Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Carmel Public Library trustees move $60,000 into reserves, authorize LAIF transfers after stronger-than-expected FY24–25 results
Summary
Trustees approved transfers totaling about $59,000 into restricted and unrestricted reserves and adopted a resolution authorizing Local Agency Investment Fund transfers after receiving the library's FY24'1 report showing $455,835 in revenue and $396,661 in expenditures.
The Carmel-by-the-Sea Library Board of Trustees voted unanimously to transfer surplus funds from fiscal year 2024'025 into reserve accounts and to adopt a resolution authorizing investment transfers to the Local Agency Investment Fund (LAIF).
The action followed a fiscal review showing the library generated $455,835 in revenue for FY24'5, above the $428,500 it had anticipated, largely because of higher-than-expected interest earnings and a larger Friends of the Library donation. The board approved two roll-call motions to move reserve and unexpended funds and then adopted the LAIF resolution by unanimous vote.
The board's finance presentation, delivered during the meeting, said interest income for the year totaled…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
