Agenda 12/10/2024 Item #16D 2 (Budget Amendment to recognize carry forward interest earned, on advance library funding received from the Florida Department of State for the use of Collier County residents. (Public Service Math Fund 1840)12/10/2024
Item # 16.D.2
ID# 2024-1836
Executive Summary
Recommendation to approve and authorize a Budget Amendment to recognize carry forward interest earned, in the
amount of $3,920.53, for the period of May 2024 thru August 2024. The interest was earned on advanced library funding
received from the Florida Department of State to support library services for the use of Collier County residents. (Public
Service Match Fund 1840).
OBJECTIVE: To recognize interest earned on advanced library funding received from the Florida Department
of State. This meets the County’s Strategic Objective of Quality of Place by supporting quality public
amenities and recreational opportunities.
CONSIDERATIONS:
Each year the Collier County Public Library (CCPL) is awarded funds through the State Aid to Library
Grants. The most recent grant was approved by the Board of County Commissioners (Board) on August 27,
2024 (Agenda Item #16.D.4). These grants require the CCPL to provide the public with free library services,
including loaning library materials, providing reference and information services.
Funds are advanced and therefore accrue interest. The State allows for the rollover of unexpended funds until
the funds are fully exhausted. Interest earnings may be used at the discretion of the County and are reinvested
back into the County’s Library System.
New interest earned, for the period of May 2024 thru August 2024, requires recognition of interest earnings in
the amount of $3,920.53. Staff is seeking the Board’s authorization to appropriate this interest earned towards
expenditures in support of library services and equipment.
FISCAL IMPACT: A Budget Amendment is required to recognize accrued FY2024 interest revenue from carry
forward in the amount of $3,920.53 within Public Services Match Fund (1840), Project 33360.
GROWTH MANAGEMENT IMPACT: There is no Growth Management impact.
LEGAL CONSIDERATIONS: This item has been approved by the County Attorney, is approved as to form
and legality and requires a majority vote for Board approval -JAK
RECOMMENDATIONS:
Recommendation to approve and authorize a Budget Amendment to recognize carry forward interest earned,
in the amount of $3,920.53, for the period of May 2024 thru August 2024. The interest was earned on
advanced library funding received from the Florida Department of State to support library services for the use
of Collier County residents. (Fiscal Impact $3,920.53 Public Service Match Fund (1840)).
PREPARED BY:
Prepared By: Parker Smith, Grants Coordinator I, Community and Human Services
ATTACHMENTS:
1. BA SATL Intererst $3,920.53 May-Aug 2024 carryover from FY24 to FY25
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