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REQUEST FOR ACTION <br />To <br />Item Number <br />City Council <br />4.9 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />November 19, 2012 <br />Tim Simon, Finance Director <br />Item Description <br />Reviewed by <br />Park Improvement Fund Funding Policy Update <br />Reviewed by <br />Action Requested <br />Council is asked to approve the updated Park Improvement Fund funding policy update. <br />Background /Discussion <br />On June 2, 2008, the City Council reviewed and approved the creation of a Park Improvement Fund to <br />provide a long -term funding source for the city park needs and replacements. The original policy utilized <br />20% of operating income less budgeted transfers from the municipal liquor stores. Based on the long- <br />term planning and the number of replacement projects coming in the next several years, the Council <br />discussed increasing the percentage from 20% to 45% starting in 2013. <br />Financial Impact <br />The 2013 transfer from the Municipal Liquor Store Enterprise fund will average around $250,000 <br />depending on operating income on a yearly basis. <br />Attachments <br />• Revised Park Improvement Fund Policy. <br />PDIIAID Dr <br />ATUR <br />