Requested Agenda Date:
11/1/2022
Requested Agenda Title:
Title
Budget Adjustment: Transferring $149,000 Earnest Money from General Fund to the Library Fund for the Former Smith Library Property.
Body
Requested Agenda Item Description: The Council requests that staff prepare a budget adjustment that provides “earnest money” to the library fund from the General Fund of $149,000. That amount is 10% of the most-recent appraisal of the former Smith Library.
The transfer of general funds to the library fund is also consistent with the Mayor’s promise to compensate the Library Fund with property or assets of approximately equivalent value on or before June 30, 2023.
Requested Action: Discussion - Vote Needed
Presenter(s) (with titles): Hoa Nguyen, Budget and Policy Analyst, Council
Time Needed: Less than 5 MINS
Is this Item Time-Sensitive and/or Requesting a Time-Certain? No
Requesting Staff Member: Jim Cooper, Library Director
Are Supporting Documents Needed for this Agenda Item Request? Yes