HomeMy WebLinkAbout2024-05-13 - Agendas - Final
Board of Trustees
May 13, 2024 4 pm
AGENDA
Meeting – Zoom
Bret Park, President Apr 2028 Rob Qualls Apr 2026
Sallie Overbey, Vice-President Apr 2028 Amy Wilbourn Apr 2027
Stan Rodgers, Treasurer Apr 2027 Carla Davis Apr 2025
Bary Bryan Apr 2029
Our mission is to strengthen our community and empower our citizens through free and public
access to knowledge.
I. Call to Order
II. Roll Call
III. New Business
A. Discussion Items
1. Approve Budget Adjustment for April 14 fire
IV. Public Comment
Adjournment
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MEMO
To: Fayetteville Public Library Board of Trustees
From: David Johnson, Executive Director
Date: May 20, 2024
Re: Budget Adjustment for April 14 Fire
Background:
On April 14, 2024, a small fire occurred on the roof of our premises. The firefighters were able to
contain and extinguish the fire by 11:30 p.m. The incident necessitated the filing of insurance claims
under both our building policy and business/personal property "content" policy.
Discussion:
The building policy carries a deductible of $100,000. Initial estimates to restore the building, on the
conservative end, approximate to $590,000. The content policy, which has a deductible of $1,000, is
estimated to incur costs of approximately $450,000.
Recommendation:
To ensure seamless progress with the restoration project and to avoid any disruptions to our
operations, I recommend that the Board of Directors approve a budget adjustment. This adjustment
would increase both revenue and expenditures by $1,040,000.
By approving this adjustment, we will adequately cover the deductible and the estimated costs
associated with restoring both the building and its contents.
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Furthermore, I request that the Board grants approval for staff to amend the budget accordingly
should the costs increase above $1,040,000. This flexibility will ensure that we can effectively
manage any unforeseen expenses related to the fire incident.
This budget adjustment is solely related to the expenditures arising from the fire incident and its
restoration efforts.
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Budgeted Item?
Does item have a cost?
Budget Adjustment Attached?
Current Budget
Funds Obligated
Current Balance
Item Cost
Budget Adjustment
Remaining Budget
-$
-$
No
Yes 1,040,000.00$
-$ Budget Review
Resolution Number
Yes
-$
1,040,000.00$
Must Attach Completed Budget Adjustment!
Comments:
Previous Resolution #
Approval Date:Original Contract Number:
Tamika Ball Finance & HR Department
Division / Department
5/8/2024
Submitted Date
Various
Department
Budget Impact:
20046 - Fire/Smoke Claim
Fund
Various5XXX
Account Number
Project Number & Title
Fayetteville Public Library Staff Review Form
2024-5002
Library Board of Trustees Meeting Date - Agenda Item Only
Approve a budget adjustment to increase both revenue and expenditures by $1,040,000
related to dam age and loss from the roof fire on April 14.
Action Recommendation:
Submitted By
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Fayetteville Public Library - Budget Adjustment
Budget Year
Dept.:
Requestor:
Board Date
Form ID #
Department Director Date
Finance & Accounting Director Date
Finance & HR Director Date
Batch #
GL Date
Date POSTED:
TOTAL - -
Account Number Expense Revenue Account Name
- -
10 4993 77 20046 1,040,000 Insurance Proceeds
10 5904 5 20046 (1,040,000) - Incident Repair or Replacement
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- -
Increase / (Decrease)
Fire/Claim
Fire/Claim
Project #
Executive Director
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
Approve a budget adjustment to increase both revenue and expenditures by $1,040,000 related to damage and loss from the
roof fire on April 14.
Complete Only if Board approval not needed Complete Only if Board approval not needed
Adjustment Number
2024 Finance & HR 2024-5002Willow Fitzgibbon
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