4.14. SR 11-20-2017 - Laserfiche WebLink

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Eclty1� ,.,�� Request for Action River To Item Number Mayor and City Council 4.14 Agenda Section Meeting Date Prepared by Consent November 20, 2017 Lori Ziemer, Finance Director Item Description Reviewed by Authorize a Transfer from the General Fund to the Cal Portner, City Administrator Park Improvement Fund and Capital Outlay Reviewed by Reserve Fund Action Requested Approve,by resolution, a transfer from the General Fund to the Park Improvement Fund and Capital Outlay Reserve Fund. Background/Discussion As part of our financial management policies, the Fund Balance Policy sets a minimum and maximum fund balance in the General Fund of 40-45%. Any amount above our maximum may be appropriated by Council to be used for one-time,non-recurring expenditures. As of the end of 2016, the General Fund had an excess fund balance of$266,832. On August 7, 2017, Council appropriated $119,382.35 of the excess fund balance to be used for the Dave Anderson Athletic Complex irrigation replacement. During the CIP discussion on November 6,2017,it was recommended the remaining excess fund balance of$147,449.65 be transferred to the Capital Outlay Reserve Fund for IT hardware/software replacements and miscellaneous capital outlay items. Financial Impact Transfer from the General Fund excess fund balance $119,382.35 to the Park Improvement Fund and the remaining balance of$147,449.65 to the Capital Outlay Reserve Fund. Attachments ■ Resolution authorizing a transfer from the General Fund excess fund balance to the Park Improvement Fund and Capital Outlay Reserve Fund. ■ August 7, 2017, City Council minutes The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAWRE1