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city of <br />El �. <br />To <br />City Council <br />Meeting Date <br />August 5, 2024 <br />Item Description <br />Resolution 24-42 Authorizing Transfer from the <br />Liquor Fund to the Park Improvement Fund <br />Request for Action <br />Item Number <br />4.5 <br />Prepared By <br />Lori Stich, Finance Manager <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br />Action Requested <br />Adopt, by motion, Resolution 24-42 authorizing transfer from the Municipal Liquor Fund to the Park <br />Improvement Fund. <br />Background/Discussion <br />The Park Improvement Funding Policy allows for the transfer from the Municipal Liquor Fund of up to 45% of <br />operating income less budgeted transfer or $250,000, whichever is greater. <br />The goal is to provide long-term funding source stability and allow for the planning of replacement and <br />maintenance of city park assets. <br />Based on the funding policy, the amount of the transfer from the Municipal Liquor Fund to the Park <br />Improvement Fund will be $250,000. <br />Financial Impact <br />The 2024 transfer amount of $250,000 is budgeted for in the Municipal Liquor Fund. <br />Mission/Policy/Goal <br />To responsibly grow and develop a sustainable and prosperous community. <br />Attachments <br />I . Resolution - PIF transfer 2024 <br />The Elk River Vision <br />A welcoming 6ommuwi , with revolutionary and spirited mourcyidnm, exceptional service, and community P� d W E R E D 0d <br />engagement that encourager and inspirerpro perityINPaU 159 <br />