Arena Improvements Arena 100 2018-2030 1,006,060 154,790 2,744,703
2021C Recreational Facility Bonds Arena Improvements Arena 100 2023-2033 1,726,550 172,850 2,744,703
2021C Recreational Facility Bonds Golf Dome Improvements Golf 100 2023-2033 524,400 85,450 6,306,176
2014A Utility Revenue Bonds Utility Infrastructure Utility 100 2014-2024 639,450 632,975 30,426,494
2015A Utility Revenue Bonds Utility Infrastructure Utility 100 2016-2025 1,192,850 601,300 30,426,494
2016A Utility Revenue Bonds Utility Infrastructure Utility 100 2017-2027 3,981,957 1,000,888 30,426,494
2017A Utility Revenue Bonds Utility Infrastructure Utility 100 2018-2028 3,926,550 787,200 30,426,494
2018A Utility Revenue Bonds Utility Infrastructure Utility 100 2019-2029 2,338,050 393,525 30,426,494
2019A Utility Revenue Bonds Utility Infrastructure Utility 100 2020-2036 5,165,000 735,625 30,426,494
2020A Utility Revenue Bonds Utility Infrastructure Utility 100 2021-2031 4,462,750 555,900 30,426,494
2020B Utility Revenue Bonds Utility Infrastructure Utility 100 2021-2023 - 358,945 30,426,494
2022A Utility Revenue Bonds Utility Infrastructure Utility 100 2023-2038 19,314,375 717,086 30,426,494
2023A Utility Revenue Bonds Utility Infrastructure Utility 100 2024-2040 11,903,816 - 30,426,494
Revenue Pledged Current Year
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(60)
NOTE 6 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 2023 is computed as follows:
December 31,
2023
Market Value (After Fiscal Disparities)15,461,411,000$
Debt Limit (3% of Market Value)463,842,330$
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt 135,752,000$
Less:
Public Improvement Revolving Bonds (25,713,000)
Tax Increment Financing Bonds (7,295,000)
Revenue Bonds (51,834,000)
Total Debt Applicable to Debt Limit 50,910,000$
Legal Debt Margin 412,932,330$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(61)
NOTE 7 DEFINED BENEFIT PENSION PLANS – STATEWIDE
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.
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
percent for each of the first 10 years of service and 1.7 percent for each additional
year. Under Method 2, the accrual rate for Coordinated members is 1.7 percent 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, 2023
(62)
NOTE 7 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 percent of the cost-of-living adjustment
(COLA) announced by the SSA, with a minimum increase of at least 1 percent and a
maximum of 1.5 percent. 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. In 2023, legislation repealed the
statute delaying increases for members retiring before full retirement age.
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 percent after five years up to 100
percent 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 percent
after ten years up to 100 percent after twenty years of credited service. The annuity
accrual rate is 3 percent 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 percent. 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, 2023
(63)
NOTE 7 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 percent of their annual
covered salary in fiscal year 2023 and the City was required to contribute 7.50
percent for Coordinated Plan members. The City’s contributions to the General
Employees Fund for the year ended December 31, 2023, were $1,851,192. 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 percent of their
annual covered salary in fiscal year 2023 and the City was required to contribute
17.70 percent for Police and Fire Plan members. The City’s contributions to the
Police and Fire Fund for the year ended December 31, 2023, were $2,116,552. 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, 2023, the City reported a liability of $17,149,631 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 $472,717.
The net pension liability was measured as of June 30, 2023, and the total pension
liability used to calculate the net pension liability was determined by an actuarial
valuation as of that date. The City’s proportionate share of the net pension liability
was based on the City’s contributions received by PERA during the measurement
period for employer payroll paid dates from July 1, 2022 through June 30, 2023,
relative to the total employer contributions received from all of PERA’s participating
employers. The City’s proportionate share was 0.3093% at the end of the
measurement period and 0.2927% for the beginning of the period.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(64)
NOTE 7 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED)
D. Pension Costs (Continued)
1. General Employees Fund Pension Costs (Continued)
City's Proportionate Share of the Net Pension
Liability 17,149,631$
State of Minnesota's Proportionate Share of the
Net Pension Liability Associated with the City 472,717
Total 17,622,348$
For the year ended December 31, 2023, the City recognized pension expense of
$3,177,453 for its proportionate share of the General Employees Plan’s pension
expense.
At December 31, 2023, the City reported its proportionate share of the General
Employees Plan’s deferred outflows of resources and deferred inflows of resources,
related to pensions from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Differences Between Expected and Actual Economic
Experience 563,200$ 118,141$
Changes in Actuarial Assumptions 2,776,290 4,700,572
Differences Between Projected and Actual Investment
Earnings - 641,337
Changes in Proportion 1,011,475 -
Contributions Paid to the PERA Subsequent to the
Measurement Date 910,425 -
Total 5,261,390$ 5,460,050$
The $910,425 reported as deferred outflows of resources related to pensions
resulting from city contributions subsequent to the measurement date that will be
recognized as a reduction of the net pension liability in the year ended December 31,
2024. Other amounts reported as deferred outflows and inflows of resources related
to pensions will be recognized in pension expense as follows:
Pension
Expense
Year Ending December 31,Amount
2024 913,636$
2025 (2,299,672)
2026 648,983
2027 (372,032)
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(65)
NOTE 7 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED)
D. Pension Costs (Continued)
2. Police and Fire Fund Pension Costs
At December 31, 2023, the City reported a liability of $15,199,910 for its
proportionate share of the Police and Fire Fund’s net pension liability. The net
pension liability was measured as of June 30, 2023, 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, 2022 through June 30, 2023, relative to the
total employer contributions received from all of PERA’s participating employers. The
City’s proportionate share was 0.8802% at the end of the measurement period and
0.8758% 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, 2023. The contribution consisted of $9 million in
direct state aid that meets 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, 2022. 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. The State of Minnesota’s proportionate share of the
net pension liability associated with the City totaled $612,293.
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, 2023, the City
recognized pension expense of $4,656,166 for its proportionate share of the Police
and Fire Plan’s pension expense. The City recognized $79,218 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, 2023
(66)
NOTE 7 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 $36,878 for the year ended
December 31, 2023 as revenue and an offsetting reduction of net pension liability for
its proportionate share of the state of Minnesota’s on-behalf contributions to the
Police and Fire Fund.
City's Proportionate Share of the Net Pension
Liability 15,199,910$
State of Minnesota's Proportionate Share of the
Net Pension Liability Associated with the City 612,293
Total 15,812,203$
At December 31, 2023, 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 4,191,125$ -$
Changes in Actuarial Assumptions 17,638,264 21,371,253
Differences Between Projected and Actual Investment
Earnings - 729,670
Changes in Proportion 381,528 13,302
Contributions Paid to the PERA Subsequent to the
Measurement Date 1,076,212 -
Total 23,287,129$ 22,114,225$
The $1,076,212 reported as deferred outflows of resources related to pensions
resulting from city contributions subsequent to the measurement date will be
recognized as a reduction of the net pension liability in the year ended December 31,
2024. Other amounts reported as deferred outflows and inflows of resources related
to pensions will be recognized in pension expense as follows:
Pension Expense
Year Ending December 31,Amount
2024 878,880$
2025 250,993
2026 3,715,382
2027 (988,312)
2028 (3,760,251)
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(67)
NOTE 7 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
Total 100.0 % -
F. Actuarial Assumptions
The total pension liability in the June 30, 2023, 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 7.00 percent.
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 7.00 percent was deemed to be within that range of reasonableness for
financial reporting purposes.
Inflation is assumed to be 2.25 percent for the General Employees Plan, Police and Fire
Plan, and the Correctional Plan. Benefit increases after retirement are assumed to be
1.25 percent for the General Employees Plan and 1.00 percent for the Police and Fire
Plan.
Salary growth assumptions in the General Employees Plan range in annual increments
from 10.25 percent after one year of service to 3.00 percent after 27 years of service. In
the Police and Fire Plan, salary growth assumptions range from 11.75 percent after one
year of service to 3.00 percent 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 is 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, 2023
(68)
NOTE 7 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 2022. The assumption changes were adopted by the Board and became
effective with the July 1, 2023 actuarial valuation. The most recent four-year experience
studies for the Police and Fire Plan was 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 2023:
General Employees Fund
Changes in Actuarial Assumptions:
x The investment return assumption and single discount rate were changed from
6.50 percent to 7.00 percent.
Changes in Plan Provisions:
x An additional one-time direct state aid contribution of $170.1 million will be
contributed to the Plan on October 1, 2023.
x The vesting period of those hired after June 30, 2010, was changed from five
years of allowable service to three years of allowable service.
x The benefit increase delay for early retirements on or after January 1, 2024, was
eliminated.
x A one-time, non-compounding benefit increase of 2.50 percent minus the actual
2024 adjustment will be payable in a lump sum for calendar year 2024 by march
31, 2024.
Police and Fire Fund
Changes in Actuarial Assumptions:
x The investment return assumption was changed from 6.50 percent to 7.00
percent.
x The single discount rate changed from 5.40 percent to 7.00 percent.
Changes in Plan Provisions:
x Additional one-time direct state aid contribution of 19.4 million will be contributed
to the Plan on October 1, 2023.
x Vesting requirement for new hires after June 30, 2014, was changed from a
graded 20-year vesting schedule to a graded 10-year vesting schedule, with 50
percent vesting after five years, increasing incrementally to 100 percent after 10
years.
x A one-time, non-compounding benefit increase of 3.0 percent will be payable in a
lump sum for calendar year 2024 by March 31, 2024.
x Psychological treatment is required effective July 1, 2023, prior to approval for a
duty disability benefit for a psychological condition relating to the member’s
occupation.
x The total and permanent duty disability benefit was increased, effective July 1,
2023.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(69)
NOTE 7 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED)
G. Discount Rate
The discount rate used to measure the total pension liability in 2023 was 7.00 percent.
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 position of the General
Employees and Police and Fire Plans 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
(6.0%) (7.0%) (8.0%)
The City’s Proportionate Share of
the GERF Net Pension Liability 30,340,480$ 17,149,631$ 6,301,104$
1% Decrease in 1% Increase in
Discount Rate Discount Rate Discount Rate
(6.0%) (7.0%) (8.0%)
The City’s Proportionate Share of
the PEPFF Net Pension Liability 30,158,433$ 15,199,910$ 2,902,002$
1% Decrease in 1% Increase in
Discount Rate Discount Rate Discount Rate
(6.0%) (7.0%) (8.0%)
The City’s Proportionate Share of
the Total Net Pension Liability 60,498,913$ 32,349,541$ 9,203,106$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(70)
NOTE 7 DEFINED BENEFIT PENSION PLANS – STATEWIDE (CONTINUED)
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.
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 2023 were:
Required
Employee Employer Employee Employer Rate
3,347$ 3,347$ 5 % 5 % 5 %
Contribution Amount Percentage of Covered Payroll
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(71)
NOTE 8 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 67 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 will expire December 31, 2023. The required contribution rate is $1.25 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, 2023 were $139,316. 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, 2023
(72)
NOTE 9 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 $164,310. 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 23
Active Plan Members 333
Total Members 356
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(73)
NOTE 9 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 December 31, 2021.
F. Actuarial Assumptions
The total OPEB liability was determined by an actuarial valuation as of December 31,
2021, using the following actuarial assumptions, applied to all periods included in the
measurement, unless otherwise specified.
Discount Rate 4.05%
20-Year Municipal Bond Yield 4.05%
Salary Increases 2.50%
Medical Trend Rate 6.20% grading to 5.20% by 2028, then
transitioning to 3.90% from 2027-2074
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 4.05%, 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
2.06%.
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, 2023
(74)
NOTE 9 OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED)
G. Changes in the Total OPEB Liability
Total OPEB
Liability
Beginning Balance 3,449,286$
Changes for the Year:
Service Cost 407,276
Interest 77,753
Difference Between Expected
and Actual Experience (7,355)
Changes of Assumptions (483,539)
Benefit Payments (164,310)
Total Net Changes (170,175)
Ending Balance 3,279,111$
Assumption changes since the prior measurement date include the following:
x The discount rate was changed from 2.06% to 4.05%.
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 3.05 % 4.05 %5.05 %
Total OPEB Liability 3,518,203$ 3,279,111$ 3,051,419$
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 5.20%
Decreasing to
4.20% Over 3
Years
6.20%
Decreasing to
5.20% Over 3
Years
7.20%
Decreasing to
6.20% Over 3
Years
Total OPEB Liability 2,880,373$ 3,279,111$ 3,754,640$
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(75)
NOTE 9 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 $157,755. As of year-
end, the City reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Difference Between Expected 1,209,658$ 1,146,367$
and Actual Experience
Changes of Assumptions 232,391 1,152,840
City Contributions Subsequent to the Measurement
Date 164,206 -
Total 1,606,255$ 2,299,207$
A total of $164,206 reported as deferred outflows of resources related to OPEB resulting
from city contributions subsequent to the measurement date will be recognized as a
reduction of the total OPEB liability in the year ending December 31, 2024. Other
amounts reported as deferred outflows and inflows of resources related to the plan will
be recognized in pension expense as follows:
OPEB
Expense
Year Ended December 31,Amount
2024 (146,972)$
2025 (146,972)
2026 (146,972)
2027 (151,443)
2028 (146,979)
Thereafter (117,820)
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(76)
NOTE 10 INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS
Housing and InternalRedevelopment Debt Aquatic Nonmajor ServiceGeneralAuthorityServiceConstructionLiquorCenterGolf Course Arena Enterprise Funds TotalTransfer Out: General Fund -$ -$ -$ 963,280$ -$ -$ -$ -$ -$ -$ 963,280$ Housing and Redevelopment Authority - - 712,342 - - - - - - - 712,342 Construction Fund - - 2,753,822 - - - - - - - 2,753,822 Utilities Fund 246,104 - - 100,000 4,873 35,655 62,466 50,694 100,134 17,183 617,109 Liquor Fund - - - - - - - 350,000 650,000 1,000,000
Total 246,104$ -$ 3,466,164$ 1,063,280$ 4,873$ 35,655$ 62,466$ 400,694$ 750,134$ 17,183$ 6,046,553$
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, $350,000, and $350,000 to the Art Center fund,
Braemar Arena fund, and Centennial Lakes fund, respectively.
