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Finance Officer Lund noted they had discussed the need to fund maintenance for older park <br />districts that have nothing to help fund them. The other 50% policy is in place now, but this <br />would address needs when that fund comes to an end. <br /> <br />Councihnember Zimmerman suggested that need be included as a "Whereas" in the resolution so <br />it is known what the funds are being established for. <br /> <br />Councihnember Strommen expressed concern of creating another fund with too many <br />limitations. She explained she does not have a problem if it is geared towards maintenance, but <br />opportunities could come up when they would need the cash. She would hate for this to be <br />totally closed and solely for maintenance. She noted when this was discussed with the Park <br />Commission, it was noted that this would not cause less of a budget for parks in the General <br />Fund; this would be supplemental to that fund. <br /> <br />The Committee reviewed the summary questions and answers provided by staff in regards to the <br />creation of the new Park Fund. The following changes were made: <br /> <br />What will the Park Fund be used for? <br />Councilmember Strommen stressed the need to be sure their hands are not tied to strictly <br />maintenance if a need should arise. <br /> <br />What Revenue Sources will fund the Park Fund? · Item b: The PIR Fund will need to be reduced to 40% to provide for a 10% transfer <br /> into this fund. <br /> · Item d: Changed to state Potential User Fees (future?) <br /> <br />Item a: Yearly transfer to the General Fund in the amount of 100% of accrued interest <br />earnings to offset park maintenance costs. (The transfer would be once the $3,000,000 mark <br />is achieved. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Zimmerman, to recommend <br />that the Cily Council amend the City Fund Ordinance to create a Park Fund based on the above <br />terminology. <br /> <br />Further Discussion: Councilmember Zimmerman inquired how long it might take to reach the <br />$3,000,000. Chairperson Elvig noted at the rate the City is going now there could be $100,000 <br />transferred into the account every year, which would take 12 to 15 years to reach the $3,000,000. <br />Counci lmember Strommen commented the problem with acquiring donations for the fund is that <br />people likc to see results immediately for their money. It might be worthwhile at a later time to <br />consider places where funds could be solicited. <br /> <br />Motion carried. Voting Yes: <br />Zimmerman. Voting No: None. <br /> <br />Chairperson Elvig, and Councilmembers Strommen and <br /> <br />Finance Committee/August 10, 2004 <br /> Page 5 of 6 <br /> <br /> <br />