10.4. SR 06-07-2021 - Laserfiche WebLink

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Proposed Park Improvement Funding The City of Elk River may utilize up to 45% of operating income less budgeted transfers from its municipal liquor stores or $250,000, whichever is greater, to provide funding for the Park Improvement Fund (PIF). Budgeted transfers and capital improvements which utilize liquor profits will be made prior to the Park Improvement fund transfer. The PIF will be used for further build-out of our current parks, replacement and maintenance of park 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 ensure 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. The amount to transfer to the PIF will be calculated after the prior year’s 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. Council Consideration  Preliminary budget will be drafted based on the same level of services as the 2021 budget. Does the Council desire service level increases/decreases? If so, where?  Any changes Council would like to see to the budget process or format?  Level of debt service to be added to the tax levy.  Proposed revision to the Park Improvement Funding Policy. Financial Impact N/A Mission/Policy/Goal To be good stewards where council and staff work to responsibly grow and develop a sustainable and prosperous community. Attachments  General Fund Budget History  Tax Levy/Tax Capacity/Tax Rate History  Debt Service Levies