4.9. SR 11-19-2012 - Laserfiche WebLink

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Adopted by Council.- June 2, 2008 (Item 9.2) Betvi. ed by Council.- November 19, 2012 Park Improvement Fund The City of Elk River may utilize up to 2"0 45% of operating income less budgeted transfers from its municipal liquor stores to fund a Park Improvement Fund. The Park Improvement Fund will be used for further build out of our current parks, replacement, maintenance of capital assets, and the beautification of city parks. The Municipal Liquor Fund cash flow will be reviewed at least annually and prior to the transfer to insure the fund has retained enough profits as working capital for the operating and non - operating expenditures including personnel costs, maintenance, debt service payments and expansion of physical assets, including store facilities. In addition, budgeted transfers and capital improvements which utilize liquor profits will be made prior to the Park Improvement Fund transfer. The amount will be calculated after the prior years audit is complete and will be subsequently transferred via resolution from the City Council. The fund will not incur any debt nor spend in excess of the cash available since the transfer will be calculated yearly in June.