3.4. SR 12-19-2005
*Item # 3.4.*
MEMORANDUM
TO: Mayor and City Council
FROM: Lori Johnson, Finance and Administrative Services/Interim City
Administrator
DATE: December 19,2005
SUBJECT: Consider Payment to I.S.D 728 for Little Theater
This is the fmal year of a five year agreement approved by the Council in 2001 to pay LS.D.
728 $112,600 per year for a total of $563,000 for the Litde Theater. Past payments were
funded through the General Fund and the NSP Reserve Fund when funds were not available
in the General Fund. In 2004 the payment was made from the designated 2003 fund balance
of the General Fund that exceeded 41.5 percent. The 2004 fund balance did not exceed the
41.5 percent by enough to fund this payment in full. The NSP Reserve fund currendy has a
cash balance of $657,000.
Recommendation
It is recommended that the City Council make the fmal payment of $112,600 from the NSP
Reserve fund.
s: \ Council\Lori \2005 \Little TheatrePayment1.doc