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<br /> <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.8 <br />Agenda Section Meeting Date Prepared by <br />Consent June 6, 2022 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Resolution: Authorize Transfer from Liquor Fund Cal Portner, City Administrator <br />to Park Improvement Fund <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution authorizing the transfer from the Liquor Fund to the Park Improvement <br />Fund. <br /> <br />Background/Discussion <br />The Park Improvement Funding Policy approved in 2021 allows for the transfer from its municipal liquor <br />stores of up to 45% of operating income less budgeted transfers or $250,000, whichever is greater. This <br />will provide stability to the long-term funding source and allow for the planning of replacement and <br />maintenance of city park assets. <br /> <br />Based on the funding policy, the amount of the transfer from the Liquor fund to the Park Improvement <br />fund will be $250,000. <br /> <br />Financial Impact <br />The 2022 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 />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 />