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City of <br />Elk <br />River <br />City of Elk River <br />City Council <br />Resolution 2 1 - <br />A Resolution of the City Council of the City of Elk River Authorizing a <br />Transfer from the General Fund to the Capital Outlay Reserve and <br />Equipment Replacement Funds <br />WHEREAS, The City of Elk River's Financial Management Policies includes a General <br />Fund Balance policy in excess of 45 percent shall be allocated to other purposes at the <br />discretion of the City Council. <br />WHEREAS, The City Council has designated that the unassigned fund balance in the <br />General Fund be a minimum of 40 percent and a maximum of 45 percent. <br />WHEREAS, The City Council has considered the various uses of the balance in excess of <br />the 45 percent and consented to the following. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: The transfer of $887,986 from the General Fund balance to: <br />Capital Outlay Reserve Fund $447,986 <br />Equipment Replacement Fund $440,000 <br />Passed and adopted this 19th day of April 2021. <br />John J. Dietz, Mayor <br />ATTEST: <br />Tina Allard, City Clerk <br />