Financial reports

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 was 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.

Detailed reports of City spending are updated quarterly. 

ARP Cumulative Spending Report: March 2021 to June 2023

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.

• Green Bond Report 08-28-2020

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.

• Voluntary COVID Disclosure 09-01-2020

As of February 2024, the City of Bloomington has been the recipient of the Certificate of Achievement for Excellence in Financial Reporting for the Annual Comprehensive Financial Report for 52 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.

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 May 2024, the City of Bloomington has been the recipient of the Distinguished Budget Presentation Award for 29 years. The award represents a significant achievement, reflecting the Finance Department's commitment to meeting the highest principles of governmental budgeting. 

As of March 2024, the City of Bloomington has been the recipient of the Award for Outstanding Achievement in Popular Annual Financial Reporting for 25 years. This is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports.

The GFOA requires that financial information used in the PAFR come from the Annual Comprehensive Financial Report. To receive this award, a government unit must publish a Popular Annual Financial Report whose contents conform to program standards of creativity, presentation, understandability, and reader appeal.