HomeMy Public PortalAboutResolution No. 581-23 08-28-2023 RESOLUTION NO. 581-23
A RESOLUTION OF THE RICHLAND HILLS CITY COUNCIL FOR THE
PURPOSE OF ESTABLISHING A MAXIMUM ANNUAL SUBSIDY TO
THE LINK FUND FROM THE GENERAL FUND; ESTABLISHING THE
LINK CAPITAL REPLACEMENT FUND; AND SETTING GUIDELINES
FOR ANNUAL TRANSFERS TO THE LINK CAPITAL REPLACEMENT
FUND.
WHEREAS, the City Council adopted Resolution No. 477-17 establishing a cost
recovery target of 75 percent of expenditures for The Link; and
WHEREAS, it is now desired that a maximum annual subsidy of $200,000 be
budgeted in the General Fund as a transfer to The Link Fund to support operations and
programming at the Link Event & Recreation Center; and
WHEREAS, the City Council desires to provide funding for future capital
replacement needs in a separate Link Capital Replacement Fund, and that $25,000 be
transferred from the General Fund to the Link Capital Replacement Fund on an annual
basis.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF RICHLAND HILLS, TEXAS, THAT:
A maximum subsidy of $200,000 will be budgeted in the General Fund to be
transferred to the Link Fund. The subsidy could be less depending on the performance
of programs and activities at the Link Event & Recreation Center each year.
At the end of Fiscal Year 2023 and subsequent fiscal years, when Link Fund
revenues, including the subsidy from the General Fund, exceed Link Fund expenditures
a transfer equal to the excess revenue shall be made from the Link Fund to the Link
Capital Replacement Fund.
APPROVED AND ADOPTED at a regular called meeting of the Richland Hills
City Council on August 28, 2023, by a vote of 7 ayes, `�% nays, and
; abstentions.
APPROVED: ATTEST:
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The Honorable Mayor Edw* e ••••.., o ndsay Ravarns`n, City Secretary
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