SUBJECT
Amending the Fiscal Year 2025 Hotel/Motel Fund by drawing down from fund balance and appropriating expenditures in the amount of $60,000.00 to the Laredo Center for the Arts under the Third-Party Funding contract.
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PREVIOUS COUNCIL ACTION
Contract was approved by Council on October 28, 2024. Appropriations approved on September 16, 2024, Council meeting through the adoption of the FY 2024-2025 Budget.
BACKGROUND
The City of Laredo has a lease agreement with Laredo Center for the Arts for the property of 500 San Agustin Avenue. The organization reached out to the department requesting that the City incur the cost of the air conditioning unit. As per the lease agreement, the City has agreed to pay the cost of the Air Conditioning Unit.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
For City Council to approve this motion.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Y
Source of Funds: Hotel/Motel
Account #: 244-4930-553-5421
Change Order: Exceeds 25% Y/N: N
FINANCIAL IMPACT:
Funding is available in the Hotel/Motel Fund-Aid Other Agencies Division.