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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />4.10 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />Aril 19, 2021 <br />Lori Ziemer, Finance Director <br />Item Description <br />Reviewed by <br />Resolution Authorizing Transfer from the General <br />Cal Portner, City Administrator <br />Reviewed by <br />Fund to the Capital Outlay Reserve and Equipment <br />Replacement Funds <br />Action Requested <br />Adopt, by motion, a resolution authorizing the transfer from the General Fund to the Capital Outlay <br />Reserve and Equipment Replacement Funds. <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 />As of the end of 2020, the General Fund had an excess fund balance of $887,986. It is recommended <br />the excess fund balance be transferred to the Capital Outlay Reserve Fund for future IT <br />hardware/software replacements and to augment the balance of the Equipment Replacement Fund for <br />vehicle replacements. <br />Financial Impact <br />Transfer from the General Fund excess fund balance of $887,986 to the Capital Outlay Reserve Fund, <br />$447,986, and Equipment Replacement Fund, $440,000. <br />Mission/Policy/Goal <br />Responsibly grow and develop a sustainable and prosperous community. <br />Attachments <br />■ Resolution <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional P` H E U <br />service, and community engagement that encourages and inspires prosperity INATUREJ <br />