Agenda 04/08/2025 Item #16D 3 (BA recognizing interest earned for October 2024 through December 2024 on advanced library funding)4/8/2025
Item # 16.D.3
ID# 2025-875
Executive Summary
Recommendation to approve and authorize a Budget Amendment to recognize interest earned in the amount of $3,626.54
for October 2024 through December 2024 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.
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.
The new interest earned for October 2024 through December 2024 requires recognition of interest earnings for
$3,626.54. Staff is seeking Board approval to appropriate this interest earned towards expenditures in support of library
services and equipment.
This meets the County’s Strategic Objective of Quality of Place by supporting quality public amenities and recreational
opportunities.
FISCAL IMPACT: A Budget Amendment for FY25 accrued interest within Public Services Match Fund (1840),
project 33360 is required to recognize $2,742.37 of Overnight Interest and $884.17 of Investment Interest for a total of
$3,626.54.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this action.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues and
requires a majority vote for Board Approval -JAK
RECOMMENDATIONS: To approve and authorize a Budget Amendment to recognize interest earned in the amount
of $3,626.54 for October 2024 through December 2024 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)
PREPARED BY: Prepared By: Karla Figueroa, Accountant I, Community and Human Services
ATTACHMENTS:
1. BA SATL Intererst $3626.54 Oct-Dec 2024r
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