HomeMy WebLinkAboutResolution - 2008-R0078 - Fund Transfer To Lubbock Area Foundation From Animal Donations Account - 02/28/2008Resolution No. 2008-R0078
February 28, 2008
Item No. 5,18
RESOLUTION
WHEREAS, the City of Lubbock heretofore on April 12, 2007, entered into an
Agreement (Resolution No. 2007-R0150) with the Lubbock Area Foundation to benefit
the City of Lubbock Animal Services program; and
WHEREAS, it is determined to be in the best interest of the citizens of the City of
Lubbock to transfer $21,563 from the City of Lubbock Animal Donations account to the
Lubbock Area Foundation in order to receive $50,000 in matching funds from the
Community Endowment Challenge; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Manager or appropriate staff are hereby authorized and directed to
transfer $21,563 from the City of Lubbock Animal Donations Account to the Lubbock
Area Foundation in accordance with the provisions of an Agreement executed April 12,
2007, by and between the Lubbock Area Foundation in order to meet the Animal Services
Endowment target goal and receive $50,000 in matching funds from the Community
Endowment Challenge.
Passed by the City Council this 28th day of February , 2008.
�r'C
DAVID A. ILLER, MAYOR
ATTEST:
beica Garza, City
APPROVED AS TO CONTENT:
Nancy Haney
Executive D e for of Co n1Services
APPROVED AS T, FORM:
i.
onald G. Vandiver, Attorney of Coulysel
DDres/lLubbAreaFnund-Animal Svcs Fund Res
February 13, 2008
City of Lubbock
InterOffice Memo
To: Lee Ann Dumbauld, City Manager
From: Tommy Camden, Health Director
Plate: February 6, 2008
Subject: Agenda Item for February 28, 2008 City Council Meeting, Consent Agenda
CITY OF LUBBOCK
AGENDA ITEM SUMMARY
ITEM # f SUMMARY:
Consider a resolution authorizing and directing the Mayor to transfer on behalf of the City
of Lubbock $21,563.00 to the Lubbock Area Foundation to meet the meet the Animal
Services Endowment target goal and take advantage of receiving $50,000 in matching
contributions from the Community Endowment Challenge.
BACKGROUNDIDISCUSSION:
Council formalized our initial agreement establishing a permanent Animal Services
Endowment with the Lubbock Area Foundation with Resolution # 2007-80150 on April 12,
2007. Our initial goal was targeted at $100,000.00 in order to take advantage of a 50%
match ($50,000 match maximum) to those dollars. The extra matching dollars are available
from the Community Endowment Challenge if we meet our target goal by March 1, 2008.
The matching dollars would boost the total permanent endowment to $150,000.00. The
entire $100,000.00 must be received by the Lubbock Area Foundation by March 1, 2008 or
Lubbock Animal Services will not receive the $50,000 challenge grant. All assets of the
Fund will remain with the Foundation in a permanent endowment for the benefit of
Lubbock Animal Services.
As of February 5, 2008, our current Lubbock Area Foundation balance is $78,437.00 leaving
$21,563.00 still outstanding or short of our initial goal. In order to meet the $100,000.00
goal by March 1, 2008, staff proposes that we move $21,563.00 from the City of Lubbock
Animal donations account 148.1003.09545 to the permanent Lubbock Area Foundation
Animal Services endowment. Transferring $21,563.00 from the City's donation account to
the Lubbock Area Foundation will meet our initial endowment goal of $100,000 and
automatically qualify us to receive the additional $50,000.00 from the CH Foundation. The
Lubbock Area Foundation shall use and distribute proceeds from the Fund for the
purposes of Lubbock Animal Services.
FISCAL IMPACT:
$21,563.00 from account 148.1003.09545, Animal Services Donation Fund, will be
transferred to the Lubbock Area Foundation Animal Services Permanent Endowment.
The remaining money in the City Animal Services Donation Fund will continue to be used
by the Animal Services Programs to support short-term improvements for all Animal
Services programs and operations.
SUMMARY/RECOMMENDATION:
Scott Snider, Assistant City Manager
Tommy Camden, Health Director