2. The Utilities fund and General fund transferred $100,000 and $963,260 to the
construction fund to fund the capital improvement program, as planned in the 2023
budget.
3. The Housing and Redevelopment Authority fund and Construction fund transferred
$712,342 and $2,753,822 of PIR assessment revenue to the debt service fund for
related debt payments, respectively.
4. The Utilities fund transferred a total of $517,109 to the general fund, other enterprise
funds, and internal service funds to offset the cost of internal utilities.
NOTE 11 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.
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.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(77)
NOTE 11 TAX INCREMENT DISTRICTS (CONTINUED)
District number 1219 (Amundson Ave) is an affordable housing district established in 2019
pursuant to Minnesota Statutes with a termination date of 2042.
District number 1220 (West 70th) is an affordable senior housing district established in 2021
pursuant to Minnesota Statutes with a termination date of 2042.
District number 1221 (70th and France) is an urban renewal district established in 2022
pursuant to Minnesota Statutes with a termination date of 2042.
District number 1223 (72nd and France) is a housing district established in 2023 pursuant to
Minnesota Statutes with a termination date of 2043.
The following table reflects values as of December 31, 2023:
TIF #1211 TIF #1212 TIF #1214 TIF #1215 TIF #1216 TIF #1217 TIF #1219 TIF #1220 TIF #1221 TIF #1223 Total
Original Tax Capacity 691,608$ 39,890$ 15,315$ 57,986$ 29,735$ 16,364$ 6,637$ 69,270$ 323,484$ 217,506$ 1,467,795$
Current Tax Capacity 2,118,336 866,598 31,456 992,500 300,325 72,599 62,206 79,375 323,484 199,250 5,046,129
Fiscal Disparities 487,166 24,788 - 102,566 22,590 - - - 111,994 68,983 818,087
Tax Capacity
Change 939,562 801,920 16,141 831,948 248,000 56,235 55,569 10,105 (111,994) (87,239) 2,760,247
Retained Captured
Tax Capacity 939,562$ 801,920$ 16,141$ 831,948$ 248,000$ 56,235$ 55,569$ 10,105$ (111,994)$ (87,239)$ 2,760,247$
NOTE 12 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 2023.
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023
(78)
NOTE 12 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, 2023.
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 13 CONDUIT DEBT OBLIGATION
As of December 31, 2023, the City of Edina had four series of Housing and Health Care
Revenue Bonds, with an aggregate principal amount payable of $25,760,000. 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 14 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, 2023
(79)
NOTE 15 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,
2023, the City paid a total of $76,136 in membership fees to the PSTF, equal to 18.92% of
membership fees collected for the year.
NOTE 16 FUND BALANCES
A. Classifications
At December 31, 2023, a summary of the City’s governmental fund balance
classifications are as follows:
General HRA Debt Service Construction Nonmajor
Fund Fund Fund Fund Funds Total
Nonspendable: 96,823$ -$ -$ -$ 2,196$ 99,019$
Restricted:
Park Dedication 58,086 - - - - 58,086
Tax Increments - 23,451,470 - - - 23,451,470
Affordable Housing - 4,555,430 - - - 4,555,430
Debt Service - - 6,724,091 - - 6,724,091
Capital Projects - - - 3,419,009 - 3,419,009
Pedestrian and Cyclist Improvements - - - - 430,102 430,102
Forfeitures - - - - 1,009,464 1,009,464
Donations - - - - 110,203 110,203
Conservation and Sustainability
Initiatives - - - - 1,791,578 1,791,578
Public Safety - - - - 2,347,165 2,347,165
Opioid Epidemic Response - - - - 108,313 108,313
Total Restricted 58,086 28,006,900 6,724,091 3,419,009 5,796,825 44,004,911
Assigned
Compensated Absences 2,013,859 - - - - 2,013,859
Budget Stabilization 3,589,331 - - - - 3,589,331 Art and Culture 81,063 - - - - 81,063
Special Projects - - - 4,744,809 - 4,744,809
Equipment - - - 4,635,812 - 4,635,812
PIR - - - 13,499,665 - 13,499,665
Construction - - - 10,673,396 - 10,673,396
Total Assigned 5,684,253 - - 33,553,682 - 39,237,935
Unassigned 21,240,417 - - - - 21,240,417
Total Fund Balance 27,079,579$ 28,006,900$ 6,724,091$ 36,972,691$ 5,799,021$ 104,582,282$
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, 2023, the City has $21,240,417 of unassigned
fund balance in the general fund, or 48.56% of 2024 budgeted property tax revenue.
This amount is $680,659 above the top of the goal identified in the policy.
(80)
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF EDINA, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE – GENERAL FUND
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Required Supplementary Information.
(81)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Taxes:
General Property Taxes 39,820,200$ 39,820,200$ 39,267,933$ (552,267)$
Franchise Taxes 810,000 810,000 784,662 (25,338)
Lodging Tax 20,000 20,000 28,675 8,675
Total Taxes 40,650,200 40,650,200 40,081,270 (568,930)
Licenses and Permits 5,466,160 5,466,160 5,630,081 163,921
Intergovernmental:
Federal 146,100 146,100 1,489,191 1,343,091
State:
Municipal State Aid 195,000 195,000 195,000 -
Other 175,000 175,000 746,539 571,539
State Aid - Police 520,000 520,000 556,268 36,268
State Aid - Fire 450,000 450,000 505,144 55,144
Health Programs 119,000 119,000 157,530 38,530
Total Intergovernmental 1,605,100 1,605,100 3,649,672 2,044,572
Charges for Services:
Administration 151,700 151,700 98,935 (52,765)
Communications and Technology 71,220 71,220 81,240 10,020
Finance 1,432,472 1,432,472 1,431,972 (500)
Public Works - - 270 270
Engineering 230,400 230,400 70,600 (159,800)
Police 750,900 750,900 1,133,639 382,739
Fire 2,529,120 2,529,120 2,916,830 387,710
Parks and Recreation 709,303 709,303 756,434 47,131
Community Development 70,676 70,676 45,240 (25,436)
Total Charges for Services 5,945,791 5,945,791 6,535,160 589,369
Fines and Forfeits 650,000 650,000 488,872 (161,128)
Miscellaneous:
Investment Income 250,000 250,000 1,373,705 1,123,705
Rental of Property 339,000 339,000 34,017 (304,983)
Other 36,500 36,500 256,529 220,029
Total Miscellaneous 625,500 625,500 1,664,251 1,038,751
Total Revenues 54,942,751 54,942,751 58,049,306 3,106,555
Budgeted Amounts
CITY OF EDINA, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED)
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Required Supplementary Information.
(82)
Actual Variance with
Original Final Amounts Final Budget
EXPENDITURES
Current:
General Government:
Administration:
Personal Services 1,510,449$ 1,510,449$ 1,317,039$ 193,410$
Contractual Services 1,111,040 1,111,040 812,636 298,404
Commodities 91,500 91,500 28,966 62,534
Internal Services 161,927 161,927 161,927 -
Total Administration 2,874,916 2,874,916 2,320,568 554,348
Communications:
Personal Services 1,030,349 1,030,349 1,018,217 12,132
Contractual Services 395,270 395,270 444,404 (49,134)
Commodities 61,000 61,000 21,178 39,822
Internal Services 118,586 118,586 118,586 -
Total Communications 1,605,205 1,605,205 1,602,385 2,820
Human Resources:
Personal Services 1,229,444 1,229,444 1,369,574 (140,130)
Contractual Services 213,220 213,220 192,659 20,561
Commodities 28,100 28,100 30,002 (1,902)
Internal Services 62,274 62,274 62,274 -
Total Human Resources 1,533,038 1,533,038 1,654,509 (121,471)
Finance:
Personal Services 948,268 948,268 946,158 2,110
Contractual Services 313,218 313,218 1,222,979 (909,761)
Commodities 15,000 15,000 39,446 (24,446)
Internal Services 74,520 74,520 74,520 -
Total Finance 1,351,006 1,351,006 2,283,103 (932,097)
Community Development:
Personal Services 1,710,136 1,710,136 1,852,786 (142,650)
Contractual Services 317,010 517,010 954,434 (437,424)
Commodities 7,000 7,000 1,908 5,092
Internal Services 154,675 154,675 154,675 -
Total Community Development 2,188,821 2,388,821 2,963,803 (574,982)
Total General Government 9,552,986 9,752,986 10,824,368 (1,071,382)
Public Safety:
Police:
Personal Services 12,276,781 12,276,781 12,487,901 (211,120)
Contractual Services 1,140,448 1,140,448 1,174,668 (34,220)
Commodities 129,902 129,902 195,743 (65,841)
Internal Services 1,600,848 1,600,848 1,600,848 -
Total Police 15,147,979 15,147,979 15,459,160 (311,181)
Fire:
Personal Services 10,154,477 10,154,477 9,484,451 670,026
Contractual Services 974,080 974,080 1,051,981 (77,901)
Commodities 370,090 370,090 223,436 146,654
Internal Services 760,387 760,387 760,387 -
Total Fire 12,259,034 12,259,034 11,520,255 738,779
Budgeted Amounts
CITY OF EDINA, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED)
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Required Supplementary Information.
(83)
Actual Variance with
Original Final Amounts Final Budget
Budgeted Amounts
EXPENDITURES (CONTINUED)
Current (Continued):
Public Safety (Continued):
Public Health:
Personal Services 694,580$ 694,580$ 697,869$ (3,289)
Contractual Services 453,996 453,996 516,964 (62,968)
Commodities 9,000 9,000 3,460 5,540
Internal Services 67,136 67,136 67,136 -
Total Public Health 1,224,712 1,224,712 1,285,429 (60,717)
Total Public Safety 28,631,725 28,631,725 28,264,844 366,881
Public Works:
Public Works:
Personal Services 2,961,413 2,961,413 3,233,405 (271,992)
Contractual Services 768,720 768,720 552,041 216,679
Commodities 1,181,500 1,181,500 1,022,180 159,320
Internal Services 1,238,084 1,238,084 1,238,084 -
Total Public Works 6,149,717 6,149,717 6,045,710 104,007
Engineering:
Personal Services 2,294,718 2,294,721 2,233,907 60,814
Contractual Services 1,160,660 1,160,660 1,155,892 4,768
Commodities 115,500 115,500 64,522 50,978
Internal Services 279,978 279,978 279,978 -
Total Engineering 3,850,856 3,850,859 3,734,299 116,560
Total Public Works 10,000,573 10,000,576 9,780,009 220,567
Parks:
Parks and Recreation:
Personal Services 4,180,599 4,180,596 4,024,073 156,523
Contractual Services 1,693,248 1,693,248 1,647,988 45,260
Commodities 433,151 433,151 412,335 20,816
Internal Services 607,969 607,969 607,969 -
Total Parks and Recreation 6,914,967 6,914,964 6,692,365 222,599
Total Parks 6,914,967 6,914,964 6,692,365 222,599
Capital Outlay:
General Government - - 300,248 (300,248)
Debt Service:
Principal - - 25,939 (25,939)
Interest and Fiscal Charges - - 240 (240)
Total Debt Service - - 26,179 (26,179)
Total Expenditures 55,100,251 55,300,251 55,888,013 (587,762)
CITY OF EDINA, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (CONTINUED)
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Required Supplementary Information.
(84)
Actual Variance with
Original Final Amounts Final Budget
Budgeted Amounts
REVENUES OVER (UNDER)
EXPENDITURES (157,500)$ (357,500)$ 2,161,293$ 3,694,317$
OTHER FINANCING SOURCES (USES)
Transfers In 157,500 157,500 246,104 88,604
Transfers Out - - (963,280) (963,280)
Total Financing Sources (Uses) 157,500 157,500 (717,176) (874,676)
NET INCREASE (DECREASE) IN FUND
BALANCE -$ (200,000)$ 1,444,117 2,819,641$
Fund Balance - January 1 25,635,462
FUND BALANCE - DECEMBER 31 27,079,579$
CITY OF EDINA, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
HOUSING AND REDEVELOPMENT AUTHORITY (HRA) FUND
YEAR ENDED DECEMBER 31, 2023
See accompanying Notes to Required Supplementary Information.
