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11.4 SR 11-06-2023�, Elk s �- River Request for Action To Item Number Ma ror and Cinr Council 11.4 Agenda Section Meeting Date Prepared by WoYk Session NovembeY 6, 2023 oe Stremcha, Assistant Cit�r Admitustrator Item Description Reviewed by Discuss Resolution: Close Great River Energy (GRE) Cal Pormer, Ci r Administrator Reserve Fund Account and Redistribute Fund Balance Reviewed by Action Requested Consider 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 EnergyT for a host fee. The Great River Energy refuse to eneYgy plant has closed and the host fee payrments have ended. The fund had since been used for miscellaneous projects such as the cityT's wayTfinding initiative and BaileyT Point Nature Preserve purchase. It has been determined that anyT 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 ■ 2019 Council Retreat Minutes The Elk River Vision A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. rowEREo ar �I'1 ���� Update�l• January 2023 City of Elk -�-� River City of Elk River City Council Resolution 23-41 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 �vas set up to track Host Fee funds received from Great River Energy; WHEREAS, the Great River EnergyT plant has closed and the Host Fee payTments have ended; WHEREAS, the GRE Reserve Fund historicallyT `vas used for miscellaneous projects such as the cityT's wayfinding initiative and the purchase of Bailey Point Nature Preserve. WHEREAS, it has been determined that anyT 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 byT the CityT Council of the CityT 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 approximatelyT $573,000 to the Government Buildings Fund. Passed and adopted this 20th dayT of November 2023. John J. Dietz, Mayor ATTEST: Tina Allard, CityT Clerk rowEREo er ���V�� City Council Miuutes Apri123, 2019 Page 5 Ms. Othoudt noted she does many business retention visits thxoughout the peat and they have been very positive so she has difficulty understanding whete thexe map be issues. Mt. Portner noted this is a good start to the discussion and the city could utilize Councilmemher Wagnex to bring the issues forward for review. Mayor Dietz stated the p�nni � depa.ttment does a good job and he hopes if people axe having issues, they will come forwa=d Goal Setting Shart term (2019-2d} ■ Commercial Development � HRA IVlain/Gates project � Ebert Japlin/Business Avenue project � Market EDA Highwapl0 property � 1Vlonitor downtown development ■ Gteat River Energp Revenue Rep]acement � Monitor GRE property marketing ■ Budget and Sinl�ng Fund for Building Repait � Move public safety building bond to general levp � T�a�nsitivn public works facility bond to ge,ne�allev�r � Mave GRE fund balance to building �und ■ Upda.te Salary Schedule/Compensation Plan p Complete • Garbage situaiion (RDF host fee/landfill closute) a Monitor ■ Parks & Recreation Capita,l Plan — Funding � Lost-funded projects � Pazking lot repa.it/replacement funded thxaugh Pavement Mana�ement Progtam � Field/facility use.x fees shift ■ Activity Center facility future ■ Zonittg & acquisition of "challenged" pxope,rties policy discussion Mid-term (2023} , � CRT Vision � Will discuss duxing Comprehensive Pla� Update ■ Budget Plan — Post Waste Management ■ Transparta.tion Development Funding � Highwap169 complete (Corridors of Commerce} a Highway 10 sxudy in partnership arith county, Metro/D3 MnDOT +� Acquire Business Park Land � Assist developers with private acquisition as needed. R Develop Means for Park Capital Needs � Local Option Sales Tax-funded projects �o�ESEa rr ������