Memorandum

City of Lawrence

City Manager’s Office

DATE:	1/28/10
TO:	David L. Corliss, City Manager
FROM:	Casey Toomay, Budget Manager
CC:	Cynthia Boecker, Assistant City Manager Diane Stoddard, Assistant City Manager Jonathan Douglass, Assistant to the City Manager
RE:	Resolution to transfer funds from Capital Reserve to Library Fund

Please place the following item on the agenda for consideration by the City Commission at their meeting on February 2, 2010.

Consider adopting Resolution 6875, ordering the transfer of reserve funds in the amount of $80,000 from the Capital Improvements Fund to the Library Fund for operations for the 2010 budget year.

Background

In 2002, a transfer totaling $200,000 was made from the Library Fund to the Capital Improvement Reserve Fund for library expansion.  This expansion has not occurred, and therefore, the funds are no longer needed for this purpose.

The City’s 2010 Budget includes Library receipts totaling $3,154,247.  In order to provide this level of revenues, it will be necessary to transfer funds from the Capital Improvement Reserve Fund.

State law requires a resolution to be passed in order to transfer funds out of a reserve fund, provided the funds are transferred back to the fund from which they came.

Action Requested

Staff requests the City Commission consider adopting Resolution 6875 ordering the transfer of reserve funds in the amount of $80,000 from the Capital Improvements Fund to the Library Fund for operations for the 2010 budget year.