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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />4.7 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />ConsentJune <br />17, 2019 <br />Lori Ziemer, 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 />Adopt, by motion, a resolution authorizing the transfer from the Municipal Liquor Fund to the Park <br />Improvement Fund. <br />Background/Discussion <br />The Park Improvement Fund was created to provide a long-term funding source for the build out of city <br />parks, replacement and maintenance of park capital assets, and beautification. <br />The funding policy approved in 2012 allows the city to utilize up to 45% of operating income less <br />budgeted transfers from the Municipal Liquor Fund to the Park Improvement Fund. <br />Financial Impact <br />The 2019 transfer amount is $214,855 and is budgeted in the Municipal Liquor Fund 2019 budget. <br />Attachments <br />■ Resolution <br />■ 2019 Park Improvement Fund CIP <br />The Elk River Vision <br />A PehoMing community Pitb revolutionary and spirited resourcefulness, exceptional P,` 01 W E H E 8 6 T <br />service, and community engagement that encourages and inspires prosperity INAWRE1 <br />