HomeMy WebLinkAboutResolution No. 2025-61 Approving 2024 Unassigned General Fund Balance Allocation
RESOLUTION NO. 2025-61
APPROVING THE ALLOCATION OF THE 2024
UNASSIGNED GENERAL FUND BALANCE
WHEREAS, the 2024 Annual Comprehensive Financial Report presented to the Council on June 17, 2025, reported
an unassigned fund balance in the General Fund of $25,474,747.
WHEREAS, the City’s goal is to maintain appropriate financial reserves in the General Fund, and the City Council
has adopted a fund balance policy for the General Fund. The fund balance policy establishes a goal of an unassigned
fund balance in the General Fund of 42%-47% of the subsequent year’s budgeted property tax revenue. As of
December 31, 2024, the City has an unassigned fund balance of $3,129,427 above this goal range. The policy further
states that fund balance above the goal range should be transferred to the Construction Fund to support capital
improvements and equipment. The City varies from this policy occasionally when there is a necessity identified by
staff and supported by the City Council
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows:
The motion associated with this action will transfer the balance of the 2024 General Fund unassigned
fund balance to the Construction Fund with the following exceptions. The first exception is to allocate
$900,000 to the Lewis Park shelter project. The second exception is to allocate $250,000 to pursue
“Quiet Zones” for a-grade railroad crossings of Edina streets. The third exception is to allocate $855,000
for possible tariff costs and $532,000 for construction contingency for the Aquatic Center filter room
project.
Passed and adopted by the Edina City Council on August 19, 2025.
ATTEST:
Sharon Allison, City Clerk James B. Hovland, Mayor
STATE OF MINNESOTA ) COUNTY OF
HENNEPIN )SS CITY OF
EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and
foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of August 19, 2025, and as
recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 20 .
City Clerk
Sharon Allison (Aug 21, 2025 06:48:28 CDT)