4.6. SR 06-15-2015 - Laserfiche WebLink

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�j Elk = - Request for Action River To Item Number Mayor and City Council 4.6 Agenda Section Meeting Date Prepared by Consent June 15, 2015 Tim Simon, Finance Director Item Description Reviewed by Resolution: Authorizing Transfer from Municipal Cal Portner, City Administrator Liquor Fund to Park Improvement Fund Reviewed by Action Requested Approve, by motion, a transfer from the Municipal Liquor Store Fund to the Park Improvement Fund. Background/Discussion On June 2, 2008, the City Council reviewed and approved the creation of a Park Improvement Fund to provide a long-term funding source for city park needs. Subsequently, on November 19, 2012, the funding percentage was revised and approved during the 2013-2017 capital improvement planning process. The Park Improvement Fund funding policy is reprinted below for your reference. The City of Elk River may utilise up to 45% of operating income less budgeted transfers from its municipal liquor stores to fund a Park Improvement Fund(PM). The Park Improvement Fund will be used for further build-out of our currentparks, replacement and maintenance of capital assets, and the beautification of cityparks. The Municipal Liquor Fund cash flora will be revie�a ed at least annually and prior to the transfer to insure the Liquor Fund has retained enough profits as working capital for the operating and non-operating expenditures incluaing personnel costs, maintenance, debt service payments and expansion of physical assets, includng store facilities. In addition, budgeted transfers and capital improvements wbicb utili.Ze liquorprofits will be made prior to the Park Improvement Fund transfer. The amount will be calculated after the prioryear's audit is complete and will be subsequently transferred via resolution from the City Council. The fund will not incur any debt nor spend in excess of the cash available since the transfer will be calculatedyearly in June. Financial Impact The 2015 transfer amount is $290,668. The Municipal Liquor Store Fund has this transfer budgeted for 2015. Attachments ■ Resolution authorizing a transfer from the Municipal Liquor Store Fund to the Park Improvement Fund. ■ 2015-2019 Capital Improvement Plan sheet for 2015 Park Improvement Fund. P0WIeEa 0 Template Updated 4/14 INAWRE1