The Coronavirus State and Local Fiscal Recovery Funds (SLFRF), a part of the American Rescue Plan (ARP) Act, delivers $350 billion to state, local, and Tribal governments across the country to support their response to and recovery from the COVID-19 public health emergency. The program ensures that governments have the resources needed to: Fight the pandemic and support families and businesses struggling with its public health and economic impacts; maintain vital public services, even amid declines in revenue; and build a strong, resilient, and equitable recovery by making investments that support long-term growth and opportunity.
The general timeline for this funding outlines that the funds must be used for costs incurred on or after March 3, 2021, the funds must be obligated by December 31, 2024, and finally, expended by December 31, 2026.
The total ARP amount allotted to the City was $11,396,081. Half of the total amount was received in 2021 and the remaining half will be received in 2022. For 2020, estimated revenue loss for the City of Bloomington due to Covid-19 Public Health Emergency as of December 31, 2020 was $22,072,969.
Please visit the Federal Treasury website to learn more about the ARP Act including early program implementation and final rules.
The Annual Comprehensive Financial Report (ACFR) of the City of Bloomington for the fiscal year ending December 31, 2021 is available. The purpose of this report is to provide the Mayor, City Council, City staff, citizens, bondholders, and other interested parties with useful information concerning the City’s operations and financial position. The City's report includes detailed notes and financial schedules for both of the City's component units: Port Authority and the Housing and Redevelopment Authority (HRA).
Corporate Report to the Community Fiscal Year Ending 2021
The Popular Annual Financial Report (PAFR), published every June under the title, "Corporate Report to the Community," is a brief summary of the City's Annual Comprehensive Financial Report (ACFR). The report is intended to increase the general public's understanding of Bloomington's financial condition.
Annual budget book
Fiscal Year 2022
This document presents the City’s approved 2022 budget, and includes budget summaries for all funds, working capital goals, debt and capital overviews and operating program details. Background information used to develop the budget and to describe its impact and corresponding levies are included in the introduction to provide a more complete understanding. To determine the current levy and to consider the City’s long-term financial stability, 5, 10 and 15-year budget models were used.
To review historical budget books and more detailed budget information, visit our dedicated City Budget page at blm.mn/budget.
The Capital Improvement Plan (CIP) constitutes the capital improvement plan of the City of Bloomington (City). It is a planning tool based on long-range physical planning and financial projections that forecast the City, the Bloomington Port Authority (Port), and Housing and Redevelopment Authority for the City of Bloomington (HRA) capital needs over a ten-year period as building blocks to help achieve the City's strategic vision and mission. The CIP includes a detailed description of every Capital Project anticipated to be initiated during the ten-year period.
The CIP document is approved annually but projects are tracked and updated on a quarterly basis. To view the most recent updates, visit our dedicated CIP page at blm.mn/CIP.
The preliminary draft of the 2023-2032 Capital Improvement Plan (CIP) was presented at the October 17, 2022 City Council Meeting and then brought to the Planning Commission in November 2022. The final draft of the 2023-2032 CIP will be presented during a Public Hearing on December 5, 2022.
The City of Bloomington participates in the Performance Measurement Program through the State Auditor's office. This voluntary program requires cities and counties to adopt ten selected measures that will be used to manage operations and reported to citizens and property taxpayers.
On August 28, 2020, City staff submitted the Green Bond Report for the City of Bloomington for the Penn-American Stormwater Storage Project to the Electronic Municipal Market Access (EMMA) system. In 2018, the City issued its first Green Bond and became the 4th community in the State of Minnesota to issue Green Bonds. The $11,650,000 General Obligation Storm Water Utility Bonds, Series 2018D financed the Penn-American Linear Storm Water Storage Project designed to serve the flood-prone area immediately southwest of the I-35W & I-494 interchange. This specific high impact project was selected for its ability to provide multiple environmental sustainability benefits such as mitigating flood risk and improving surface water quality.
On September 1, 2020 City staff submitted the Voluntary Disclosure regarding Impacts of the Coronavirus (COVID-19) Pandemic to the Electronic Municipal Market Access (EMMA) system. The purpose of this voluntary notice is to provide an overview of information that may affect the City and to describe the actions being considered and underway as a result of the Coronavirus (COVID-19) pandemic. The City does not anticipate that any of the information or potential impacts discussed in the disclosure will affect its ability to pay debt service on its outstanding debt obligations.
As of April 2022, the City of Bloomington has been the recipient of the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report for 50 years, longer than any other Minnesota city. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
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 Bloomington for its annual comprehensive financial report for the fiscal year ended December 31, 2020. This was the 50th consecutive year that the government has achieved this prestigious award. In order 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 GFOA to determine its eligibility for another certificate.
As of June 2022, the City of Bloomington has been the recipient of the Distinguished Budget Presentation Award for 27 years. The award represents a significant achievement, reflecting the Finance Department's commitment to meeting the highest principles of governmental budgeting.