(85)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
General Property Taxes 244,400$ 244,400$ 241,116$ (3,284)$
Tax increment Collections 1,723,245 1,723,245 2,078,687 355,442
Investment Income 186,000 186,000 1,260,211 1,074,211
Charges for Services - - 1,452 1,452
Other Revenues - - 223,045 223,045
Total Revenues 2,153,645 2,153,645 3,804,511 1,650,866
EXPENDITURES
Current:
Personal Services 207,455 207,455 168,409 39,046
Contractual Services 2,197,470 2,197,470 3,319,216 (1,121,746)
Commodities 3,000 3,000 1,220 1,780
Capital Outlay - - 4,947,100 (4,947,100)
Debt Service:
Bond Principal 250,000 250,000 - 250,000
Interest and Fiscal Charges 222,250 222,250 - 222,250
Total Expenditures 2,880,175 2,880,175 8,435,945 (5,555,770)
REVENUES OVER (UNDER)
EXPENDITURES (726,530) (726,530) (4,631,434) (3,904,904)
OTHER FINANCING SOURCES (USES)
Transfers Out - - (712,342) (712,342)
NET (DECREASE) IN FUND
BALANCE (726,530)$ (726,530)$ (5,343,776) 6,494,294$
Fund Balance - January 1 33,350,676
FUND BALANCE - DECEMBER 31 28,006,900$
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, 2023
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.
(86)
December 31, December 31, December 31, December 31, December 31,December 31,
2022 2021 2020 2019 2018 2017
Total OPEB Liability:
Service Cost 407,276$ 280,452$ 239,792$ 192,093$ 296,634$ 270,435$
Interest 77,753 58,062 65,302 154,222 128,559 127,096
Difference Between Expected
and Actual Experience (7,355) 1,503,227 9,714 (1,909,627) - -
Changes of Assumptions (483,539) (790,776) 105,246 212,364 (178,824) 87,259
Benefit Payments (164,310) (119,930) (90,566) (77,801) (138,732) (133,679)
Net Changes in Total OPEB Liability (170,175) 931,035 329,488 (1,428,749) 107,637 351,111
Total OPEB Liability - Beginning of Year 3,449,286 2,518,251 2,188,763 3,617,512 3,509,875 3,158,764
Total OPEB Liability - End of Year 3,279,111$ 3,449,286$ 2,518,251$ 2,188,763$ 3,617,512$ 3,509,875$
Covered-Employee Payroll 36,100,000$ 30,100,000$ 26,700,000$ 25,800,000$ 24,800,000$ 23,900,000$
Total OPEB Liability as a Percentage
of Covered-Employee Payroll 9.08% 11.46% 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, 2023
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.
(87)
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%
12/31/2022 6/30/2022 0.2927% 22,973,466 673,551 23,647,017 21,857,115 108.19% 76.70%
12/31/2023 6/30/2023 0.3093% 17,149,631 472,717 17,622,348 23,883,249 73.79% 83.10%
Contributions
in Relation to
City Fiscal Statutorily the Statutorily Contribution Contributions as a
Year-End Required Required Deficiency Covered Percentage ofDate 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%
12/31/2022 1,696,759 1,696,759 - 22,623,453 7.50%
12/31/2023 1,851,192 1,851,192 - 24,682,560 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, 2023
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.
(88)
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%
12/31/2022 6/30/2022 0.8758% 38,111,357 1,664,806 39,776,163 10,638,687 373.88% 70.50%
12/31/2023 6/30/2023 0.8802% 15,199,910 612,293 15,812,203 11,559,197 136.79% 86.50%
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%
12/31/2022 1,953,054 1,953,054 - 11,034,203 17.70%
12/31/2023 2,116,552 2,116,552 - 11,957,921 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
DECEMBER 31, 2023
(89)
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.
CITY OF EDINA, MINNESOTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2023
(90)
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:
Human Resources 1,533,038$ 1,654,509$ 121,471$
Finance 1,351,006 2,283,103 932,097
Community Development 2,388,821 2,963,803 574,982
Public Safety:
Police 15,147,979 15,459,160 311,181
Public Health 1,224,712 1,285,429 60,717
Capital Outlay - 300,248 300,248
Debt Service - 26,179 26,179
Excess expenditures in Human Resources are due to an increase in severance. Severance
varies from year to year. Excess expenditures in Finance are due to American Rescue Plan
Act (ARPA) expenditures incurred in 2023. Excess expenditures in Community Development
are due to pass-through expenses for 4040 W. 70th St. development. 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
Housing and Redevelopment Authority 2,880,175$ 8,435,945$ 5,555,770$
Excess expenditures in the Housing and Redevelopment Authority fund are due to project
costs associated with parking ramp, pedestrian bridge, and road reconstruction. Additional
expenses include TIF payments and write-off for forgivable loans.
CITY OF EDINA, MINNESOTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2023
(91)
NOTE 3 PENSION INFORMATION
General Employees Retirement Fund
2023 Changes
Changes in Actuarial Assumptions:
x The investment return assumption and single discount rate were changed from
6.50 percent to 7.00 percent.
Changes in Plan Provisions:
x An additional one-time direct state aid contribution of $170.1 million will be
contributed to the Plan on October 1, 2023.
x The vesting period of those hired after June 30, 2010, was changed from five
years of allowable service to three years of allowable service.
x The benefit increase delay for early retirements on or after January 1, 2024, was
eliminated.
x A one-time, non-compounding benefit increase of 2.5 percent minus the actual
2024 adjustment will be payable in a lump sum for calendar year 2024 by March
31, 2024.
2022 Changes
Changes in Actuarial Assumptions:
x The mortality improvement scale was changed from Scale MP-2020 to Scale
MP-2021.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
2021 Changes
Changes in Actuarial Assumptions:
x The investment return and single discount rates were changed from 7.50% to
6.50%, for financial reporting purposes.
x The mortality improvement scale was changed from Scale MP-2019 to Scale
MP-2020.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
2020 Changes
Changes in Actuarial Assumptions
x The price inflation assumption was decreased from 2.50% to 2.25%.
x The payroll growth assumption was decreased from 3.25% to 3.00%.
x 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.
x 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
DECEMBER 31, 2023
(92)
NOTE 3 PENSION INFORMATION (CONTINUED)
General Employees Retirement Fund (Continued)
x 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.
x 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.
x 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.
x The mortality improvement scale was changed from Scale MP-2018 to Scale
MP-2019.
x The assumed spouse age difference was changed from two years older for
females to one year older.
x 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
x 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
x The morality projection scale was changed from MP-2017 to MP-2018.
Changes in Plan Provisions
x 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
DECEMBER 31, 2023
(93)
NOTE 3 PENSION INFORMATION (CONTINUED)
General Employees Retirement Fund (Continued)
2018 Changes
Changes in Actuarial Assumptions:
x The mortality projection scale was changed from MP-2015 to MP-2017.
x 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
x 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.
x Interest credited on member contributions decreased from 4.00% to 3.00%,
beginning July 1, 2018.
x Deferred augmentation was changed to 0.00% , effective January 1, 2019.
Augmentation that has already accrued for deferred members will still apply.
x Contribution stabilizer provisions were repealed.
x 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.
x 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.
x Actuarial equivalent factors were updated to reflect revised mortality and interest
assumptions.
2017 Changes
Changes in Actuarial Assumptions:
x 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.
x 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
x The State’s contribution for the Minneapolis Employees Retirement Fund equals
$16,000,000 in 2017 and 2018, and $6,000,000 thereafter.
x 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
DECEMBER 31, 2023
(94)
NOTE 3 PENSION INFORMATION (CONTINUED)
General Employees Fund Retirement Fund (Continued)
2016 Changes
Changes in Actuarial Assumptions:
x 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.
x The assumed investment return was changed from 7.9% to 7.5%. The single
discount rate was changed from 7.9% to 7.5%.
x 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
x There have been no changes since the prior valuation.
2015 Changes
Changes in Actuarial Assumptions:
x 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
x 2.5% per year thereafter.
Changes in Plan Provisions:
x 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
2023 Changes
Change in Actuarial Assumptions:
x The investment return assumption was changed from 6.50 percent to 7.00
percent.
x The single discount rate changed from 5.40 percent to 7.00 percent.
Changes in Plan Provisions
x Additional one-time direct state aid contribution of 19.4 million will be contributed
to the Plan on October 1, 2023.
x Vesting requirement for new hires after June 30, 2014, was changed from a
graded 20-year vesting schedule to a graded 10-year vesting schedule, with 50
percent vesting after five years, increasing incrementally to 100 percent after 10
years.
x A one-time, non-compounding benefit increase of 3.0 percent will be payable in a
lump sum for calendar year 2024 by March 31, 2024.
x Psychological treatment is required effective July 1, 2023, prior to approval for a
duty disability benefit for a psychological condition relating to the member’s
occupation.
x The total and permanent duty disability benefit was increased, effective July 1,
2023.
CITY OF EDINA, MINNESOTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2023
(95)
NOTE 3 PENSION INFORMATION (CONTINUED)
Public Employees Police and Fire Fund (Continued)
2022 Changes
Change in Actuarial Assumptions:
x The mortality improvement scale was changed from Scale MP-2020 to Scale
MP-2021.
x The single discount rate changed from 6.50% to 5.40%.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
2021 Changes
Changes in Actuarial Assumptions:
x The investment return and single discount rates were changed from 7.50% to
6.50%, for financial reporting purposes.
x The inflation assumption was changed from 2.50% to 2.25%.
x The payroll growth assumption was changed from 3.25% to 3.00%.
x 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.
x 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).
x 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.
x 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.
x Assumed rates of withdrawal were changed from select and ultimate rates to
service-based rates. The changes result in more assumed terminations.
x Assumed rates of disability were increased for ages 25-44 and decreased for
ages over 49. Overall, proposed rates result in more projected disabilities.
x Assumed percent married for active female members was changed from 60% to
70%. Minor changes to form of payment assumptions were applied.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
2020 Changes
Changes in Actuarial Assumptions
x The morality projection scale was changed from MP-2018 to MP-2019.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
CITY OF EDINA, MINNESOTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2023
(96)
NOTE 3 PENSION INFORMATION (CONTINUED)
Public Employees Police and Fire Fund (Continued)
2019 Changes
Changes in Actuarial Assumptions
x The morality projection scale was changed from MP-2017 to MP-2018.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
2018 Changes
Changes in Actuarial Assumptions:
x The mortality projection scale was changed from MP-2016 to MP-2017.
Changes in Plan Provisions
x Postretirement benefit increases were changed to 1.00% for all years, with no
trigger.
x An end date of July 1, 2048 was added to the existing $9.0 million state
contribution.
x 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.
x 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.
x 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.
x Interest credited on member contributions decreased from 4.00% to 3.00%,
beginning July 1, 2018.
x Deferred augmentation was changed to 0.00%, effective January 1, 2019.
Augmentation that has already accrued for deferred members will still apply.
x Actuarial equivalent factors were updated to reflect revised mortality and interest
assumptions.
2017 Changes
Changes in Actuarial Assumptions
x 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.
x Assumed rates of retirement were changed, resulting in fewer retirements.
x 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.
x 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.
CITY OF EDINA, MINNESOTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2023
(97)
NOTE 3 PENSION INFORMATION (CONTINUED)
Public Employees Police and Fire Fund (Continued)
2017 Changes (Continued)
Changes in Actuarial Assumptions:
x 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.
x Assumed percentage of married female members was decreased from 65% to
60%.
x 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.
x The assumed percentage of female members electing Joint and Survivor
annuities was increased.
x 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.
x The single discount rate changed from 5.6% to 7.5% per annum.
Changes in Plan Provisions
x There have been no changes since the prior valuation.
2016 Changes
Changes in Actuarial Assumptions:
x 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.
x The assumed investment return was changed from 7.9% to 7.5%. The single
discount rate changed from 7.9% to 5.6%.
x 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
x There have been no changes since the prior valuation.
2015 Changes
Changes in Plan Provisions:
x 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:
x 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.
CITY OF EDINA, MINNESOTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2023
(98)
NOTE 4 OTHER POSTEMPLOYMENT BENEFITS INFORMATION
Other Postemployment Benefits Plan
2023 Changes
Changes in Actuarial Assumptions:
x The discount rate was changed from 2.06% to 4.05%.
2022 Changes
Changes in Actuarial Assumptions:
x The discount rate was changed from 2.12% to 2.06%.
2021 Changes
Changes in Actuarial Assumptions:
x The discount rate was changed from 2.74% to 2.12%.
x The payroll growth rate was changed from 3.25% to 2.50%
2020 Changes
Changes in Actuarial Assumptions:
x The discount rate was changed from 4.09% to 2.74%.
x The payroll growth rate was changed from 3.50% to 3.25%
2019 Changes
Changes in Actuarial Assumptions:
x The discount rate was changed from 3.44% to 4.09%.
2018 Changes
Changes in Actuarial Assumptions:
x The discount rate was changed from 4.50% to 3.44%.
(99)
SUPPLEMENTARY INFORMATION
(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.
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.
Opioid Settlement Fund – This fund was established to account for funds that will be received over the
next 18 years for the City’s share of national settlement agreements with several pharmaceutical
companies related to opioid selling and distribution. These funds are restricted to be used for opioid
epidemic response activities.
Public Safety Fund – This fund was established to account for the 2023 Omnibus tax bill that included
$210 million in one-time public safety aid to cities across the state. Unlike local government aid, this aid
cannot be used for general purposes, but instead must be used to “provide public safety”. The City
received $2,344,327 on December 26, 2023.
