3.10. SR 06-16-2008REQUEST FOR ACTION
To Item Number
City Council 3.10
Agenda Section Meeting Date Prepared by
Consent June 16, 2008 Tim Simon, Finance Director
Item Description Reviewed by
A Resolution Authorizing a Transfer From the Municipal Liquor Lori ohnson, Ci Administrator
Fund to the Park Improvement Fund and 2008 Budget Reviewed by
Modification to the Municipal Liquor Fund
Action Requested
Council is asked to approve a transfer to the Park Improvement Fund and 2008 budget amendment to
the Municipal Liquor Fund.
Background/Discussion
On June 2, 2008, the City Council reviewed the establishing of a Park Improvement Fund to provide a
long-term funding source for the City park needs. The Park Improvement Fund will be used for further
build-out of our current parks, replacement, maintenance of capital assets, and the beautification of City
parks. The City may utilize up to 20% of operating income less budgeted operating transfers, which will
be reviewed yearly. The amount will be calculated after the prior years audit is complete and will be
subsequently transferred via resolution by the City Council. In addition, Bill Maertz reviewed the 2008
planned expenditures for the Park Improvement Fund.
Financial Impact
The 2008 transfer amount is $107,046. A budget modification to the 2008 municipal liquor store transfer
out line item in the amount of $107,046.
Attachments
Resolution authorizing a transfer from the Municipal Liquor Fund to the Park Improvement
Fund.
Action Motion by Second by Vote
Follow Up
C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\parkimprovementfundtransfer (2).doc
RESOLUTION 08 -
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION AUTHORIZING A TRANSFER FROM THE MUNICIPAL
LIQUOR FUND TO THE PARK IMPROVEMENT FUND
WHEREAS, The City Council approved establishing the Park Improvement Fund on June 2,
2008; and
WHEREAS, The City Council has reviewed the request and determined it to be a sound financial
practice; and
WHEREAS, It has been determined that $107,046 should be transferred out of the Municipal
Liquor Fund to provide funding for the Park Improvement Fund;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Elk River
makes the following transfer of funds from the Municipal Liquor Fund:
Park Improvement Fund $107,046
Passed and adopted this 16~' day of June 2008.
Stephanie Klinzing, Mayor
ATTEST:
Tina Allard, City Clerk
C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\parkimprovementfundtransfer (2).doc