4.5. SR 11-18-2019 Eclty1� ,.,�� Request for Action
River
To Item Number
Mayor and City Council 4.5
Agenda Section Meeting Date Prepared by
Consent November 18, 2019 Lori Ziemer, Finance Director
Item Description Reviewed by
Resolution Authorizing Transfer from the General Cal Portner, City Administrator
Fund to the Capital Outlay Reserve Fund Reviewed by
Action Requested
Adopt,by motion, a resolution authorizing the transfer from the General Fund to the Capital Outlay
Reserve Fund.
Background/Discussion
As part of our financial management policies, the fund balance policy sets a minimum and maximum
fund balance in the General Fund of 40-45%. Any amount above our maximum may be appropriated by
Council to be used for one-time,non-recurring expenditures.
As of the end of 2018, the General Fund had an excess fund balance of$237,813. During the CIP
discussion on November 4,it was recommended the excess fund balance of$237,813 be transferred to
the Capital Outlay Reserve Fund for IT hardware/software replacements and miscellaneous capital outlay
items.
Financial Impact
Transfer from the General Fund excess fund balance of$237,813 to the Capital Outlay Reserve Fund.
Attachments
■ Resolution
The Elk River Vision
A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By
service, and community engagement that encourages and inspires prosperity INAWRE1
City of
Elk City of Elk River
Wver City Council
Resolution 19-
A Resolution of the City Council of the City of Elk River Authorizing a
Transfer from the General Fund to the Capital Outlay Reserve Fund
WHEREAS, The City of Elk River's Financial Management Policies includes a General
Fund Balance policy in excess of forty five percent shall be allocated to other purposes at the
discretion of the City Council.
WHEREAS, The City Council has designated that the unassigned fund balance in the
General Fund be a minimum of 40 percent and a maximum of 45 percent.
WHEREAS, The City Council has considered the various uses of the balance in excess of
the 45 percent and consented to the following.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River,Minnesota, as follows: The transfer of$237,813 from the General Fund balance to
the Capital Outlay Reserve fund.
Passed and adopted this 18th day of November 2019.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City NATUREJ