CITY OF EDINA, MINNESOTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
DECEMBER 31, 2023
(100)
Community Pedestrian Conservation Total Nonmajor
Development Braemar and Cyclist and Opioid Public Governmental
Block Grant Police Memorial Safety Sustainability Settlement Safety Funds
Cash and Investments -$ 1,010,938$ 109,437$ 210,362$ 1,719,836$ 107,645$ 2,345,788$ 5,504,006$
Accrued Interest - - 766 8,165 15,614 668 1,377 26,590
Accounts Receivable - - - 314,410 240,922 - - 555,332
Due from Other Governments - 19,331 - - - 315,315 - 334,646
Prepaid Items - 2,196 - - - - - 2,196
Total Assets -$ 1,032,465$ 110,203$ 532,937$ 1,976,372$ 423,628$ 2,347,165$ 6,422,770$
Liabilities:
Accounts Payable -$ 20,805$ -$ 18,447$ 139,445$ -$ -$ 178,697$
Salaries Payable - - - 5,423 4,394 - - 9,817
Contracts Payable - - - 78,965 40,955 - - 119,920
Total Liabilities - 20,805 - 102,835 184,794 - - 308,434
Deferred Inflows of Resources:
Unavailable Revenue - - - - - 315,315 - 315,315
Fund Balance:
Nonspendable - 2,196 - - - - - 2,196
Restricted - 1,009,464 110,203 430,102 1,791,578 108,313 2,347,165 5,796,825
Total Fund Balance - 1,011,660 110,203 430,102 1,791,578 108,313 2,347,165 5,799,021
Total Liabilities, Deferred
Inflows of Resources,
and Fund Balance -$ 1,032,465$ 110,203$ 532,937$ 1,976,372$ 423,628$ 2,347,165$ 6,422,770$
Assets
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Special Revenue
CITY OF EDINA, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED DECEMBER 31, 2023
(101)
Community Pedestrian Conservation Total Nonmajor
Development Braemar and Cyclist and Opioid Public Governmental
Block Grant Police Memorial Safety Sustainability Settlement Safety Funds
REVENUES
Franchise Taxes -$ -$ -$ 1,236,066$ 963,070$ -$ -$ 2,199,136$
Intergovernmental - - - - - 21,264 2,344,327 2,365,591
Investment Income (Loss) - 790 17,028 50,318 131,005 1,376 2,838 203,355
Other Revenues - 305,666 683 - 13,003 - - 319,352
Total Revenues - 306,456 17,711 1,286,384 1,107,078 22,640 2,347,165 5,087,434
EXPENDITURES
Current:
Public Safety - 134,960 - - - - - 134,960
Public Works - - - 269,028 577,656 - - 846,684
Parks - - 35,473 - - - - 35,473
Capital Outlay:
Public Safety - 12,667 - - - - - 12,667
Public Works - - - 1,593,118 1,105,181 - - 2,698,299
Total Expenditures - 147,627 35,473 1,862,146 1,682,837 - - 3,728,083
NET INCREASE (DECREASE)
IN FUND BALANCE - 158,829 (17,762) (575,762) (575,759) 22,640 2,347,165 1,359,351
Fund Balance - January 1 - 852,831 127,965 1,005,864 2,367,337 85,673 - 4,439,670
FUND BALANCE -
DECEMBER 31 -$ 1,011,660$ 110,203$ 430,102$ 1,791,578$ 108,313$ 2,347,165$ 5,799,021$
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, 2023
(102)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Intergovernmental 135,000$ 135,000$ -$ (135,000)$
EXPENDITURES
Current:
General Government
Contractual Services 135,000 135,000 - 135,000
NET INCREASE (DECREASE) IN FUND
BALANCE -$ -$ - (270,000)$
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, 2023
(103)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Investment Income -$ -$ 790$ 790$
Other Revenues 289,122 289,122 305,666 16,544
Total Revenues 289,122 289,122 306,456 17,334
EXPENDITURES
Current:
Public Safety:
Contractual Services 129,500 129,500 104,251 25,249
Commodities 7,500 7,500 30,709 (23,209)
Capital Outlay:
Public Safety - - 12,667 (12,667)
Total Expenditures 137,000 137,000 147,627 (10,627)
NET INCREASE (DECREASE) IN FUND
BALANCE 152,122$ 152,122$ 158,829 27,961$
Fund Balance - January 1 852,831
FUND BALANCE - DECEMBER 31 1,011,660$
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, 2023
(104)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Investment Income 1,000$ 1,000$ 17,028$ 16,028$
Donations 2,500 2,500 683 (1,817)
Total Revenues 3,500 3,500 17,711 14,211
EXPENDITURES
Current:
Parks and Recreation:
Contractual Services 1,000 1,000 35,473 (34,473)
NET INCREASE (DECREASE) IN FUND
BALANCE 2,500$ 2,500$ (17,762) (20,262)$
Fund Balance - January 1 127,965
FUND BALANCE - DECEMBER 31 110,203$
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, 2023
(105)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Franchise Taxes 1,200,000$ 1,200,000$ 1,236,066$ 36,066$
Investment Income - - 50,318 50,318
Total Revenues 1,200,000 1,200,000 1,286,384 86,384
EXPENDITURES
Current:
Public Works:
Personal Services 131,506 131,506 141,814 (10,308)
Contractual Services 75,720 75,720 117,998 (42,278)
Commodities 13,000 13,000 147 12,853
Internal Services 9,069 9,069 9,069 -
Capital Outlay:
Public Works: 1,030,000 1,030,000 1,593,118 (563,118)
Total Expenditures 1,259,295 1,259,295 1,862,146 (602,851)
NET INCREASE (DECREASE) IN FUND
BALANCE (59,295)$ (59,295)$ (575,762) (516,467)$
Fund Balance - January 1 1,005,864
FUND BALANCE - DECEMBER 31 430,102$
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, 2023
(106)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Franchise Taxes 1,000,000$ 1,000,000$ 963,070$ (36,930)$
Investment Income (Loss) 15,000 15,000 131,005 116,005
Other Revenues - - 13,003 13,003
Total Revenues 1,015,000 1,015,000 1,107,078 92,078
EXPENDITURES
Current:
Public Works:
Personal Services 157,660 157,660 189,925 (32,265)
Contractual Services 66,020 66,020 354,761 (288,741)
Commodities 1,200 1,200 23,533 (22,333)
Internal Services 9,437 9,437 9,437 -
Capital Outlay:
Public Works 500,000 500,000 1,105,181 (605,181)
Total Expenditures 734,317 734,317 1,682,837 (948,520)
NET INCREASE (DECREASE) IN FUND
BALANCE 280,683$ 280,683$ (575,759) (856,442)$
Fund Balance - January 1 2,367,337
FUND BALANCE - DECEMBER 31 1,791,578$
Budgeted Amounts
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE FUND – OPIOID SETTLEMENT
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 2023
(107)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Intergovernmental -$ -$ 21,264$ 21,264$
Investment Income - - 1,376 1,376
Total Revenues - - 22,640 22,640
NET INCREASE (DECREASE) IN FUND
BALANCE -$ -$ 22,640 22,640$
Fund Balance - January 1 85,673
FUND BALANCE - DECEMBER 31 108,313$
Budgeted Amounts
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE FUND – PUBLIC SAFETY FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 2023
(108)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
Intergovernmental -$ -$ 2,344,327$ 2,344,327$
Investment Income - - 2,838 2,838
Total Revenues - - 2,347,165 2,347,165
NET INCREASE (DECREASE) IN FUND
BALANCE -$ -$ 2,347,165 2,347,165$
Fund Balance - January 1 -
FUND BALANCE - DECEMBER 31 2,347,165$
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, 2023
(109)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
General Property Taxes 3,230,000$ 3,230,000$ 3,182,907$ (47,093)$
Special Assessments - - 187,805 187,805
Intergovernmental - - 547,959 547,959
Investment Income - - 1,461 1,461
Total Revenues 3,230,000 3,230,000 3,920,132 690,132
EXPENDITURES
Debt Service 6,013,727 6,013,727 7,445,696 (1,431,969)
REVENUES (UNDER)
EXPENDITURES (2,783,727) (2,783,727) (3,525,564) 2,122,101
OTHER FINANCING SOURCES (USES)
Transfers In 2,816,752 2,816,752 3,466,164 649,412
Bonds Issued - - 81,453 81,453
Total Other Financing
Sources (Uses) 2,816,752 2,816,752 3,547,617 730,865
NET INCREASE (DECREASE) IN FUND
BALANCE 33,025$ 33,025$ 22,053 2,852,966$
Fund Balance - January 1 6,702,038
FUND BALANCE - DECEMBER 31 6,724,091$
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, 2023
(110)
Actual Variance with
Original Final Amounts Final Budget
REVENUES
General Property Taxes 6,560,400$ 6,560,400$ 6,464,975$ (95,425)$
Franchise Taxes 90,000 90,000 127,727 37,727
General Sales Tax - - 5,450,871
Special Assessments 3,726,253 3,726,253 3,422,080 (304,173)
License and Permits 74,000 74,000 86,653 12,653
Intergovernmental 2,780,000 2,780,000 1,155,746 (1,624,254)
Charges for Services 195,000 195,000 584,936 389,936
Investment Income 203,000 203,000 2,485,886 2,282,886
Other Revenues - - 176,727 176,727
Total Revenues 13,628,653 13,628,653 19,955,601 876,077
EXPENDITURES
Current:
General Government:
Contractual Services - - 167,977 (167,977)
Commodities - - 33,411 (33,411)
Public Safety:
Personal Services - - 13,224 (13,224)
Contractual Services - - 148,399 (148,399)
Commodities - - 311,731 (311,731)
Public Works:
Personal Services 118,207 118,207 118,898 (691)
Contractual Services 350,273 350,273 2,043,847 (1,693,574)
Commodities 58,375 58,375 17,134 41,241
Internal Services 876 876 876 -
Parks:
Contractual Services - - 159,695 (159,695)
Capital Outlay:
General Government 209,000 209,000 2,141,284 (1,932,284)
Public Safety 1,131,550 1,131,550 3,052,210 (1,920,660)
Public Works 9,877,393 9,877,393 12,209,299 (2,331,906)
Parks 1,641,325 1,641,325 1,183,540 457,785
Total Expenditures 13,386,999 13,386,999 21,601,565 (8,214,486)
REVENUES OVER (UNDER)
EXPENDITURES 241,654 241,654 (1,645,964) 9,090,563
OTHER FINANCING SOURCES (USES)
Transfers In 100,000 100,000 1,063,280 963,280
Transfers Out (2,816,752) (2,816,752) (2,753,822) 62,930
Sale of Capital Assets - - 77,700 77,700
Bonds Issued 2,813,402 2,813,402 1,098,547 (1,714,855)
Premium on Bonds Issued - - 95,608 95,608
Total Other Financing
Sources (Uses) 96,650 96,650 (418,687) (515,337)
NET INCREASE (DECREASE) IN FUND
BALANCE 338,304$ 338,304$ (2,064,651) 8,575,226$
Fund Balance - January 1 39,037,342
FUND BALANCE - DECEMBER 31 36,972,691$
Budgeted Amounts
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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, 2023
(111)
Total Nonmajor
Art Edinborough Centennial Braemar Proprietary
Center Park Lakes Field Funds
ASSETS
Current Assets:
Cash and Investments 166,422$ 555,502$ 360,692$ 1,406,220$ 2,488,836$
Interest Receivable 253 3,608 1,620 9,888 15,369
Accounts Receivable 2,448 18,353 20,701 125 41,627
Prepaids - - 1,888 - 1,888
Total Current Assets 169,123 577,463 384,901 1,416,233 2,547,720
Noncurrent Assets:
Net Capital Assets 25,297 1,659,113 1,899,538 4,988,232 8,572,180
Total Assets 194,420 2,236,576 2,284,439 6,404,465 11,119,900
DEFERRED OUTFLOWS OF RESOURCES
OPEB Deferred Outflows 532 22,266 11,939 - 34,737
Pension Deferred Outflows 28,674 135,252 76,826 31,611 272,363
Total Deferred Outflows of Resources 29,206 157,518 88,765 31,611 307,100
LIABILITIES
Current Liabilities:
Accounts Payable 3,810 44,399 26,042 52,590 126,841
Salaries Payable 11,437 46,224 36,982 9,889 104,532
Due to Other Governments 8 11,103 433 625 12,169
Unearned Revenue 886 7,986 10,848 - 19,720
Compensated Absences Payable 12,048 25,189 11,327 - 48,564
Total Current Liabilities 28,189 134,901 85,632 63,104 311,826
Noncurrent Liabilities:
Total OPEB Liability 12,768 30,127 21,708 - 64,603
Net Pension Liability 93,464 440,856 250,416 103,037 887,773
Compensated Absences Payable 18,072 37,783 16,990 - 72,845
Total Noncurrent Liabilities 124,304 508,766 289,114 103,037 1,025,221
Total Liabilities 152,493 643,667 374,746 166,141 1,337,047
DEFERRED INFLOWS OF RESOURCES
OPEB Deferred Inflows 400 24,970 16,128 - 41,498
Pension Deferred Inflows 29,757 140,359 79,727 32,805 282,648
Total Deferred Inflows of Resources 30,157 165,329 95,855 32,805 324,146
NET POSITION
Net Investment in Capital Assets 25,297 1,659,113 1,899,538 4,988,232 8,572,180
Unrestricted 15,679 (74,015) 3,065 1,248,898 1,193,627
Total Net Position 40,976$ 1,585,098$ 1,902,603$ 6,237,130$ 9,765,807$
CITY OF EDINA, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
NONMAJOR PROPRIETARY FUNDS
YEAR ENDED DECEMBER 31, 2023
(112)
Total Nonmajor
Art Edinborough Centennial Braemar Proprietary
Center Park Lakes Field Funds
OPERATING REVENUES
Sales - Retail 2$ 12,612$ -$ -$ 12,614$
Sales - Concessions - 82,236 28,885 - 111,121
Memberships - 175,542 - - 175,542
Admissions - 788,061 - 28,335 816,396
Lodging Tax - 5,129 - - 5,129
Building Rental - 254,741 66,089 515,121 835,951
Rental of Equipment - - 169,306 - 169,306
Greens Fees - - 279,699 - 279,699
Class Registration and Other Fees 101,479 224,383 327,471 64,434 717,767
Total Operating Revenues 101,481 1,542,704 871,450 607,890 3,123,525
OPERATING EXPENSES
Cost of Sales and Services - 33,979 11,266 - 45,245
Personal Services 299,320 834,194 866,537 213,217 2,213,268
Contractual Services 63,272 407,235 276,755 331,916 1,079,178
Commodities 27,641 127,594 126,244 16,104 297,583
Internal Services 64,684 154,460 132,581 38,779 390,504
Depreciation 5,682 288,887 168,419 534,771 997,759
Total Operating Expenses 460,599 1,846,349 1,581,802 1,134,787 5,023,537
