4.13. SR 06-21-2021 - Laserfiche WebLink

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Adopted by Council: June 2, 2008 (Item 9.2) Revised by Council: November 19, 2012 Revised by Council: June 21, 2021 Park Improvement Funding Policy 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 Park Improvement Fund 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 Liquor 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 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.