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<br /> <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent April 18, 2022 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Resolution: Authorize Transfer from General Fund Cal Portner, City Administrator <br />to Capital Reserve Fund <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution authorizing the transfer from the General Fund to the Capital Reserve <br />Fund. <br /> <br />Background/Discussion <br />As part of our financial management policies, the fund balance policy sets a minimum and maximum <br />fund balance in the General Fund of 40-45%. Any amount above our maximum may be appropriated <br />by Council to be used for one-time, non-recurring expenditures. <br /> <br />As of the end of 2021, the General Fund had an excess fund balance of $171,591. It is recommended <br />the excess fund balance be transferred to the Capital Reserve Fund to provide funding for future <br />technology upgrades and replacements. <br /> <br />Financial Impact <br />Transfer from the General Fund excess fund balance of $171,591 to the Capital Reserve Fund. <br /> <br />Mission/Policy/Goal <br />Responsibly grow and develop a sustainable and prosperous community. <br /> <br />Attachments <br /> Resolution <br /> <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 />