OPERATING INCOME (LOSS)(359,118) (303,645) (710,352) (526,897) (1,900,012)
NONOPERATING REVENUES
(EXPENSES)
Investment Income 520 33,852 15,726 78,107 128,205
Donations 1,500 - 34,120 - 35,620
Gain (Loss) on Sale of Capital Asset - - 4,010 - 4,010
Total Nonoperating
Revenues (Expenses) 2,020 33,852 53,856 78,107 167,835
INCOME (LOSS) BEFORE
TRANSFERS (357,098) (269,793) (656,496) (448,790) (1,732,177)
TRANSFERS
Transfers In 300,000 21,151 427,739 1,244 750,134
CHANGE IN NET POSITION (57,098) (248,642) (228,757) (447,546) (982,043)
Net Position - January 1 98,074 1,833,740 2,131,360 6,684,676 10,747,850
NET POSITION - DECEMBER 31 40,976$ 1,585,098$ 1,902,603$ 6,237,130$ 9,765,807$
CITY OF EDINA, MINNESOTA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR PROPRIETARY FUNDS
YEAR ENDED DECEMBER 31, 2023
(113)
Total Nonmajor
Art Edinborough Centennial Braemar Proprietary
Center Park Lakes Field Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers and Users 100,123$ 1,537,642$ 891,053$ 607,765$ 3,136,583$
Payment to Suppliers (156,923) (738,777) (553,012) (341,523) (1,790,235)
Payment to Employees (274,507) (784,293) (886,223) (189,962) (2,134,985)
Net Cash Provided (Used) by Operating Activities (331,307) 14,572 (548,182) 76,280 (788,637)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfer from Other Funds 300,000 21,151 427,739 1,244 750,134
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Receipts from the Sale of Capital Assets - - 4,010 - 4,010
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Received 1,078 15,410 6,919 42,237 65,644
NET INCREASE (DECREASE) IN CASH
AND INVESTMENTS (30,229) 51,133 (109,514) 119,761 31,151
Cash and Investments - January 1 197,462 515,952 475,407 1,318,206 2,507,027
CASH AND INVESTMENTS - DECEMBER 31 167,233$ 567,085$ 365,893$ 1,437,967$ 2,538,178$
CASH AND INVESTMENTS PRESENTED ON THE STATEMENT
OF NET POSITION
Cash 167,233$ 567,085$ 365,893$ 1,437,967$ 2,538,178$
Investments (811) (11,583) (5,201) (31,747) (49,342)
Total Cash and Investments 166,422$ 555,502$ 360,692$ 1,406,220$ 2,488,836$
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating Income (Loss) (359,118)$ (303,645)$ (710,352)$ (526,897)$ (1,900,012)$
Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by:
Operating Activities:
Depreciation 5,682 288,887 168,419 534,771 997,759
Miscellaneous Income 1,500 - 34,120 - 35,620
(Increase) Decrease in:
Receivables (2,273) (7,344) (17,277) (125) (27,019)
Due From Other Governments - - 654 - 654
Prepaids - - (1,888) - (1,888)
Deferred Outflows of Resources 7,463 43,231 57,315 6,711 114,720
Increase (Decrease) in:
Accounts Payable (1,215) (18,006) (3,201) 45,300 22,878
Salaries Payable 6,373 3,549 10,196 3,760 23,878
Due to Other Governments (111) 2,497 (2,965) (24) (603)
Unearned Revenue (585) 2,282 3,994 - 5,691
Total OPEB Liability - (1,562) (1,066) - (2,628)
Net Pension Liability (20,891) (118,527) (170,368) (18,232) (328,018)
Compensated Absences 3,798 (10,289) 9,767 - 3,276
Deferred Inflows of Resources 28,070 133,499 74,470 31,016 267,055
Total Adjustments 27,811 318,217 162,170 603,177 1,111,375
Net Cash Provided (Used) by Operating
Activities (331,307)$ 14,572$ (548,182)$ 76,280$ (788,637)$
NONCASH INVESTING ACTIVITIES
Increase (Decrease) in Fair Value of
Investments (811)$ 18,564$ 8,936$ 34,133$ 60,822$
FIDUCIARY FUNDS
Custodial Funds
Custodial funds are used to report resources held by the City in a purely custodial capacity. The
following are custodial 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 STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
DECEMBER 31, 2023
(114)
Public Safety
Police Training Minnesota
Seizure Facility Task Force 1 Total
Cash and Investments 3,776$ 254,175$ 24,657$ 282,608$
Due from Other Governmental Units - - 132,053 132,053
Total Assets 3,776 254,175 156,710 414,661
Accounts Payable - 11,782 12,998 24,780
Salaries Payable - 14,260 11,073 25,333
Due to Other Governmental Units 235 535 132,053 132,823
Unearned Revenue - 5,087 - 5,087
235 31,664 156,124 188,023
Restricted for Organizations and Other Governments 3,541$ 222,511$ 586$ 226,638$
ASSETS
LIABILITIES
NET POSITION
CITY OF EDINA, MINNESOTA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
YEAR ENDED DECEMBER 31, 2023
Public Safety
Police Training Minnesota
Seizure Facility Task Force 1 Total
Collections on Behalf of Others 11,512$ 600,640$ 172,053$ 784,205$
Payments on Behalf of Others - 611,459 134,642 746,101
Net Increase (Decrease) in Fiduciary Net Position 11,512 (10,819) 37,411 38,104
Net Position - Beginning (7,971) 233,330 (36,825) 188,534
Net Position - Ending 3,541$ 222,511$ 586$ 226,638$
ADDITIONS
DEDUCTIONS
CITY OF EDINA, MINNESOTA
TAX CAPACITY, TAX LEVIES, AND TAX CAPACITY RATES
(SHOWN BY YEAR OF TAX COLLECTIBILITY)
(115)
2018 2019 2020 2021 2022 2023
Total Tax Capacity 141,934,212$ 151,279,391$ 157,910,360$ 164,716,554$ 169,928,228$ 190,473,325$
Increment Valuation (4,525,127) (5,229,452) (5,929,603) (8,291,891) (1,861,452) (2,217,665)
Contribution to Fiscal
Disparities Pool (12,166,916) (13,440,625) (14,369,737) (15,151,282) (16,575,905) (16,067,200)
Tax Capacity Used
for Rate Calculation 125,242,169 132,609,314 137,611,020 141,273,381 151,490,871 172,188,460
Fiscal Disparities Distribution 3,210,559 3,473,642 3,700,282 4,049,317 4,507,212 4,501,468
Adjusted Net Tax Capacity 128,452,728$ 136,082,956$ 141,311,302$ 145,322,698$ 155,998,083$ 176,689,928$
Tax Levies:
General Fund 28,493,077$ 30,009,121$ 32,021,243$ 33,986,471$ 36,708,036$ 39,820,200$
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 6,560,400
Debt Service 4,579,700 4,611,900 4,596,300 3,651,400 3,232,000 3,230,000
HRA Operating 125,000 160,000 192,000 230,400 237,300 244,400
Total Certified Tax Levies 35,784,777 37,431,021 39,659,543 42,018,271 45,367,336 49,855,000
Referendum Market Value Levy - - - - - -
Total Levy 35,784,777$ 37,431,021$ 39,659,543$ 42,018,271$ 45,367,336$ 49,855,000$
Tax Capacity Rate:
General Fund Revenue 24.187% 23.992% 24.690% 26.264% 27.657%26.936%
Bonds and Interest 3.564% 3.388% 3.255% 2.515% 2.133%1.876%
HRA 0.098% 0.119% 0.137% 0.163% 0.157%0.142%
Total Tax Capacity Rate 27.849% 27.499% 28.082% 28.942% 29.947% 28.954%
Market Value Rate 0.00000% 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
CITY OF EDINA, MINNESOTA
COMBINING SCHEDULE OF BONDED INDEBTEDNESS
DECEMBER 31, 2023
(116)
Final
Interest Maturity Original
Rates Date Date Issue Redeemed
General Obligation Bonds:
GO Refunding, Series 2016A 2.00 - 3.00 % 07/06/16 02/01/28 3,635,000$ 1,515,000$
GO Refunding, Series 2017C 2.05 - 4.00 12/14/17 02/01/29 8,955,000 2,810,000
GO Equipment Certificate, Series 2019A 5.00 06/13/19 02/01/29 2,805,000 520,000
GO Refunding, Series 2021B 5.00 12/16/21 02/01/30 2,515,000 -
GO CIP Bonds, Series 2022B 2.00 08/05/22 02/01/25 17,000,000 -
Total General Obligation Bonds 34,910,000 4,845,000
Permanent Improvement Revolving (PIR) Bonds:
GO Permanent Improvement Revolving
Series 2011A 2.00 - 3.00 10/27/11 02/01/23 3,320,000 2,950,000
GO Permanent Improvement Revolving
Series 2015A 2.00 - 4.00 07/09/15 02/01/32 6,545,000 1,855,000
GO Permanent Improvement Revolving
Series 2015A - Parking 2.00 - 4.00 07/09/15 02/01/36 2,495,000 595,000
GO Permanent Improvement Revolving
Series 2016A 2.00 - 3.00 07/06/16 02/01/33 3,940,000 900,000
GO Permanent Improvement Revolving
Series 2017A 3.00 - 4.00 06/29/17 02/01/34 1,995,000 315,000
GO Permanent Improvement Revolving
Series 2018A 3.00 - 3.125 06/27/18 02/01/35 2,210,000 235,000
GO Permanent Improvement Revolving
Series 2019A 3.00 - 5.00 06/13/19 02/01/36 2,195,000 105,000
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 1,601,000 291,000
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 -
GO Permanent Improvement Revolving
Series 2022A 5.00 07/14/22 02/01/39 2,145,000 -
GO Permanent Improvement Revolving
Series 2023A 4.00 - 5.00 07/13/23 02/01/40 1,180,000 -
Total PIR Bonds 34,776,000 7,246,000
Tax Increment Financing Bonds"
TIF, Series 2021A 2.00 - 4.00 06/24/21 02/04/43 7,545,000 -
Public Project Revenue Bonds:
HRA Public Project Revenue, Series 2014A 2.00 - 3.625 07/15/14 02/01/35 16,155,000 4,630,000
HRA Public Project Revenue, Series 2015A -
Refunding 2.50 - 3.00 07/09/15 05/01/26 3,490,000 2,085,000
Total Public Project Revenue Bonds 19,645,000 6,715,000
Minnesota State Aid Street Bonds
MSA, Series 2022A 5.00 07/14/22 02/01/38 10,465,000 -
Revenue Bonds:
Recreational Facility Bonds, Series 2015B 2.00 - 3.25 07/09/15 02/01/31 2,140,000 750,000
Recreational Facility Bonds, Series 2017B 3.00 - 4.00 06/29/17 02/01/33 7,425,000 1,790,000
Recreational Facility Bonds, Series 2017D -
Refunding 2.00 12/20/17 02/01/30 1,640,000 567,000
Recreational Facility Bonds, Series 2021C -
Refunding 2.00 - 3.00 12/16/21 02/01/33 2,210,000 -
Utility Revenue Bonds, Series 2014A 2.00 - 3.00 07/15/14 02/01/24 5,680,000 4,445,000
Utility Revenue Bonds, Series 2015A 2.00 - 4.00 07/09/15 02/01/25 5,235,000 3,530,000
Utility Revenue Bonds, Series 2016A 2.00 - 3.00 07/06/16 02/01/27 8,775,000 4,080,000
Utility Revenue Bonds, Series 2017A 3.00 - 4.00 06/29/17 02/01/28 6,595,000 2,335,000
Utility Revenue Bonds, Series 2018A 3.00 - 3.125 06/27/18 02/01/29 3,305,000 875,000
Utility Revenue Bonds, Series 2019A 5.00 06/13/19 02/01/30 5,815,000 950,000
Utility Revenue Bonds, Series 2020A 2.00-4.00 06/25/20 02/01/31 4,830,000 405,000
Utility Revenue Bonds, Series 2020B - Refunding 1.09 12/30/20 02/01/23 1,414,000 1,057,000
Utility Revenue Bonds, Series 2022A 5.00 07/14/22 02/01/38 13,695,000 -
Utility Revenue Bonds, Series 2023A 4.00 - 5.00 07/13/23 02/01/40 9,090,000 -
Total Public Project Revenue Bonds 77,849,000 20,784,000
Total - Bonded indebtedness 185,190,000$ 39,590,000$
Prior Years
CITY OF EDINA, MINNESOTA
COMBINING SCHEDULE OF BONDED INDEBTEDNESS (CONTINUED)
DECEMBER 31, 2023
(117)
Principal Interest Interest
Outstanding Payable Due Due Payable
12/31/2022 Issued Payments 12/31/2023 In 2024 In 2024 to Maturity
2,120,000$ -$ 330,000$ 1,790,000$ 340,000$ 38,700$ 71,275$
6,145,000 - 785,000 5,360,000 815,000 146,150 284,303
2,285,000 - 280,000 2,005,000 295,000 92,875 222,000
2,515,000 - 85,000 2,430,000 110,000 118,750 364,500
17,000,000 - - 17,000,000 - 340,000 170,000
30,065,000 - 1,480,000 28,585,000 1,560,000 736,475 1,112,078
370,000 - 370,000 - - - -
4,690,000 - 400,000 4,290,000 420,000 133,475 537,063
1,900,000 - 110,000 1,790,000 115,000 59,350 380,500
3,040,000 - 245,000 2,795,000 250,000 71,450 337,250
1,680,000 - 115,000 1,565,000 120,000 48,300 229,900
1,975,000 - 125,000 1,850,000 130,000 58,094 310,141
2,090,000 - 110,000 1,980,000 115,000 75,225 414,375
390,000 - 20,000 370,000 20,000 9,300 52,150
1,310,000 - 197,000 1,113,000 199,000 11,592 25,086
5,480,000 - - 5,480,000 280,000 175,550 1,146,125
1,280,000 - 125,000 1,155,000 145,000 54,125 158,500
2,145,000 - - 2,145,000 - 107,250 901,125
- 1,180,000 - 1,180,000 - 55,178 467,775
26,350,000 1,180,000 1,817,000 25,713,000 1,794,000 858,889 4,959,990
7,545,000 - 250,000 7,295,000 260,000 207,050 1,794,375
11,525,000 - 735,000 10,790,000 755,000 344,344 2,010,184
1,405,000 - 335,000 1,070,000 345,000 23,300 18,313
12,930,000 - 1,070,000 11,860,000 1,100,000 367,644 2,028,497
10,465,000 - - 10,465,000 485,000 511,125 3,885,000
1,390,000 - 135,000 1,255,000 140,000 36,194 124,953
5,635,000 - 470,000 5,165,000 485,000 175,600 700,550
1,073,000 - 134,000 939,000 137,000 18,100 48,960
2,210,000 - 200,000 2,010,000 210,000 52,150 188,800
1,235,000 - 605,000 630,000 630,000 9,450 -
1,705,000 - 550,000 1,155,000 565,000 29,000 8,850
4,695,000 - 895,000 3,800,000 915,000 78,738 103,220
4,260,000 - 645,000 3,615,000 665,000 116,000 195,550
2,430,000 - 315,000 2,115,000 325,000 68,925 154,125
4,865,000 - 505,000 4,360,000 535,000 204,625 600,375
4,425,000 - 420,000 4,005,000 435,000 117,940 338,950
357,000 - 357,000 - - - -
13,695,000 - 13,695,000 665,000 668,125 4,951,250
- 9,090,000 - 9,090,000 - 465,466 2,348,350
47,975,000 9,090,000 5,231,000 51,834,000 5,707,000 2,040,313 9,763,933
135,330,000$ 10,270,000$ 9,848,000$ 135,752,000$ 10,906,000$ 4,721,496$ 23,543,873$
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STATISTICAL SECTION (UNAUDITED)
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 120
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 128
These schedules contain information to help the reader assess the City’s most
significant local revenue source, the property tax.
Debt Capacity 132
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 137
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 139
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)
(120)
2014 2015a 2016 2017
GOVERNMENTAL ACTIVITIES
Net Investment in Capital Assets 85,708,114$ 85,838,618$ 93,247,973$ 96,149,011$
Restricted 18,268,724 16,925,171 20,892,680 22,840,869
Unrestricted 31,316,605 21,957,830 22,146,168 26,412,441
Total Governmental
Activities Net Position 135,293,443$ 124,721,619$ 136,286,821$ 145,402,321$
BUSINESS-TYPE ACTIVITIES
Net Investment in Capital Assets 75,803,672$ 83,395,794$ 85,158,869$ 82,338,560$
Restricted 619,295 793,664 804,393 1,338,276
Unrestricted 21,176,026 16,405,405 17,300,872 22,443,806
Total Business-Type
Activities Net Position 97,598,993$ 100,594,863$ 103,264,134$ 106,120,642$
PRIMARY GOVERNMENT
Net Investment in Capital Assets 161,511,786$ 169,234,412$ 178,406,842$ 178,487,571$
Restricted 18,888,019 17,718,835 21,697,073 24,179,145
Unrestricted 52,492,631 38,363,235 39,447,040 48,856,247
Total Primary Government
Net Position 232,892,436$ 225,316,482$ 239,550,955$ 251,522,963$
a 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.
b 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)
(121)
2018b 2019 2020 2021 2022 2023
107,133,225$ 110,670,335$ 117,052,475$ 116,754,295$ 102,453,359$ 112,750,230$
25,017,586 36,999,647 60,063,244 76,262,266 70,035,114 67,750,386
31,277,308 27,680,337 16,475,796 15,308,966 29,841,435 32,417,853
163,428,119$ 175,350,319$ 193,591,515$ 208,325,527$ 202,329,908$ 212,918,469$
81,980,815$ 80,452,583$ 81,135,647$ 86,975,121$ 90,405,666$ 96,982,508$
1,360,336 1,360,336 1,268,479 1,225,093 - 1,245,001
27,285,949 32,045,171 33,086,023 32,253,873 43,289,552 43,770,784
110,627,100$ 113,858,090$ 115,490,149$ 120,454,087$ 133,695,218$ 141,998,293$
189,114,040$ 191,122,918$ 198,188,122$ 203,729,416$ 192,859,025$ 209,732,738$
26,377,922 38,359,983 61,331,723 77,487,359 70,035,114 68,995,387
58,563,257 59,725,508 49,561,819 47,562,839 73,130,987 76,188,637
274,055,219$ 289,208,409$ 309,081,664$ 328,779,614$ 336,025,126$ 354,916,762$
Fiscal Year
CITY OF EDINA, MINNESOTA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
(122)
2014a 2015b 2016 2017
EXPENSESGovernmental Activities:General Government 8,522,319$ 8,518,236$ 9,587,567$ 9,164,272$
Public Safety 18,145,498 19,507,770 20,243,209 21,815,101
Public Works 15,553,852 15,284,777 19,444,472 17,750,505
Parks 3,330,781 3,385,367 3,822,716 4,222,431
Interest on Long-Term Debt 1,989,863 2,180,678 2,133,474 1,996,354
Total Governmental Activities Expenses 47,542,313 48,876,828 55,231,438 54,948,663 Business-Type Activities:Water 14,207,197 14,963,304 16,780,474 17,361,659
Sewer - - - -
Stormwater - - - -
Recycling - - - -
Liquor 12,393,218 11,818,602 12,130,254 12,007,885
Aquatic Center 827,485 872,960 915,560 1,015,328 Golf Course 3,342,544 3,409,343 3,041,169 3,469,121 Arena 2,375,173 2,642,097 2,842,660 2,961,787
Community Activity Centers 2,975,782 3,436,325 3,853,091 4,095,309
Total Business-Type Activities Expenses 36,121,399 37,142,631 39,563,208 40,911,089
Total Primary Government Expenses 83,663,712$ 86,019,459$ 94,794,646$ 95,859,752$
PROGRAM REVENUESGovernmental Activities:
Charges for Services:
General Government 1,529,555$ 1,322,430$ 1,453,009$ 1,142,120$
Public Safety 8,102,352 8,683,465 8,996,046 9,627,122
Other Activities 960,261 1,158,207 1,289,770 1,288,452
Operating Grants and Contributions 1,578,538 3,122,178 2,751,495 2,194,336 Capital Grants and Contributions 8,244,695 10,044,077 15,252,861 9,775,184 Total Governmental Activities Program
Revenues 20,415,401 24,330,357 29,743,181 24,027,214
Business-Type Activities:
Charges for Services:
Water 17,550,802 19,335,443 19,505,905 21,361,972
Sewer - - - - Stormwater - - - - Recycling - - - - Liquor 13,515,168 12,462,387 12,937,092 12,991,764
Aquatic Center 918,412 971,936 956,068 962,857
Golf Course 3,229,348 2,857,190 2,809,702 1,254,412
Arena 2,092,567 2,316,853 2,314,892 2,508,192
Community Activity Centers 2,583,257 3,119,789 3,190,775 3,348,628
Operating Grants and Contributions 428,416 595,141 445,464 179,086 Capital Grants and Contributions - - - 904,201 Total Business-Type Activities Program
Revenues 40,317,970 41,658,739 42,159,898 43,511,112
Total Primary Government Program
Revenues 60,733,371$ 65,989,096$ 71,903,079$ 67,538,326$
NET (EXPENSE) REVENUE
Governmental Activities (27,126,912)$ (24,546,471)$ (25,488,257)$ (30,921,449)$ Business-Type Activities 4,196,571 4,516,108 2,596,690 2,600,023
Total Primary Government Net Expense (22,930,341)$ (20,030,363)$ (22,891,567)$ (28,321,426)$
GENERAL REVENUES AND OTHER CHANGES
IN NET POSITION
Governmental Activities:
Property Taxes 27,062,224$ 29,632,072$ 31,396,421$ 33,665,029$ Tax Increment Collections 5,052,705 1,792,896 2,779,097 3,422,898 Franchise Taxes 2,055,396 2,089,038 2,346,423 2,408,884
Lodging Taxes 11,301 22,716 22,624 21,006
General Sales Tax - - - -
Unrestricted Investment Earnings 440,051 195,620 344,277 514,073
Gain on Disposal of Capital Assets 29,037 41,900 65,044 -
Insurance Recovery - - - - Transfers (9,605,225) (2,230,966) 99,573 5,059 Total Governmental Activities 25,045,489 31,543,276 37,053,459 40,036,949
Business-Type Activities:
Unrestricted Investment Earnings 191,974 91,907 136,208 254,990
Gain (Loss) on Disposal of Capital Assets - 39,427 35,946 6,554
Transfers 9,605,225 2,230,966 (99,573) (5,059)
Total Business-Type Activities 9,797,199 2,362,300 72,581 256,485
Total Primary Government 34,842,688$ 33,905,576$ 37,126,040$ 40,293,434$
CHANGE IN NET POSITION
Governmental Activities (2,081,423)$ 6,996,805$ 11,565,202$ 9,115,500$
Business-Type Activities 13,993,770 6,878,408 2,669,271 2,856,508
Total Primary Government 11,912,347$ 13,875,213$ 14,234,473$ 11,972,008$
a 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.
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 completed a major departmental reorganization in 2018, moving parks maintenance activities from public works to parks.
d The City also implemented GASB 75 in fiscal year 2018. Prior year information has not been restated as a result of either change.
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)
(123)
2018c 2019 2020d 2021 2022 2023
10,964,266$ 11,252,538$ 11,698,533$ 14,844,785$ 19,199,880$ 19,505,673$ 20,971,184 27,496,563 27,058,719 24,288,956 29,290,638 32,790,034 14,170,463 10,979,180 16,117,060 11,497,445 23,018,094 18,755,764 7,235,405 7,554,919 6,798,866 7,365,756 7,928,925 8,354,807
1,726,901 1,999,318 1,561,462 1,282,299 1,709,865 2,058,881
55,068,219 59,282,518 63,234,640 59,279,241 81,147,402 81,465,159
18,045,516 19,303,212 9,592,913 9,094,274 7,449,657 7,500,796
- - 7,641,660 7,690,708 8,612,892 9,155,586
- - 3,424,049 3,146,475 2,735,091 4,031,428 - - 1,392,003 1,956,546 1,838,148 1,671,424 11,995,159 11,970,986 11,500,971 13,435,305 13,725,070 12,890,487
996,671 979,376 386,026 1,052,346 1,218,383 1,336,122
2,464,563 4,009,097 4,257,484 4,822,338 5,282,761 5,889,718
2,996,844 2,982,674 2,876,897 2,882,067 3,214,462 3,522,909
4,096,452 4,286,773 3,412,784 3,231,622 4,537,612 5,004,952
40,595,205 43,532,118 44,484,787 47,311,681 48,614,076 51,003,422
95,663,424$ 102,814,636$ 107,719,427$ 106,590,922$ 129,761,478$ 132,468,581$
2,395,535$ 1,204,947$ 4,172,729$ 2,207,889$ 5,873,349$ 1,893,976$
9,978,816 9,747,031 10,152,772 9,970,031 11,909,539 11,324,457 1,202,732 1,265,918 1,007,903 1,351,458 1,670,253 1,490,859 4,028,247 4,271,243 7,626,236 2,721,724 6,792,587 6,926,971
6,695,172 6,625,040 7,318,687 4,030,108 4,943,744 4,673,918
24,300,502 23,114,179 30,278,327 20,281,210 31,189,472 26,310,181
22,697,468 21,875,655 9,236,665 10,302,974 12,717,867 12,483,445 - - 10,622,411 10,732,193 12,706,062 10,438,055 - - 4,773,432 5,207,295 5,389,214 5,934,139
- - 1,148,338 1,447,226 1,485,925 1,584,965
13,401,754 13,094,407 12,117,414 14,280,055 14,427,474 13,330,018
997,727 996,778 - 1,071,692 1,144,569 1,120,598
1,396,173 3,395,815 3,968,529 5,290,109 6,080,771 6,306,176
2,629,945 2,516,629 1,638,011 2,347,678 2,551,853 2,749,483
3,303,278 3,240,000 1,499,060 2,106,088 2,979,493 3,123,525 545,682 44,953 47,780 404,419 271,640 428,035 - 692,281 396,103 - - -
44,972,027 45,856,518 45,447,743 53,189,729 59,754,868 57,498,439
69,272,529$ 68,970,697$ 75,726,070$ 73,470,939$ 90,944,340$ 83,808,620$
(30,767,717)$ (36,168,339)$ (32,956,313)$ (38,998,031)$ (49,957,930)$ (55,154,978)$ 4,376,822 2,324,400 962,956 5,878,048 11,140,792 6,495,017
(26,390,895)$ (33,843,939)$ (31,993,357)$ (33,119,983)$ (38,817,138)$ (48,659,961)$
35,616,432$ 37,133,269$ 39,545,279$ 41,826,967$ 45,074,974$ 49,210,670$ 4,997,706 5,447,108 6,452,819 8,295,756 1,720,243 2,078,687 2,559,443 2,881,726 3,071,392 3,090,322 3,071,551 3,111,525 25,298 24,119 8,313 17,214 25,751 28,675
- - - - - 5,501,492
901,405 2,037,306 1,835,870 (372,080) (2,903,247) 5,324,618
5,032,815 408,659 - 101,404 53,576 124,585
- - - - - -
305,428 158,352 283,836 772,460 (3,080,537) 363,287 49,438,527 48,090,539 51,197,509 53,732,043 43,962,311 65,743,539
481,754 1,064,942 945,580 (141,650) (980,198) 2,142,983
- - 7,359 - - 28,362
(305,428) (158,352) (283,836) (772,460) 3,080,537 (363,287)
176,326 906,590 669,103 (914,110) 2,100,339 1,808,058
49,614,853$ 48,997,129$ 51,866,612$ 52,817,933$ 46,062,650$ 67,551,597$
18,670,810$ 11,922,200$ 18,241,196$ 14,734,012$ (5,995,619)$ 10,588,561$
4,553,148 3,230,990 1,632,059 4,963,938 13,241,131 8,303,075
23,223,958$ 15,153,190$ 19,873,255$ 19,697,950$ 7,245,512$ 18,891,636$
Fiscal Year
CITY OF EDINA, MINNESOTA
FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(124)
2014a 2015 2016
a 2017a
GENERAL FUND
Nonspendable 240,291$ 529,513$ 27,643$ 13,124$
Restricted 757,673 417,673 927,673 961,133
Assigned 1,566,329 1,547,398 1,612,240 1,739,079
Unassigned 11,429,444 11,825,799 14,624,755 15,656,518
Total General Fund 13,993,737$ 14,320,383$ 17,192,311$ 18,369,854$
ALL OTHER GOVERNMENTAL
FUNDS
Nonspendable -$ -$ -$ -$
Restricted, Reported in:
Special Revenue Funds 9,719,309 9,405,757 12,673,995 14,453,556
Debt Service Funds 12,678,291 7,134,575 11,187,468 17,000,806
Construction Funds 6,598,832 551,132 209,510 78,702
Assigned, Reported in:
Capital Projects Funds 7,046,610 13,127,881 13,109,438 15,710,621
Unassigned, Reported in:
Special Revenue Funds - - (190,845) -
Total all Other Governmental
Funds 36,043,042$ 30,219,345$ 36,989,566$ 47,243,685$
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)
(125)
2018 2019 2020 2021 2022 2023
-$ 28,403$ 28,403$ 85,083$ 80,509$ 96,823$
961,133 58,086 58,086 58,086 58,086 58,086
2,105,741 2,093,760 6,679,877 5,627,113 5,592,639 5,684,253
16,812,851 16,411,412 20,476,747 18,003,259 19,904,228 21,240,417
19,879,725$ 18,591,661$ 27,243,113$ 23,773,541$ 25,635,462$ 27,079,579$
-$ -$ -$ 71,784$ 1,479$ 2,196$
14,755,259 18,653,029 26,862,127 42,538,152 37,788,867 33,803,725
7,871,858 8,341,996 9,727,306 11,178,492 6,702,038 6,724,091
30,072 - - - - 3,419,009
19,726,343 21,927,249 19,634,745 25,778,679 29,480,869 33,553,682
- - (50,610) - - -
42,383,532$ 48,922,274$ 56,173,568$ 79,567,107$ 73,973,253$ 77,502,703$
Fiscal Year
CITY OF EDINA, MINNESOTA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(126)
2014 2015 2016 2017
REVENUES
General Property Taxes 26,988,493$ 29,535,270$ 31,354,023$ 33,696,550$
Tax Increment Collections 5,052,705 1,792,896 2,779,097 3,422,898
Franchise Taxes 2,055,396 2,089,038 2,346,423 2,408,884
Lodging Fees 11,301 22,716 22,624 21,006
General Sales Tax - - - -
Special Assessments 4,606,010 4,132,128 5,276,194 5,330,766
License and Permits 4,583,183 4,907,364 5,268,519 5,403,222
Intergovernmental 3,961,509 6,093,966 5,775,114 3,687,262
Charges for Services 4,270,720 4,414,991 4,689,389 4,917,173
Fines and Forfeitures 1,163,907 1,195,271 1,016,817 1,135,986
Investment Income 440,051 195,314 344,344 512,448
Rental of Property 546,874 416,522 514,955 459,099
Parkland Dedication 757,278 800,000 1,250,000 33,460
Other Revenues 78,775 361,425 2,599,830 761,281
Total Revenues 54,516,202 55,956,901 63,237,329 61,790,035
EXPENDITURES
General Government 7,625,826 6,337,944 6,815,725 7,065,729
Public Safety 16,647,821 17,537,528 18,554,507 19,233,386
Public Works 10,201,335 10,578,472 10,474,008 11,524,896
Parks 1,341,884 1,416,858 1,529,384 1,695,397
Capital Outlay 19,883,144 19,912,565 16,787,575 11,053,212
Debt Service:
Principal 4,096,375 13,276,375 5,246,375 5,496,375
Interest and Other Charges 1,923,647 2,375,613 2,360,827 2,359,551
Total Expenditures 61,720,032 71,435,355 61,768,401 58,428,546
REVENUES OVER (UNDER)
EXPENDITURES (7,203,830) (15,478,454) 1,468,928 3,361,489
OTHER FINANCING SOURCES (USES)
Utility Contributions from Other Funds - - - -
Transfers In 1,404,975 3,232,770 3,504,542 5,130,405
Transfers Out (11,010,200) (6,472,066) (3,404,969) (5,057,263)
Sale of Capital Assets 70,603 78,509 65,044 84,388
Insurance Recovery - 167,167 - -
Loans Issued - - - -
Bonds Issued 16,155,000 9,040,000 3,940,000 1,995,000
Refunding Bonds Issued 5,180,000 3,490,000 3,635,000 8,955,000
Premium on Bonds Issued 327,987 492,838 450,409 798,791
Discount on Bonds Issued (179,891) (47,815) (16,805) (51,148)
Payment to Refunding Escrow - - - (3,785,000)
Total Other Financing
Sources (Uses) 11,948,474 9,981,403 8,173,221 8,070,173
NET CHANGE IN FUND BALANCES 4,744,644$ (5,497,051)$ 9,642,149$ 11,431,662$
Debt Service as a Percentage of
Noncapital Expenditures 13.7% 28.9% 16.2% 15.9%
Fiscal Year
CITY OF EDINA, MINNESOTA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS (CONTINUED)
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
(127)
2018 2019 2020 2021 2022 2023
35,613,883$ 37,093,074$ 39,509,239$ 41,796,463$ 45,096,245$ 49,156,931$
4,997,706 5,447,108 6,452,819 8,295,756 1,720,243 2,078,687
2,559,443 2,881,726 3,071,392 3,090,322 3,071,551 3,111,525
25,298 24,119 8,313 17,214 25,751 28,675
- - - - - 5,450,871
4,747,205 4,741,557 4,629,551 4,130,703 4,426,156 3,609,885
5,912,757 5,183,754 6,454,749 6,077,446 7,482,098 5,716,734
5,124,573 3,687,620 11,218,739 3,321,222 6,459,627 7,718,968
4,898,548 5,431,941 4,968,288 5,980,258 6,254,411 7,121,548
1,122,426 1,097,122 485,472 460,914 359,680 488,872
889,550 1,989,881 1,835,870 (372,080) (2,903,247) 5,324,618
632,011 487,797 479,148 491,579 711,100 34,017
- - - - - -
990,277 600,905 3,069,269 704,558 4,737,252 975,653
67,513,677 68,666,604 82,182,849 73,994,355 77,440,867 90,816,984
8,630,290 8,973,194 8,577,452 12,236,821 17,968,839 14,514,601
20,323,076 21,701,254 25,612,596 25,694,255 26,526,855 28,873,158
8,682,928 8,998,768 8,843,557 10,718,078 11,502,009 12,807,448
5,202,962 5,453,778 4,878,372 5,917,562 6,471,305 6,887,573
19,752,836 18,558,023 13,056,078 12,203,492 29,567,796 26,544,647
5,523,369 5,778,476 5,865,000 8,326,000 9,247,829 4,642,939
2,099,594 1,923,526 2,007,730 1,892,346 2,048,560 2,828,936
70,215,055 71,387,019 68,840,785 76,988,554 103,333,193 97,099,302
(2,701,378) (2,720,415) 13,342,064 (2,994,199) (25,892,326) (6,282,318)
37,978 115,494 - - - -
5,464,771 6,738,864 6,260,386 8,408,356 3,823,898 4,775,548
(5,139,771) (6,604,736) (5,976,550) (7,639,656) (3,515,998) (4,429,444)
6,201,630 1,172,391 251,670 3,000,821 106,406 77,700
- - - - - -
- 750,000 - - - -
2,210,000 5,000,000 1,991,000 16,820,000 29,610,000 1,180,000
- - - - - -
74,787 799,080 34,176 2,329,645 1,691,560 95,608
(18,299) - - - - -
(9,480,000) - - - - -
(648,904) 7,971,093 2,560,682 22,919,166 31,715,866 1,699,412
(3,350,282)$ 5,250,678$ 15,902,746$ 19,924,967$ 5,823,540$ (4,582,906)$
14.6% 13.8% 13.2% 15.6% 15.2% 10.2%
Fiscal Year
CITY OF EDINA, MINNESOTA
ASSESSED VALUE, ACTUAL VALUE, AND TAX CAPACITY OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(128)
City Tax City
Used Adjusted Capacity Referendum
Estimated Limited Taxable Total for Rate Net Rate Rate
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 28.939% 0.00000%3.151
13,796,381 13,796,381 13,713,197 169,928 151,491 155,998 29.947% 0.00000%3.386
15,461,411 15,461,411 15,386,401 190,473 172,188 176,690 28.056% 0.00000%3.206
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.
2023
2022
Estimated
Rate b
Market Value (In Thousands) a Tax Capacity (In Thousands)
2015
Fiscal Direct
2014
2019
2018
2021
Year
2016
2017
2020
CITY OF EDINA, MINNESOTA
DIRECT AND OVERLAPPING TAX CAPACITY RATES
LAST TEN FISCAL YEARS
(129)
Total
Basic Debt HRA Total Tax Direct and
Rate Rate Rate Capacity RMV Hennepin Tax Cap. RMV Other Overlap
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% 0.160% 28.939% 0.000% 38.210% 31.474% 0.211% 8.833%107.456%
26.863% 2.073% 0.152% 29.088% 0.000% 38.535% 29.975% 0.219% 8.830%106.428%
26.229% 1.827% 0.138% 28.194% 0.000% 34.542% 28.093% 0.222% 7.879%98.708%
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.
2023
2021
2020
2019
City Rates
2022
Overlapping Rates
ISD #273 EdinaFiscal
Year
2018
2014
2015
2016
2017
CITY OF EDINA, MINNESOTA
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
(130)
Percentage Percentage
of Total of Total
Tax Capacity Rank Capacity Tax Capacity Rank Capacity
Galleria Shopping Center 3,071,117$ 1 1.61% 1,978,800$ 2 1.69%
Centennial Lakes Office 2,983,378 2 1.57% - DNA 0.00%
Southdale Shopping Center 2,758,724 3 1.45% 2,506,810 1 2.14%
Southdale Medical Building 1,338,311 4 0.70% 620,285 7 0.53%
Centennial Lakes Plaza 1,410,390 5 0.74% DNA DNA DNA
The Bower Residences 1,326,631 6 0.70% DNA DNA DNA
Cedars of Edina 1,297,928 7 0.68% DNA DNA DNA
Southdale Office Center 1,044,740 8 0.55% 701,274 5 0.60%
71 France Apartments 970,613 9 0.51% DNA DNA DNA
Onyx Apartments 943,040 10 0.50% DNA DNA DNA
Centennial Lakes Retail DNA DNA DNA 788,526 3 0.67%
Centennial Lakes Phase V DNA DNA DNA 704,848 4 0.60%
Centennial Lakes Phase IV DNA DNA DNA 691,196 6 0.59%
National Car DNA DNA DNA 508,794 8 0.43%
Centennial Lakes Phase III DNA DNA DNA 439,470 9 0.37%
Target DNA DNA DNA 439,250 10 0.37%
Totals 17,144,872$ 9.00% 9,379,253$ 7.99%
Source: City of Edina Assessing Office
DNA: Data is not available
20142023
Taxpayer
CITY OF EDINA, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(131)
Total Collections in
Tax Percentage Subsequent Percentage
Levy Amount of Levy Years Amount of Levy
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% 47,887 31,431,302 98.84%
33,822,369 33,645,085 99.48% (49,937) 33,595,148 99.33%
35,784,777 35,551,096 99.35% (30,283) 35,520,813 99.26%
37,431,021 37,104,274 99.13% 67,144 37,171,418 99.31%
39,659,543 39,392,703 99.33% (19,546) 39,373,157 99.28%
42,018,271 41,704,258 99.25% (64,021) 41,640,237 99.10%
45,367,336 45,005,400 99.20% (46,258) 44,959,143 99.10%
49,855,000 49,423,644 99.13% - 49,423,644 99.13%
Source: Hennepin County Taxpayer Services.
2023
2022
Collected within the
Fiscal Year of the Levy
2021
2020
2019
2018
2016
2015
2017
Total Collections to Date
Taxes
Payable
2014
CITY OF EDINA, MINNESOTA
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
(DOLLARS IN THOUSANDS, EXCEPT PER CAPITA)
(132)
General Public Tax Permanent EEEP Rec. Utility Total Percentage
Obligation Project Increment Improvement Revenue Notes Leases Subscriptions Facility Revenue Leases Primary of Personal Per
Debt Revenue Bonds Revolving Bonds Payable Payable Payable Bonds Bonds Payable Government Income a Capita a
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 - - 12,945 39,618 - 114,152 2.78% 2,134
19,087 14,071 8,293 29,502 - 750 - - 14,241 31,733 - 117,677 3.04% 2,197 43,000 12,976 8,252 28,167 - 750 11 - 10,841 41,025 34 145,057 3.45% 2,684
41,108 11,894 7,935 27,375 - 750 9 365 9,799 46,224 18 145,476 3.20% 2,692
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.
2018
2015
2023
20222021
20202019
Business-Type Activities
2016
2014
2017
Governmental Activities
Year
Fiscal
CITY OF EDINA, MINNESOTA
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
(DOLLARS IN THOUSANDS, EXCEPT PER CAPITA)
(133)
General Obligation Less: Amounts Available Percentage of
Debt a in Debt Service Fund b Total Property Value c Per Capita d
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% 172
19,087 11,178 7,909 0.06% 148
43,000 6,702 36,298 0.26% 672
41,108 6,724 34,384 0.22% 636
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.
2023
2022
2021
2020
2019
Year
Fiscal
2018
2016
2015
2014
2017
CITY OF EDINA, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
DECEMBER 31, 2023
(134)
Net General Percentage
Obligation Bonded Applicable City Share
Debt Outstanding in City a of Debt
Overlapping Debt:
Hennepin County 1,056,334,526$ 7.01%74,049,050$
Hennepin Suburban Park District 49,655,074 9.67%4,801,646
Hennepin Regional Rail Authority 80,622,443 7.01%5,651,633
School Districts:
ISD No. 273 (Edina)170,241,095 98.94%168,436,539
ISD No. 270 (Hopkins)139,056,123 7.93%11,027,151
ISD No. 271 (Bloomington)148,519,688 0.01%14,852
ISD No. 272 (Eden Prairie)98,606,125 1.02%1,005,782
ISD No. 280 (Richfield)121,208,981 31.47%38,144,466
ISD No. 283 (St. Louis Park)244,574,896 0.03%73,372
Metro Council 89,723,130 3.47%3,113,393
Total Overlapping Debt 2,198,542,081 306,317,885
City of Edina 89,397,074 100.00%89,397,074
Total Overlapping and Direct Debt 2,287,939,155$ 395,714,959$
Ratio of Debt Per Capita (54,048 Population) 7,322$
Ratio of Debt to Estimated Market Valuation of $15,461,411,000 2.56%
Source: Hennepin County Taxpayer Services
a The percentage of overlapping debt applicable is estimated using tax capacity. Applicable percentages
were estimated by determining the portion of another governmental unit's tax capacity that is within
the City's boundaries and dividing it by each unit's total tax capacity.
Direct Debt:
Debt Ratios:
CITY OF EDINA, MINNESOTA
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
(DOLLARS IN THOUSANDS)
(135)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Debt Limit 267,351$ 291,050$ 308,890$ 323,556$ 346,426$ 368,150$ 383,574$ 400,331$ 413,891$ 463,842$
Total Net Debt
Applicable
to Limit 51,760 48,000 48,325 50,115 37,595 37,265 33,970 31,705 53,460 50,910
Legal Debt
Margin 215,591$ 243,050$ 260,565$ 273,441$ 308,831$ 330,885$ 349,604$ 368,626$ 360,431$ 412,932$
Total Net Debt
Applicable to
the Limit as a
Percentage of
Debt Limit 19.36% 16.49% 15.64% 15.49% 10.85% 10.12% 8.86% 7.92% 12.92% 10.98%
Legal Debt Margin Calculation for Fiscal Year 2023
Market Value (After Fiscal Disparities) 15,461,411,000$
Debt Limit (3% of Market Value) 463,842,330
Debt Applicable to Limit:
General Obligation Bonds 39,050,000
Public Project Revenue Bonds 11,860,000
Total Debt Applicable to Limit 50,910,000
Legal Debt Margin 412,932,330$
Fiscal Year
CITY OF EDINA, MINNESOTA
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
(136)
Less: Operating Net Available
Revenue Expenses Revenue Principal Interest Total Coverage
Public Project Revenue Bonds (Annual Appropriation Lease Revenue)
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
2022 1,560,000 - 1,560,000 1,040,000 428,269 1,468,269 1.06
2023 1,558,000 - 1,558,000 1,070,000 400,194 1,470,194 1.06
Tax Increment Bonds
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 - - - -
2022 1,720,243 - 1,720,243 - 245,092 245,092 7.02
2023 2,078,687 - 2,078,687 250,000 217,250 467,250 4.45
Permanent Improvement Revolving Bonds (Special Assessment)
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
2022 2,167,201 - 2,167,201 2,133,000 840,238 2,973,238 0.73
2023 2,410,414 - 2,410,414 1,817,000 872,103 2,689,103 0.90
Utility Bond
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
2022 32,297,449 19,942,083 12,355,366 6,112,000 939,616 7,051,616 1.75
2023 30,426,494 21,429,025 8,997,469 4,292,000 1,491,444 5,783,444 1.56
Recreational Facility Bonds
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
2022 9,740,702 9,505,749 234,953 992,000 353,691 1,345,691 0.17
2023 10,171,227 10,579,708 (408,481) 939,000 314,108 1,253,108 (0.33)
Debt Service RequirementsFiscal
Year
CITY OF EDINA, MINNESOTA
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
(137)
Estimated
Personal Per Capita High School
Income Personal Graduation Unemployment
Population (In thousands) Income Rate Rate
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%
53,494 4,111,335 76,856 98.2% 5.10%
53,572 3,873,041 72,296 98.4% 2.50%
54,048 4,209,637 77,887 98.5% 2.10%
54,048 4,542,680 84,049 98.4% 2.30%
Sources:
Population data from U.S. Census Bureau/Metropolitan Council. 2022 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. 2022 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.
2023
2022
2021
Fiscal
Year
2014
2020
2019
2018
2015
2016
2017
CITY OF EDINA, MINNESOTA
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
(138)
Percentage Percentage
of Total City of Total City
Employees Rank Employment Employees Rank Employment
Edina Realty 2,400 1 9.42% 400 9 1.68%
Edina Public Schools ISD #273 1,374 2 5.39% 1,860 2 7.81%
Coldwell Banker Realty 1,870 3 7.34% DNA DNA DNA
Fairview Southdale Hospital 1,624 4 6.37% 2,613 1 10.98%
City of Edina 996 5 3.91% 811 3 3.41%
BI Worldwide 735 6 2.88% 600 4 2.52%
Lund Food Holdings, Inc 500 7 1.96% 405 7 1.70%
Western National Insurance Company 430 8 1.69% DNA DNA DNA
Dow Water & Process Solutions 375 9 1.47% DNA DNA DNA
Target 375 10 1.47% DNA DNA DNA
Regis Corporation DNA DNA DNA 600 5 2.52%
International Dairy Queen Inc.DNA DNA DNA 400 8 1.68%
Barr Engineering DNA DNA DNA 453 6 1.90%
FilmTec Corporation DNA DNA DNA 375 10 1.58%
Totals 10,679 41.90% 8,517 35.78%
Sources:
Data Axle Reference Solutions, written and telephone survey,
and the Minnesota Department of Employment and Economic Development.
2014 data from previous ACFR.
DNA: Data is not available
20142023
Employer
CITY OF EDINA, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
(139)
2014 b 2015 2016 b 2017 b 2018 2019 2020 b 2021 2022 2023
Administration
General Fund 4.85 4.85 5.00 5.00 5.00 5.00 7.00 7.00 8.00 8.00
Communications
General Fund 6.15 6.15 6.00 6.00 6.00 6.00 6.80 6.80 7.00 7.00
Internal Services - - - - - - 0.20 0.20 - -
Information Technology Services
Internal Services 5.00 5.00 5.00 5.00 6.00 6.00 7.00 7.00 9.00 9.00
Community Development
General Fund 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 13.00
HRA Fund 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Engineering
General Fund 10.00 11.00 11.00 11.00 12.00 12.00 17.30 17.30 15.00 15.00
PACS Fund 1.00 1.00 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 1.00 1.00
CAS Fund - - 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00
Construction Fund 1.00 1.00 1.10 1.10 1.10 1.10 1.00 1.00 - -
Internal Services - - - - - - 4.35 5.35 8.00 8.00
Finance
General Fund 6.00 6.00 5.00 5.00 6.00 6.00 6.00 6.00 7.00 8.00
Utilities Fund 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00 2.00 2.00
Liquor Fund - - - - - - - - - -
Fire Protection
General Fund 42.85 43.85 45.90 45.90 45.80 49.80 63.35 63.35 66.55 71.55
Utilities Fund 0.25 0.25 - - - - 1.65 1.65 1.45 1.45
Human Resources
General Fund 4.00 4.00 5.00 5.00 5.00 5.00 4.00 5.00 5.00 5.00
Internal Services - - - - - - 1.00 1.00 1.00 1.00
Parks & Recreation
General Fund 23.65 23.65 25.05 25.05 25.30 25.30 24.65 24.65 24.00 25.00
Aquatic Center 0.55 0.55 0.60 0.60 0.70 0.70 0.70 0.70 0.33 1.03
Golf Course 12.00 12.00 8.05 8.05 9.00 9.00 11.00 11.18 12.15 12.15
Arena 5.00 5.00 4.85 4.85 6.25 6.25 5.95 6.03 6.58 7.08
Sports Dome - - 0.15 0.15 1.00 1.00 1.05 1.08 0.53 0.03
Art Center 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.08 2.08 1.08
Edinborough Park 5.80 5.80 5.80 5.80 5.65 5.65 5.65 5.75 6.80 5.10
Centennial Lakes 5.00 5.00 5.00 5.00 5.05 5.05 5.00 5.03 5.03 5.03
Liquor Fund 9.00 9.00 9.00 9.00 9.00 9.00 8.50 9.50 9.50 9.50
Enterprise Funds - - - - - - 0.50 - - -
Police Protection
General Fund 72.50 70.50 72.55 72.55 76.55 76.55 77.00 78.00 78.00 80.00
Public Works
General Fund 26.70 26.70 25.40 25.40 23.30 23.30 19.15 19.15 24.00 26.00
Utilities Fund 15.20 15.20 16.85 16.85 18.65 18.65 19.05 20.05 15.00 16.00
Internal Services 11.00 11.00 10.25 10.25 10.20 10.20 6.60 6.60 7.00 7.00
Enterprise Funds - - - - - - 0.20 0.20 - -
Other - - - - - - - - - -
Total 284.50 284.50 286.55 286.55 296.55 300.55 324.00 330.00 337.00 349.00
Source: City of Edina 2024-2025 Budget Book
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 2013-2014, 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
(140)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Government
Total City Employees 1,093 1,077 1,155 1,067 1,136 1,174 953 1,021 1,099 1,148
Votes Cast a 24,049 9,370 31,986 11,440 30,774 10,990 36,088 14,881 29,250 5,928
Public Works
Asphalt Placed (Tons) 8,383 8,888 9,298 11,176 14,419 9,847 10,593 10,962 10,300 12,664
Concrete (cu. yds.) 396 670 897 708 868 963 816 435 455 525
Public Safety
Fire Calls 926 1,251 1,276 1,220 1,321 1,600 1,265 1,419 1,431 1,577
Medical Calls 3,982 3,818 4,063 4,508 4,572 4,727 4,288 5,337 5,811 5,643
Police Calls for Service d 49,053 50,735 61,325 71,738 62,981 60,975 47,833 48,757 46,191 36,350
Internal Services
Vehicle Fixes 3,277 2,923 2,721 2,478 2,336 1,910 1,780 1,555 1,048 1,414
Utilities
Daily Consumption b 6,489 6,308 6,047 5,950 6,101 5,394 5,785 6,705 6,587 6,768
Aquatic Center
Attendance 92,200 128,523 108,609 89,318 88,342 83,499 - 88,217 81,184 80,225
Golf Course
Total Rounds Played c 85,231 66,483 61,256 23,241 20,679 60,561 74,180 76,383 75,437 75,684
Source: Various City departments
N/A Data 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. In 2023, changed system where only serviced calls are tracked.
Function
CITY OF EDINA, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
(141)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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 4 4 4 4 4 4 4 4 4
Source: Various City departments
Function