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REQUEST FOR ACTION <br />____ <br />To <br />Item Number <br />City Council 9.2. <br />Agenda Section Meeting Date Prepared 6y <br />Worl~ ession June 2, 2005 Lori Johnson, Cit ~ Administrator <br />Item Description Reviewed by <br />Consider Park Improvement Funding Policy <br /> Reviewed by <br />Action Requested <br />Consider park improvement funding policy. <br />Background/Discussion <br />One of the action items identified by the Council during the planning worksessions this winter was to <br />develop a park capital funding plan. In the past the City has relied on park dedication fiwds to purchase <br />land and to develop parks. For many vears when development activity was high, the City received a <br />substantial amount of parl. dedication fee revenue each year that allowed the City to acquire land and do <br />major park itnproveme.nts. Those park dedication funds have now been spent and because development <br />activity is down substantially, park dedication fee revenue is also down substantially. Tlds leaves little <br />funding for expansion or btdld out of the park system and for maintaining the capital imrestment already <br />made. For example, some of the park equipment and trails ate at a point where they need to be replaced <br />ox need major maintenance. The goal is to make sure there is a replacement program developed with a <br />funding mechanism in place so that as equupment and trails age they can be replaced and maintained to <br />preseroc the Cup's initial investment in parks and trails. <br />Attached is a proposed park improvement funding policy that sets aside funds fioxn the liquor store <br />profits fox certain park expenditures. The policy gives the Council flexibility to annually determine the <br />amount that will be n ansfcrrcd from the liquor ftmd to the park improvement fund. illthough the <br />Connell may choose to consistently dedicate up to 20`% of the nctincome from the liquor fund to the <br />park iuzprovemenY fund, the policy does give the Council the option to reduce that down to zero each <br />pear without changing the policy. All of that information is outlined in more detail in Finance Director <br />Tim Simon's attached memo along with the actual amount of a transfer of 20 percent for this year and <br />projections for the next few vears. <br />Financial Impact <br />Transfer of up to 20% of net income from municipal liquor operations to the park unprovcment fund. <br />Attachments <br />' '_Vlemo from Finance Director Tim Simon <br />J:ACound~ALooA2008\pack mpxovcmrn[fundin0 Poli<y.doc <br />