4.5 SR 10-16-2023
Request for Action
To Item Number
Mayor and City Council 4.5
Agenda Section Meeting Date Prepared by
Consent Agenda October 16, 2023 Joe Stremcha, Assistant City Administrator
Item Description Reviewed by
Resolution: Close Great River Energy (GRE) Reserve Cal Portner, City Administrator
Fund Account and Redistribute Fund Balance
Reviewed by
Action Requested
Approve, by motion, the resolution to close the GRE Reserve Fund and redistribute the fund balance.
Background/Discussion
The GRE Reserve Fund was set up to track funds received from Great River Energy for a host fee. The Great
River Energy refuse to energy plant has closed and the host fee payments have ended. The fund had since been
used for miscellaneous projects such as the city’s wayfinding initiative and Bailey Point Nature Preserve purchase.
It has been determined that any remaining funds should have clearly defined usage and be transferred out of the
GRE Reserve Fund to be split between the Equipment Replacement Fund and the Government Buildings Fund.
Financial Impact
Redefining the use of these funds.
Mission/Policy/Goal
Clearly defined use of funds to meet goals and priorities.
Attachments
Resolution to Close GRE Reserve Fund
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: January 2023
City of Elk River
City Council
Resolution 23-____
A Resolution of the City Council of the City of Elk River authorizing a
transfer from the Great River Energy (GRE) Reserve Fund to the Equipment
Replacement Fund and the Government Buildings Fund
WHEREAS, the GRE Reserve Fund was set up to track Host Fee funds received from
Great River Energy;
WHEREAS, the Great River Energy plant has closed and the Host Fee payments have
ended;
WHEREAS, the GRE Reserve Fund historically was used for miscellaneous projects such
as the city’s wayfinding initiative and the purchase of Bailey Point Nature Preserve.
WHEREAS, it has been determined that any remaining funds should be transferred out of
the GRE Reserve Fund to be split between the Equipment Replacement Fund and the
Government Buildings Fund;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: transfer $250,000 from the GRE Reserve Fund to the
Equipment Replacement Fund and transfer the remaining balance of approximately
$573,000 to the Government Buildings Fund.
Passed and adopted this _____ day of _______ 2023.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk