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HEMORANDUM <br /> <br />Item 6.2. <br /> <br />TO: <br /> <br />FROtfl: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor and City Council <br />Pat Klaers, City Administa~~ <br /> <br />November 26, 2001 ,~ <br /> <br />Consider Funding Source for 2001 Small Theater Payment <br /> <br />In September, the City Council committed to pay the school district $112,600 per year for <br />five years in order to retain the small theater in the senior high. At that time it was suggested <br />that the city use excess revenues from the 2001 operating budget for the first payment. After <br />evaluating the status of the budget, it appears that revenues will substantially exceed <br />expenditures due mainly to the high level of growth related revenues that have been <br />received. Now that we are closer to the end of the calendar year and more confident that <br />revenues will exceed expenditures, it is appropriate for the Council to formally authorize this <br />payment to the school district. <br /> <br />Recommendation <br /> <br />It is recommended that the city make its 2001 payment to the school district in the amount <br />of $112,600 from the operating budget based on revenues exceeding projections. <br /> <br /> <br />