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City of <br />Elk — <br />River <br />Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />4.5 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />ConsentJune <br />20, 2016 <br />Lori Ziemer, Interim Finance Director <br />Item Description <br />Reviewed by <br />Resolution Authorizing Transfer from Municipal <br />Cal Portner, City Administrator <br />Liquor Fund to Park Improvement Fund <br />Reviewed by <br />Action Requested <br />Approve, by motion, a transfer from the Municipal Liquor Fund to the Park Improvement Fund. <br />Background/Discussion <br />On June 2, 2008, the City Council approved the creation of a Park Improvement Fund to provide a long- <br />term funding source to be used for city park needs such as build -out, replacement, maintenance of capital <br />assets, and beautification. <br />The funding policy was revised and approved on November 19, 2012, allowing the city to utilize up to <br />45% of operating income less budgeted transfers from the Municipal Liquor Fund to the Park <br />Improvement Fund. <br />Financial Impact <br />The 2016 transfer amount is $265,617 and is budgeted in the Municipal Liquor Fund 2016 budget. <br />Attachments <br />Resolution authorizing a transfer from the Municipal Liquor Fund to the Park Improvement <br />Fund <br />■ 2016 Capital Improvement Plan Sheet for 2016 Park Improvement Fund <br />P0WIAED 0 <br />NaA f RE] <br />