4.5 SR 08-05-2024city of
El �.
To
City Council
Meeting Date
August 5, 2024
Item Description
Resolution 24-42 Authorizing Transfer from the
Liquor Fund to the Park Improvement Fund
Request for Action
Item Number
4.5
Prepared By
Lori Stich, Finance Manager
Reviewed by
Lori Stich
Joe Stremcha
Cal Portner
Tina Allard
Action Requested
Adopt, by motion, Resolution 24-42 authorizing transfer from the Municipal Liquor Fund to the Park
Improvement Fund.
Background/Discussion
The Park Improvement Funding Policy allows for the transfer from the Municipal Liquor Fund of up to 45% of
operating income less budgeted transfer or $250,000, whichever is greater.
The goal is to provide long-term funding source stability and allow for the planning of replacement and
maintenance of city park assets.
Based on the funding policy, the amount of the transfer from the Municipal Liquor Fund to the Park
Improvement Fund will be $250,000.
Financial Impact
The 2024 transfer amount of $250,000 is budgeted for in the Municipal Liquor Fund.
Mission/Policy/Goal
To responsibly grow and develop a sustainable and prosperous community.
Attachments
I . Resolution - PIF transfer 2024
The Elk River Vision
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of
City of Elk River
Ver City Council
Resolution 24-42
A Resolution of the City Council of the City of Elk River Authorizing a
Transfer from the Liquor Fund to the Park Improvement Fund
WHEREAS, The City Council approved the establishing of the Park Improvement
Funding Policy on June 2, 2008 and revised the policy on June 21, 2021.
WHEREAS, The City Council has reviewed the request and determined it to be a sound
financial practice.
WHEREAS, It has been determined that $250,000 should be transferred out of the Liquor
fund to provide funding for the Park Improvement fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: The transfer of $250,000 from the Liquor fund to the Park
Improvement fund.
Passed and adopted this 5th day of August 2024.
ATTEST:
Tina Allard, City Clerk
John J. Dietz, Mayor
P O W E R E D B I
NAWREJ
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