4.8. SR 06-18-2012 - Laserfiche WebLink

Home Browse Search

1-~ ~j Elk REQUEST FOR ACTION River To Item Number Ma or and Ci Council 4.8 Agenda Section Meeting Date Prepared by Consent une 18, 2012 Tim Simon, Finance Director Item Description Reviewed by Resolution Authorizing a 2012 Budgeted Transfer From the Cal Portner, Ci Administrator Municipal Liquor Fund to the Park Improvement Fund Reviewed by Action Requested Adopt the resolution authorizing a transfer to the Park Improvement Fund from the Municipal Liquor Store budget. Background/Discussion On June 2, 2008, the City Council reviewed and approved the creation of a Park Improvement Fund to provide along-term funding source for the city park needs. The Park Improvement Fund funding policy is reprinted below fox your reference. The City of Elk River may utilize up to 20% of operating income less budgeted transfers from its municipal liquor stores to fund a Park Improvement Fund (I'IF). The PIF will be used for further build-out of our current parks, replacement, maintenance of capital 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. In addition, budgeted transfers and capital improvements which utilize liquor profits will be made prior to the PIF transfer. The amount 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. Prior year's amounts 2010 - $92,815 2011 - $95,592 Financial Impact The 2012 transfer amount is $108,510. The Municipal Liquor Store Fund has this transfer budgeted in the 2012 budget. Attachments ^ Resolution Authorizing a Transfer From the Municipal Liquor Fund to the Park Improvement Fund POMiE~i~ 8t ~U