HomeMy WebLinkAboutTR-93-89 F�
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TOWN OF NEWCASTLE
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REPORT
File
Res. #
By-Law #
METING: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
DATE: November 6, 1989
REPORT #fiR-93-89 FILE #:
SUBJECT:
CAPITAL GRANT - NEWCASTLE PUBLIC LIBRARY BOARD
COURTICE DEPOSIT STATION
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and
Administration Committee recommend to Council the following:
1. That report TR-93-89 be received; and
2. That the Clerk request the Newcastle Public Library Board to
return the $90,000 Capital Grant advance and any interest earned
for the startup of a Courtice Deposit Station Library; and
3. Upon receipt of the Capital Grant advance and any interest earned,
the monies be transferred to the Courtice Library Capital Reserve
Fund until a permanent Courtice Library Branch can be developed.
4. That Ms. Barbara Baker, Library Director be advised of Council's
decision.
. . .2
705
TR-93-89 Page 2
BACKGROUND & COMMENTS:
In June 1989 a Capital Grant of $90,000.00 was advanced to the Newcastle
Public Library Board for the start up of a Courtice Deposit Station
Library.
During a meeting of the Newcastle Public Library Board and members of
Council on October 18, 1989, it was agreed that the Budgeted Courtice
Deposit Station be temporarily put on hold until a permanent branch
can be developed.
It is an established accounting practice of the Treasury Department to
transfer unexpended capital funds that were "earmarked" for a designated
use during the budget process to Reserve Funds.
Moreover, from a bookkeeping and interest earning potential it is to the
advantage of the Town and the Library Board to deposit the monies to the
Courtice Library Capital Reserve Fund.
Consequently, staff recommends that the $90,000 Capital Grant Advance
and any interest earned be returned to the Town.
Respectfully submitted, Recommended for presentation
to the Committee
hn Rzeszut, Lawrenc Kotseff,
Deputy Treasurer. Chief Adm nistrative Officer.
JR/pp
06