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<br /> <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.13 <br />Agenda Section Meeting Date Prepared by <br />Consent June 21, 2021 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Park Improvement Funding Policy Update and Cal Portner, City Administrator <br />Resolution Authorizing Transfer from Municipal <br />Reviewed by <br />Liquor Fund to Park Improvement Fund <br /> <br /> <br />Action Requested <br /> Approve, by motion, the updated Park Improvement Funding Policy. <br /> Adopt, by motion, the resolution authorizing the transfer from the Liquor fund to the Park <br /> Improvement fund. <br /> <br />Background/Discussion <br />At the June 7 work session, the Council reviewed the revision to the Park Improvement Funding Policy <br />utilizing a transfer from its municipal liquor stores of up to 45% of operating income less budgeted <br />transfers or $250,000, whichever is greater. This will provide stability to the long-term funding source and <br />allow for the planning of replacement and maintenance of city park assets. <br /> <br />Based on the revised funding policy, the amount of the transfer from the Liquor Fund to the Park <br />Improvement Fund will be the greater of $235,483, calculated as 45% of operating income less budgeted <br />transfers, or $250,000. <br /> <br />Financial Impact <br />The 2021 transfer amount is $250,000 and is budgeted for in the Liquor Fund. <br /> <br />Mission/Policy/Goal <br />To responsibly grow and develop a sustainable and prosperous community. <br /> <br />Attachments <br /> Park Improvement Funding Policy <br /> Resolution authorizing a transfer from the Liquor fund to the Park Improvement fund. <br /> <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />