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REQUEST FOR ACTION <br />To Item Number <br />City Council 3.10 <br />Agenda Section Meeting Date Prepared by <br />Consent June 16, 2008 Tim Simon, Finance Director <br />Item Description Reviewed by <br />A Resolution Authorizing a Transfer From the Municipal Liquor Lori ohnson, Ci Administrator <br />Fund to the Park Improvement Fund and 2008 Budget Reviewed by <br />Modification to the Municipal Liquor Fund <br />Action Requested <br />Council is asked to approve a transfer to the Park Improvement Fund and 2008 budget amendment to <br />the Municipal Liquor Fund. <br />Background/Discussion <br />On June 2, 2008, the City Council reviewed the establishing of a Park Improvement Fund to provide a <br />long-term funding source for the City park needs. The Park Improvement Fund will be used for further <br />build-out of our current parks, replacement, maintenance of capital assets, and the beautification of City <br />parks. The City may utilize up to 20% of operating income less budgeted operating transfers, which will <br />be reviewed yearly. The amount will be calculated after the prior years audit is complete and will be <br />subsequently transferred via resolution by the City Council. In addition, Bill Maertz reviewed the 2008 <br />planned expenditures for the Park Improvement Fund. <br />Financial Impact <br />The 2008 transfer amount is $107,046. A budget modification to the 2008 municipal liquor store transfer <br />out line item in the amount of $107,046. <br />Attachments <br />Resolution authorizing a transfer from the Municipal Liquor Fund to the Park Improvement <br />Fund. <br />Action Motion by Second by Vote <br />Follow Up <br />C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\parkimprovementfundtransfer (2).doc <br />