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<br /> <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent Agenda October 16, 2023 Joe Stremcha, Assistant City Administrator <br />Item Description Reviewed by <br />Resolution: Close Great River Energy (GRE) Reserve Cal Portner, City Administrator <br />Fund Account and Redistribute Fund Balance <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the resolution to close the GRE Reserve Fund and redistribute the fund balance. <br /> <br />Background/Discussion <br />The GRE Reserve Fund was set up to track funds received from Great River Energy for a host fee. The Great <br />River Energy refuse to energy plant has closed and the host fee payments have ended. The fund had since been <br />used for miscellaneous projects such as the city’s wayfinding initiative and Bailey Point Nature Preserve purchase. <br /> <br />It has been determined that any remaining funds should have clearly defined usage and be transferred out of the <br />GRE Reserve Fund to be split between the Equipment Replacement Fund and the Government Buildings Fund. <br /> <br />Financial Impact <br />Redefining the use of these funds. <br /> <br />Mission/Policy/Goal <br />Clearly defined use of funds to meet goals and priorities. <br /> <br />Attachments <br /> Resolution to Close GRE Reserve Fund <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br />Updated: January 2023 <br /> <br />