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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.6 <br /> Agenda Section Meeting Date Prepared by <br /> Consent February 5, 2018 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Authorize Transfer from General Fund to Cal Portner, City Administrator <br /> Pinewood Golf Course Fund Reviewed by <br /> Action Requested <br /> Adopt,by motion, a resolution authorizing transfer from the General Fund to the Pinewood Golf Course <br /> Fund. <br /> Background/Discussion <br /> On March 6,2017, the city entered into a two-year management agreement with Elk River Golf Club to <br /> operate the city-owned Pinewood Golf Course. <br /> According to the agreement, the city would retain all revenues and pay all expenses, as well as required <br /> capital improvements,relating to the operation of Pinewood Golf Course. All operating losses are the <br /> responsibility of the city. <br /> As of December 31, 2017, the operating loss of Pinewood Golf Course is $41,065.18. <br /> Financial Impact <br /> Transfer $41,065.18 from the General Fund to the Pinewood Golf Course Fund to cover the operating <br /> losses for 2017. <br /> Attachments <br /> ■ Resolution authorizing a transfer from the General Fund to the Pinewood Golf Course Fund. <br /> ■ Pinewood financials —December, 2017 <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />