4.5 SR 04-18-2022
Request for Action
To Item Number
Mayor and City Council 4.5
Agenda Section Meeting Date Prepared by
Consent April 18, 2022 Lori Ziemer, Finance Director
Item Description Reviewed by
Resolution: Authorize Transfer from General Fund Cal Portner, City Administrator
to Capital Reserve Fund
Reviewed by
Action Requested
Adopt, by motion, a resolution authorizing the transfer from the General Fund to the Capital 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 2021, the General Fund had an excess fund balance of $171,591. It is recommended
the excess fund balance be transferred to the Capital Reserve Fund to provide funding for future
technology upgrades and replacements.
Financial Impact
Transfer from the General Fund excess fund balance of $171,591 to the Capital Reserve Fund.
Mission/Policy/Goal
Responsibly grow and develop a sustainable and prosperous community.
Attachments
Resolution
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
City of Elk River
City Council
Resolution 22-____
A Resolution of the City Council of the City of Elk River Authorizing a
Transfer from the General Fund to the Capital Reserve Fund
WHEREAS, The City of Elk River’s Financial Management Policies includes a General
Fund Balance policy in which fund balance in excess of 45 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 $171,591 from the General Fund balance to
the Capital Reserve Fund.
Passed and adopted this 18th day of April 2022.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk